Australian companies White Rock Minerals and Sandfire Resources have signed an earn-in and joint-venture option agreement for Sandfire to participate in White Rock’s multimetal Red Mountain project in central Alaska. The potential of the project is illustrated by 2018 field season results, which included drill-hole intercepts of more than 17% zinc, 6% lead, 1,000 grams (g)/metric ton (mt) silver, 6 g/mt gold, and 1.5% copper, as well as discovery of new massive sulphide mineralization at the Hunter prospect.
Sandfire can earn up to 51% of White Rock’s 100% interest in the Red Mountain project by spending A$20 million on exploration over four years, with a minimum of A$6 million to be spent in 2019. Following completion of the exploration spending requirement, Sandfire can elect to increase its interest in the project to 70% by sole-funding a further A$10 million and delivering a prefeasibility study with an ore reserve within a further two years.
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