Overview

White Rock’s cornerstone asset is the 100% owned Mt Carrington project where shallow Indicated and Inferred Mineral Resources totalling 338,000oz gold and 23.4Moz silver have been defined.

Location: Mt Carrington is 5 km from the township of Drake in northern NSW. It is located on the Bruxner Highways, 4 hour’s drive SW of Brisbane and 2 hours west from Ballina.

wrm_general_regional_map_270213_1

Mt Carrington Project Location.

History: Gold was first discovered in the district in 1853 with a number of small prospects worked over the next 25 years. In 1886 gold and silver were found at Drake, Mt Carrington, White Rock and Red Rock. Prospecting and small-scale mining continued into the 1920s. During 1974 to 1976 Mt Carrington Mines Ltd extracted a small tonnage of high grade Ag and Au from the Lady Hampden open pit. In 1998 a new mining campaign focussed on extracting open pit oxide Au/Ag ore from the Strauss, Kylo, Guy Bell and Lady Hampden deposits. The oxide ore was depleted by 1990, and with metal prices at US$370/oz Au and US$5/oz Ag, and secondary copper zones in the pits resulting in processing issues in the CIP plant, the small scale mine was closed.

The new Mt Carrington: In April 2008 Rex Minerals Ltd acquired Mt Carrington and completed 2 years of exploration and Resource definition. The project was demerged in June 2010 with the formation of White Rock Minerals to undertake extensive exploration, Resource definition and development studies with the aim of defining a new viable open pit mining operation, underpinned by existing Mining Lease tenure, site infrastructure, and ready access to power and water.

Volcanic Caldera: In the early 1990s CRA Exploration focused on exploring for ‘a large polymetallic mineralised system in a Pacific Rim-type environment’. Detailed mapping and reconstruction of the volcanic architecture was undertaken by White Rock in 2011-2012, which established a large 400 square km collapsed volcanic caldera structure. This setting has been demonstrated to contain a number of epithermal-style precious metal targets, many of which have been progressed and are now drill ready. Up to 2010 no systematic regional exploration had been undertaken on the project for more than 16 years.

Resources: The Resource estimate for all deposits at the Mt Carrington Project totals 0.34Moz Au and 23.5Moz Ag. White Rock have expanded the Resource base over 230% for both gold and silver with the majority of ore considered in scoping studies now classified as Indicated. For more detail refer to White Rock’s announcements to the ASX of 13 February 2012, 11 July 2013, 31 July 2012, 20 November 2013, 16 September 2014 and 29 March 2016.

mtc-resource-summary-table-2016

Mt Carrington Project Mineral Resource Summary.

Exploration Portfolio: The Mt Carrington Mining Leases are enveloped by a large portfolio of Exploration Licences with demonstrated potential for epithermal and intrusion-related gold, silver and copper mineralisation. White Rock has generated and refined an extensive exploration target portfolio at Mt Carrington since 2010. A number of regional and near-mine targets have been tested, and new shallow gold-silver Mineral Resources were defined at the Red Rock Prospect in 2013. Whilst exploration for shallow gold and silver deposits has been White Rock’s main focus to date, recent exploration has focused on the potential for the project to host significant intrusion-related (porphyry) copper mineralisation with geophysics and drilling defining a large alteration system open to the west and at depth.

WRM_Prospect_Pyramid_AR_2014

Mt Carrington Exploration Target Portfolio.