Business
White Metal to Purchase Advanced-Stage Projects in Namibia Containing Historical Copper Resources and Announces Michael Stares Appointment as Interim President and CEO with Resignation of Jean-Pierre Colin
Thunder Bay, Ontario--(Newsfile Corp. - May 13, 2019) - White Metal Resources Corp. (TSXV: WH...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal to Purchase Advanced-Stage Projects in Namibia Containing Historical Copper Resources and Announces Michael Stares Appointment as Interim President and CEO with Resignation of Jean-Pierre ColinThunder Bay, Ontario--(Newsfile Corp. - May 13, 2019) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce that it has entered into two binding letters of intent (\"LOI\"), 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 (\"EPL\") that cover historical copper-silver resources (Kalahari Copper Belt and Kaoko Belt) and prospective targets for further mineral exploration.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 (e.g., Cupric Canyon Capital news release dated February 25th, 2019). 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 histori...