White Rock-Sandfire JV kicks off drilling at Red Mountain

White Rock-Sandfire JV kicks off drilling at Red Mountain

Diversified explorer White Rock Minerals (ASX: WRM) is gearing up for a busy period of exploration work at its Red Mountain zinc and precious metals project in central Alaska, which has been accelerated through its recently established joint venture arrangement with mid-tier Sandfire Resources (ASX: SFR).


Diversified explorer White Rock Minerals (ASX: WRM) is gearing up for a busy period of exploration work at its Red Mountain zinc and precious metals project in central Alaska, which has been accelerated through its recently established joint venture arrangement with mid-tier Sandfire Resources (ASX: SFR).

Matthew Gill-led White Rock kicked off field exploration work at Red Mountain in late May, with the re-establishment of a 20-person camp just north of the 475km2 tenement package, which recently benefited from the company’s first ever airborne EM survey.

Since that time, diamond drilling has commenced across the project’s two high-grade deposits, as well as surface reconnaissance mapping, surface geochemical sampling, ground electrical geophysics and downhole EM surveys.

“We have just completed our first-ever modern, high-powered airborne EM survey over our 475km2 strategic belt-scale regional tenement package, and now we have safely and efficiently mobilised our field crews and have boots on the ground exploring the best of our many identified exploration targets, and the drill bit is now also turning,” Mr Gill – White Rock’s managing director – said.

“The agreed exploration strategy with our joint venture partner Sandfire is to test away from the known high-grade deposits in pursuit of the next big deposit.

“This sees our activities testing many of the more regional targets identified from our work last year and our current activities.

“We have already identified a drill target at the Arete prospect in just the first few weeks of our current activities. This is a great credit to our team on the ground.”

White Rock’s progress at Red Mountain comes on the heels of Sandfire’s inking of an agreement to acquire Perth-based explorer MOD Resources by way of a scheme of arrangement; the latest in a series of acquisitions and farm-in deals spearheaded by the Karl Simich-led copper-gold miner.

The scheme of arrangement values MOD at $167 million, with the deal to be settled either via scrip or cash.

Since 2016, Sandfire has been slowly upping its interest in the Black Butte copper operation in Montana through its acquisition of equicty in the project’s vehicle, Tintina Resources.

It had also been jointly developing the Springfield copper-gold project in the Goldfields region with Talisman Mining since 2013; however, in June last year it moved to full ownership of the asset after buying out Talisman’s 30 per cent stake for $72 million.

White Rock shares were work 0.6 cents a share at the close of trade on Friday.

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