Thunder Bay, Ontario – June 1, 2021 (Newsfile Corp.) (Investorideas.com Newswire) 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 g/t 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.
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.
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
President & CEO
For further information contact:
President & CEO
White Metal Resources Corp.
Phone: +1 (807) 358-2420
White Metal Resources Corp.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
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.
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