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White Cliff Minerals boosts cash balance for cobalt and gold exploration

Approval is granted for a drilling program in cobalt-rich area.
The company is exploring in the Kyrgyz Republic and Western Australia

White Cliff Minerals Ltd (ASX:WCN) will use $1 million to be raised in a placement for exploration at its projects in the Kyrgyz Republic and Australia.

Exploration is being extended to seek cobalt at the Ghan Well project near Laverton in Western Australia.

The placement of 500 million shares at an issue price of $0.002 to clients of Gleneagle Securities Nominees is being completed in two tranches.

The first tranche of 80 million shares was issued on 10 January and the balance will be completed later this month.

Approvals for drilling

White Cliff has received approvals for a drilling campaign which will cover the northern section of the Ghan Well project.

Significant cobalt mineralisation has been identified at the project associated with nickel mineralisation.

The 39 square kilometre Ghan Well project is in the Wiluna-Norseman greenstone belt 10 kilometres north of the Murrin East nickel-cobalt mining operation.

READ: White Cliff Minerals drills more gold, copper in the Kyrgyz Republic

In the Kyrgyz Republic, White Cliff is advancing the 90%-owned Aucu deposit, which hosts an inferred resource of 1.8 million tonnes at 5.2 g/t for 302,000 gold ounces and 608,000 tonnes at 0.64% copper for 3,870 tonnes of copper.

As well as Ghan Well, the company has the Merolia, Bremer Range, Lake Percy and Laverton exploration projects in Western Australia.

Options issued

In addition to the placement, White Cliff has issued to Gleneagle Securities Nominees, and/or its nominees, 250 million Gleneagle Series A Options and 250 million Series B Options.

These are Gleneagles Securities’ fee for underwriting the company’s 2017 rights issue which raised $1.84 million.

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