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/20120621/pdf/426yrvyl72jgxq.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/20120625/pdf/4270ks55wnlg7r.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/20120718/pdf/427gb6ngjcfy0f.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/20130111/pdf/42cd22mhql6dnm.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.

 

[greggles]

White Rock Minerals has announced a cornerstone investment and strategic relationship with Sandfire Resources NL whereby the parties have entered into a subscription agreement to formalise the strategic relationship in relation to White Rock's globally significant high-grade zinc VMS Red Mountain Project in Alaska.

From the announcement:

The strategic relationship comprises the following elements:

• A $2.5 million equity placement - a placement of 208,333,334 fully paid ordinary shares in White Rock at A$0.012 (1.2 cents) per share and the issue of 104,166,667 unlisted options to subscribe for White Rock shares to raise A$2.5 million. The issue price of the shares represents a 41% premium over the one-month volume-weighted-average price of White Rock shares (0.85 cents) up to and including 9 July 2018. The options have an exercise price of A$0.02 (2 cents) and expire 3 years from the date of the agreement. Following completion of the share placement, Sandfire will own approximately 14.2% of White Rock. The proceeds will be used to advance exploration activities at the Red Mountain Project and for general working capital purposes. No shareholder approval is required for the placement.

• Technical Collaboration - the formation of a technical committee for the purposes of jointly collaborating in connection with the Red Mountain Project including identifying best options for advancement of the Project.

• Option for Earn-in and Joint Venture over Red Mountain Project - Sandfire will have the right and exclusive option to enter into an earn-in joint venture agreement in relation to the Red Mountain Project, which option may be exercised prior to 31 December 2018. If the option is exercised, the parties will negotiate, agree the form of and enter into an earn-in and joint venture agreement reflecting the following principles:

o Stage 1: Sandfire to fund a total of A$20 million over four years to earn 51%, with a minimum expenditure by Sandfire of A$6 million in Year One.
o Stage 2: Sandfire to fund a further A$10 million and deliver a pre-feasibility study over an additional two years to earn 70%, which may be extended by Sandfire for a further year in certain circumstances.
o Stage 3: White Rock may elect to contribute to the joint venture. If White Rock elects not to contribute, Sandfire can solely fund Stage 3 to earn 80% by completion of a definitive feasibility study.
o Stage 4: White Rock may elect to contribute to the joint venture. If White Rock elects not to contribute, Sandfire will earn 90% and White Rock's 10% interest will be earned from project cash flow.
o Project Management: White Rock is entitled to continue managing the project for at least the first year of the earn-in and to be paid a management fee. Ongoing management responsibility of the project will be subject to annual review and after the first year will be at Sandfire's election.​

• Anti-dilution Protection - an anti-dilution right enabling Sandfire to maintain its interest in White Rock, subject to obtaining an appropriate ASX waiver.

• Board Nomination Right - a board nomination right enabling Sandfire to nominate a non-executive director to White Rock's Board should Sandfire's shareholding interest in White Rock reach 15%.

The involvement of a huge mining company like Sandfire Resources should assist White Rock Minerals in advancing their Red Mountain Project. The WRM share price is up 30% today to 1.3c with more than 66 million shares having changed hands.

 

[mcgrath111]

White Rock Minerals has announced a cornerstone investment and strategic relationship with Sandfire Resources NL whereby the parties have entered into a subscription agreement to formalise the strategic relationship in relation to White Rock's globally significant high-grade zinc VMS Red Mountain Project in Alaska.

From the announcement:


The involvement of a huge mining company like Sandfire Resources should assist White Rock Minerals in advancing their Red Mountain Project. The WRM share price is up 30% today to 1.3c with more than 66 million shares having changed hands.

View attachment 88256

Finished up 15%.
It is a huge strategic relationship for WRM and I would not be surprised if the share price edges toward the 2cent mark in the coming months.

Not my cup of tea, but very interesting times for those who hold.

 

[barney]

Been all down hill for this little battler for a long time.

I have an order in for a modest initial position this morning. Some interesting things happening which tweaked my attention. Will elaborate later when I have more time.

