White Metallic Sources Corp. is happy to announce that its companion Noronex Ltd. has commenced an airborne electromagnetic geophysical survey over the DorWit Copper-Silver Venture positioned about 150 km east of Windhoek, Namibia. The EM survey is the primary ever state-of-the-art airborne survey to be undertaken throughout the Venture space. Using the considerably improved fashionable expertise and geophysical …
White Metallic Sources Corp. (TSXV: WHM) (“White Metallic” or the “Firm”) is happy to announce that its companion Noronex Ltd. (ASX: NRX) (“Noronex”) has commenced an airborne electromagnetic (“EM”) geophysical survey over the DorWit Copper-Silver Venture (the “Property” or the “Venture”), positioned about 150 km east of Windhoek, Namibia. The EM survey is the primary ever state-of-the-art airborne survey to be undertaken throughout the Venture space. Using the considerably improved fashionable expertise and geophysical interpretation is meant to generate new exploration targets to broaden on the 150,000 m of historic reverse circulation and diamond drilling that has already recognized quite a few sedimentary hosted Cu-Ag deposits.
Michael Stares, President & CEO, commented, “We’re very happy to see our exploration companions have initiated the 2021 program and particularly this airborne survey over the Witvlei and Dordabis properties. The earn-in settlement we accomplished Noronex confirms our undertaking generator mannequin which has been profitable find a high quality companion to advance the Venture whereas sustaining a 25% curiosity for the Firm.”
The geophysical contractor NRG will start flying the Witvlei Property (EPL7028 and 7029) after which transfer to the Dordabis Property (EPL7030). Noronex can be anticipating to replace the historic JORC 2012 mineral useful resource estimates which is presently being accomplished by MSA Group, with preliminary outcomes anticipated by February 2021.
White Metallic accomplished the earn-in settlement (the “Settlement”) with a subsidiary of Noronex which novated the rights beneath the unique earn-in cope with RZJ Capital Administration LLC beneath which White Metallic beforehand obtained a C$100,000 money deposit. Beneath the Settlement, Noronex can earn as much as 70% of the Venture by assembly sure cost milestones and following feasibility research, has the suitable to amass White Metallic’s remaining curiosity of 25% (see Firm information launch dated October 16, 2019).
The transaction has resulted within the extra cost of C$500,000 to White Metallic through the problem of C$250,000 in shares in Noronex (represented by 5.5M Noronex shares) and the cost of C$250,000 in money. Noronex can even take over the funding obligations beneath the beforehand introduced earn-in association.
White Metallic seems ahead to working with Noronex because it embarks on a busy first yr exploration program that seeks to construct on the intensive (150,000 m) drill gap database which efficiently positioned quite a few Kalahari Copper belt deposits prior to now. The work program will embody geophysics, together with an aerial EM survey of the undertaking areas (which has by no means been undertaken prior to now) and IP surveys to hint potential extensions to recognized deposit areas that haven’t been examined with drilling. Noronex can be focusing on up to date JORC (2012) useful resource estimates and based mostly on the end result of the assorted surveys an extra drilling program can be deliberate for 2021, geared toward increasing the mineral useful resource base.
Concerning the DorWit Copper-Silver Property
Unique Prospecting Licences 7028, 7029, and 7030 (DorWit Property), are positioned about 150 km east of capital metropolis of Windhoek, Namibia and canopy about 65 km of potential stratigraphy within the Kalahari Copper Belt which extends eastward into Botswana the place a number of main copper deposits happen and are being financed at current (e.g., Cupric Canyon Capital information launch dated February 25, 2019). Six historic copper deposits happen inside these three licences together with different zones with anomalous copper in historic drill core intercepts which the Firm believes may be expanded upon via future exploration (see Firm information launch dated June 18, 2019).
Technical info on this information launch has been reviewed and permitted by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metallic, who’s a Certified Particular person beneath the definitions established by the Nationwide Instrument 43-101.
About White Metallic Sources Corp (TSXV: WHM):
White Metallic Sources Corp. is a junior exploration firm exploring in Canada. For extra info please go to the Firm’s web site at www.whitemetalres.com.
On behalf of the Board of Administrators of White Metallic Sources Corp.
President & CEO, Director
Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
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