White Cliff Minerals (ASX:WCN) agrees $8,768,457 Hancock Prospecting placement
White Cliff Minerals has entered into a subscription agreement with Hancock Prospecting for an $8,768,457 private placement.
Subject to shareholder approval and completion, Hancock Prospecting will hold approximately 13.5% of White Cliff, with the funding proposed to expand and accelerate drilling and exploration at the Rae Copper Project in Nunavut.
Highlights
Hancock Prospecting has committed to subscribe for 515,791,601 new fully paid ordinary shares at $0.017 per share.
The issue price represents the closing price on the last prior trading day.
White Cliff intends to convene an extraordinary general meeting on or about 19 October 2026.
Completion is expected 3 business days after the meeting, subject to shareholder approval.
The proposed share issue requires approval under ASX Listing Rule 10.11 and is conditional on ASX not indicating that it will refuse official quotation of the shares.
The subscription agreement contains representations and warranties described by White Cliff as customary for a transaction of this nature.
Either party may terminate the agreement if the other commits a material breach or if the conditions are not satisfied or waived by the required date.
Placement proceeds, together with existing cash reserves, are proposed to fund activities across the Rae Copper Project.
At Danvers 1, White Cliff plans to grow the mineralised envelope where the highest density of drilling has occurred to date, aiming to fast track an Exploration Target and Maiden Resource Estimate.
At Danvers 2 and Danvers 3, systematic step out drilling is planned to define the scale and continuity of mineralisation.
The exploration program will also cover prospective sediment hosted targets, supported by an upcoming ultra high resolution airborne geophysical survey.
Results from the maiden drilling campaign at Danvers include 175m at 2.5% Cu and 8.66g/t Ag, 90m at 4% Cu and 7.5g/t Ag, 58m at 3.08% Cu and 13.3g/t Ag, 105m at 2.25% Cu, 63m at 2.23% Cu and 75m at 2% Cu.
Regional step outs returned 15m at 4.8% Cu at Danvers 2, while results from Danvers 3 include 20m at 6.64% Cu, 23m at 6.18% Cu and 79.24m at 1.59% Cu.
White Cliff Managing Director Troy Whittaker commented:
“We are still at an early stage in understanding the full scale of this system, but the results to date demand an ambitious program, and that is exactly what we now intend to deliver.”
A review of regional datasets has identified replicatory geophysical signatures to Danvers at Thor, Rocket, Vision and Stark.
Accelerated follow up drilling is proposed at these areas, while downhole electromagnetic equipment will be mobilised to Rae to refine and extend priority drill targets around identified mineralisation.
At Hulk, drill holes STK25001 and STK25003 confirmed sedimentary hosted copper along the Rae Group and Husky Creek Formation contact.
Results from 2025 included 3.5m at 7.2% Cu and 25m at 0.6% Cu. Diamond drilling during 2026 intersected visible chalcopyrite at the target horizon in all 3 completed holes, extending mineralisation 3.7km east of STK25004 and expanding the interpreted footprint to approximately 6.3km².
White Cliff will seek shareholder approval at the proposed extraordinary general meeting, with a Notice of Meeting setting out the resolutions and information required under the ASX Listing Rules to be distributed to shareholders and released through the company’s ASX market announcements platform.
Subject to approval and satisfaction of the remaining conditions, the funding will be applied to drilling at Danvers, sediment hosted copper exploration and accelerated regional activities across Rae.