Mr. Michael Stares reports
WHITE METAL REPORTS ON EXPLORATION PROGRESS AND PROVIDES CORPORATE UPDATE
White Metal Resources Corp. has provided shareholders with an update of the company's continuing exploration initiatives and general corporate activities. The company recently closed a fully subscribed non-brokered private placement financing of flow-through and non-flow-through units for aggregate proceeds of $2,273,000 (see the company's news release dated Feb. 22, 2021). The company is well financed and positioned to aggressively advance its Tower Stock gold property in Ontario and its Taranis copper-silver project located in northwestern Namibia, which includes the historical mineral resources of the Okohongo copper-silver deposit.
Michael Stares, president and interim chief executive officer of White Metal, commented: "I am very pleased to provide this update to our shareholders as I believe we have demonstrated, over the past several years, the company's capability to put together a portfolio of very prospective assets, including the Namibian copper-silver projects. We have also been very successful at attracting quality strategic property partners, including Noronex in Namibia and Benton Resources in Ontario. These partners are continuing to advance our peripheral projects while White Metal retains upside in the form of carried interests and royalties, at no cost to our healthy treasury. We also look forward to receiving the results from the drill core assays from the Tower Stock gold property, our flagship asset."
Tower Stock gold project, Ontario
The Tower Stock gold project, which has not seen any exploration activity for more than eight years, is located about 40 kilometres west-northwest of the port city of Thunder Bay, Ont., and consists of 81 single-cell mining claims, 11 single-cell boundary claims, and four freehold land grants or patents, covering about 1,941 hectares. Throughout 2020 and into 2021, the company has made strategic freehold patent acquisitions surrounding Tower, including the Lee patent (see the company's news release dated Oct. 29, 2020), located immediately west of the Bench zone and south of the U-V zone gold deposit to the north and covering the A zone. The company also entered into an option agreement to purchase 100-per-cent ownership of the mining rights to another freehold patent, the Anderson patent (see the company's news release dated Feb. 2, 2021), located within the core area of the project, about 800 metres southeast of the U-V zone deposit. Highlights of exploration results from the Lee and Anderson patent areas are provided in an attached table.
The first phase of the approximately 4,000-metre diamond drilling program is well under way with five holes completed to date. The company has also submitted 200 core samples to Activation Laboratories in Thunder Bay for analysis. In addition, the company is nearing completion of the Abitibi Geophysics' DasVision induced polarization (IP) survey, designed for deep mineral exploration up to 1,000-metre depth. The survey, which is covering the company's main exploration targets that include the U-V zone and the Bench zone, will allow for 3-D inversions and integration into the company's existing exploration model. The results of this survey will help to generate additional future prospecting and drill targets and also assist in delineating even deeper targets. Results from both the continuing drilling program and geophysical survey will be reported as they are received, compiled and interpreted.
Taranis (Okohongo) copper-silver project, Namibia
The company's 95-per-cent-owned Taranis copper-silver project, as defined by exclusive prospecting licence (EPL) 7071, covers about 19,850 hectares and is located in northwestern Namibia. The project includes the historical mineral resources of the Okohongo copper-silver deposit. From late January through to the end of February, 2021, the company completed a 28-hole, 3,622-metre reverse circulation (RC) drilling program. The objective of the drilling program is to generate a National Instrument 43-101-compliant mineral resource estimate and technical report on the Okohongo copper-silver deposit. Given the recent rise in copper prices and strong silver prices, the company remains committed to continuing to advance Taranis, which, in addition to copper-silver resources, also shows excellent exploration potential. Assay results from the drilling program are pending and will be released once the results have been verified, compiled and interpreted. The company will continue to seek a strategic partner to assist in advancing Taranis.
