A recent share price hike for White Cliff Minerals has triggered a cash bonanza for the company after it today confirmed $4.33 million worth of options had been exercised on the back of its rally from recent lows.
After White Cliff’s stock sat as low as 0.9c to start the new year of trading, it soon got to as high as 1.9c after it confirmed it had added a massive 3300 square kilometres to its Canadian ground holdings by securing the Radium Point multi-element project in the Northwest Territories region that takes in several historical mining operations.
Now, with the successful conversion of more than 288.5 million options at a price of 1.5c each, the company says it has a war chest of about $6.33 million in cash and investments that is set to fully-fund its 2024 exploration efforts at Radium Point and at its Coppermine high-grade copper, gold and silver project in Nunavut.
White Cliff Minerals chairman Roderick McIllree said: “The completion of this funding makes the Company an interesting investment proposition. With a market capitalisation of circa $25m, which includes ±AUD$6.3m, we are funded for multiple work programs at Radium Point, our uranium & silver rich IOCG project and Coppermine, the high-grade copper gold and silver project in Nunavut.”
McIllree said the company was planning a significant field deployment in the coming months at its Coppermine operation where it has contracted Expert Geophysics to complete an airborne geophysical survey. The campaign is expected to highlight and define structural trends to optimise future drill targets and will incorporate Expert Geophysics’ mobile magnetotellurics (MMT) system to image the subsurface resistivity for both volcanic and sedimentary-hosted copper deposits.
In November last year, the company secured a swathe of ground in the Canadian province of Nunavut after an agreement with a private party for 61 mineral claims covering 80,500 hectares at Coppermine River. Management says the Coppermine area hosts a raft of high-grade copper lodes that sit along the same structural trend, primarily consisting of native copper, chalcocite, bornite and chalcopyrite.
White Cliff is also focused in the near-term on nailing down its contractor and service providers for complementary campaigns at Radium Point and has also hinted at further project acquisitions and new executive appointments.
On claiming the Radium Point ground, the company said it had become the single-biggest holder of mineral exploration claims in Canada’s Northwest Territories – an area that hosts the historical Eldorado, Echo Bay and Contact Lake mines.
Now, with a swelling cash pile and seemingly a matching ethic to get to work – not to mention a new foray into uranium at a time when the heavy metal’s price has been soaring – White Cliff is poised for an intriguing 2024.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Steve Butler
