White Rock Minerals Ltd. said Sept. 28 that it is raising up to A$5.7 million to advance a definitive feasibility study and an environmental impact statement for its Mount Carrington gold-silver project in New South Wales, Australia, as well as for exploration at the Red Mountain zinc-silver project in Alaska and general working capital.
The company will undertake a placement comprising 108,266,668 ordinary shares at 1.5 cents apiece to raise about A$1.6 million, along with a nonrenounceable 1-for-2 entitlement offer at the same price to raise up to A$4.1 million.
Shares from the placement will be issued Oct. 5, while the entitlement offer is slated to close Oct. 21.
White Rock's Managing Director and CEO Matt Gill noted that upon completion of the definitive feasibility study and EIS for Mount Carrington, a proposed US$19 million financing package offered by Cartesian Royalty Holdings "will unlock the full potential" of Mount Carrington.
The company is targeting an initial seven-year mine life at Mount Carrington, which hosts resources containing 338,000 ounces of gold and 23.4 million ounces of silver.
Exploration efforts at Red Mountain will focus on 30 high-priority targets as well as the Dry Creek and West Tundra Flats deposits.