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White Metal to purchase advanced-stage projects in Namibia

Mining News - Published on Mon, 20 May 2019

Image Source: SteelGuru
White Metal Resources Corp announced that it has entered into two binding letters of intent, each subject to an exclusive 90 day due diligence period, to purchase a 95% interest in certain prospective copper properties in Namibia, Africa. The two LOIs refer to four Exclusive Prospecting Licenses that cover historical copper-silver resources (Kalahari Copper Belt and Kaoko Belt) and prospective targets for further mineral exploration. Mr Michael Stares, a Director of the Company, stated, “We are very excited to have been presented this opportunity to work on developing these projects in Namibia, an excellent jurisdiction in which to explore for and develop economically viable copper deposits. All known copper deposits on the licenses contain copper and/or copper-silver mineralization that reports to surface. With the upward trend in copper prices and positive projections for near-future growth in its demand, we see great opportunities to create shareholder value in the Company. It should also be noted that in 2016, the Fraser Institute of Canada listed the Namibian Geological Survey as the best geological survey in the World.”

Three of the four licences are located approximately 150 km from Windhoek, Namibia’s capital. These licences (EPL 7028, 7029, and 7030) 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 at present. Two core licences (EPL 7028 and 7029) are located near the village of Witvlei, on the main paved highway to Botswana, covering about 60 km of prospective strike length in the Kalahari Copper Belt. A rail line and power lines cross these two licences and gravel roads extend across the licences from the paved highway.

These three licences cover approximately 78865 ha; putting this into perspective, the area covered by the three licenses is large enough to cover more than 75% of the historic Noranda Mining Camp in Quebec, Canada. There are six copper deposits encompassed by these three licences along with other zones with anomalous copper drill core intercepts that we believe can be expanded upon through future exploration. Historical resources are contained within these three mining licenses and were published by the Geological Survey of Namibia (Resources of Namibia, 1999).

Under the terms of the LOI associated with licenses EPL 7028, 7029, and 7030, and subject to the satisfactory completion of its due diligence, White Metal is to pay the vendor Altan Minerals and Investments CC (“Altan”) USD 37,500 and issue 8.0 million common shares of WHM. In conjunction with this, Aloe Two Hundred and Thirty Seven (Proprietary) Limited (“Purchaser A”), a Namibian private company owned 100% by White Metal, will issue to Altan a sufficient number of shares of Purchaser A to give Altan a 5% equity interest in Purchaser A. Licences EPL 7028, 7029, and 7030 have no associated royalties.

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Posted By : Rabi Wangkhem on Mon, 20 May 2019
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