Fundamental Research Corp. initiates coverage of White Rock Minerals
Independent Research Report
MD&CEO Matt Gill said "The Company is looking forward to the upcoming exploration program at its globally significant high grade Zinc - Silver VMS Project at Red Mountain and is pleased with progress with the Feasibility Study at the Mount Carrington Gold - Silver Project.
The Company has now had three recent independent valuations, initially by Independent Investment Research ("IIR") (ASX Announcement 11 July 2017), by DJ Carmichael ("DJC") (ASX Announcement 26 September 2017 and again on 13 February 2018) and now by Fundamental Research Corp.
The Fundamental Research Corp. report values the Red Mountain Zinc - Silver VMS Project at A$42.6M, equivalent to 5 cents per White Rock share and the Mount Carrington Gold - Silver Project at A$29.6M, equivalent to 3 cents per White Rock share. Together with working capital of A$1.4M, the total value of these assets of the Company by FRC is estimated to be A$73.6M, equivalent to 8 cents per share.
The previous DJ Carmichael Report valued the Red Mountain Zinc - Silver Project at A$52M, equivalent to 6 cents per White Rock share and the Mount Carrington Gold - Silver Project at equivalent to 2 cents per White Rock share, giving a total value of 8 cents per share. The previous Independent Investment Research Report valued the Red Mountain Zinc - Silver Project at A$52M, equivalent to 6 cents per White Rock share. These are not a value of the Company, but a value of the Mount Carrington and Red Mountain assets calculated by FRC, DJC and IIR.
No New Information or Data
This announcement contains references to exploration results and Mineral Resource estimates, all of which have been cross-referenced to previous market announcements by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
To view the research report, please visit:
About White Rock Minerals Ltd
White Rock Minerals Ltd (ASX:WRM) is an Australian listed minerals exploration and development company with projects located in northern NSW (gold and silver) and central Alaska (zinc, silver, lead and gold). The White Rock vision is to explore and develop both precious and base metal projects.
White Rock's cornerstone asset is the Mt Carrington epithermal gold-silver project in northern NSW. The Mt Carrington project has great leverage to the Australian gold and silver prices with a positive scoping study providing a path towards feasibility studies and development in the near term.
White Rock is also exploring the Red Mountain project in Alaska. Red Mountain is a globally significant advanced VMS project with high grade zinc and silver in two deposits. White Rock is exploring for additional high grade deposits that will enhance the projects leverage to an upturn in the fortunes of zinc and silver.
White Rock Minerals Ltd