WRM - White Rock Minerals

[System]

White Rock Minerals Limited (WRM) is a gold and silver exploration company with projects located in the New England Fold Belt in New South Wales.

http://www.whiterockminerals.com.au

[McCoy Pauley]

If memory serves, White Rock was spun out of Rex Minerals a few months ago.

The MD of White Rock will be presenting at the next Melbourne Mining Club Cutting Edge series in November.

[springhill]

WRM announces high grade silver hits from its Mozart Project.
http://www.asx.com.au/asxpdf/2012062...rvyl72jgxq.pdf

Mt Carrington Project
New High Grade Silver Results in drilling at Mozart Prospect
26.5m @ 220g/t silver including 12.7m @ 381g/t silver

White Rock Minerals Ltd has received high grade silver assays from follow‐up drilling at the Mozart
Prospect, located adjacent to the existing 730,000 ounces of gold‐equivalent Resource base on the Mt
Carrington gold‐silver project near Drake in northern NSW.
Drilling has intersected silver mineralisation of a higher tenor than the discovery drill hole reported in May
with drillhole MODD004 intersecting 26.5 metres at 220g/t Ag from 133.3m, including 12.7 metres @
381g/t Ag from 133.3m. Further step‐out drilling at Mozart is currently underway, and the prospect is one
of a number of priority near‐mine and regional exploration targets which are scheduled for drilling in 2012.

82m shares on issue and $2.8m cash available.
I would like to see those grades a little closer to the surface.
Putting this one on a watchlist.

[springhill]

WRM have provided an update from the Red Rock Project.
http://www.asx.com.au/asxpdf/2012062...ks55wnlg7r.pdf

 Drilling commences on targets within the 400km2 Drake Volcanic Caldera
 Initial drilling at Red Rock Prospect intersects promising gold and zinc zones
 Intersections of 22m @ 2.3g/t Au from surface and 32m @ 2.9% Zn from 182m

The Red Rock Prospect is located 15km north of White Rock’s Mt Carrington Mining Leases and gold‐silver
Resource base (0.28M oz gold and 23.3M oz silver) near Drake in northern NSW. Red Rock is one of 40
regional targets identified in the past 12 months as a result of a detailed analysis of the geology and
structure of the DVC. Red Rock is one of the priority targets given its historic mine workings, favourable
geology and limited previous testing of coincident geochemical and geophysical anomalies.

[springhill]

Mt Carrington Gold-Silver Project
Near Mine Exploration Update

Further high grade silver intersected in drilling at Mozart Prospect
*11m @ 85g/t silver, including 4m @ 156g/t silver
*7.6m @ 140g/t silver, including 0.5m @ 1655g/t silver

White Rock has received high-grade silver assays from follow-up drilling at the Mozart Prospect, located on the main Mining Leases adjacent to the existing 700,000 ounces of gold-equivalent Resource base on the Mt Carrington gold-silver project near Drake in northern NSW.

Drilling has intersected further high-grade silver mineralisation up-dip and along strike from previous drilling reported to the ASX on 4th May and 21st June.

Results include:
 MODD006: 11 metres at 85g/t Ag from 156m, including 4 metres at 156g/t Ag from 160m up-dip of previous significant intersections in MODD002 and MODD004.
 MODD007: 7.6 metres at 140g/t Ag from 138.4m, including 0.5 metres at 1655g/t Ag from 142m along strike 60m to the north from the section which also includes drillholes MODD002, 004 & 006

[springhill]

Investor presentation out from WRM.
http://www.asx.com.au/asxpdf/2012071...b6ngjcfy0f.pdf

[springhill]

