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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  White Rock Minerals Ltd    WRM   AU000000WRM6

WHITE ROCK MINERALS LTD

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White Rock Minerals Ltd Exploration Update - Last Chance Gold Target - Alaska

11/24/2020 | 05:55pm EST

Exploration Update - Last Chance Gold Target - Alaska

Ballarat, Australia (ABN Newswire) - White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) provides an update on its maiden exploration program at its 100% controlled Last Chance Gold Target, Alaska where a program of eight diamond drill holes tested surface gold anomalies and hydrothermal silica breccia structural targets at the Pickle, Sidewinder West, Double Down and Sidewinder Blowout prospects (Figure 1 & 3*).

- Assay results have now been received for five of the eight diamond drill holes completed during the maiden drill program at the Company's Last Chance Gold Target (limited assay results from the first two holes were previously reported mid-September).

- All drill holes intersected multiple intervals of low-grade, but significant, gold mineralisation associated with hydrothermal silica breccia bodies, diffuse quartz-arsenopyrite veining and silicification.

- Assay results confirm strong, broad arsenic-antimony anomalism associated with gold mineralisation.

- Overall, zones of silicification, veining and sulphide appear similar to that seen at surface where mineralised rock chip results range between 0.1 and 2.0g/t gold.

- Assay results for a further three drill holes at Sidewinder Blowout and Sidewinder West are still awaited with the laboratory indicating results are on track for mid-late December. Outstanding results include the most visually encouraging intercept encountered during this drill program, an approximately 56m interval of quartz veining, silica breccia and trace arsenopyrite in hole LC20-062 at Sidewinder Blowout.

- Drilling indicates that the significant silica-sulphide mineralised bodies can be completely concealed beneath talus slope material that covers 95% of the very large surface gold anomaly at Last Chance. Numerous shallow and deep targets remain to be drill tested throughout the 6km long gold anomaly.

- Geology and results from exploration to date support the interpretation that the erosional level at Last Chance is within the upper brittle regime of a very large orogenic and/or Intrusion Related Gold System with potential for more favourable gold deposition at depth.

- White Rock is encouraged by results to date and sees need for an aggressive follow up drill campaign in 2021.

Assay results for samples from a further three diamond drill holes have been received. Assay results to date confirm that the hydrothermal silica breccia bodies and quartz-arsenopyrite veins encountered in drilling and mapped at surface show a large system of strongly anomalous arsenic and antimony consistent with what has been interpreted to be the upper brittle levels of a very large orogenic and/or Intrusion Related Gold System ("IRGS) (Figure 2*). Gold mineralisation encountered in these early, shallow drill holes is sporadically distributed throughout the zones of silica alteration and quartz-arsenopyrite veins, and also in isolated portions of late fault zones cutting silica breccia bodies, with gold always associated with arsenic and antimony anomalism. To date, a peak gold assay of 2.19g/t was intersected at Sidewinder West (LC20-04) with gold >1g/t also intersected at Pickle (LC20-02 & 03). Significant assay results are presented in Table 1*.

Assay results for the three remaining drill holes at Sidewinder Blowout (LC20-06 & 07) and Sidewinder West (LC20-08) are awaited with the laboratory advising that assays are on track for reporting mid-late December.

A broad, strong halo of multi-elements is typical in the upper levels of IRGS/orogenic systems providing additional confidence to geological observations that the target for high-grade gold mineralisation remains deeper than has been tested to date. Nonetheless the presence of shallow zones of significant gold mineralisation within the broad system suggests that there remains potential for localised high-grade gold mineralisation at shallow levels, especially when considering the size of the system and the extensive talus slope material concealing bedrock over 95% of the surface anomaly. White Rock plans to continue to identify both shallow and deep targets for aggressive follow up drill testing in 2021.

Multiple shallow targets remain untested including the 418-trend, Sidewinder Ridge, Trio and Breccia Blowout (Figure 2 & 3*). Prior to the onset of snow and freezing temperatures a drill pad was prepared at the 418 target, a 750 long NW-trending gold-arsenic soil anomaly (>100ppb Au) on a south facing talus covered slope with no outcrop exposure. Drilling (LC20-03) has shown that as little as 6 metres of talus can completely conceal zones of silica breccia hosted gold mineralisation in bedrock. This target is just above the location of the highest stream sediment anomaly (418ppb Au) on the property. Although White Rock had hoped to drill the 418-trend target this season, it will be the first priority in 2021. Late season CSAMT geophysical surveys provide additional support to prioritise the drilling of this target with a significant structural resistivity feature identified along strike of the 418-trend.

Hydrothermal silica breccia bodies with their associated gold-arsenic-antimony anomalism may represent upper leakage of hydrothermal fluids immediately above a zone of more favourable gold deposition. This deeper regime will likely be the focus of much of the exploration effort next season. A detailed interpretation of airborne magnetic data acquired earlier this year is currently underway. In combination with the CSAMT geophysics completed at the end of the 2020 season and incoming multi-element geochemistry results from the surface sampling and drilling completed this year, it is expected that a number of priority structural targets will be identified, allowing a series of deeper holes to be designed to follow leakage vectors downward to test for potentially high-grade gold mineralisation at depth.

White Rock's Technical Advisor Dr Quinton Hennigh commented:-

"This season's maiden drill program scratched the surface at Last Chance. Our first holes tested very shallow parts of the system, most hitting their targeted mineralized zones at depths less than 100 vertical metres. These holes were designed to test the geometry of a number of substantial mineralized structures we think are tapping a deeper, higher grade IRGS/orogenic gold system. Although we did not get to drill deeper holes this season, we are encouraged by the results received to date and have a high confidence that we are starting to understand the structural framework of this very large gold system. Right now, we await results from our remaining three diamond drill holes. Once all data has returned, we plan to build a structural model of the mineralizing system that allows us to develop an aggressive follow up drill program for 2021."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/81WR4BD1



About White Rock Minerals Ltd:

White Rock Minerals Ltd (ASX:WRM) 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 @ 12.9% ZnEq for 1.1 million tonnes of contained zinc equivalent. 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. White Rock Minerals is listed on the Australian Stock Exchange.



Source:
White Rock Minerals Ltd



Contact:

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

For Media and Broker queries:
Peta Baldwin
Phone: +61-455-081-008
Cannings Purple
Email: pbaldwin@canningspurple.com.au
 

© ABN Newswire 2020
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Financials
Sales 2020 0,80 M 0,62 M 0,62 M
Net income 2020 12,4 M 9,60 M 9,60 M
Net cash 2020 2,79 M 2,16 M 2,16 M
P/E ratio 2020 1,47x
Yield 2020 -
Capitalization 37,8 M 29,3 M 29,3 M
EV / Sales 2019 7,02x
EV / Sales 2020 26,0x
Nbr of Employees -
Free-Float 82,9%
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Jeremy R. Gray Non-Executive Director
Stephen Gorenstein Non-Executive Director
Shane Gordon Turner Secretary
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