White Cliff Minerals Ltd: Quarterly Report for the Period Ended 31 March 2017
Perth - White Cliff Minerals Ltd. (ASX:WCN) is pleased to provide the Company's Quarterly Report for the period ended 31 March, 2017.Highlights
- Aucu Gold Project delivers 93% increase in Inferred gold resources to 302,000 Oz's
- New gold in soil anomalies identified at Merolia Gold Project
Summary
Kyrgyz Republic Exploration - Aucu Gold Project (90% owned)
During the March quarter the Company received the final, and duplicate, assay results from the 2016 drill program at the Aucu Gold deposit in the Kyrgyz Republic. The drilling identified a new high grade mineralised zone containing visible gold in both the drill holes and in surface outcrop.
Subsequent to the quarter end the Company completed a new JORC gold resource estimate in conjunction with detailed metallurgy testing. These study outcomes will be used to complete an open pit optimisation study.
The updated inferred resource for the Aucu gold deposit reported in accordance with the JORC Code above a cut-off grade of 1 g/t gold is 1.8 million tonnes grading 5.2 g/t gold, for 302,000 ounces of contained gold.
Importantly the new resource contains a very high grade zone (Quartz Zone) of 244,000 tonnes at 9.5 g/t gold containing 75,000 ounces of gold,
Western Australian Exploration -Gold Projects (100% owned)
Extensive soil geochemical sampling programs identified substantial gold in soil anomalism along the Central gold trend near Ironstone.
Corporate
During the quarter the Company acquired an additional 1% of the Kyrgyz Republic Aucu gold project from an external shareholder through the issue of 12 million new ordinary shares. White Cliff now owns 90% of the Aucu high grade gold project.
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About White Cliff Minerals Ltd:
White Cliff Minerals Ltd. (ASX:WCN) is a Western Australian based exploration company with the following main projects:
Kyrgyz Aucu Gold Project (90%): The Project contains extensive porphyry related gold and copper mineralisation starting at the surface and extending over several kilometres. Drilling during 2014 has defined a major gold discovery with an initial inferred resource of 1.15Mt at 4.2 g/t containing 156,000 ounces of gold. Additional drilling in 2015 identified extensions of known high grade gold mineralisation with intersections as high as 8 metres at 55 g/t gold. In addition drilling has also defined a significant copper deposit at surface consisting of 10Mt at 0.41% copper containing 40,000 tonnes of copper. Extensive mineralisation occurs around both deposits demonstrating significant potential to increase the existing resources.
The project is located in the Kyrgyz Republic, 350km west-southwest of the capital city of Bishkek and covers 83 square kilometres. The Chanach project is located in the western part of the Tien Shan Belt, a highly mineralised zone that extends for over 2,500 km, from western Uzbekistan, through Tajikistan, Kyrgyz Republic and southern Kazakhstan into western China.
Merolia Gold and Nickel Project (100%): The project consists of 771 square kilometres of the Merolia Greenstone belt and contains extensive ultramafic sequences including the Diorite Hill layered ultramafic complex, the Rotorua ultramafic complex, the Coglia ultramafic complex and a 51 kilometre long zone of extrusive ultramafic lava’s. The intrusive complexes are prospective for nickel-copper sulphide accumulations possibly with platinum group elements, and the extrusive ultramafic rocks are prospective for nickel sulphide and nickel-cobalt accumulations.
The project also contains extensive basalt sequences that are prospective for gold mineralisation including the Ironstone prospect where historical drilling has
Contact:
White Cliff Minerals Ltd.
Todd Hibberd Managing Director
T: +61-8-9321-2233
www.wcminerals.com.au