White Rock is an Australian listed minerals exploration company with precious and base metal projects located in northern NSW and central Alaska.
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White Rock Minerals Limited (ASX: WRM) is looking to proceed to a Definitive Feasibility Study (“DFS”) on its Mt Carrington Gold-Silver Project. In view of recently improved Australian denominated gold prices and falling costs, the Company has updated its 2012 Scoping Study, with the revised document indicating a robust, seven year operation.
Existing infrastructure, including that remaining from previous mining operations, points towards a relatively low capex start-up, which will significantly benefit project economics, and also possibly lessen the effort required to attract project funding.
There is also excellent potential to expand the resource base through the discovery of additional low-sulphidation epithermal gold-silver resources with a large number of untested targets within the volcanic complex. This is augmented by the porphyry Cu-Au potential, highlighted by recent exploration results.
Given the above, and the pending acquisition of Red Mountain, we rate White Rock as a SPECULATIVE BUY, with a risked NAV valuation of $0.061/share. Price movers will include, following funding, material progress on the DFS and permitting at Mt Carrington
White Rock Minerals is a northern NSW focused precious and base metals emerging developer/producer, with 100% ownership of the highly prospective Mt Carrington area. The tenements cover the Permian Drake Volcanics, including the interpreted Drake Volcanic Caldera, a 20km diameter feature that hosts the majority of the gold-silver mineralisation and contains appreciable alteration.
The Company has also signed an agreement to acquire the Red Mountain VMS Project in the Bonnifield Mining District, located 100km south of Fairbanks in central Alaska.
In the flagship Mt Carrington Project (“Mt Carrington” or “the Project”), White Rock Minerals (“White Rock” or “the Company”) has the potential
to develop a low cost open cut gold-silver operation with significant upside potential in addition to the planned seven year, ~28,900ozpa AuEq
operation, based on gold-rich resources of 6.64Mt @ 1.3g/t Au (275koz Au, 639koz Ag in four deposits) and silver-rich resources of 12.5Mt @
57g/t Ag (22.8Moz Ag, 64koz Au in four deposits)...
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Official website: http://www.whiterockminerals.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/WRM
