White Rock Minerals Ltd (ASX:WRM, OTCQX:WRMCF) is an Australian minerals exploration and development company with activities focussed on three projects: the Woods Point Gold Project in Victoria, the Red Mountain VMS and gold project in Alaska, and the Mt Carrington gold and silver project in NSW.
White Rock has just acquired ASX-listed AuStar Gold (ASX:AUL). With that acquisition comes the Woods Point Gold project - 670km2 of highly prospective yet under-explored tenements in central Victoria, south-east of Fosterville. This Project includes the Morning Star Mine within this land package, with past production totalling greater than 800,000 ounces at 26g/t gold. This project's exploration potential is significant - both in-mine and regionally.
The 100% owned Red Mountain Project, covering 836km2, is located in the Bonnifield District of central Alaska. The Company is exploring for Intrusion Related Gold System (IRGS) mineralisation and high-grade zinc and precious metals volcanogenic massive sulphide (VMS) deposits.
IRGS exploration is focussed on the Last Chance gold target located within the Tintina Gold Province, host to giant gold deposits including Donlin Creek (45 Moz Au), Fort Knox (13.5 Moz Au) and Pogo (10 Moz Au), which are all Cretaceous aged IRGS deposits.
VMS exploration is focused in the East Bonnifield District within the Yukon-Tanana Terrane. There are already two high-grade zinc-silver rich deposits with an Inferred Mineral Resource of 9.1 million tonnes @ 157g/t silver, 5.8% zinc, 2.6% lead and 0.9g/t gold (13.2% ZnEq / 609g/t AgEq).
Mt Carrington is a 100% owned advanced gold-silver epithermal project located in the southern New England Fold Belt, northern NSW, Australia. A 2020 Pre-Feasibility Study (PFS) Update into the “Gold First” development stage declared an Ore Reserve of 4.1 million tonnes at 1.3g/t gold for 174,000 ounces gold from within an overall Mineral Resource of 352,000 ounces gold. There is also a Silver Mineral Resource estimate totalling 23M ounces. The gold pits are pre-stripped and there is considerable existing infrastructure including a tailings storage facility, freshwater dam, granted Mining Leases, access to State grid power and site office. Using a conservative A$2,300 per ounce, the 2020 Gold First PFS financial metrics demonstrate a capital payback of just 14 months, an IRR greater than 80% and with free cash flow generated from the gold over its first 5 years of greater than A$120M.
The Mt Carrington Mining Leases are enveloped by an Exploration Licence (183km²) with demonstrated potential for epithermal and intrusion-related gold, silver and copper mineralisation. White Rock has generated and refined an extensive exploration target portfolio at Mt Carrington since 2010.
White Rock has entered into an Earn-In and Option to Joint Venture Term Sheet to advance Mt Carrington with ASX listed Thomson Resources (ASX:TMZ).