White Cliff Minerals just pulled off another coup. Picture via Getty Images
Now White Cliff Minerals can add The Hancock Factor to its recent discoveries
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Special Report: Big moves afoot at White Cliff Minerals (ASX:WCN) after announcing on Monday the appointment of industry giant John Hancock as a Strategic Advisor to the Board of the Aussie energy metals hunter.
The appointment of Hancock could be one of many achievements for the company over the next 12 months, according to managing director Troy Whittaker, just as WCN braces for significant growth within its current and future portfolio of projects.
“Attracting someone of John’s experience and calibre is a great development for White Cliff,” Whittaker said.
“John has an extensive international network and is a successful resources veteran with deep roots within the mining industry.”
Aussie mining royalty
WCN already boasts several large, scalable top-tier and high-grade projects within historic and proven regions, while the recent acquisition of outstanding Canadian prospects will complement the already significant Australian portfolio.
And there’d be few Australians able to challenge John Hancock’s knowledge and experience of global mining.
He first began what would be regular visits to the Pilbara iron ore prospects some 40 years ago, accompanying his grandfather, the late, great Lang Hancock.
John has been working in the mining and exploration industry ever since.
During the 1990s, he was part of marketing missions for the Hope Downs Iron Ore project to customers and investors in China, Japan and Germany, including co-presenting the project at the 1997 Iron and Steel Conference held in Berlin.
“After two years working in South Africa with Iscor Mining (now Kumba) and on return to Australia completing an MBA, John transitioned to the role of investor and over the last 20 years has built a record of successful early stage investments in Lithium and Uranium, including substantial holdings in Vulcan Energy and Aura Energy,” WCN managing director Troy Whittaker said.
Hancock’s experience in international resource development and capital markets includes as a senior adviser to US fund The Lind Partners, where he reportedly deployed more than $500m to small-cap companies both here and in Canada.
“The Board views John’s appointment at this pivotal time in the Company’s evolution to be a logical next step as we move to complete our stated strategy of a three-project portfolio in Canada as well as significantly expand our exploration work at both Great Bear Lake and the Rae Copper (Nunavut-Coppermine) Project,” Whittaker said.
“I look forward to working with John as we execute this next corporate step and continue to unlock the untapped potential of all of the Company’s projects.”
Terms and conditions
According to MCN the appointment is for an initial 12-month term, which can be terminated by either party with 1 weeks’ notice.
On signing, Mr Hancock will be issued with:
- 10,000,000 Options exercisable at $0.02 each on or before 24 months from date of issue;
- 5,000,000 ordinary shares, subject to 12 months voluntary escrow; and
- 5,000,000 performance rights which are subject to the following vesting condition: the introduction during the Term of more than A$2.5mn to any capital raising activities undertaken by WCB.
The performance rights will expire 24 months after the date of issue, as per WCN.
Ready to rumble
Only last week at WCN’s Great Bear Lake project – part of its epic Radium Point tenure in Canada’s Northwest Territories – the Aussie explorer clocked further widespread, iron-oxide-copper-gold and uranium mineralisation as part of its maiden field program.
Whittaker says the company will start planning and preparations for drilling at Great Bear and complete first pass field activities and surveys at Nunavut.
Hancock will be keen to get out there himself, as the veteran confesses a current penchant for copper, especially now that WCN has identified four large IOCG hydrothermal systems within the 2,900km2 project area – which happens to sit within the highly prospective Great Bear magmatic zone.
John Hancock said it was the company’s large holding “in an area with historical production and exciting preliminary indications” which led to his initial involvement as an investor and now as Strategic Advisor to the Board.
“I am not alone in looking for copper, and have been searching for an early-stage investment to complement my exposure to lithium and uranium,” Hancock said on Monday.
“Copper is a vital ingredient to a clean energy transition and as my grandfather said, ‘minerals don’t grow on trees, every year you need to find more’ and today this means searching further and further afield.
“I, like Troy and the Board, are looking forward to the upcoming assay results from our maiden campaign where we have visually identified numerous highly prospective areas.”
WCN expects assays from its sampling program in the coming weeks with all samples currently with labs for multi-element analysis.
The company’s shares rocketed more than 20% on the market today following the announcement of Hancock’s appointment.
This article was developed in collaboration with White Cliff Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
