Base Metals

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that ongoing research by the Company has uncovered historical percussion drilling that reported 27.0 m of 1.47% Cu and 11.7 gt Ag at the Epunguwe Target area, located about 5 km north-northwest of the northern end of the Okohongo Cu-Ag Deposit, northwest Namibia. Details of the historical drilling results from the Epunguwe Target area are provided in Table 1.

Historical reporting describes the Epunguwe Target area as a northwest trending, roughly three kilometre by half kilometre area of soil geochemical anomalies, as well as copper mineralization exposed at surface and in trenches along a significant syn-sedimentary, basinal growth fault. Mineralization is described as structurally-controlled and hosted by conglomerates (sandstones) of the basal Nosib Group at or near the contact with overlying Ombombo Subgroup rocks; Lower Omao Formation siltstone and Lower Omao Formation dolostone also host mineralization (INV Metals Inc. Report, March 21, 2012, filed on SEDAR). To the Company's knowledge, no work has been completed in this area since 2012.

Table 1. Summary of historical drilling results from the Epunguwe Target area, EPL 7071, Namibia.

*Drill HoleFrom (m)To (m)**Interval (m)Cu (%)Ag (g/t)Length (m)
TCD-01919.0041.6022.600.343.265.10
incl.19.9031.4011.500.494.7
and55.8065.109.301.64122.6
incl.55.8061.806.002.23171.4
TCD-02110.0042.0032.000.142.081.34
incl.22.0026.604.600.375.4
and59.9078.2018.300.7213.6
incl.61.0065.304.301.8437.9
TCD-023107.30123.5016.200.35175.80
incl.107.30108.301.001.8917.1
TCP-0020.0027.0027.001.4711.745.00
incl.0.0021.0021.001.7614.1
incl.0.008.008.002.8018.9
KAP-1300.0020.0020.000.9414.175.00
incl.1.009.008.001.5830.0

 

*TCD = diamond; TCP = percussion; KAP = percussion
**drill hole intervals are not considered true widths and are being treated as core lengths.

Michael Stares, President & CEO of the Company, stated, "I am extremely pleased to report this additional data and information from the Okohongo Copper-Silver Project, which gives me further assurance that there is still room to grow and find additional resources on the Property. Although there is sparse historical drilling north of the Okohongo Copper-Silver Deposit, these stratiform sedimentary hosted copper systems have a tendency to pinch and swell, and knowing from the historical data that there is a 3 km by half a km wide soil geochemical anomaly in the area of the Epunguwe Target area, leads me to think that there is still a lot of potential to find more copper silver mineralization. I should add that White Metal will remain focused on progressing the Tower Stock Gold Property in Ontario Canada, but that the Okohongo Copper-Silver Property is still one of our key assets."

Historically, exposed copper mineralization in the Epunguwe Target area attracted the attention of exploration groups since the 1970s. Previous work includes General Mining soil surveys from the 1970s, Mount Isa Mining ("MIM") drilling in the late 1990s (KAP series holes), and Teck mapping, sampling, geophysics and drilling (TC series holes) in approximately 2006-2007. The primary target of surface work and historical drilling in the Epunguwe Target area has been the down-dip extension of copper-silver mineralization exposed in trenches that straddle the Nosib Group-Ombombo Subgroup contact (INV Metals Inc. Report, March 21, 2012, filed on SEDAR).

Copper mineralization at the Epunguwe Target area occurs in similar stratigraphy to that described at the Okohongo Cu-Ag Deposit. At Okohongo, mineralization is concentrated in a dark-grey to grey-green phyllitic siltstone-shale interbedded with dolomite of the Lower Omao Formation that is conformably sandwiched between the underlying red beds of the Nosib Group and overlying carbonates of the Lower and Upper Omao Formations, referred to colloquially as the Okohongo Horizon (INV Metals Inc. Report, March 21, 2012, filed on SEDAR).

The Company views this new data and information as significant in its continuous exploration efforts to trace copper-silver mineralization north and south from the Okohongo Cu-Ag Deposit. The Company has already initiated exploration work on the Property to evaluate the Epunguwe Target area and several other copper showings along the greater northern trend.

A qualified person has not done sufficient enough work to verify the historical assay results and technical information reported herein.

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. The company's two key properties are the Flagship Tower Stock Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, 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
White Metal Resources Corp.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
ir@whitemetalres.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/85926

News Provided by Newsfile via QuoteMedia

Cyprium Metals Ltd AUD50M Secured Offtake Prepayment Facility for Nifty Copper

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that it has entered into an exclusive Letter of Intent with Glencore International AG ("GLN" or "Glencore") for AUD50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility which will be used for funding the Nifty Copper , as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.

HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.

Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



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

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less

Northern Dynasty Reports Annual General Meeting Results

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE MKT:NAK) ("Northern Dynasty" or the "Company") announces the voting results from its 2022 Annual General Meeting held on June 23, 2022 in Vancouver, British Columbia (the "Meeting

At the Meeting, a total of 215,554,654 common shares were voted, representing 40.69% of the votes attached to all outstanding common shares as of the record date. All nine nominees were elected to the Company's Board of Directors (the "Board"). The voting results were as follows:

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Ivanhoe Mines to Release Quarterly Production Results and Operations Update on July 5

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) stated today that it is unaware of any company-specific reason that might be contributing to the recent decline in the company's share price other than general market volatility.

On July 5, 2022, Ivanhoe will issue a second quarter production update on the Kamoa-Kakula Mining Complex, as well as a general operations update. In May, Kamoa Copper achieved record monthly copper production of 29,800 tonnes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lion Copper and Gold

Lion Copper and Gold Corp. Announces Proposed Shares for Debt Settlement

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", or the "Company") announces that it has entered into a debt settlement agreement (the "Agreement") with a creditor dated June 22, 2022 whereby the Company has agreed to issue shares to settle debt in the amount of $100,000 owed to the creditor. The debt was incurred pursuant to an option Agreement between the Company and the creditor dated January 26, 2022. Pursuant to the Agreement the Company will issue 1,212,121 common shares of the Company at a deemed price of $0.0825 per share to the creditor.

The issuance of the common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.

Keep reading...Show less
Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to announce the engagement of Apex Geoscience Ltd. ("Apex") of Edmonton, AB, to conduct a resource estimation ("2022 Resource Estimate") for the Fondaway Canyon gold project in Nevada.

Key Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Hudbay Announces Completion of Mining Activities at 777 after 18 years of Steady Production

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today announced that mining activities at the company's 777 mine in Flin Flon, Manitoba, have concluded after the reserves were depleted following 18 years of steady production. Closure activities at the 777 mine have commenced and employees and equipment are transitioning to the company's operations in Snow Lake, Manitoba.

"777 was a state-of-the-art mine that represented the pinnacle of a century of shared success for Hudbay and Flin Flon," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "Though the closure of 777 marks the end of a mining era in Flin Flon, we will continue with exploration activities in the region. We care deeply about the community and creating a bright future for mining in northern Manitoba. Hudbay's transition to Snow Lake will help deliver that future and demonstrate our commitment to being a valued member of our communities."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×