Thunder Bay, Ontario--(Newsfile Corp. - November 19, 2020) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that is has closed a transaction (the "Transaction) with Noronex Ltd. ("Noronex") with respect to its Kalahari Copper Belt projects in Namibia, specifically the DorWit Copper-Silver Project comprising Exclusive Prospecting Licences EPL7028, 7029 and 7030 (the "Project"). Noronex, an ASX-listed (ASX: NRX) company involved in copper exploration in Canada and Namibia, recently raised A$4.3M to fund further exploration work on its international copper projects (see Noronex news release 16 November 2020).
Noronex has been assigned the rights to the original earn-in agreement (the "Earn-In") made with RZJ Capital Management LLC (see Company news release dated 15 October 2019) under which White Metal previously received a C$100,000 cash deposit. Under the terms of the Earn-In, 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% that is held in the Company's 95%-owned Namibian subsidiary, Aloe Investments Two Hundred and Thirty Seven (Pty) Ltd. ("Aloe 237").
As part of the Transaction an additional payment of C$500,000 has been made to White Metal via the issue of C$250,000 in shares of Noronex (approx. 5.5M common shares of Noronex) and the payment of C$250,000 in cash. Noronex will also take over the funding obligations defined in the original Earn-In agreement.
Commented Michael Stares, President and CEO of White Metal, "We are pleased to have completed this transaction with Noronex on one of our two Namibian copper projects and look forward to advancing the project and growing the historical mineral resources. Once again, White Metal has validated its project generator model, successfully securing a quality partner to advance the Project while maintaining a 25% interest and preserving its capital. White Metal is well-financed and supported and we are currently preparing our Canadian flag ship project, the Tower Stock Gold Property, for a drilling program which is planned for early 2021. I also look forward to getting the updates of progress from our other JV partners on projects that include Seagull Lake PGE and Far Lake Cu-Ag in Ontario, and Startrek Gold in Newfoundland."
White Metal will be working with Noronex on its maiden exploration program in Namibia, aiming to build on the extensive 150,000 metre historical drill hole database which defines numerous historical Kalahari Copper Belt deposits. The up-coming work program will include geophysics, including the first ever state-of-the-art airborne electromagnetic (EM) survey of the Project, and surface induced polarization (IP) surveys designed to trace potential extensions to known deposits, generating additional drill targets. Noronex is also planning to complete updated JORC (2012) compliant mineral resource estimates. Based on the outcome of the geophysical surveys, a drilling program is being planned for 2021, to test new targets and expand the historical mineral resources base.
About the DorWit Copper-Silver Project
Exclusive Prospecting Licences 7028, 7029, and 7030 that define the DorWit Project, 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 and developed at present (e.g., Sandfire Resources' Tshukudu Operations and Cupric Canyon Capital's Zone 5 Deposit). 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 and Namibia. 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.
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:
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836 Fax: (807) 475-7200
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