White Cliff Minerals (ASX:WCN) drilling at the Aucu prospect of its Chanach Project in the Kyrgyz Republic has returned further gold intersections.
Importantly, the new results occur along strike from previously reported mineralisation at the Lower Gold Zone (NYSE:LGZ).
There are more results to come with samples from another 9 holes currently at the laboratory for analysis. Further results are expected in the next few weeks.
The latest batch of assay results are:
- 19 metres at 4 grams per tonne gold including 4 metres at 7.5g/t gold from 68 metres;
- 5 metres at 2.5g/t gold from 68 metres; and
- 12 metres at 1.4g/t gold from 49 metres.
High grade gold mineralisation at the LGZ has been identified in seven drill-holes and at surface in road cuttings over a distance of 300 metres along strike.
The current drill program has tested the LGZ over a 550 metre distance with assay results pending for several of these holes.
The mineralised zones start at the surface, are sub-vertical, have been identified at 100 metres vertical depth and are open in both directions and at depth.
Rock chip sampling along strike on the adjacent hills to the northwest and southeast has identified mineralised quartz veins and shear zone in both directions over a strike extent of 1.5 kilometres.
White Cliff has now confirmed that high grade gold mineralisation occurs within both the Copper-Gold Zone (CGZ) and the Lower Gold Zone (LGZ).
The two mineralised systems are parallel and approximately 100 metres apart. Mineralisation starts at the surface, is high grade and has been identified to at least 100 metres vertical depth in both systems and is open along strike in both directions.
The company has completed the 3,037 metres of planned drilling. Results have been and received for 13 holes (1,637 samples) while another 9 holes (about 1,400 metres) are at the laboratory for analysis. Further drill results are expected in the next few weeks.
In October, the company secured US$4 million under a convertible note facility from U.S. based investment firm Magna Equities, ensuring it is fully funded for exploration in Australia and the Kyrgyz Republic.
An initial US$500,000 will be available immediately with the balance of funds available for drawdown over 2 years.
For each US$1 received from Magna, White Cliff will issue Magna a US$1 convertible note. Each convertible note shall have a 12-month term and can be converted into White Cliff shares at any time during the term at a 20% discount to the 5-day volume-weighted average price of its shares.
Drilling continues to highlight the potential of the Aucu prospect at White Cliff Mineral's Chanach Project with further gold intersections reported.
Further results are in the pipeline with samples from a further nine holes currently awaiting assay in the laboratory.
White Cliff remains lightly capitalised at just $4.04 million.
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