The historical Okohongo copper-silver deposit, which has been outlined by historical drilling (see INV Metals' news release dated Aug. 3, 2011), shows that it extends for over 600 metres in strike length, 400 metres down dip and is interpreted to be open in all directions. Okohongo, situated within the Kaoko belt of northwest Namibia about 700 kilometres northwest of Windhoek, is hosted by metasedimentary stratigraphy and is considered to be analogous with the stratiform sediment-hosted Central African Copperbelt (CAC) deposits of Zambia and the Democratic Republic of the Congo. The Okohongo deposit contains historical inferred mineral resources of 10.2 million tonnes grading 1.12 per cent copper and 17.75 grams per tonne silver, using a 0.3-per-cent-copper cut-off (INV Metals' National Instrument 43-101 technical report; effective date March 31, 2011).
The company is treating the tonnages and grades reported in the table for Okohongo as historical mineral resources. The inferred mineral resource estimate reported in the table for the Okohongo copper-silver deposit was prepared by qualified authors in 2011, conforming to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on mineral resources and mineral reserves as outlined in NI 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.
DorWit copper-silver project, Namibia (option partner -- Noronex Ltd.)
The DorWit copper-silver project is located about 150 kilometres east of Windhoek, Namibia. DorWit encompasses EPLs 7028, 7029 and 7030 and covers about 65 kilometres of prospective stratigraphy in the Namibian Kalahari Copperbelt, which extends eastward into Botswana, where several major copper deposits occur and are currently being progressed (for example, Khoemacau Copper Mining). 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 the company's news release dated June 18, 2019). The company's partner at DorWit, Noronex, has recently commenced an airborne electromagnetic (EM) geophysical survey over DorWit (see Noronex's news release dated Jan. 12, 2021). The EM survey is the first-ever state-of-the-art airborne survey to be undertaken within the DorWit 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 metres of historical reverse circulation and diamond drilling that has already identified numerous sedimentary-hosted copper-silver deposits. Noronex is also expecting to update the historical JORC Code 2012 mineral resource estimate, which is currently being completed by MSA Group, with initial results expected soon.
Noronex, through its subsidiary, is currently earning up to a 70-per-cent equity interest (with an option to acquire up to 95 per cent to 100 per cent) in the company's Namibian subsidiary, Aloe Investments Two Hundred and Thirty Seven Pty. Ltd. (Aloe 237), which holds the EPLs that encompass the DorWit project. Thus far, Noronex has completed cash payments to the company totalling $350,000 and has issued 5.5 million Noronex common shares (valued at the time of issuance at $250,000) as part of the earn-in milestones (see the company's news release dated Oct. 16, 2019). The company will update shareholders on Noronex's progress at DorWit as results become available.
Far Lake copper-silver project, Ontario (option partner -- Benton Resources Inc.)
In May, 2020, the company signed a letter of intent with Benton Resources, pursuant to which Benton may earn up to a 70-per-cent interest in the company's Far Lake copper-silver project by paying the company $205,000 ($25,000 received), issuing to the company 1.6 million Benton common shares (300,000 received) and completing $1-million of exploration expenditures at Far Lake over a period of four years (see the company's news release dated May 20, 2020). Far Lake, located about 75 kilometres northwest of the port city of Thunder Bay and north of the Shebandowan greenstone belt, comprises 196 single-cell mining claims and covers about 4,178 hectares.
Benton has recently commenced its second phase of drilling at Far Lake. The phase 2 program will consist of 3,000 metres and is designed to test the depth and strike of the newly discovered FL11 zone, where Benton intersected wide zones of copper mineralization, including 0.15 per cent copper over 60.4 metres, including 0.35 per cent copper over 15.6 metres and 1.43 per cent copper over 2.6 metres (see Benton's news release dated Jan. 19, 2021). Benton will also test the Main (Discovery) zone at depth as well as various high-priority geophysical anomalies identified by a 3-D IP survey that was completed in mid-January. Preliminary data have identified chargeability targets from near surface to 800 metres in depth that coincide with the FL No. 1 and FL No. 2 structures that host and control the most significant copper mineralization discovered to date. The company will release results of the exploration program as they are received from Benton.
