White Rock Minerals Ltd: 140 g/t Gold Intercept, Exhibition Reef, Morning Star Gold Mine

Ballarat, Australia - White Rock Minerals Ltd. (ASX:WRM) (OTCMKTS:WRMCF) is pleased to provide an update on surface drilling assay results from the Dickenson South target area at the Morning Star underground Gold Mine in northeast Victoria. This target area, between surface and 6 Level, is within 100 metres of the existing shaft and accessible from multiple levels.

White Rock's primary objective at the Morning Star Gold Mine is a low capital cost restart of gold production from multiple reef locations. The Company seeks to achieve this by identifying and drilling areas of the dyke with potential to host multiple high-grade gold quartz reefs proximal to existing underground development infrastructure.

The Dickenson South target area is one such primary target with multiple high-grade, gold-bearing reefs.

The surface drill rig has now completed a program of drill holes that assisted in the assessment of near term development and production potential for further working areas close to the Main Shaft; the Age of Progress Reef and Stacpoole Reef, accessed via 2 Level and the Dickenson Reef and the Exhibition Reef that can be accessed via 4 Level (Figure 1*).

Of note, the latest phase of infill drilling from surface has highlighted the potential of the Exhibition Reef to provide an additional working area for the upcoming recommencement of mining activities. Figure 2* highlights the area where a significant "high-grade" zone could extend for more than 100m strike and up to 40m down-dip. The Exhibition Reef "high-grade" target area includes the following intersections:

- 0.2 metres @ 140g/t gold in 22SDS0012A (true width);
- 0.2 metres @ 13.1g/t gold in 22SDS013 (true width);
- 0.4 metres @ 35.9g/t gold in 22SDS015 (true width);
- 0.4 metres @ 12.7g/t gold in 21SDS005 (true width); and
- 0.4 metres @ 21.2g/t gold in L4001 (true width).

White Rock commenced surface diamond drilling at the Dickenson South underground target in late 2021, with results from the first 17 holes reported in January and March 2022. Drilling comprised 29 diamond drill holes for 4,055m, testing mineralised reefs including the Age of Progress, Stacpoole, Exhibition, Shamrock, Dickenson and Whitelaw Reefs, between surface and 6 level at the Morning Star Gold Mine.

Complimenting the results previously reported for the first 17 holes in the program, complete assay results have now been received for a further eight surface diamond drill holes (22SDS012 to 22SDS018, including 22SDS012A). Significant drill intersections from the latest holes are summarised in Table 1* below. All drill assays >1g/t gold from the current program at the Dickenson South target are provided in Table 3*. Assay results are pending for holes 22SDS019 to 22SDS022.

Drilling results have been extremely encouraging, with multiple high-grade intersections across various reefs. These results support the interpretation that there may be an extension of the mineralisation from historic stoping with existing development access near the shaft, through to the southern dyke margin. A three-dimensional interpretation of the reefs is continually being updated and used to inform decisions regarding the assessment of potential working areas and scheduling of development and the anticipated future underground production from multiple quartz reefs.

White Rock is assessing the potential for five gold production working areas, providing a pathway to recommence mining at:

1. Dickenson Reef where development is currently underway ahead of planned mining scheduled to commence in the short term;

2. Exhibition Reef where an exploration rise will proceed off the Dickenson South development drive and is in progress;

3. McNally Reef extensions where development is in place to commence mining immediately;

4. Stacpoole / Age of Progress Reefs where development is in place and minor infrastructure requirements will allow mining to commence in the short term; and

5. Whitelaw Reef where minor development is required and more substantial infrastructure is needed to enable mining to commence in the mid term.

Exploration will continue to progress from underground, where the drill rig is currently completing a broad first pass assessment of the Gap Zone's potential to host significant mineralised quartz reefs. The Gap Zone represents an area with 200 metres of vertical extent between areas of historic mining that occurred above 10-level (>500,000 ounces) and below 14-level (>300,000 ounces), with historic production4 of 883,000oz gold at 26.5g/t.

Drilling to date has provided significant encouragement that a number of mineralised quartz reefs are distributed throughout the Gap Zone. Drill hole 22GZL9013 returned 0.4 metres at 621g/t gold (20 ounces per tonne of gold) from a quartz reef interval with abundant visible gold previously reported from the Gap Zone. This result confirmed White Rock's priority of targeting high-grade gold for drill testing in the Gap Zone. This result was from the first significant hole drilled by White Rock into the host dyke body.

Earlier drilling, at the very northern margin of the host dyke, revealed at least 10 quartz reef structures. This first-pass drill program will provide sufficient data to assess and identify those quartz reefs with the greatest potential for more detailed follow-up drilling.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/54J08711

About White Rock Minerals Ltd:

White Rock Minerals Ltd. (ASX:WRM) (OTCMKTS:WRMCF) 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 @ 609g/t AgEq / 13% ZnEq. 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.

Source:
White Rock Minerals Ltd.

Contact:

Mr Matthew Gill Managing Director and CEO info@whiterockminerals.com.au Mr Alex Cowie Media and Investor Relations alexc@nwrcommunications.com.au