09:03:07 EDT Tue 24 May 2022
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White Metal Resources Corp
Symbol WHM
Shares Issued 128,589,750
Close 2021-08-17 C$ 0.09
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White Metal pegs Okohongo at 7.7Mt of 1.82% CuEq inf.

2021-08-18 11:27 ET - News Release

Mr. Michael Stares reports

WHITE METAL ANNOUNCES NEW MINERAL RESOURCE ESTIMATE CONTAINING 7.7MT AT 1.82% CUEQ, USING A 0.30% CU CUT-OFF, TARANIS (OKOHONGO) COPPER-SILVER PROJECT, NAMIBIA

White Metal Resources Corp. has released a new mineral resource estimate on the Okohongo Cu-Ag deposit located within it 95 per-cent-owned Taranis (Okohongo) Cu-Ag project, as defined by Exclusive Prospecting Licence (EPL) 7071 which covers about 19,850 hectares and is located in the Kaoko copperbelt, northwestern Namibia.

Michael Stares, president and chief executive officer of White Metal, stated: "We believe the results from the new mineral resource estimate demonstrate the core value of the Okohongo and this resource, coupled with the more recent exploration work showing very positive copper and silver results both north and south of the Okohongo, really outline the incredible upside to this project. We believe there is significant opportunity to expand the Okohongo along strike, which at this stage of exploration shows potential along a prospective horizon of more than 20 kilometres. Although White Metal remains focused on progressing its flagship project, the Tower Stock gold project in Ontario, Canada, the company will continue to advance the Okohongo copper-silver project as one of its primary assets."

Mineral resource estimate

White Metal has released a new mineral resource estimate (MRE) for the Taranis (Okohongo) Cu-Ag project. A total of 3,226 metres of reverse circulation (RC) drilling in 28 drill holes (518 chip samples in resource) and 781.70 metres of historical diamond drill core in four holes (63 core samples in resource) were used to calculate the mineral resources in the inferred category. The area covered by the resource is about 740 metres (east-west) and 720 metres (north-south). Using a cutoff grade of 0.30 per cent Cu and assuming 10 per cent geological loss, the study reported approximately 7.7 million tonnes grading 1.55 per cent Cu and 26.77 grams per tonne Ag with a calculated copper equivalent (CuEq) of 1.82 per cent Cu.

The MRE was prepared by Caracle Creek International Consulting MINRES (Pty) Ltd. (CCIC MINRES), South Africa, in accordance with current CIM Definition Standards on Mineral Resources and Reserves. A technical report in support of the MRE will be filed on SEDAR within 45 days of this news release. The MRE is effective as at Aug. 11, 2021.

These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this mineral resource estimate are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated or measured, however it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

Copper equivalent (CuEq) was calculated using a copper price of $3.75 (U.S.) per lb and a silver price of $25 (U.S.) per oz and applying the formula: CuEq equals Cu per cent plus (Ag grams per tonne times 0.01).

A cutoff grade of 0.30 per cent Cu was used for the low-grade and high-grade domains. The cutoff grade was determined on the basis of core assay geostatistics and drill core lithologies for the deposit, and by comparison to analogous deposit types.

Tonnages are reported applying a geological loss of 10 per cent, to account for unknown geological discontinuities; 10 per cent is based on experience of other deposits in similar geological settings.

Geological and block models for the mineral resource estimate used data from a total of 24 surface reverse circulation drill holes, completed by White Metal in January to February,2021, and four resampled historical diamond drill holes (completed by Teck in 2008 and INV Metals in 2011). The drill hole database was validated prior to resource estimation and quality assurance/quality control checks were made using industry-standard control charts for blanks, RC chip sample duplicates and commercial certified reference material (standards and blanks) inserted into assay batches by White Metal and by comparison of umpire RC chip sample assays performed at a second laboratory.

The inferred mineral resources were constrained by a Lerchs-Grossmann conceptual open-pit envelope that was developed using the following optimization parameters: i) metal prices of $3.75 (U.S.) per lb copper and $25 per oz silver; ii) an overall pit slope of 55-degrees; iii) bulk mining costs of $2 (U.S.) per tonne (ore) and $1 (U.S.) per tonne (waste), derived from other comparative copper projects in African copper belts; iv) processing costs and general and administrative expenses estimated at $7.80 (U.S.) per tonne; and v) plant recoveries assumed to be 80 per cent copper and 80 per cent silver.

The mineral resource estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (Nov. 29, 2019).

The geological model as applied to the mineral resource estimate comprises eight individual wireframes that were created for each grade domain.

The block model was prepared using Datamine Studio RM software. A 50-metre by 50-metre by five-metre block model was created and samples were composited at one-metre intervals. Grade estimation from drill hole data was carried out for Cu and Ag using the Ordinary Kriging interpolation method.

Grade estimation was validated by comparison of input and output statistics, swath plot analysis and by visual inspection of the assay data, block model and grade shells in cross-sections.

The applied average specific gravity (2.45 tonne per cubic metre) was determined on the basis of CCIC MINRES's in-house library of SG and bulk density measurements from similar deposits in the African copperbelts.

Assays, QA/QC and assay procedures

The RC chip samples were collected from drill using a three-tier riffle splitter, to split the sample and represented chip samples were collected and logged on-site. Samples were taken at one-metre intervals. Samples were securely transported to the Activation Laboratories Ltd. preparation lab in Windhoek, Namibia.

A QA/QC program consisting of the regular insertion of certified reference material copper 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. A CRM copper standard was inserted approximately every 20 samples, a control blank was inserted every 15 samples and a duplicate taken every 30 samples. A total of 24 duplicate chip samples were analyzed at referee lab ALS Global, an ISO/IEC 7025 accredited lab, based in Johannesburg, South Africa.

Once prepared, Actlabs in Windhoek, Namibia, sent the sample pulps directly to Actlabs in Ancaster, Ont., Canada, for analyses. Actlabs is an ISO/IEC 7025 accredited lab and is independent of White Metal. The samples were first analyzed with four-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 parts per million (above Ag upper detection limit) were analyzed with fire assay gravimetric (8-Ag) and Cu greater than 10,000 parts per million (above Cu upper detection limit) were analyzed with sodium peroxide fusion with ICP-OES finish (8-peroxide ICP). Wet sample was transported to the lab without splitting, dried at the Actlabs facility in Windhoek and split afterwards.

About White Metal Resources Corp.

White Metal Resources 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, Ont., Canada, and the Okohongo copper-silver project in Namibia, Africa.

We seek Safe Harbor.

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