White Cliff Minerals will sell 25 million shares in a bid to raise $750,000 to fund exploration at its Chanach Copper-Gold Project in the Kyrgyz Republic. The capital will also be used at the Lake Johnston Nickel-Copper Project in Western Australia.
Institutional and sophisticated investors have been targeted in the share placement, which will be completed in two tranches once shareholder approval is confirmed in October.
White Cliff’s managing director Todd Hibberd says, “We are pleased with the strong level of support received for the placement. Funds raised will enable White Cliff to undertake an initial drilling program focused on nickel sulphide targets at Lake Johnston and further drilling at the Chanach copper-gold project in the Kyrgyz Republic.” Both projects will start before the end of the year.
A 1000 metre RC drill program is already under way at Chanach targeting extensions to the existing deposit. An extensive rock chip and trench sampling program is targeting several porphyry phyllic and argillic alteration zones indicative of copper mineralization.
White Cliff owns 45% of the 83sqkm Chanach project, 350km west-southwest of the capital Bishkek, along the Tien Shan Belt. This highly mineralized zone extends for more than 2500km from Uzbekistan to western China.
Major deposits within 100km of Chanach contain up to 93 million ounces of gold and 25 million tonnes of copper. Initial work in 2007-2009 indicated the project may host porphyry and skarn style gold and copper mineralization with several areas containing gold values of up to 40 grams/tonne and copper values of up to 5%.
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