White Cliff Minerals Limited (White Cliff or the Company) is pleased to announce it has secured the Radium Point, Iron Oxide Copper Gold Uranium (“IOCGU”) + Silver, historical mining province (“Radium Point” or “the Project”).
Highlights
The Radium Point licences, located in the Northwest Territories, Canada, cover an area in excess of 3,300km2 and includes significant historical mining operations, such as the Eldorado, Echo Bay, Contact Lake mines.Historical production (pre-1982) from within the Project area includes:13,700,000lbs Uranium oxide (“U3O8”),34,200,000oz refined silver and11,377,040 lbs of copper with gold credits.104,000kg lead, 127,000kg Nickel & 227,000kg CobaltThe Radium Point Project area has been identified by the Northwest Territories (“NWT”) Geoscience Office to have the highest potential for IOCG-Uranium style mineralisation in Canada.*Mineral exploration has been largely non-existent in the area since uranium production ceased in the 60’s and silver and copper mining stopped in early 80’s.Initial work will focus in and around former mined areas to identify extensions to these 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 the larger geochemically anomalous areas throughout the broader Project area in preparation for drilling.Company has large historical datasets that include extensive high grade rock, soil, trench and drill results and will update shareholders as it validates these results.Project secured via licence applications submitted to both state and federal regulators. The Company continues to progress options regarding the divestment of its various Australian assets.
‘The addition of this uranium province to our portfolio represents the delivery of another stated objective to secure large, scalable, high grade, high quality uranium and copper projects. This area has seen significant historical uranium, silver and copper production from several mining centres and is located in a proper safe and reliable jurisdiction. We have assumed control of a massive database of information which we are working on validating however even a initial cursory review suggest many high grade, vein fill and IOCG-U style anomalies exist throughout the licence holdings.
The project area covers a significant portion of the highly productive Echo Bay stratovolcano complex located within the Great Bear Magmatic Zone in northwest Canada and is near the Company’s recently organically acquired high grade Coppermine Project, both of which have been identified through systematic geological evaluation of old mines department paper reports and records. Organically growing a project of this scale, quality and prospectivity is rare and represents a fantastic value-accretive event for shareholders.
As soon as practicable, the Company will prepare and execute a symbiotic exploration programme taking advantage of synergies with work at the Company’s Coppermine Project, located to the north of this new project area.
According to the NWT government Geoscience office, Radium Point has been identified as having the highest probability of hosting IOCG-U style mineralisation in Canada. The Company considers the potential for discovering additional deposits, proximal to historical high grade mines and surrounding areas, to be high and we have started planning and permitting for our 2024 activities.
This is a great second addition to our evolving portfolio and I look forward to updating shareholders on further high quality projects we expect to add to the portfolio in due course.”
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