White Cliff Minerals (ASX:WCN) has finalized the sale of its Reedy South Gold Project in Western Australia to Bain Global Resources for $1.2 million. The project, located near Westgold Resources’ Triton/South Emu Mine, holds an inferred resource of 779,000 tonnes at 1.7 grams per tonne gold, totaling 42,400 ounces of gold. The cash consideration is structured in three tranches, with the initial $200,000 payment expected shortly after Foreign Investment Review Board (FIRB) approval.
With the divestment complete, White Cliff Minerals will concentrate its efforts and resources on its Canadian assets, specifically the Great Bear Lake and Rae projects. The Rae Copper-Gold Project features multiple copper mineralization occurrences and contains a historical resource of 4.16 million tonnes at 2.96% copper. Early exploration at the Great Bear Lake Project has shown promising results, including samples returning 42.6% copper and 38.2g/t gold, indicating high potential for iron-oxide copper-gold uranium plus silver-style mineralization.
