31 March 2021 Quarterly Activities & Cashflow Report
RED MOUNTAIN PROJECT, ALASKA
Six new, potentially significant, mineralised massive sulphide targets have been identified in the emerging Last Chance "VMS" camp from the follow-up of stream sediment anomalism during the 2020 field season, and returned promising assays results including:
- Horseshoe (up to 8.3% Zn, 0.3% Pb, 1.1% Cu, 12g/t Ag & 3.6g/t Au).
- Bib (up to 7.3% Zn, 5.1% Pb, 0.3% Cu, 40g/t Ag & 0.3g/t Au).
- Bib West (up to 5.7% Zn, 1.4% Pb & 0.2% Cu)
- Grapple (up to 3.6% Zn, 1.9% Pb, 0.7% Cu & 40g/t Ag).
- Peaches (up to 2.9% Zn, 2.8% Pb, 0.2% Cu, 46g/t Ag & 1.5g/t Au).
- Ringer (up to 1.0% Cu, 26g/t Ag & 0.4g/t Au).
Drilling during the 2021 field season will focus on:
- The potential of the high-grade silver-zinc Dry Creek VMS deposit to grow to a size that could support a standalone development opportunity;
- Drill testing of conductivity targets proximal to the Dry Creek and WTF deposits within the Red Mountain VMS "camp";
- New VMS prospects with outcropping mineralisation not yet drill tested in the emerging Last Chance VMS "camp", and
- Follow-up drill testing at the large Last Chance IRGS/orogenic gold target, with a combination of shallow drilling of surface geochemical anomalies and multi-disciplinary targeting of deeper structural positions likely to offer
MT CARRINGTON PROJECT, NSW
White Rock and Thomson Resources Ltd ("Thomson") (ASX:TMZ) entered into a binding and exclusive Term Sheet for a 3 stage Earn-In and Option to Joint Venture Agreement, whereby Thomson can earn up to 70% of White Rock's Mt Carrington gold-silver Project in north eastern NSW by funding the project through a Definitive Feasibility Study and the environmental permitting activities to a Decision to Mine. White Rock is free-carried during the Earn-In period.
PROPOSED MERGER WITH AUSTAR GOLD
White Rock and AuStar Gold Ltd ("AuStar") (ASX:AUL) entered into a Merger Implementation Deed (MID) whereby White Rock would acquire 100% of AuStar Gold by way of scheme of arrangement in an all-share transaction.
The Scheme would move White Rock into the league of gold producers and secures a large (~670km2) under-explored land package with historic high-grade gold production in the highly prospective Victorian goldfields.
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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.
White Rock Minerals Ltd
Thomson Resources Ltd
Austar Gold Ltd