Hancock Prospecting buys $8.8M White Cliff Minerals stake
- Hancock Prospecting has agreed to acquire a 13.5% strategic stake in White Cliff Minerals for $8.8 million.
- The investment involves 515,791,601 new fully paid ordinary shares priced at $0.017 per share.
- White Cliff Minerals stated the capital will fund exploration and accelerated drilling at the Rae Copper Project in Nunavut.
White Cliff Minerals (ASX:WCN) signed an agreement issuing 515,791,601 new ordinary shares to Hancock Prospecting for $8.8 million.
The deal delivers third-party validation for the exploration strategy compared to prior solo funding operations at the site.
"Copper prices have reached record highs, supply is tightening and global demand continues to grow. The search for large, high-quality new copper discoveries has rarely been more important, and we believe Rae has the potential to become one of them," said White Cliff Minerals Managing Director Troy Whittaker.
The enterprise plans to deploy funds towards expanding the mineralised envelope at Danvers 1 alongside systematic step-out drilling at Danvers 2 and Danvers 3.
White Cliff Minerals stated that downhole electromagnetic equipment will also be mobilised to rapidly refine drill targets around identified mineralisation.
Following the announcement the White Cliff Minerals share price was unchanged at $0.020.
The organisation focuses its capital growth efforts on advancing district-scale copper discovery assets across northern territory footprints.