Mt Carrington Gold‐Silver Project ‐ Positive Scoping Study


White Rock Minerals Ltd (ASX:WRM) has completed a robust scoping study on the Mt Carrington gold silver project in northern NSW. The study results confirm the potential for a medium‐scale low cost production profile of 40,000 oz AuEq1 per year with strong financial returns, based on an estimated capital expenditure of $24M and short payback timeframe of less than 18 months. The results of the study strongly support White Rock’s vision of accelerating the development of a gold‐silver operation at Mt Carrington in the next 18 months, subject to continued positive results from feasibility studies.
Highlights:
 Proposed initial development – 40,000oz AuEq per year @ $869 / oz cash cost
 Capital Costs of $24M (processing plant and mine infrastructure)
 Undiscounted project value of $68M ($97M pre‐tax)
 $40M NPV at a 10% discount rate ($60M NPV pre‐tax)
 IRR of 67% (92% pre‐tax)
 Capital payback within 18 months
 6 year open pit mining operation with production of 107koz gold and 6.9Moz silver
 0.8Mtpa floatation and CIL circuit to produce silver‐gold concentrate and bullion
 Overall 85% recovery for all deposits
 Average open pit strip ratio of 2.4 : 1

[AllAussie]

Mt Carrington Gold‐Silver Project ‐ Positive Scoping Study


White Rock Minerals Ltd (ASX:WRM) has completed a robust scoping study on the Mt Carrington gold silver project in northern NSW. The study results confirm the potential for a medium‐scale low cost production profile of 40,000 oz AuEq1 per year with strong financial returns, based on an estimated capital expenditure of $24M and short payback timeframe of less than 18 months. The results of the study strongly support White Rock’s vision of accelerating the development of a gold‐silver operation at Mt Carrington in the next 18 months, subject to continued positive results from feasibility studies.
Highlights:
 Proposed initial development – 40,000oz AuEq per year @ $869 / oz cash cost
 Capital Costs of $24M (processing plant and mine infrastructure)
 Undiscounted project value of $68M ($97M pre‐tax)
 $40M NPV at a 10% discount rate ($60M NPV pre‐tax)
 IRR of 67% (92% pre‐tax)
 Capital payback within 18 months
 6 year open pit mining operation with production of 107koz gold and 6.9Moz silver
 0.8Mtpa floatation and CIL circuit to produce silver‐gold concentrate and bullion
 Overall 85% recovery for all deposits
 Average open pit strip ratio of 2.4 : 1

Considering the company's position, as highlighted by the scoping study results, doesn't this stock seem undervalued at the current $8mil mkt cap?

Opinions anyone?

Cheers

[springhill]

Since end of November WRM has raised capital of $4.5m through a conditional 40m share placement.

Tranche 1 – 15M shares @ $0.10 to raise $1.5M
Tranche 2 – 25M shares @ $0.12 to raise $3.0M

Tranche 1 represents a 25% premium to current SP of 8c.
Tranche 2 represents a 50% premium.

Latest announcement - Jan 11th.
Drilling Agreement Executed
Mt Carrington Exploration and Development Studies to resume January 2013
http://www.asx.com.au/asxpdf/2013011...22mhql6dnm.pdf

White Rock announce the execution of a drilling services agreement with major shareholder Titeline Drilling Pty Ltd (‘Titeline’). The agreement
will underpin acceleration of resource expansion, project development and exploration programs on the Company’s 100%-owned Mt Carrington gold-silver project near Drake in northern NSW.
White Rock intends to immediately commence a drilling program initially focused on the Red Rock and Mozart prospects, where first pass drilling in 2012 has demonstrated the potential for new gold and silver Resources. Further drilling on these prospects is aimed at increasing the company’s 750,000 oz goldequivalent resource base and expanding the development options for the proposed 2013 feasibility studies.
Ongoing drilling in coming weeks will also test a number of other promising near-mine exploration targets, and provide drill core samples from within the current Resource base for metallurgical and geotechnical test work.
The agreement with Titeline, which currently holds a 10.2% shareholding White Rock, comprises staged cash payments totalling $112,000 and the issue of 6.58 million fully paid ordinary shares at 10 cents per share.