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White Cliff Minerals (ASX:WCN) has acquired 100% of licence L-2797 from Victoria Copper at the substantial Danvers copper deposit in the Rae Copper precinct in Nunavut, Canada. This licence adds to the company’s existing claims in the region and reinforces its mineral resource portfolio.
Records of drilling at the Rae Copper site back in 1967 and 1968 revealed resources of up to 4.16 million tonnes at a copper grade of 2.96%.
Despite the estimates not being JORC compliant, the data sets out a target for additional resource verification.
The project, existing near important infrastructure including the Hope Lake Airstrip, benefits from previous drilling and has open mineralisation.
Troy Whittaker, managing director of White Cliff Minerals said, “This is a value acquisition for shareholders. We are preparing for the 2025 drilling, with all targets now identified and prioritised. The company is well-positioned to deliver on its 2025 planned objectives.”
The next phase of drilling and verification of historical records is scheduled for 2025, with the goal of verifying and potentially upgrading the non-JORC resource estimates.
White Cliff are planning to capitalise on the Danvers acquisition and aspire to expand the potential copper resources in the Rae Copper region.
The acquisition agreement involves a payment of CAD$700,000 ($768,624) in cash and shares, along with a retained 1% net smelter royalty for the seller, Victoria Copper.
Whitecliff Minerals has been trading at 1.8 cents at 12:30pm Sydney time.
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