Billionaire Rinehart’s Hancock takes stake in Nunavut copper explorer
White Cliff is advancing its Rae project, which doesn’t have a resource or an economic study, and where drilling over the past year has returned strong results.
Australian mining tycoon Gina Rinehart is backing White Cliff Minerals, a copper explorer operating in Nunavut, with a significant investment. The Hancock Prospecting company is allocating A$8.7 million ($6.2 million) to acquire a 13.5% stake in the firm. Shares of White Cliff Minerals surged following the news. The company is currently advancing its Rae project, which lacks a resource estimate or economic viability assessment.
However, drilling conducted over the past year has yielded promising results, indicating the potential for a substantial copper system. White Cliff's Rae project is situated approximately 75 km west of Kugluktuk in western Nunavut.
Hancock Prospecting's investment is considered a major milestone for White Cliff and serves as compelling validation of the company's work at the Rae site. Managing Director Troy Whittaker stated that the project has demonstrated exceptional grades across a mineralized system with district-scale potential over the past two years of exploration.
In the deal, Hancock Prospecting will purchase nearly 516 million shares of White Cliff at 1.7¢ per share. The proceeds from this investment will be directed towards expanding drilling operations at Rae and accelerating the quest for an initial resource at its main Danvers target. White Cliff anticipates these efforts will contribute to the project's growth and potential for significant copper discoveries.
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