Base Metals

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) ("White Metal" or the "Company") is pleased report that it has received the final batch of assay results from the remaining 15 reverse circulation ("RC") drill holes from its January-February 2021 drilling program (28 drill holes totalling 3,226 m) (Table 1). The Company previously announced results from 13 drill holes (see Company news releases 23 March 2021 and 8 April 2021). All drill holes from the current program targeted the area of the historical Okohongo Cu-Ag Deposit ("Okohongo"). The 95% owned Taranis Copper-Silver Project (the "Project" or "Property"), which includes the historical Okohongo Copper-Silver Deposit, is located in northwestern Namibia and is defined by Exclusive Prospecting Licence ("EPL") 7071, covering about 19,850 hectares.

Michael Stares, President & CEO of the Company stated, "We see again that the RC drill holes from Okohongo are confirming the historical results and we look forward to completing a current NI 43-101 mineral resource estimate and technical report very soon. Strong copper and silver prices have given this project a robust valuation and we look forward to receiving our Property renewal in the coming months. We will be working aggressively to maximise the value of our Namibian copper projects, while maintaining our focus on our flagship property, the Tower Stock Gold Property, located in northwestern Ontario, Canada."

Table 1. Summary of all drill holes completed in Phase 1 RC drilling program.

Drill HoleNo. Samples*UTM_X*UTM_Y*Elev. (m)AzDipLength (m)Section
OK20-P0131378051.6647941471.3571602.130270-6553.001450
OK20-P0240378242.9697941461.9321606.870270-65111.001450
OK20-P0323378474.1047941466.0531615.420270-60201.001450
OK20-P0431378370.2907941465.4751624.669270-65180.001450
OK20-P0547378047.8217941552.1931602.493270-6589.001550
OK20-P0612378148.6847941548.9581607.783270-70100.001550
OK20-P0715378423.2307941555.1371612.192270-80197.001550
OK20-P089378274.9937941560.4601609.976270-70115.001550
OK20-P090377947.8717941547.6621600.070270-70100.001550
OK20-P100378128.1817941644.2381606.108270-7038.001650
OK20-P0117378218.3747941657.2741612.069270-70120.001650
OK20-P01234378002.1207941648.9651619.098270-8095.001650
OK20-P01326378317.6777941645.3601614.443270-70160.001650
OK20-P0145378115.7977941756.7401610.638270-70119.001750
OK20-P0150378221.0777941758.9021621.247270-7095.001750
OK20-P0160378482.0967941364.7851618.086270-70199.001350
OK20-P01720378055.9347941350.8701623.923270-6570.001350
OK20-P01847378348.4147941349.7961637.169270-65171.001350
OK20-P01935378221.0577941349.9191610.698270-70109.001350
OK20-P02040378165.2877941350.5041607.957270-6980.001350
OK20-P02233378363.9727941245.5541642.715270-70172.001250
OK20-P02314378059.8427941251.5871632.337270-7066.001250
OK20-P02435378215.1947941247.7821613.410270-70100.001250
OK20-P02530378154.5887941457.8031604.565270-7075.001450
OK20-P0266378361.5757941144.7051645.809270-70135.001150
OK20-P02747378223.8037941158.2241618.148270-70103.001150
OK20-P0286378101.4177941155.7521635.271270-7065.001150
OK20-P02928378127.5677941637.6211605.923270-70108.001650
28621
3,226.00

 

*determined by DGPS survey (WGS84 UTM Zone 33S)

The recently completed RC drilling program (OK20-P series holes) on the Property was aimed at twinning, as close as possible and as reflected in Table 2, many of the RC drill holes that were used to calculate the 2011 historical mineral resource estimate, but did include some newly located holes.

Table 2. Selected intercepts from the final batch of RC drill holes.

