White Metal Resources Provides Investor RZJ with Additional Extension on Namibian Copper-Silver Property
Thunder Bay, Ontario--(Newsfile Corp. - May 5, 2020) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") announces that it has granted natural resources investor RZJ Capital Management LLC ("RZJ") a further 6 month extension of time in regards to the previously announced binding Letter of Agreement ("LOA") (see Company news release dated January 21, 2019) with respect to certain licenses that comprise the Dorwit Copper-Silver Property (the "Property"), located in Namibia.
Under the LOA, RZJ has the right to purchase 70% of White Metal's 100% owned private Namibian company Aloe 237 which holds title to three Exclusive Prospecting Licences (EPL 7028, 7029 and 7030) that comprise the Property (see Company news release dated October 16, 2019). The partners, RZJ and White Metal, will work towards the signing of a definitive agreement in the near future. The additional extension was requested by RZJ and agreed to by WHM, given the current challenges around the COVID-19 Pandemic that has put a hold on most of the mining industry. RZJ is confident that without any further delays, both companies can finalize the transaction on or before October 15 2020.
About the DorWit Copper-Silver Property
EPLs 7028, 7029, and 7030 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 progressed (e.g., Cupric Canyon Capital: www.khoemacau.com). 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 (see Company news release dated June 18, 2019).
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, Director
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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