Thunder Bay, Ontario, 9 February 2021: White Metal Resources Corp. (TSXV:WHM) (“White Metal” or the “Company”) is pleased to provide an update on its first reverse circulation (“RC”) drilling program at its 95% owned Taranis Copper-Silver Project (the “Project” or “Property”), located in northwestern Namibia and defined by Exclusive Prospecting Licence (“EPL”) 7071. The Project includes the historical mineral resources of the Okohongo Copper-Silver Deposit (the “Okohongo”). The Company began the drilling program on January 19, 2021 (see Company news release January 14, 2021) and to date has completed more than 22 holes totalling some 2,610 m and about 3,000 metres planned.
Michael Stares, President & CEO of the Company, stated, “The RC drilling program in Namibia has been going very well and we expect to wrap it up and submit all samples to the lab within about a week’s time. The aim of this current drilling program is to generate an NI 43-101 compliant mineral resource estimate and technical report on the Okohongo deposit. Given the recent rise in copper prices and strong silver prices, we are committed to continuing to advance the Project, which in addition to a copper-silver resources, shows excellent exploration potential. We are continuing to seek a partner for this Project, while we focus on the Company’s flagship property, the Tower Stock Gold Project, located in northwestern Ontario.”
The Company received its Environmental Clearance Certificate (“ECC”) for EPL 7071 in January 2020 (see news release 7 January 2020) and recently completed the re-logging of historical RC drill hole sample chips, and the re-sampling of historical diamond drill core. In addition to the RC drilling program, a reconnaissance geological mapping and sampling program is planned over the Property. The primary objective of the 2021 exploration program is to update the historical mineral resources in the Okohongo deposit and complete a mineral resource estimate and technical report compliant with National Instrument 43-101 (“NI 43-101”).
The Taranis Property (aka Okohongo Property), covering about 19 850 ha, includes the historical Okohongo Cu-Ag Deposit which has been outlined by historical drilling (see INV Metals news release dated August 3, 2011), showing it extends over 600 metres in strike length, 400 metres down-dip, and is interpreted to be open in all directions. The Okohongo, situated within the Kaoko Belt of northwest Namibia about 700 km northwest of Windhoek, is hosted by metasedimentary stratigraphy and is considered to be analogous with the 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 (Table 1; INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31, 2011).
Table 1. Historical Mineral Resources for the Okohongo Copper-Silver Project, Namibia.
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 Company is treating the tonnages and grades reported in Table 1 as historical mineral resources. The Inferred Mineral Resource estimate reported in Table 1 for the Okohongo Copper-Silver Deposit was prepared by qualified authors in 2011, conforming to CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. 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 news 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 Property.
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 NI 43-101.
About White Metal Resources Corp (TSX-V: 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) 358-2420 Fax: (807) 475-7200