Join our daily newsletter At The Bell to receive exclusive market insights
- White Cliff Minerals (WCN) confirms the presence of pegmatites at its Yinnetharra project in the Gascoyne lithium region of Western Australia
- Reconnaissance samples from randomly selected sites during WCN’s first pass field trip returned pegmatites within all tenements visited
- While the company says the 14 samples shouldn’t be regarded as representative of the total area, the site visit marked a critical first step in its exploration efforts
- High resolution photography across the tenements highlighted further areas for sampling and WCN says this data will guide ongoing exploration
- Shares have dropped 28 per cent to trade at 1.9 cents
White Cliff Minerals (WCN) has confirmed the presence of pegmatites at its Yinnetharra project in the Gascoyne lithium region of Western Australia.
The Yinnetharra lithium and rare earth element project consists of six tenement applications, two of which are owned by a subsidiary company, Electrification Metals, with the remainder set to be owned by WCN subject to shareholder approval of the Magnet acquisition.
White Cliff undertook a first pass field trip to Yinnetharra and collected reconnaissance samples from randomly selected sites.
Results have returned pegmatites within all tenements visited and included variations in lithium, tantalum, tin and rare earth elements, which WCN said suggests the presence of
two to three phases or generations of pegmatite intrusions.
The company plans to undertake more detailed exploration to target any potentially important pegmatites.
According to Technical Director Ed Mead, the company still has a lot of work to do and the samples to date shouldn’t be regarded as representative of the area.
“The site visit achieved our primary objective of proving pegmatites to be present within the White Cliff and Magnet Resource Company tenements,” Mr Mead said.
A preliminary review of recently acquired high resolution air photography has indicated a lot more sampling sites need to be visited, and White Cliff plans to use this data to guide ongoing exploration in 2022.
At the company’s Reedy’s South gold project, reverse circulation drilling of the McCaskill’s Hill and Cracker Jack prospects is expected to commence on or about January 15.
A heritage clearance survey was completed before Christmas and required minor changes to locations of holes which WCN said have been made.
Shares were trading 24 per cent lower at 1.9 cents at 11:35 am AEDT.
