White Metal Completes Due Diligence on Namibian Copper Projects, Receives Namibian Government Approval to Commence Exploration
Thunder Bay, Ontario--(Newsfile Corp. - July 18, 2019) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that it has completed its due diligence on the Namibian Altan and Taranis projects and has accepted all of the terms (see News Releases dated June 18, 2019 and May 13, 2019). In addition, the Company has received Ministry of Mines and Energy ("MME") approval from the Namibian Government for the Taranis Agreement, which includes Exclusive Prospecting Licence ("EPL") 7071 and the Altan Agreement, which includes EPLs 7028, 7029, and 7030. With this government approval the Company now has the right to pursue its exploration activities on the two projects.
Michael Stares, Interim President & CEO of the Company, stated, "Our team looks forward to the commencement of exploration on the Namibian projects and working in a jurisdiction that is highly supportive of mining initiatives. Our team will be visiting the projects very soon to further assess our next steps and engage local stakeholders. We view these prospective Namibian copper assets as a great opportunity for White Metal and its shareholders and are hopeful they will bring value to the Company."
White Metal is now planning the next steps for the Namibian copper projects to include locating of historical diamond drill holes, followed by a program of confirmation reverse circulation and diamond drilling. The Company will also be putting together an advisory board consisting of personnel who have experience working in Namibia, who can help with technical aspects of the projects, and can also help us with local community engagement programs.
Exclusive Prospecting Licences 7028, 7029, and 7030 (Altan Project), are located about 150 km east of capital city of Windhoek, Namibia and cover about 65 km of prospective stratigraphy in the Kalahari Copper Belt which extends eastward into Botswana where several major copper deposits occur and are being financed at present (e.g., Cupric Canyon Capital news release dated February 25th, 2019). Six historical copper deposits occur within these three licences along with other zones with anomalous copper in historical drill core intercepts which the Company believes can be expanded upon through future exploration. Historical resources (Table 1) are contained within these three mining licenses and were published by the Geological Survey of Namibia (Resources of Namibia, 1999).
Sandfire Resources NL recently announced its bid to acquire MOD Resources Limited for AUS$167 million (see MOD Resources News Release dated June 25, 2019) whose project is located northeast of the Altan Project, on the Kalahari Copper Belt in Botswana. The Company views this transaction as validation of the importance of the Kalahari Copperbelt and its potential to generate substantial copper assets.
Table 1. Historical Mineral Resources from the Witvlei-Dordabis Areas, Namibia.
|Deposit||Tonnes||Cu (%)||Ag (g/t)||EPL|
Highlight drill holes: 2.5% Cu over 9m; 2.9% Cu over 7m; 3.7% Cu over 5m
|Deposit||Tonnes||Cu (%)||Ag (g/t)||EPL|
Exclusive Prospecting Licence 7071 (Taranis Project), covers approximately 19805 ha, including the Okohongo Copper-Silver Deposit which is known to extend over 600 metres in strike length and up to 400 metres down-dip (see INV Metals news release dated August 3, 2011). Situated within the Kaoko Belt and hosted by metasedimentary strata, the Okohongo Deposit is considered analogous with the stratiform sediment-hosted Central African Copperbelt deposits of Zambia and the Democratic Republic of the Congo. The Okohongo Deposit contains Inferred Mineral Resources of 10.2 million tonnes grading 1.12% Cu and 17.75 g/t Ag, using a 0.3% Cu cut-off (Table 2; INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31, 2011).
Table 2. NI 43-101 Mineral Resources for the Okohongo Copper-Silver Project, Namibia.
|Cut-off||Specific Gravity||Tonnes||Cu (%)||Ag (g/t)||Cu (tonnes)||Ag (ounces)||Category|
source: Technical Report on the Okohongo Copper-Silver Property in Northwest Namibia, INV Metals Inc.; Prepared By: Caracle Creek International Consulting (Pty) Ltd., South Africa, Effective March 31, 2011.
The Company is treating the tonnages and grades reported in Table 1 as historical mineral resource estimates. These historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and have not been redefined to conform to current CIM Definition Standards. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the properties. The Company has not undertaken any independent investigation of the historical estimates or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The Company believes that these historical estimates and other information contained in this news release are relevant to continuing exploration on the properties. Management of the Company is relying on the Inferred Mineral Resource estimation reported in Table 2 for the Okohongo Copper-Silver Deposit as it was prepared by expert and qualified authors and used industry standard procedures (NI 43-101) at that time. This resource estimate is relevant to the Company's future exploration programs as it identifies significant mineralization that will be the target of future exploration and development.
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by the National Instrument 43-101.
About White Metal Resources Corp (TSXV: WHM):
White Metal Resources Corp. is a junior exploration company exploring in Canada. For more information please visit the Company's website at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
President & CEO (Interim)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836 Fax (807) 475 7200
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