White Cliff Minerals Limited (ASX:WCN) Quarterly Update
Key Highlights
White Cliff Minerals Limited (ASX: WCN) has announced the acquisition of exploration licence L-2797, enhancing its Rae Copper Project portfolio in Nunavut, Canada. This licence encompasses the historical Danvers copper deposit, bolstering the company’s existing claims in the area.
The company’s recent fieldwork at the Rae and Great Bear projects yielded exceptional rock chip assay results, reflecting strong mineralisation potential. White Cliff successfully raised $5 million in a capital raising initiative, ensuring funding for upcoming exploration activities.
Upcoming Drilling Program
Post-quarter approvals from the Nunavut Impact Review Board, the Crown-Indigenous Relations and Northern Affairs Canada, and the Nunavut Water Board grant White Cliff all necessary permits for its maiden drilling program, scheduled for March 2025. Aurora Geosciences, known for their expertise in northern exploration, will support this campaign.
Operational Success at Rae Copper Silver Project
Rock samples from Rae confirm significant copper-silver mineralisation, with notable grades including over 64% Cu and 152g/t Ag in individual samples. The strategic plans for 2025 drilling are centred on multiple high-grade veins, with sampling results pointing to substantial expansion opportunities.
Financial Overview
During the quarter, White Cliff reported a cash balance of approximately $4.74 million. The initiation of a land use permit for the Rae Project, coupled with the upcoming drilling schedule, places the company in a strong position moving forward. The acquisition of the Danvers Copper Deposit was completed with a binding agreement with Victoria Copper Inc, totalling CAD$700,000, providing further growth potential.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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