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).
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).
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 (TSX-V: 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.
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.
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