White Metal Receives Approval of Transactions to Acquire Namibian Copper Assets and Closes Financings
White Metal Receives Approval of Transactions to
Acquire Namibian Copper Assets and Closes Financings
Thunder Bay, Ontario--(Newsfile Corp. - June 18, 2019) -
White Metal Resources Corp. (TSXV: WHM)
("White Metal" or the
"Company") is pleased to announce that it has received approval from the TSX Venture Exchange (the "Exchange") to acquire
certain mineral properties in Namibia. Through a binding letter of intent
between White Metal and Taranis Resources and
Investments CC (the "Taranis LOI") and a binding letter of intent between White Metal and Altan Minerals and Investment CC (the
"Altan LOI") the Company is acquiring four Exclusive Prospecting Licences ("EPL"s) that cover several advanced-stage
prospects located in two regions of Namibia prospective for copper deposits (see Company news release dated May 13,
2019). White Metal is also pleased to announce that it has closed its financing of $540,000 (see Company news release dated
May 27, 2019) and its financing of $160,000 (see Company news releases dated June 7, 2019 and June 12, 2019).
Michael Stares, President & CEO of the Company, stated, "We are very excited to have been approved by the exchange for the
acquisition of these projects located in Namibia, a jurisdiction well-known for its support of mining, and we look forward to
advancing these attractive copper projects."
Licence EPL 7071 , the subject of the Taranis LOI, 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 1; INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31, 2011).
Table 1. 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
0.0
2.45
11,691,539
1.01
15.85
117,645
5,957,874
Inferred
0.1
2.45
11,682,796
1.01
15.86
117,640
5,957,640
Inferred
0.2
2.45
11,453,414
1.02
16.13
117,219
5,940,047
Inferred
0.3
2.45
10,196,456
1.12
17.75
114,046
5,818,534
Inferred
0.4
2.45
9,535,538
1.17
18.66
111,731
5,719,226
Inferred
0.5
2.45
8,705,239
1.24
19.73
107,993
5,522,454
Inferred
0.6
2.45
8,142,684
1.29
20.50
104,877
5,366,572
Inferred
0.7
2.45
7,366,110
1.35
21.61
99,810
5,116,714
Inferred
0.8
2.45
6,379,793
1.45
23.16
92,402
4,750,190
Inferred
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.
Licences EPL 7028, 7029, and 7030, the subject of the Altan LOI, 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 25
th
, 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 2)
are contained within these three mining licenses and were published by the Geological Survey of Namibia (Resources of
Namibia, 1999).
Table 2. Historical Mineral Resources from the Witvlei-Dordabis Areas, Namibia.
Deposit
Tonnes
Cu (%)
Ag (g/t)
EPL
Dordabis98
290,000
1.70
-
7030
200,000
0.50
-
7030
Gemsbokvley214
447,000
1.75
-
7028
Christiadore104
1,200,000
2.27
-
7028
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
Okasewa
6,000,000
1.85
7.00
7028
Malachite Pan
2,625,300
1.36
7.47
7029
2,368,400
1.11
6.19
7029
Witvlei Pos
2,850,000
1.52
-
7029
Witvlei Pos*
9,510,000
-
-
-
*global resource tonnage based on 300m hole spacing and an extrapolated zone
The Company is treating the tonnages and grades reported in Table 2 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 1 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 currently exploring in Canada and looking for opportunities world-
wide. 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.
"Michael Stares"
Michael Stares
President & CEO
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:
Michael Stares
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836
Fax (807) 475 7200
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/45680