White Cliff Minerals Successfully Completes Maiden Canadian Field Programs
WCN (WCN) Share Update July 2024 Wednesday 31st
White Cliff Minerals Completes Maiden Field Programs in Canada
White Cliff Minerals Limited (ASX: WCN) has announced the successful completion of phase 1 of their 2024 work programs at the Great Bear IOCG-U Project in the Northwest Territories and the Rae Cu-Ag-Au Project in Nunavut.
Instant Summary:
- Completion of phase 1 of 2024 work programs on time and on budget.
- Identification and sampling of 4 separate IOCG systems at Great Bear.
- Widespread copper, silver, and gold mineralization observed at Rae Project.
- More than 275 samples collected from both project areas.
- Assay results expected in 2-3 weeks for Great Bear and 4-6 weeks for Rae.
Completion of Phase 1
White Cliff Minerals Limited (WCN) has successfully concluded the first phase of its 2024 work programs at the Great Bear IOCG-U Project in the Northwest Territories and the Rae Cu-Ag-Au Project in Nunavut. The programs were completed on time and on budget, with no lost time to injury. The primary objectives were to verify field locations of historical high-grade results and define priority targets for drilling later in the September quarter.
The dual program also included an airborne MobileMT geophysical survey, which has been completed for both projects. The results and interpretations of this survey are expected to be available in two to three weeks.
Key Findings at Great Bear
At the Great Bear IOCG-U Project, four separate IOCG systems have been identified and sampled. The Glacier IOCG target hosts chalcopyrite-bornite cemented breccias and veining within strong potassic alteration over more than 1100m of identified strike length. The Cleaver IOCG target features widespread and fresh chalcopyrite mineralization covering an area of 785m x 460m, including uranium recordings of up to 4,000 counts per second within earthy hematite structures.
Additionally, extensive native silver veining and crystals were observed less than 500m northwest of the historic Bonanza and El Bonanza silver mines, which historically produced over 34,000,000 ounces of refined silver. Historic mineralization was confirmed at Thompson and Spud Bay, with visible uranium and cobalt observed. More than 175 samples were collected from the greater Great Bear Project area.
Findings at Rae Project
At the Rae Cu-Ag-Au Project, multiple styles of copper mineralization were observed. Vertical broad shear zones with extensive quartz veining and semi-massive to massive copper sulfides were identified at the HALO, Cu-TAR, DON, and PAT targets, with follow-up sampling extending the strike length at HALO to more than 800m. Evidence of sedimentary hosted copper mineralization was found at the CALMAL and HALO targets, and widespread native copper 'replacement style' mineralization was observed at Kilauea. Approximately 100 samples were collected from the Rae Project.
Next Steps
Assay results for the Great Bear Project are expected in two to three weeks, with results for the Rae Project following in two to three weeks thereafter. A total of 3,573 line-km of heliborne MobileMT geophysical survey has been completed across both projects, with results and interpretations due in the coming weeks.
The successful completion of the maiden field programs and the identification of significant mineralization at both projects are positive indicators for White Cliff Minerals. The upcoming assay results will be crucial in determining the potential value of these findings. If the assay results confirm the visual observations, it could lead to a significant increase in the company's stock value as investors gain confidence in the project's prospects.
Investor Reaction:
Analysts are likely to react positively to the news of the successful completion of the field programs and the identification of promising mineralization. However, the final impact on the stock price will depend on the assay results expected in the coming weeks. Investors will be keenly watching for these results to make informed decisions.
Conclusion:
Investors should keep an eye on the upcoming assay results and the company's plans for the next phase of exploration. The successful completion of the maiden field programs is a promising start, and the assay results will provide further clarity on the potential value of the projects. White Cliff Minerals' strategic response to these findings will be crucial in maintaining investor confidence and driving future growth.