Discovery reignites interest
The discovery of gold nuggets worth almost $30,000 has reignited interest in a historic gold mining region in the Northern Goldfields.
ASX-listed White Cliff Minerals has revealed a prospector unearthed two substantial and several minor nuggets at the aptly-named Mt Remarkable project, about 25km south-east of Kookynie.
The two biggest nuggets were 310g (10 ounces) and 248g (8oz) with an approximate value of $27,000 at current gold prices.
Experienced geologist and White Cliff managing director Todd Hibberd said the company planned to strike while the iron was hot by following up the finds with drilling in June or July.
"We won't leave it to go cold," he said.
"The discovery of two gold nuggets of that size is a significant find that upgrades the prospectivity of the Mt Remarkable project.
"The size and strength of the gold anomaly is highly encouraging and warrants follow-up drilling."
Perth-based White Cliff has held ground at Mt Remarkable since listing on the Australian Securities Exchange in December 2007.
Prospectors have up to 60 permits across White Cliff's 185sqkm project, which remains virtually untested, although there are several old workings in the area.
Mt Remarkable is not far from operating gold mines Gwalia, Granny Smith and Sunrise Dam.
But it is a world away from White Cliff's previous focus, the Chanach copper-gold project in the Kyrgyz Republic which was part of the former Soviet Union.
Mr Hibberd said the lack of funding available to exploration companies because of depressed equity markets meant the company would stay closer to home for the near-term.
White Cliffs finished the March quarter with a cash balance of just $575,000 but its coffers received a boost on Monday with a $261,361 research and development rebate from the Federal Government.
"It doesn't matter that we may have a couple of million ounces at the Kyrgyz Republic project, the market doesn't care about it at the moment," he said.
"Some of the world's biggest gold mines are 100km down the road in Uzbekistan and there is great access to infrastructure.
"Instead, we are going to do more drilling at our Australian projects to engage the local shareholders because it is in a market they understand."
White Cliffs' other Australian projects include the Laverton gold project, 7km north of the Wallaby underground mine, as well as the Bremer Range nickel project near Poseidon Nickel's Lake Johnston operations.