PS Order filled .... 450,000 at $0.006 Someone jumped in right at the open and wiped the 006 line ... good start

 

[barney]

A few Punters chasing this from "Off-screen" today when the Buy market Depth still looks ordinary.

Could be wrong, but can be a sign of a leaky boat .... Just had an Investor Preso so could be off the back of that, or maybe some more news not too far down the track.

 

[barney]

A few Punters chasing this from "Off-screen" today when the Buy market Depth still looks ordinary. Could be wrong, but can be a sign of a leaky boat .... Just had an Investor Preso so could be off the back of that, or maybe some more news not too far down the track.

Buyers persisted and the price has moved a bit higher again. Looks set to move in my opinion. Kind of wish I'd bought a few more.

 

[peter2]

@barney Thanks for the chart but you missed something I think is important to note. There was a 100:1 share consolidation end of July 20. That explains the difference in volume traded before and after consolidation.

ASF members hate consolidations. Consolidations happen when a company tries something new or another company takes over the ASX code. Having failed at other projects WRM are now trying to find gold in Alaska. I chuckled at the name of their gold project, Last Chance Gold Target.

I liked the look of the chart and considered buying this BO and adding it to my small cap portfolio.

But first, some "due diligence".

Looking through their news I see that they've started drilling. I'm thinking that it must be getting close to winter conditions in Alaska this time of year. The ground will freeze and there will be no drilling soon. Sure enough in their latest news.

A picture tells the story.

WRM are looking for gold near the top of a mountain in Alaska. Good luck with this.

 

[barney]

Kind of wish I'd bought a few more.

Lol .... For once that miss worked in my favour

There was a 100:1 share consolidation end of July 20. That explains the difference in volume traded before and after consolidation.

Hey Pete .... Yeah I actually bought in just pre the consolidation. I assumed the Volume pre and post was still "relative" on the chart though?

For eg. 13th July Volume pre consolidation was a bit over 127 million shares traded but now shows on the chart as 1.2 million.

Today's Volume of around 2.8 million shares traded would have shown as 284 million pre consolidation I assume?

Anyway, Volume aside, I was lucky not to have bought more before the dump. Punters certainly weren't in the mood to hear that the drilling was incomplete and now have to wait till next year. Still not a dead duck though with their Mount Carrington prospect looking pretty good and plenty of cash in the coffers.

WRM are looking for gold near the top of a mountain in Alaska. Good luck with this.

Lol ... Indeed .... It does sound pie in the sky, literally ... but you never know in Alaska! Lots of Elephants roaming in them there hills

 

[Chronos-Plutus]

Lol .... For once that miss worked in my favour



Hey Pete .... Yeah I actually bought in just pre the consolidation. I assumed the Volume pre and post was still "relative" on the chart though?

For eg. 13th July Volume pre consolidation was a bit over 127 million shares traded but now shows on the chart as 1.2 million.

Today's Volume of around 2.8 million shares traded would have shown as 284 million pre consolidation I assume?

Anyway, Volume aside, I was lucky not to have bought more before the dump. Punters certainly weren't in the mood to hear that the drilling was incomplete and now have to wait till next year. Still not a dead duck though with their Mount Carrington prospect looking pretty good and plenty of cash in the coffers.



Lol ... Indeed .... It does sound pie in the sky, literally ... but you never know in Alaska! Lots of Elephants roaming in them there hills

Looks like they spent ~9 months to drill just 2000 metres; then after ~9 months they return basically no results with decent metal.

 

[barney]

Looks like they spent ~9 months to drill just 2000 metres; then after ~9 months they return basically no results with decent metal.

Yeah, kind of looks that way, although the weather wasn't kind. Still think there is potential here but I took the small bounce back as a chance to bail ... Out at .695 for a bit better than scratch ... win some lose some.

 

[Chronos-Plutus]

Yeah, kind of looks that way, although the weather wasn't kind. Still think there is potential here but I took the small bounce back as a chance to bail ... Out at .695 for a bit better than scratch ... win some lose some.

This is junior miner space; you need to keep your finger on the pulse of these companies all the time.

 

[barney]

This is junior miner space; you need to keep your finger on the pulse of these companies all the time.

No doubt about that C-P Can be a bumpy ride at times ... i put extra springs in my office chair so I can cope with the stress