Drill HoleFrom (m)To (m)Int. (m)Ag (ppm)Cu (ppm)Pb (ppm)Zn (ppm)Cu (%)Historical Drill Hole
OK20-P04138.00142.004.002.4160234431110.16New Hole
and145.00171.0026.0045.2159623261151.60
incl.151.00157.006.00151.8547334261245.47
incl.153.00154.001.00137.01240007110512.40
OK20-P01740.0041.001.002.61250020651.25New Hole
and57.0063.006.0031.621823526992.18
OK20-P01968.00101.0033.0014.191989551010.92INVR-012
incl.75.0092.0017.0019.21177516941061.18
OK20-P02028.0031.003.001.7164213660.16INVR-011
and39.0048.009.0013.11045326761.05
incl.44.0046.002.0041.328800161172.88
and56.0070.0014.0015.4695610241060.70
incl.63.0066.003.0017.0135339591191.35
OK20-P02443.0047.004.008.312330119941.23INVR-013
incl.43.0045.002.0013.520300211752.03
and73.0094.0021.0028.217734145971.77
incl.79.0091.0012.0044.228465142932.85
incl.79.0087.008.0060.639488193983.95
OK20-P02536.0038.002.003.15575149670.56INVR-001
and47.0070.0023.0046.32313011081102.31
incl.57.0061.004.0065.1474252113984.74
OK20-P026123.00126.003.0032.324212100942.42INVR-066
OK20-P02740.0047.007.002.918751041350.19INVR-014
and55.0060.005.001.2145021300.15
and63.0070.007.002.9267019620.27
and74.0098.0024.0016.611134191011.11
incl.81.0090.009.0032.820890221102.09
OK20-P02845.0048.003.005.0442048330.44INVR-018
OK20-P02922.0030.008.004.5273755860.27INVR-008
and88.00104.0016.0018.712500211401.25
incl.99.00102.003.0073.049567171224.96

 

There were no significant intersections in drill hole OK20-P013 and drill holes OK20-P09, -010, -015, and -016 did not intersect visible copper mineralization and were therefore not sampled. Intervals shown in Table 2 are not true widths but rather, refer to the RC chip sample intervals that were assayed.

Now that the Company has received all the results from the recently completed drilling program it will begin the process of updating the historical mineral resources from the Okohongo Cu-Ag Deposit to a current National Instrument 43-101 ("NI 43-101") mineral resource estimate and technical report.

The historical Okohongo Cu-Ag Deposit has been outlined by historical and current drilling which shows that it extends for 600+ metres in strike length, 400 metres down-dip, and is open in all directions (see INV Metals news release dated August 3, 2011). 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 3; INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31, 2011).

Table 3. Cut-off sensitivity for historical mineral resources (2011), Okohongo Cu-Ag Deposit, Namibia.

Cut-offSpecific GravityTonnesCu (%)Ag (g/t)Cu (tonnes)Ag (ounces)Category
0.02.45 11,691,539 1.0115.85 117,645 5,957,874 Inferred
0.12.45 11,682,796 1.0115.86 117,640 5,957,640 Inferred
0.22.45 11,453,414 1.0216.13 117,219 5,940,047 Inferred
0.32.45 10,196,456 1.1217.75 114,046 5,818,534 Inferred
0.42.45 9,535,538 1.1718.66 111,731 5,719,226 Inferred
0.52.45 8,705,239 1.2419.73 107,993 5,522,454 Inferred
0.62.45 8,142,684 1.2920.50 104,877 5,366,572 Inferred
0.72.45 7,366,110 1.3521.61 99,810 5,116,714 Inferred
0.82.45 6,379,793 1.4523.16 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 Company is treating the tonnages and grades reported in Table 3 as historical mineral resources. The Inferred mineral resource estimate reported in Table 3 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 at the time of disclosure. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Property. 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 this historical estimate and other information contained in this news release are relevant to continuing exploration on the Property.

Sample Analysis

RC chip samples were sent to the Activation Laboratories Ltd. ("Actlabs") preparation lab in Windhoek, Namibia and once prepared were sent to Actlabs in Ancaster, Ontario, Canada for analyses. The samples were first analysed with 4-Acid "Near Total" Digestion (1F2) with ICP-OES finish for Ag, Cu and a suite of 33 other elements. Subsequently, samples with Ag greater than 100 ppm (above Ag upper detection limit) were analysed with Fire Assay Gravimetric (8-Ag) and Cu greater than 10,000 ppm (above Cu upper detection limit) were analysed with sodium peroxide fusion with ICP-OES finish (8-Peroxide ICP). A Quality Control/Quality Assurance ("QA/QC") program consisting of the regular insertion of Certified Reference Material copper-silver standards and blanks into the sample stream by the Company was in place as was the industry standard internal QA/QC practices used by Actlabs.

