Quarterly Activities and Cashflow Report for the quarter ended 30 September 2024

HIGHLIGHTS

• Heli supported maiden field sampling and reconnaissance programme that focused on priority areas close to existing and established infrastructure at Rae and Great Bear projects delivers extraordinary rock chip assay results across both.
• The Company appointed Mr. John Hancock as Strategic Advisor of the Company during the quarter. Post the end of the quarter, the Company successfully raised $5m (before costs) cornerstoned by Mr Hancock Cash completed at a premium ($0.025) of 8.5% to the preceding 15-day VWAP.
• The Company is now fully funded for its maiden drilling program at the Rae Copper Project in 2025.

Rae Project

• Rock samples from extensive outcropping massive chalcocite veins returned exceptional copper-silver ± gold and confirm what is believed to be the first major discovery at Rae.
• At Don project area, several parallel outcropping massive chalcocite veins running roughly NE/SW have been identified over an area of more than 2km2 and returned results of:
  • 64.02% Cu and 152g/t Ag (4.88oz/t) (F005965)
  • 62.02% Cu and 162g/t Ag (5.20oz/t) (F005966)
  • 50.48% Cu and 102g/t Ag (3.28oz/t) (F005959)
• At Pat, ±4.4km along strike from DON & around 600m of visual outcrop, returned assays of:
  • 55.01% Cu and 37g/t Ag (F005977)
    
  • 46.07% Cu and 46g/t Ag (F005984)
    
  • 44.43% Cu and 32g/t Ag (F005979)
• At Rocket, host to the historic Cu-TAR occurrence, 3 parallel chalcocite dominant vein systems were sampled along a strike length exceeding 380m within an area of ±400m x 200m, returning:
  • 54.12% Cu and 14g/t Ag (F005950)
    
  • 53.82% Cu and 27g/t Ag (F005949)
    
  • 53.47% Cu and 26g/t Ag (F005935)
• At the Thor System, host to the historic HALO occurrence a total strike length of over >800m of copper mineralisation was identified and sampled, Results included:
  • 54.02% Cu and 34g/t Ag (F005921)
    
  • 25.7% Cu and 22g/t Ag (F005922)
    
  • 24.4% Cu and 12g/t Ag (F005927)

Post period, the Company announced geophysical results at its primary sedimentary hosted copper target – the Hulk district identifying significant conductive anomalies.

• the Hulk exploration district has expanded to cover 152km2 within a larger, broader sub-basin that has interpreted dimensions that exceed 20km by 10km as a result of a further land acquisition at Rae
• Analysis and interpretation of the survey completed in conjunction with Expert Geophysics has identified three, distinct, conductive anomalies at the Hulk sedimentary target
• These target areas are fault controlled, sub basins covering > 20km of strike across the Rae Group sediments within the Hulk target area. The three targets are:

Great Bear Project

• Widespread, high-grade, Copper, Gold and Silver IOCG mineralised structures confirmed within the Great Bear Lake Project. A 1.1km intensely mineralised E/W structure at Phoenix returned impressive Copper, Gold, Silver and Cobalt results include:
  • 42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437)
  • 39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436)
  • 39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435)
  • 3.08% Cu, 7.96g/t Au, 310g/t Ag, 0.16% Co (F005434)
• At Coyote, just 5km east of the Phoenix district (Glacier, Cleaver & Rust), an outcropping zone of intense epithermal alteration and veining (440 x 195m) has been discovered on the northeastern rim of the Sparkplug collapsed caldera ring feature, results include:
  • 17.4g/t Au, 1.47% Cu, 29.6g/t Ag (F005673)
  • 16.95g/t Au, 10.55% Cu, 45.3g/t Ag (F005669)
  • 15.1g/t Au, 0.18% Cu, 4.2g/t Ag (F005684)
  • 14.35g/t Au, 1.75% Cu, 32.5g/t Ag (F005683)
• At Payback, 13km south of Phoenix, assays from massive sulphide rock chip samples returned:
  • 42.20% Cu, 716g/t Ag (F005604)
  • 30.20% Cu, 153g/t Ag (F005602)
• Results from Slider include bonanza silver concentrations shown below as percentage of silver, grammes of silver and ounces of silver:
  • 7.54% Ag (75,439g/t Ag or 2,425 Oz/t Ag) (F005907)
  • 5.35% Ag (53,506g/t Ag or 1,720 Oz/t Ag) (F005909)
  • 0.91% Ag (9,070g/t Ag or 291 Oz/t Ag) (F005908)
• Cash equivalents of $2.21 million as of the end of September 2024.

OPERATIONS

RAE COPPER SILVER PROJECT

The Rae Copper-Gold-Silver Project (“Rae” or “the Project”) area includes multiple historic high grade copper projects in the Coppermine River area. The licence area is host to numerous extraordinarily high-grade copper lodes located along the same structural trend, primarily consisting of chalcocite, bornite, chalcopyrite and native copper (ASX announcement 8 November 2023).

Rae contains numerous historical non JORC or NI 43-101 and ‘blue sky’ mineral estimates that will be a priority for drill and conversion into JORC classifications.

The Project represents a district scale opportunity at the pre-discovery stage underpinned by the presence of both high-grade, volcanic hosted copper-silver lodes and the prospect of large tonnage sedimentary hosted copper deposits.

Rae hosts all required first order controls for formation of sedimentary hosted copper deposits, with proof-of- concept results from historic drilling - less than 2km east of the Company’s mineral claims, on adjacent ground - a 2015 drillhole returned 28.97m of 0.57% Cu from the basal Rae Group sediments.

The 2024 maiden field program focused on locating and sampling these occurrences identified through a detailed desktop study of historical records. Sampling efforts confirmed mineralisation and extended known strike lengths (refer to announcements dated 4 October and 14 October 2024).

Click here for the full ASX Release

This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.