White Rock Minerals Ltd: Significant Resource Update for Red Mountain VMS Project
Ballarat, Australia - White Rock Minerals Ltd. (ASX:WRM) (OTCMKTS:WRMCF) is pleased to announce an updated Inferred Mineral Resource estimate has been completed for the Red Mountain project, Alaska.Key Highlights
- Recent drilling at Dry Creek has doubled the high-grade Inferred Mineral Resource to 4.9 million tonnes at 8.4% zinc equivalent or 393g/t silver equivalent (at a 3% Zn cut-off) from just an additional 12 drill holes for 3,800 metres.
- The Red Mountain Project now comprises two significant deposits at Dry Creek and West Tundra Flats with a combined high-grade Inferred Resource of 11.6 million tonnes at 12.0% zinc equivalent or 555g/t silver equivalent, at a 3% Zn cut-off.
- The global Inferred Mineral Resource now totals 21.3 million tonnes at 8.5% zinc equivalent for 1.8Mt of contained zinc equivalent or 393g/t silver equivalent for 207Moz of contained silver equivalent.
- Impressive overall base metal and precious metal content with 822,000t zinc, 334,000t lead, 60.9 million ounces silver and 442,000 ounces gold.
- This represents an increase of 28% in high grade tonnage (27% increase in the global tonnage) on the previous Resource estimate and places Red Mountain as a significant zinc/silver Resource against a background of near all-time high zinc prices.
- Mineralisation commences at surface and is open down dip with some of the highest-grade intersections being at depth, such as DC21-973 (Figure 4*):
o 5.8 metres at 11.5% zinc, 3.4% lead, 69g/t silver, 0.8g/t gold & 0.1% copper, including
o 1.4 metres at 35% zinc, 12.2% lead, 237g/t silver, 2.9g/t gold & 0.3% copper
- Numerous VMS targets remain to be tested on the Company's district-scale tenement package of 836km2, including the exciting Kiwi prospect with massive chalcopyrite (copper sulphide) float assaying4 up to 16% copper, 8% zinc and 316g/t silver and a strong conductor ready to drill.
The Statement of Mineral Resources (Table 1 & 2*) is reported in accordance with the requirements of the 2012 JORC Code and is therefore suitable for public reporting.
Red Mountain is a quality advanced exploration project centred on an established volcanogenic massive sulphide ("VMS") district. White Rock has shown the expansion potential, doubling the high-grade Dry Creek deposit with the addition of only 12 drill holes for 3,800 metres. Considerable upside remains, through additional drilling, to define thicker ore positions in the deposit, which is known to pinch and swell.
Future drilling will also include testing of numerous quality targets including the Kiwi prospect where there is high grade massive sulphide float at surface and a strong conductor that was defined by fixed loop electromagnetics at the end of the 2021 field season, subsequent to drilling activities.
Strategic Shareholder Crescat Capital's Geologic/Technical Director Dr. Quinton Hennigh commented:
"This increase in the Red Mountain VMS resource to 21.3Mt grading 8.5% ZnEq, a substantial increase over the previous resource, shows the impact that a handful of drill holes can have on an early stage project such as this. Dry Creek is open down dip and appears to become higher grade in the vicinity of hole DC21-97. While confidence is high that further drilling at Dry Creek will yet further increase Red Mountain resources, substantial upside remains in newly identified high grade VMS targets identified by White Rock in 2021. This is a project that could easily grow to become a world class, high grade VMS camp, purely organically with the drill bit."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5Y5JA127
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:
Mr Matthew Gill Managing Director and CEO info@whiterockminerals.com.au Mr Alex Cowie Media and Investor Relations alexc@nwrcommunications.com.au
