Ballarat,
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.
The highest grade intersected was 1.2m @ 24.8g/t gold at Sidewinder Blowout in the top of LC20-07 at the talus-bedrock interface, a clear indication that the hydrothermal system is capable of generating high gold grades. While the high-grade mineralisation confirms the potential indicated by surface geochemical sampling, the enigmatic bedrock control remains unresolved.
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.
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.
New stream sediment sampling conducted during the 2020 field season identified a new large, robust gold anomaly measuring 5km2 in area located along strike to the west, as well as a further 6 stream sediment gold anomalies in the area surrounding Last Chance, covering a further 12km2 in aggregate, all proximal to Cretaceous granites mapped throughout the southern portion of White Rock's tenement package. Collectively, there are approximately 30km2 of drainages shedding anomalous gold across the Last Chance property indicating excellent potential for discovery. These gold anomalies indicate there is a multitude of untested targets at Last Chance.
MT CARRINGTON PROJECT, NSW
Strong gold and silver prices throughout 2020 have highlighted the leverage offered by the Company's Mt Carrington gold-silver project given the low capital cost of development. A Stage One (Gold First) 2020 Pre-Feasibility Study Update Report (PFS), using
- Free cash flow of
- NPV (pre-tax 8%) of
- Capital cost of
- Gold Stage One All-In Sustaining Costs (AISC) of
- Average gold sales of 35,500oz per annum.
- Open Pit Probable Ore Reserve of 4.1 Mt at 1.3 g/t gold for 174,000 oz.
To view the quarterly report, please visit:
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About
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www.whiterockminerals.com.au
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Cannings Purple
Email: pbaldwin@canningspurple.com.au
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