White Rock takes aim at Red Mountain
PERTH (miningweekly.com) – ASX-listed White Rock Minerals has inked a heads of agreement (HoA) with unlisted Atlas Resources to acquire the Red Mountain polymetallic volcanogenic massive sulphide (VMS) project, in Alaska.
Under the terms of the HoA, White Rock would issue Atlas about 63.8-million shares and 6.3-million options, issuing 1.14 of its own shares for every Atlas share held, and 1.1 five-year option for every Atlas option, which was exercisable at 3.5c each.
Atlas holds an option over the Red Mountain project, which would see the company spend $950 000 over a five-year period in ongoing cash payments, along with $1.2-million in exploration over a four-year period.
Furthermore, Atlas would pay a net smelter royalty of 2% to the project owner.
The Red Mountain project consisted of 16 state mining claims and 9 leasehold locations covering a total area of 16 km2.
White Rock said on Monday that previous exploration work at the project had resulted in historical estimates of mineral resources at the two main prospects, namely Dry Creek and West Tundra Flats, of a combined 5.7-million tonnes, grading 5% zinc, 120 g/t silver, 1.2% lead and 0.7 g/t gold, as well as 0.16% copper.
White Rock was currently undertaking a full compilation and desktop review of this historical exploration data, and would assess the overall potential of the Red Mountain project.
These programmes would enable the company to publish an exploration target and develop drill targets.
The Atlas acquisition was subject to a number of conditions, including the completion of a A$600 000 capital raise by White Rock, the completion of due diligence by each party, and shareholder and regulatory approval.
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