White Cliff Minerals (ASX:WCN) is closer to receiving eagerly awaited assay results from first pass Rotary Air Blast drilling over two key gold targets near Laverton, Western Australia.
Notably, the targets at the Red Flag Gold Project are located immediately north of the 3 million ounce Granny Smith Gold Mine, and the goliath 8 million ounce Wallaby Gold Mine.
A major discovery can be swiftly and cheaply monetised given the ore processing infrastructure at these existing mines.
The prospects at Red Flag are also related to the regional fault system responsible for the 7 million ounce Sunrise Dam gold.
Assay results are expected to be available in early August.
Todd Hibberd, managing director, noted:
“Drilling of the gold anomalies has identified several intersections of quartz veining and fault hosted alteration. We await the assay results with high expectations.
“The identification of these mineralised zones substantially improves the likelihood of an economic outcome of the Laverton Gold project given that the Red Flag prospect is only 25 kilometres from existing mining operations (Wallaby and Granny Smith gold mines) and associated infrastructure.”
Drilling Program
The drilling program was completed in 8 days and identified alteration and minerals including quartz veining, sulphides, limonite and goethite in the target zones that are typically associated with Archean lode gold mineralisation.
At the Red Flag East anomaly, the company completed a drilling program to test the mineralised trend over a 600 metre length with 50-100 metre spaced lines and 25-50 spaced drill holes.
Red Flag East anomaly extends over 2 kilometres and along the contact of a basalt and intrusive felsic unit. Drilling encountered quartz veining within the target zone on several lines.
White Cliff has initially collected 4 metres composite samples for analysis.
The Red Flag West gold anomaly extends over 500 metres and occurs within a sedimentary sequence.
Drilling was conducted on 50 metre spaced lines and 25 metre spaced holes. This encountered quartz veining with trace sulphides and goethite in the target zone.
Analysis
Assays are due in early August from drilling at the two key prospects in White Cliff Minerals’ Red Flag gold project, which is located in elephant country.
Even a reasonable gold ounce deposit would enable it to be monetised swiftly and cheaply given its location just 25 kilometres from the ore processing infrastructure at the Granny Smith and Wallaby mines.
Once assays are received from the 4 metre composites, the company will take 1 metre samples and move to reverse circulation drilling if they are positive.
Drilling is also in the pipeline later on for the company’s nearby Mt Remarkable Gold Project where large gold nuggets were recovered by a local prospector operating under a tribute agreement.
In Kyrgyzstan, White Cliff plans to drill in mid to late August near its existing Aucu gold-copper deposit.
The company is also preparing to test its Ironstone gold prospect in the fourth quarter of 2015.
With three high impact drilling campaigns in succession, and an existing high grade gold deposit, White Cliff is primed.
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