As part of the Transaction an additional payment of C$500,000 has been made to White Metal via the issue of C$250,000 in shares of Noronex (approx. 5.5M common shares of Noronex) and the payment of C$250,000 in cash. Noronex will also take over the funding obligations defined in the original Earn-In agreement.
Commented Michael Stares, President and CEO of White Metal, “We are pleased to have completed this transaction with Noronex on one of our two Namibian copper projects and look forward to advancing the project and growing the historical mineral resources. Once again, White Metal has validated its project generator model, successfully securing a quality partner to advance the Project while maintaining a 25% interest and preserving its capital. White Metal is well-financed and supported and we are currently preparing our Canadian flag ship project, the Tower Stock Gold Property, for a drilling program which is planned for early 2021. I also look forward to getting the updates of progress from our other JV partners on projects that include Seagull Lake PGE and Far Lake Cu-Ag in Ontario, and Startrek Gold in Newfoundland.”
White Metal will be working with Noronex on its maiden exploration program in Namibia, aiming to build on the extensive 150,000 metre historical drill hole database which defines numerous historical Kalahari Copper Belt deposits. The up-coming work program will include geophysics, including the first ever state-of-the-art airborne electromagnetic (EM) survey of the Project, and surface induced polarization (IP) surveys designed to trace potential extensions to known deposits, generating additional drill targets. Noronex is also planning to complete updated JORC (2012) compliant mineral resource estimates. Based on the outcome of the geophysical surveys, a drilling program is being planned for 2021, to test new targets and expand the historical mineral resources base.
About the DorWit Copper-Silver Project
Exclusive Prospecting Licences 7028, 7029, and 7030 that define the DorWit 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 and developed at present (e.g., Sandfire Resources’ Tshukudu Operations and Cupric Canyon Capital’s Zone 5 Deposit). 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 (TSX-V: WHM):
White Metal Resources Corp. is a junior exploration company exploring in Canada and Namibia. 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.
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