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White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that its partner Noronex Ltd. (ASX: NRX) ("Noronex") has commenced an airborne electromagnetic ("EM") geophysical survey over the DorWit Copper-Silver Project (the "Property" or the "Project"), located about 150 km east of Windhoek, Namibia. The EM survey is the first ever state-of-the-art airborne survey to be undertaken within the Project area. The use of the significantly improved modern technology and geophysical interpretation is intended to generate new exploration targets to expand on the 150,000 m of historical reverse circulation and diamond drilling that has already identified numerous sedimentary hosted Cu-Ag deposits.
Michael Stares, President & CEO, commented, "We are very pleased to see our exploration partners have initiated the 2021 program and specifically this airborne survey over the Witvlei and Dordabis properties. The earn-in agreement we completed Noronex confirms our project generator model which has been successful in finding a quality partner to advance the Project while maintaining a 25% interest for the Company."
The geophysical contractor NRG will commence flying the Witvlei Property (EPL7028 and 7029) and then move to the Dordabis Property (EPL7030). Noronex is also expecting to update the historical JORC 2012 mineral resource estimates which is currently being completed by MSA Group, with initial results expected by February 2021.
White Metal completed the earn-in agreement (the "Agreement") with a subsidiary of Noronex which novated the rights under the original earn-in deal with RZJ Capital Management LLC under which White Metal previously received a C$100,000 cash deposit. Under the Agreement, Noronex can earn up to 70% of the Project by meeting certain payment milestones and following feasibility studies, has the right to acquire White Metal's remaining interest of 25% (see Company news release dated October 16, 2019).
The transaction has resulted in the additional payment of C$500,000 to White Metal via the issue of C$250,000 in shares in Noronex (represented by 5.5M Noronex shares) and the payment of C$250,000 in cash. Noronex will also take over the funding obligations under the previously announced earn-in arrangement.
White Metal looks forward to working with Noronex as it embarks on a busy first year exploration program that seeks to build on the extensive (150,000 m) drill hole database which successfully located numerous Kalahari Copper belt deposits in the past. The work program will include geophysics, including an aerial EM survey of the project areas (which has never been undertaken in the past) and IP surveys to trace potential extensions to known deposit areas that have not been tested with drilling. Noronex is also targeting updated JORC (2012) resource estimates and based on the outcome of the various surveys an additional drilling program is also planned for 2021, aimed at expanding the mineral resource base.
About the DorWit Copper-Silver Property
Exclusive Prospecting Licences 7028, 7029, and 7030 (DorWit Property), 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 at present (e.g., Cupric Canyon Capital news release dated February 25, 2019). 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 (TSXV: 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.
"Michael Stares"
Michael Stares
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:
Michael Stares
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 358-2420 Fax:(807) 475-7200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72097
