White Rock Minerals Ltd: High Priority Gold Targets at Woods Point Gold Project

Ballarat, Australia - White Rock Minerals Ltd. (ASX:WRM) (OTCMKTS:WRMCF) is pleased to provide an update on the regional exploration review and the strategy being developed to advance multiple targets towards a significant gold discovery within the Company's large 660km2 tenement holding at the Woods Point Gold Project.

Following completion of the merger of White Rock and Austar Gold in August 2021, a review of the Company's commanding 660km2 Victorian tenement package in the Walhalla Synclinorium, encompassing the Woods Point goldfield, has highlighted several key factors confirming White Rock's view of the gold exploration prospectivity of the Woods Point Gold Project. White Rock is now progressing plans to formalise its regional exploration program going into 2022.

Key Highlights

- The Woods Point Gold Project contains:

o 197 or 60% of the 320 known historic primary gold mineral occurrences within the Walhalla Synclinorium.

o 95% of all historic gold production outside of the 3 major deposits (Walhalla, Morning Star & A1).

o 73 mineral occurrences with recorded production grades >10g/t gold,
Including 34 mineral occurrences >30g/t gold, and
Including 22 mineral occurrences >60g/t gold.

o Only 8 gold prospects have public records of previous drilling.

o Multiple historic mines with significant production have never been drilled.

o The majority of historic gold mining was restricted to levels above the water table, usually less than 100 metres vertically (except for the 3 major deposits: Walhalla, Morning Star & A1).

- White Rock has identified the Wallaby-Eldorado-Shakespeare trend as a high priority target with Wallaby ready for drill testing, subject to an approved Work Plan.

- Wallaby is a dyke bulge with similar width and quartz reef development to Morning Star and has never been drilled.

- The overall Wallaby-Eldorado-Shakespeare trend extends for over 2,000 metres with the potential for a large dyke host to be defined in multiple dyke bulge positions or as a continuous structure.

- Historic production records indicate 24,000 ounces of gold was produced from the three mines with Eldorado recording production at a grade of 75g/t gold.

Matt Gill, MD&CEO of White Rock Minerals commented:-

"The Walhalla Synclinorium is host to an estimated 6Moz of gold production, and White Rock controls a 660km2 tenement covering the core area. We are committed to systematically assessing our significant tenement package using modern exploration methods to identify targets with the potential to host million-ounce gold quartz reef deposits.

Our land package contains 197 of the 320 gold mineral occurrences recorded in the Synclinorium, with 73 gold deposits recording production at >10g/t gold, of which 34 are >30g/t. The majority of these have never been drilled with only 8 gold prospects in White Rock's exploration tenements having records of drilling.

As the first modern explorers on historically proven ground, we see great potential upside from this exploration program and look forward to progressing our plans during 2022, starting with the Wallaby-Eldorado-Shakespeare trend."

The Company controls a 660km2 tenement land package that covers the core area of the Walhalla Synclinorium, host to an estimated 6Moz of gold production (Figures 1 and 2*). The land package contains 197 of the 320 primary gold mineral occurrences recorded in the Synclinorium, with 73 gold deposits recording production at >10g/t gold of which 34 are >30g/t. (Figure 3*). The majority of these have never been drilled with only 8 gold prospects in White Rock's exploration tenements having records of drilling (Figure 4*). White Rock plans to begin drill testing the highest priority historic prospects during 2022, with the Wallaby-Eldorado-Shakespeare trend the first to be drilled once permitting is completed.

Wallaby-Eldorardo-Shakespeare have combined production of 24,000 ounces gold with Eldorado recording production at 75g/t gold. The Wallaby prospect is the most advanced and is drill ready with the mapped dyke having similar width and quart reef distribution characteristics to Morning Star, as well as a dyke margin vertical quartz reef that could be analogous to the Cohens Reef at Walhalla, which yielded 1.5 Million ounces at 32g/t gold. Surface mapping and prospecting along strike to the south over the Eldorado and Shakespeare mines will proceed while drilling at Wallaby to better understand the overall strike extent and size potential of this area.

Work has also commenced planning orientation surface geochemistry and geophysics across known dyke bulges hosting gold mineralisation. Orientation data will then be used to design a systematic surface geochemistry and airborne geophysics program aimed at identifying new priority targets.

White Rock is committed to assessing the Walhalla Synclinorium using modern exploration methods not used at the Woods Point Gold Project previously, and to apply this disciplined approach systematically to identify targets that have the potential to host million-ounce gold quartz reef deposits. This is likely to include:

- Detailed airborne magnetics/electromagnetics (for direct dyke detection and detailed structural interpretation);

- Airborne LiDAR (Digital laser topographic mapping capable of identifying unknown historic workings);

- Stream geochemistry (sensitive precious metal analysis and dyke pathfinder elements); and

- Soil and rock geochemistry (sensitive precious metal analysis and dyke pathfinder elements).

Understanding the structural architecture with respect to the controls on mineralisation has been identified as a critical layer of knowledge to assist in identifying the highest priority targets with the potential to host the largest deposits in the Walhalla Synclinorium.

White Rock sees enormous potential for the discovery of a significant high-grade gold discovery based on:

- The proven existence of million-ounce gold deposits at Walhalla and Morning Star;

- The extensive distribution of high-grade gold mineral occurrences throughout White Rock's tenement land holding;

- The lack of historic exploitation below the water table; and

- The lack of exploration, historic and modern.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/AW2880YS

About White Rock Minerals Ltd:

White Rock Minerals Ltd. (ASX:WRM) (OTCMKTS:WRMCF) is a diversified explorer and near-stage producer, headquartered in Ballarat, Victoria. The Company's flagship exploration project is Red Mountain in central Alaska. At Red Mountain, there are already two high grade zinc - silver - gold - lead VMS deposits, with an Inferred Mineral Resource of 9.1 million tonnes @ 609g/t AgEq / 13% ZnEq. The Company is also exploring its recently discovered large intrusion related gold anomaly at Last Chance, also located in the Tintina gold belt of Alaska, home to multi-million gold ounce deposits like Pogo, Fort Knox and the Donlin Project. The Company also has the Mt Carrington project, located near Drake, in Northern NSW, which is a near-production precious metals asset with a resource of 341,000 ounces of gold and 23.2 million ounces of silver on an approved mining lease, and with a Gold First PFS and JORC Reserve.

Source:
White Rock Minerals Ltd.

Contact:

Matthew Gill or Shane Turner Phone: +61-3-5331-4644 Email: info@whiterockminerals.com.au www.whiterockminerals.com.au