White Cliff Minerals (ASX:WCN) has secured licenses in a historical uranium, iron oxide, copper, and gold mining province in the Northwest Territories, Canada.
The $12.76 million market capitalisation company says the Radium Point licenses cover in excess of 3,300km-square and include ‘significant’ historical mining operations, such as the Eldorado, Echo Bay, and Contact Lake mines.
According to White Cliff, the project area has been identified by the Northwest Territories Geoscience Office to have the highest potential for IOCG-uranium-style mineralisation in Canada.
The company closed 50% higher on the ASX today (15 January 2024) to $0.015 on the back of the announcement.
White Cliff secured the licences via applications submitted to both state and federal regulators.
Historical production (pre-1982) from within the project area includes 13.7 million pounds of uranium oxide, 34.2 million ounces of refined silver, 11.337 million pounds of copper with gold credits, 104,000kg of lead, 127,000kg of nickel, and 227,000kg of cobalt.
The company notes initial work will focus on former mined areas to identify extensions to previously exploited mineral bodies, as well as known outcropping prospects throughout the licence area that have never been followed up.
Regional work will include air and ground geophysics, verification soil and chip sampling on previously identified outcropping, ‘high-grade’ uranium mineralisation, and confirmation testing of ‘larger’ geochemically anomalous areas throughout the ‘broader’ project area in preparation for drilling.
Chairman Roderick McIllree says the project is a ‘great’ second addition to the company’s evolving portfolio.
“The addition of this uranium province to our portfolio represents the delivery of another stated objective to secure larger, scalable, high-grade, high quality uranium and copper projects.
We have assumed control of a massive database of information which we are working on validating, however, even an initial cursory review suggests many high-grade vein fill and IOCG-U style anomalies exist throughout the licence holdings.
As soon as practicable, the company will prepare and execute a symbiotic exploration program taking advantage of synergies with work at the company’s Coppermine project, located to the north of this new project area.”
White Cliff Minerals is a mineral explorer focused on exploring its ‘highly prospective’ iron-oxide-copper-gold (IOCG), rare earth elements (REE), lithium, and base metal project portfolio in Western Australia.
As of 30 September 2023, the company had $1.653 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: White Cliff Minerals
