Newspaper article The Northern Star (Lismore, Australia)

GOLD FEVER STRIKES REGION Mine Would Create Jobs; Drilling Program Starts near Drake

Newspaper article The Northern Star (Lismore, Australia)

GOLD FEVER STRIKES REGION Mine Would Create Jobs; Drilling Program Starts near Drake

Article excerpt

Byline: Rebecca Lollback Reporter

THE tiny town of Drake, about 70km west of Casino, could be on the cusp of a gold rush.

White Rock Minerals this month started a major, two-year drilling program in aneffort to determine quantities of gold, silver and copper at its Mt Carrington site.

Managing director Geoff Lowe has said drilling would continue until mid-2012, but stressed that there wouldn't be any mining for at least two or three years.

Rex Minerals bought the gold, silver and copper project at Mt Carrington in 2009.

At that time there were inferred resources estimates of 190,000 ounces of gold and 10.5 million ounces of silver, as well as shallow and high-grade copper resources.

But as Rex Minerals started to focus more on projects in South Australia, White Rock Minerals made the decision to de-merge in June this year.

Company representatives said the reason was because they wanted to a[approximately]explore and develop the Mt Carrington gold-silver project'.

And it seems like it will be acompany to watch.

At the end of the September 2010 quarter, White Rock Minerals held $10.6 million in cash reserves.

Early last month it received formal offers from the NSW Department of Industry and Investment to renew all 22 mining leases at Mt Carrington for another 10 years.

The Tenterfield and Drake areas have long been known for their gold potential.

Although Tenterfield was originally settled by sheep and cattle farmers, the population exploded in the 1880s after the discovery of gold at Morgans Gully and Ropers Gully, just north of the town.

Gold was discovered at Mt Carrington in 1886, with mining continuing in the area until about 1990.

Tenterfield mayor Toby Smith said it was a[approximately]excellent news' that White Rock Minerals' drilling program had started.

"There are lots of places right around Australia which are currently benefiting from a mining boom," he said. …

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