Currently viewing Global edition

White Rock gets funding for Alaska rigs

White Rock Minerals has reported a fundraising that will bankroll three diamond core drill rigs working its ground in Alaska during the upcoming field season.
White Rock gets funding for Alaska rigs White Rock gets funding for Alaska rigs White Rock gets funding for Alaska rigs White Rock gets funding for Alaska rigs White Rock gets funding for Alaska rigs

White Rock Minerals has big ambitions in Alaska, USA

The A$8.8 million raising will issue new shares priced at 51c each, with the company's major shareholder Crescat participating to maintain its circa-10% shareholding.

White Rock's 800sq.km of ground includes the Last Chance intrusion-related gold prospect and its Red Mountain silver-zinc-gold-lead VMS target.  

The first rig should be in action late next month, with the other two flagged to operate from mid-June.

As well as drilling, geochem and geophysics programs are planned.

White Rock's technical advisor is relatively high-profile geologist Dr Quinton Hennigh.

He described White Rock's targets as "high quality".

Shares in White Rock were down 8% to 56c in early trade, capitalising the company at $41 million.