The company holds several other projects in Ontario for which it is currently seeking option/joint venture partners. Parties interested in the properties for option are encouraged to contact the company or visit the company's website for additional information.
Vanguard East and West copper-zinc-gold-silver project -- available for option
The Vanguard East and West deposits are located about 150 kilometres west of the port city of Thunder Bay and situated in the Shebandowan greenstone belt. The Vanguard West deposit consists of a historical mineral resource containing 200,000 tonnes at 1.36 per cent copper, 1.5 per cent zinc and 8.6 grams per tonne silver. The Vanguard East deposit consists of a historical mineral resource containing 1.8 per cent copper, 4.55 per cent zinc, 6.8 grams per tonne silver and 5.0 grams per tonne gold. A qualified person has not done sufficient work to classify these historical mineral resource estimates as current mineral resources and White Metal is not treating these historical estimates as current mineral resources.
Seagull Lake platinum group element/copper/nickel project -- available for option
The company holds a 100-per-cent interest in the Seagull Lake platinum group element/copper/nickel project, located approximately 100 kilometres north of the port city of Thunder Bay, about 50 kilometres south of Impala Canada's Lac des Iles mine (previously North American Palladium) and about 28 kilometres north of Clean Air Metals Inc.'s copper/nickel/platinum group element projects, previous discoveries made by Rio Tinto and Panoramic Resources (previously Magma Metals).
The Seagull project covers the Seagull Lake Intrusion (SLI), a 10-kilometre-diameter, circular intrusive situated in the Nipigon plate and composed of ultramafic rocks with a high olivine content, interpreted to have been derived from a deep mantle source. Layering and multiple phases of intrusion have been recognized, creating a favourable setting for Noril'sk-type sulphide accumulation. The Nipigon plate area has been compared with the Noril'sk region of Siberia, Russia, and is considered to be highly prospective for the discovery of new copper/nickel/platinum group element deposits. Known platinum group element/copper/nickel zones in the SLI support the interpretation that Proterozoic ultramafic intrusions in this area of the Nipigon plate have undergone magmatic processes that are capable of producing large platinum group element/copper/nickel sulphide deposits (see the company's news release dated March 12, 2019).
Three styles of platinum group element mineralization have been identified in the SLI: (1) near-surface, platinum-group-element-rich detrital black sands; (2) magnetite associated, platinum-group-element-rich layers, or reef-type; and (3) sulphide-associated, basal copper/nickel/platinum group element mineralization, interpreted as Noril'sk type. Although the detrital and reef-type mineralization was the first style known in the SLI, the discovery of Noril'sk-type copper/nickel/platinum group element sulphide mineralization became the focus for subsequent exploration programs, which reported from diamond drilling 3.6 grams per tonne platinum plus palladium, 0.34 per cent copper and 0.21 per cent nickel over 2.1 metres and 1.04 grams per tonne platinum plus palladium, 0.14 per cent copper and 0.16 per cent nickel over 16.0 metres (Pettigrew, 2002). The possibility for the discovery of other styles of sulphide mineralization remains including contact-type deposits (for example, Lac Des Iles mine and River Valley deposit, Ontario) and structurally hosted high-grade concentrations along regional fault systems. It is important to note that the SLI contains anomalous concentrations of additional platinum group elements rhodium, iridium, osmium and ruthenium.
Historical data and information contained in this news release have not been independently verified by a qualified person.
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (PGeo), vice-president, exploration, and a director of White Metal, who is a qualified person under the definitions established by NI 43-101.
White Metal will be participating in the 2021 virtual PDAC (Prospectors and Developers Association of Canada) conference to be held March 7 to March 11, 2021.
About White Metal Resources Corp.
White Metal Resources is a junior exploration company exploring in Canada.
We seek Safe Harbor.
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