Final Rae Project Licence Acquisition Raises Stakes for White Cliff Minerals

Strategic Acquisition Strengthens Rae Copper Project

White Cliff Minerals Limited (ASX – WCN) has announced the acquisition of the Bornite Lake prospect, also known locally as the Copper Lamb lease, within its Rae Copper Project in Nunavut, Canada. This move secures the last independently owned mineral licence within the company’s tenure, consolidating control over more than 50 kilometres of strike along the highly prospective Herb Dixon fault zone.

The acquisition is significant not only for its strategic location but also for the historical data indicating high-grade copper mineralisation. Historic trenching and sampling from the 1930s and later exploration campaigns reported copper grades consistently exceeding 40%, with some intervals approaching 50% copper content. These grades, predominantly chalcocite and bornite mineralisation, occur at and near surface, offering a compelling exploration target.

Historical Context and Geological Significance

The Rae Copper Project sits within a geological setting known for sediment-hosted copper deposits, with mineralisation styles ranging from vein and breccia-hosted copper to flow-top replacements within basalt flows. The newly acquired Bornite Lake tenure lies adjacent to the Stark Vein Target and is less than 15 kilometres from the Vision target, where surface rock samples have returned exceptional copper and silver grades.

Historical exploration reports, including a 1966 assessment, suggested the potential to prove at least 5,000 tons of ore grading around 40% copper at the Copper Lamb vein. Although these reports predate modern reporting standards and lack JORC compliance, White Cliff Minerals has verified the presence of massive bornite mineralisation on site, underscoring the prospect’s potential.

Transaction Details and Future Exploration Plans

The acquisition was executed through a binding Heads of Agreement with the seller, Glen Allen Hinch, for a total consideration of CAD$450,000. This includes a CAD$100,000 cash payment and CAD$350,000 in ordinary shares, with the share price based on the volume-weighted average price six months post-completion.

With all 2025 geophysical data now in hand, including extensive airborne magnetotellurics and helicopter electromagnetic surveys, White Cliff Minerals is well positioned to integrate these datasets with ongoing drilling results. The company plans to target high-priority fault intersections along the Herb Dixon fault and its splays, aiming to delineate mineralisation signatures and advance a province-scale exploration strategy.

Balancing Historic Data with Modern Exploration

While the historical data provides a strong foundation, it is important to note that these results are not compliant with current JORC standards and have not been independently verified through modern assay techniques. White Cliff Minerals acknowledges this and intends to undertake confirmatory drilling and sampling to validate and potentially upgrade the resource base.

Given the strategic consolidation of the Rae Project tenure and the promising geological context, the acquisition of Bornite Lake represents a pivotal step in White Cliff Minerals’ copper exploration ambitions in Nunavut.