White Rock Minerals Ltd: Update on Koala Metals Term Sheet on Mt Carrington
Ballarat, Australia - White Rock Minerals Ltd. (ASX:WRM) (OTCMKTS:WRMCF) refers to its announcement dated 20 October 2020 in relation to a non-binding non-exclusive term sheet (Term Sheet) with Koala Metals Pty Ltd (Koala Metals). The Term Sheet's objective was to enter into a joint venture with Koala Metals to advance White Rock's gold and silver project at Mt Carrington in NSW, Australia.Koala Metals has notified White Rock that it is incapable of meeting the conditions to closing under the Term Sheet and accordingly has withdrawn from the Term Sheet.
While White Rock acknowledges that Koala Metals is unable to proceed with the transaction as outlined in the Term Sheet, it looks forward to exploring other opportunities in relation to advancing the Mt Carrington project, especially in this very strong gold and silver price environment.
About White Rock Minerals Ltd:
White Rock Minerals Ltd. (ASX:WRM) 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 @ 12.9% ZnEq for 1.1 million tonnes of contained zinc equivalent. 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 is listed on the Australian Stock Exchange.
Source:
White Rock Minerals Ltd.
Contact:
For further information, contact: Matthew Gill or Shane Turner Phone: +61-3-5331-4644 Email: info@whiterockminerals.com.au www.whiterockminerals.com.au For Media and Broker queries: Peta Baldwin Phone: +61-455-081-008 Cannings Purple Email: pbaldwin@canningspurple.com.au