White Cliff Minerals has increased its ownership to 90% of the Aucu Gold Project in the Kyrgyz Republic. The 1% increase in ownership was achieved through acquisition of interest from an external shareholder.
The remaining 10% is owned by associates of the local Kyrgyz management team that is free carried interest to the completion of a bankable feasibility study.
The small increase in ownership is made more significant by the project’s continued exhibition of extensive porphyry related gold and copper mineralisation starting at the surface and extending over several kilometres.
ASX-listed White Cliff is compiling all drilling, mapping, rock chip sampling and trenching data in preparation for calculation of a new JORC-compliant resource estimate expected in March.
On completion of the estimate the company will conduct a preliminary open pit mining optimisation study to establish the base line economics of the project. This work will assist with the preparation and lodgement of a formal mining licence application.
White Cliff is also conducting further metallurgical test work to establish the most likely gold processing method. Results are expected in March.
The company recently received final gold assays from 2016 drilling at Aucu, extending gold mineralisation at the Quartz Zone a further 50 metres along strike. The 2016 drill program has been successful in discovering new high-grade, near-surface gold zones containing substantial visible gold.
Aucu currently hosts a resource of 1.15 million tonnes grading 4.2 g/t gold for 156,000 ounces of contained gold at a 1.0 g/t cut-off grade.