TRENCHING and rock sampling at White Cliff Minerals’ Chanach Copper-Gold Project in the Kyrgyz Republic has identified a new copper and gold deposit. The Aucu prospect occurs 2km north-northwest of the Chanach copper deposit and consists of three mineralized zones.
These zones were identified by channel rock chip sampling. They have average grades and widths of 7 metres @ 3.83% copper and 30.1 grams/tonne gold; 10 metres @ 1.73% copper including 1 metre @ 106 grams/tonne gold; and 9 metres @ 6.03 grams/tonne gold.
The rock sampling was predominantly carried out over the western half of the Chanach lease to follow up anomalous 2010 gold rock chip results and satellite ASTER alteration targets not previously explored. The zones occur on the outer edge of a large alteration system identified in the 2011 satellite ASTER survey of the area. The mineralization occurs within highly altered limestone and felsic porphyry, and consists of quartz veining and associated alteration that is heavily impregnated with sulphides, including pyrite and chalcopyrite.
The initial geological interpretation indicates that the new results are part of a much larger mineralized system (+1km diameter) centred 500 metres to the west. Separate rock samples contained visible gold occurring within quartz veining and chalcopyrite within weathered limestone and felsic porphyry units.
The discovery continues to expand the scale of Chanach and demonstrates that the project has the potential to host multiple large scale copper-gold resources.
White Cliff has commenced its 2014 exploration program with the primary focus of the program being the Aucu discovery where 2000 metres of trench channel sampling is being undertaken to test extensions of the high grade gold and copper zones. A drilling contact has been signed and this program is expected to begin in early August.
Chanach is 350km west-southwest of the capital city of Bishkek and covers 83sqkm. The project is in the western part of the Tien Shan Belt, a highly mineralized zone that extends for more than 2500km, from western Uzbekistan, through Tajikistan, Kyrgyz Republic and southern Kazakhstan to western China.
White Cliff Minerals has also exercised its option with T2 Gold to acquire its 32.2% interest in the Chanach project. Upon shareholder approval White Cliff’s interest in Chanach, which includes the recently discovered Aucu copper and gold epithermal vein system, will increase to 88.7%.
The consideration to acquire T2 Gold’s 32.2% is payment of $45,000 in cash and the issue of 73,841,667 White Cliff shares to T2 Gold. These shares will be escrowed for 12 months or released from escrow after three months in the event of an in-specie distribution to T2 Gold shareholders.