Ballarat, Australia, Feb 11, 2020 - (ABN Newswire) - Sandfire has advised White Rock Minerals Ltd (ASX:WRM.AX - News) of its intention to withdraw from the Red Mountain Project Earn-In and Joint Venture Option Agreement (refer to ASX announcement dated 25th March 2019), which is to be effective as at today's date. Sandfire spent A$8.5M on the Project during 2019 and will withdraw without any retained interest being earnt by Sandfire.
White Rock advises that it will now initiate a process to secure funding to explore the exciting new gold anomaly at Last Chance during the 2020 field season. The Last Chance Prospect is a large (15km2), strong (up to 418ppb (0.4g/t) gold) and robust gold anomaly defined by 27 stream sediment sample points (refer ASX Release dated 28th January 2020).
100% control of the Red Mountain VMS mineralisation and the newly defined IRGS target at Last Chance provides White Rock shareholders much greater upside leverage in value creation through discovery.
White Rock MD & CEO Matt Gill said "While White Rock understands that commercial decisions can be at odds with individual project pathways, the retention of 100% of the Red Mountain Project will allow White Rock to identify alternate funding to advance the zinc and precious metals-rich VMS deposits while also pursuing the exciting new gold prospect at Last Chance with 100% of the upside exposure provided to White Rock shareholders. Our aim is to create value for our shareholders through exploration success, a core strength of the White Rock Board and management team."
About White Rock Minerals Ltd:
White Rock Minerals Ltd (ASX:WRM.AX - News) is a diversified explorer and near-stage producer, headquartered in Ballarat, Victoria. The Company's flagship exploration project is Red Mountain in central Alaska, where it has an earn-in joint venture arrangement with Sandfire Resources NL. At Red Mountain, there are already two high grade deposits, with an Inferred Mineral Resource of 9.1 million tonnes @ 12.9% ZnEq for 1.1 million tonnes of contained zinc equivalent. The Mt Carrington project, located near Drake, in Northern NSW, is a near-production precious metals asset with a resource of 341,000 ounces of gold and 23.2 million ounces of silver. White Rock Minerals is listed on the ASX:WRM.
For further information, contact:
Matthew Gill or Shane Turner
For Media and Broker queries:
White Rock Minerals Ltd
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