Qualified Person

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:

White Metal Resources Corp is a junior exploration company exploring in Canada and southern Africa. For more information about the Company please visit www.whitemetalres.com.

On behalf of the Board of Directors

"Michael Stares"
President & CEO

For further information contact:
Michael Stares
President & CEO
White Metal Resources Corp.
Phone: +1 (807) 358-2420

Nancy Massicotte
Investor Relations
IR Pro Communications Inc.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
nancy@irprocommunications.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84379

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Perth, Australia (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) is pleased to announce a capital raising via a placement and a pro rata non-renounceable rights issue to raise up to approximately $26 million before costs.

HIGHLIGHTS

- Firm commitments received for a Placement to raise $16M at 11.5 cents per share

- Additional pro rata non-renounceable entitlement offer to raise up to $10M

o 1 new share for every 8 held on the record date at 11.5 cents per share
o Offer will be open to all eligible Cyprium shareholders

- Funds raised will place Cyprium in a strong financial position to continue progressing the development of the Nifty Copper Project

- Equity raise supports recently announced $50M Offtake Prepayment Facility with Glencore

- Advanced discussions are continuing with Senior Debt counterparties

Managing Director Barry Cahill commented:

"The Board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.

Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.

With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023."

The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at 11.5 cents each (Offer Price) to raise $16 million (Placement) from sophisticated and institutional investors.

The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to $10 million (Entitlement Offer).

The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares.

Use of Funds

The Placement and Entitlement Offer proceeds will be applied as part of the funding strategy to finance the restart of the Nifty Copper Project which will aim to provide a sustainable, secure, and stable supply of copper metal at 25,000tpa.

As announced on 27 June 2022, Cyprium has entered into an exclusive Letter of Intent (LOI) with Glencore International AG for $50 million in respect of a copper cathode offtake secured prepayment facility, as part of the debt financing package for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs. The LOI is a non-binding term sheet for both offtake arrangement and project funding and is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project. The Company continues to advance discussions with senior debt providers who are undertaking due diligence activities and reviewing financing documentation.

Details of Placement

Pursuant to the terms of the Placement, the Company has agreed to issue approximately 139.1 million Placement Shares in the Company at the Offer Price of 11.5 cents per share to raise $16 million before costs, under the Company's existing placement capacity pursuant to ASX Listing Rule 7.1 (82,648,514 Placement Shares) and 7.1A (56,481,921 Placement Shares).

Subscribers for the Placement Shares will be entitled to participate in the Entitlement Offer.

Entitlement Offer

Under the Entitlement Offer, eligible shareholders will be able to subscribe for one (1) new ordinary share for every eight (8) existing fully paid ordinary shares held as at 5.00 pm (AEST time) on Friday, 8 July 2022 (Record Date) at the Offer Price.

The Offer Price represents a:

- 28.1% discount to last close on 27 June 2022;

- 19.6% discount to the 10-day VWAP up to and including 27 June 2022;

- 23.9% discount to the 15-day VWAP up to an including 27 June 2022; and

- 25.8% discount to the theoretical ex-rights issue price (TERP) to last close on 27 June 2022.

Cyprium will release a prospectus detailing the terms of the Entitlement Offer shortly, including details as to whether shareholders are eligible to participate in the Entitlement Offer and key risks (Prospectus). The Prospectus will include a personalised entitlement and acceptance form which will provide further details of how to participate in the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.

Eligible shareholders should read the Prospectus carefully before making any investment decision regarding the Entitlement Offer. If you are in any doubt about the Entitlement Offer, you should consult your financial or other professional adviser.

Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited are acting as Joint Lead Managers to the Placement. The fees payable to the Joint Lead Managers will be set out in further detail in the Prospectus.

Longreach Capital is acting as financial advisor and Steinepreis Paganin is acting as legal advisor to Cyprium.

*To view the capital structure post placement, please visit:
https://abnnewswire.net/lnk/009WA5D2



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

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