White Metal Signs MOU on Namibian Copper-Silver Project to Examine Future Commercial Production Possibilities
White Metal Signs MOU on Namibian Copper-Silver
Project to Examine Future Commercial Production
Possibilities
Thunder Bay, Ontario--(Newsfile Corp. - February 11, 2020) -
White Metal Resources Corp. (TSXV: WHM)
("White Metal" or
the "Company") is pleased to announce that it has signed a non-binding Memorandum of Understanding ("MOU") with Luxury
Investments One Hundred and Ninety Two (Pty) Ltd. ("Luxury Investments"), Kalahari Copper Ltd. ("Kalahari"), and Newco
Management Team of South Africa ("NMT"). Along with White Metal, these three parties have agreed to work together on
examining small-scale production possibilities in areas of Namibia covered by Exclusive Prospecting Licences ("EPL")
controlled by White Metal (EPL 7071) and Kalahari Copper (EPLs 7082, 7079, 6998, 7081). Luxury Investments has been
successfully running a small-scale mining operation in Namibia for over two years, producing approximately 200 to 250 tonnes
per month of copper concentrate at a grade of 30% Cu. These small-scale operations are in close proximity to the EPLs held by
White Metal and Kalahari. The parties will work in collaboration to see if the concept of small-scale mining would be effective on
the Okohongo Cu-Ag deposit (White Metal) and any other prospects within the above mentioned EPLs.
White Metal has recently received from the Namibian Government (Ministry of Environment and Tourism), the required
Environmental Clearance Certificates ("ECC") for Exclusive Prospecting License 7071 (the "Taranis Property") and EPLs 7028,
7029, and 7030 (the "Altan" or "DorWit Property"), and with this the Company can begin its exploration programs in Namibia.
The approved ECC documents give clearance for the Company to proceed with planned geophysical surveys and drilling
programs in the coming months. The Taranis and DorWit properties are held by White Metal's 100% owned Namibian
subsidiary companies Aloe 238 and Aloe 237, respectively (
see
Company news release dated June 18, 2019).
Michael Stares, Interim President & CEO of the Company, stated, "I am very encouraged by the potential opportunities to
develop small-scale mines within our licences and look forward to working with the group. We are also pleased to have received
the EEC clearance from the Namibian Government as we can now begin implementing our planned work programs and
advance the properties."
The Taranis Property (EPL 7071), covering about 19,850 ha, includes the Okohongo Copper-Silver Deposit ("Okohongo
Project") which has been outlined by historical drilling that shows it extends over 600 metres in strike length and 400 metres
down-dip, and is open in all directions (
see
INV Metals news release dated August 3, 2011). The Okohongo deposit, situated
within the Kaoko Belt of northwest Namibia about 700 km northwest of Windhoek, is hosted by metasedimentary stratigraphy
and shows some similarities with stratiform sediment-hosted Central African Copperbelt deposits of Zambia and the
Democratic Republic of the Congo. This deposit contains historical 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 (INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31,
2011). Table 1 provides a sensitivity analysis of these historical resources with respect to various cut-off grades of copper.
Table 1. Sensitivity analysis of historical Mineral Resources for the Okohongo Copper-Silver Project, Namibia. A 0.3% Cu cut-off
is highlighted as the base case presented in 2011.
%Cu
Cut-off
Specific
Gravity
Tonnes
Cu
(%)
Ag
(g/t)
Cu
(tonnes)
Ag
(ounces)
Resource
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: NI 43-101 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 DorWit Property (EPLs 7028, 7029, and 7030), which is subject to a binding letter of intent with RZJ Capital Management
LLC (
see
Company news release dated October 16, 2019), is located about 150 km east of Windhoek, the capital city of
Namibia. The Property covers about 65 km of prospective stratigraphy on the Namibian portion of the Kalahari Copper Belt,
which extends eastward into Botswana, a region of active copper exploration and development (
e.g.,
Cupric Canyon Capital;
Kalahari Metals Ltd.; MOD Resources Ltd.).
Six historical copper deposits occur within the DorWit Property along with other zones with anomalous copper in historical drill
core intercepts that the Company believes can be expanded upon through further exploration. Historical resource estimates
contained within the Property were published by the Geological Survey of Namibia (Resources of Namibia, 1999) and are
summarized in Table 2.
Table 2. Historical Mineral Resources from the Dordabis-Witvlei 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
The Company is treating the tonnages and grades reported in Table 1 and 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.
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.
"Michael Stares"
Michael Stares
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:
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/52301