Australian minerals explorer White Cliff Minerals [ASX:WCN] has supplied an update on exploration programs across WA.
The update consisted of highlights for its, North Kellerberrin, Hines Hill, Diemals, Lake Tay REE (rare-earth elements), and Yinnetharra projects.
WCN’s share price is down nearly 6% this week, adding to the 8% drop in the last month.
Over the past 12 months though, WCN has climbed 18%.
Anson Resources [ASX:ASN] has been a major contender in the rise of lithium stocks over 2022, however, it was Winsome Resources [ASX:WR1], November’s top lithium performer, and Mineral Resources [ASX:MIN] that were reaching their all-time highs more recently.
White Cliff’s exploration and REE activity update
Today, the minerals explorer reported the completion of its high resolution, magnetic and radiometric survey for the Yinnetharra project, expecting to deliver the results in the next two weeks.
The data will be interpreted by Southern Geoscience Consultants (SGC), finalising the product by January, which will be reviewed by mapping geologist, Allan Ronk.
The geological field crew arrived at the site yesterday, with Mr Ronk’s preliminary data providing the basis for initial sample identification.
The miner has employed SGC to process Airborne Electromagnetic (AEM) files and data for its Yinnetharra Lithium, North Kellerberrin, and Hines Hill REE, Diemals REE and Lake Tay REE projects.
AEM processing will mean the company will be better able to define outcrop granites, sand cover, and clay depth in Ionic Clay REEs investigations.
It will also enable WCN to determine the potential for mafic and ultramafic rocks, as well as investigate conductors and sulphides within the area.
WCN reported that its Diemals REE and base metal project has had its geochemical sampling program completed, with 1,104 samples sent for laboratory testing.
The Lake Tray REE project’s maiden field program is to occur later in December.
White Cliff Minerals’ Technical Director Ed Mead commented:
‘We have multiple programs underway over Yinnetharra, Diemals, Hines Hill and Lake Tay, which covers a combined area of 5,424km2, with the aim of advancing the projects towards drilling. We have maintained our drive to get as much information as we can from projects so we can rank them for priority work.
‘The significant exploration datasets being acquired will start being delivered this month and we will continue to be very active over the coming summer months.’
The wider WCN and lithium picture
In September, White Cliff provided its quarterly activities report, in which it announced a placement of $1.69 million was raised to fund its exploration activities across its prospective lithium and REE projects, and also to fund ongoing general working capital.
The company reported a cash and cash equivalents balance of $2.03 million at the end of the September quarter.
Now, China’s harsh COVID limitations have been rocking the lithium sector, and with its government cutting EV manufacturing subsidiaries and consumer benefits in 2023, this will undoubtedly affect the bigger picture longer-term.
In the near term, however, China’s upcoming return out of its restrictive COVID-zero period could be a good sign for the lithium market in coming weeks.
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For Money Morning