White Cliff Minerals (ASX:WCN) has increased its ownership to 90% of the Aucu gold project located in the Kyrgyz Republic of central Asia.
The 1% increase in ownership was achieved through acquisition of interest from an external shareholder.
While it is a small increase in ownership, it is made more significant by the project’s continued exhibition of extensive porphyry related gold and copper mineralisation starting at the surface and extending over several kilometres.
White Cliff most recently received the final gold assays from its 2016 drilling at the Aucu extending gold mineralisation at the Quartz Zone a further 50 metres along strike.
The 2016 drill program at Aucu has been successful in discovering new high grade, near surface gold zones containing substantial visible gold.
The remaining 10% is owned by associates of the local Kyrgyz management team that is free carried interest to the completion of a bankable feasibility study.
Next steps at Aucu
White Cliff is currently compiling all drilling, mapping, rock chip sampling and trenching data in preparation for the calculation of a new JORC compliant resource estimate expected in March.
On completion of the resource estimate the company will conduct a preliminary open pit mining optimisation study to establish the base line economics of the project.
The optimisation work will assist with the preparation and lodgement of a formal mining license application.
White Cliff is also conducting further metallurgical test work to establish the most likely gold processing method. Results are expected in March.
Background
White Cliff is advancing its 90% owned Aucu gold deposit located in the Kyrgyz Republic and its 100% owned Merolia gold project located near Laverton, Western Australia.
Aucu hosts a resource of 1.15 million tonnes grading 4.2 g/t gold for 156,000 ounces of contained gold at a 1.0 g/t cut-off grade.
Drilling has discovered significant surface expressions of visible gold along strike from this resource including 8 metres at 55.2 g/t gold and 4 metres at 59.9 g/t gold.
Merolia hosts the Ironstone, Comet Well and Burtville East gold anomalies.
Historical drilling intersected substantial mineralisation including 5 metres at 33 g/t gold, 2 metres at 6.65 g/t gold and 3 metres at 5.3 g/t gold.