Sandfire likes White Rock's Red Mountain

CASH-harvesting copper miner Sandfire Resources has added another potential asset to its portfolio by investing little more than loose change for a 14% stake in Alaska-focused high-grade zinc explorer White Rock Minerals.

Sandfire likes White Rock's Red Mountain Sandfire likes White Rock's Red Mountain Sandfire likes White Rock's Red Mountain Sandfire likes White Rock's Red Mountain Sandfire likes White Rock's Red Mountain

Sandfire is putting in A$2.5 million for the stake in the ASX-listed junior, after which it has an option expiring by the end of the year to form a joint venture that could see it initially earn a 70% stake in the Red Mountain project by spending at least $30 million and delivering a prefeasibility study.

Featuring already established resources of more than 25 million tonnes grading circa 10% zinc equivalent (within two deposits), Red Mountain is located in central Alaska, 100km south of Fairbanks and comprises 230 mining claims over a total area of 143sq.km.

Earlier this month, White Rock reported one of the first two holes of its 2018 exploration program hit 4.7m grading 19.5% zinc, 7.8% lead, 466 grams per tonne silver, 6.9gpt gold and 1.5% copper (or 49.7% zinc eq...