Mineral Resource Estimate
The Inferred Mineral Resources (Table 1) of the Mineral Resource Estimate (“MRE”) for the Okohongo Deposit, were modelled and calculated using 3,226 metres of Reverse Circulation (“RC”) drilling in 28 drill holes (518 chip samples in resource) and 781.70 metres of historical diamond drill core in 4 holes (63 core samples in resource).
The area covered by the resource is about 740 m (east-west) and 720 m (north-south). Using a cut-off grade of 0.30% Cu and assuming 10% geological loss, the study reported approximately 7.7-million-tonnes grading 1.55% Cu and 26.77 g/t Ag with a calculated copper equivalent (CuEq) of 1.82% Cu. A grade-tonnage sensitivity analysis is provided in Table 2.
The MRE, with an effective date of August 11, 2021, was prepared by Caracle Creek International Consulting MINRES (Pty) Ltd. (“CCIC MINRES”), South Africa, in accordance with current CIM Definition Standards on Mineral Resources and Reserves.
2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
3. Copper equivalent (CuEq) was calculated using a copper price of US$3.75/lb and a silver price of US$25.00/oz and applying the formula: CuEq = Cu% + (Ag g/t * 0.01).
4. A cut-off grade of 0.30% Cu was used for the low- and high-grade domains. The cut-off grade was determined on the basis of core assay geostatistics and drill core lithologies for the deposit, and by comparison to analogous deposit types.
5. Tonnages are reported applying a geological loss of 10%, to account for unknown geological discontinuities; 10% is based on experience of other deposits in similar geological settings.
6. Geological and block models for the Mineral Resource Estimate used data from a total of 24 surface reverse circulation drill holes, completed by White Metal in January-February 2021, and four re-sampled historical diamond drill holes (completed by Teck in 2008 and INV Metals in 2011). The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, RC chips sample duplicates, and commercial certified reference material (standards and blanks) inserted into assay batches by White Metal and by comparison of umpire RC chip sample assays performed at a second laboratory.
7. Estimates in Table 1 have been rounded to two significant figures.
8. The Inferred Mineral Resources were constrained by a Lerchs-Grossmann conceptual open-pit envelope that was developed using the following optimization parameters: i) metal prices of US$3.75/lb copper and US$25.00/oz silver; ii) an overall pit slope of 55 degrees; iii) bulk mining costs of US$2.00/t (ore) and US$1.00/t (waste), derived from other comparative copper projects in African copper belts; iv) processing costs and G&A estimated at US$7.80/t; and v) plant recoveries assumed to be 80% copper and 80% silver.
9. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).
10. The geological model as applied to the Mineral Resource Estimate comprises eight individual wireframes that were created for each grade domain.
11. The block model was prepared using Datamine Studio RM software. A 50 m x 50 m x 5 m block model was created, and samples were composited at 1.0 m-intervals. Grade estimation from drill hole data was carried out for Cu and Ag using the Ordinary Kriging interpolation method.
12. Grade estimation was validated by comparison of input and output statistics, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.
The applied average specific gravity (2.45 t/m3) was determined on the basis of CCIC MINRES’s in-house library of SG and bulk-density measurements from similar deposits in the African copper belts
Assays, Quality Assurance/Quality Control and Assay Procedures
Mr. Nico Scholtz, a Qualified Person as defined by NI 43-101 (Pri. Sci. Nat. – 400299/07), was responsible for the RC drilling and sampling program, including quality assurance (“QA”) and quality control (“QC”). The RC chip samples were collected from the drill using a 3-tier riffle splitter to split the sample and representative chip samples were collected and logged onsite. Samples were taken at 1-metre-intervals. Samples were securely transported to the Activation Laboratories Ltd. (“Actlabs”) preparation lab in Windhoek, Namibia.
Once the main RC chip samples were prepared, Actlabs in Windhoek, Namibia sent the sample pulps directly to Actlabs in Ancaster, Ontario, Canada for analyses. Actlabs is an ISO/IEC 7025 accredited lab and is independent of White Metal. The samples were first analysed with 4-Acid “Near Total” Digestion (1F2) with ICP-OES finish for Ag, Cu and a suite of 33 other elements. Subsequently, samples with Ag greater than 100 ppm (above Ag upper detection limit) were analysed with Fire Assay Gravimetric (8-Ag) and samples with Cu greater than 10,000 ppm (above Cu upper detection limit) were analysed with sodium peroxide fusion with ICP-OES finish (8-Peroxide ICP). Wet sample was transported to the lab without splitting, dried at the Actlabs facility in Windhoek and split afterwards.
A quality control and quality assurance (“QA/QC”) program consisting of the regular insertion of Certified Reference Material (“CRM”), copper standards and blanks, into the sample stream by the Company was in place as was the industry standard internal QA/QC practices used by Actlabs. A CRM copper-silver standard was inserted approximately every 20 samples, a control blank was inserted every 15 samples and a duplicate taken every 30 samples. A total of 24 duplicate RC chip samples were analysed at independent referee lab ALS Global, an ISO/IEC 7025 accredited lab, based in Johannesburg, South Africa.
Qualified Persons and Data Verification
The independent Principal Author of the Technical Report is Mr. Nico Scholtz (Pri. Sci. Nat. – 400299/07), a Qualified Person as defined by NI 43-101, and is responsible for the entire Technical Report. The independent Co-Author of the Technical Report is Mr. Sivanesan (Desmond) Subramani (Pri. Sci. Nat. – 400184/06), a Qualified Person as defined by NI 43-101, and is responsible for the Mineral Resource Estimate.
Dr. Scott Jobin-Bevans (P.Geo., APGO #0183), a Qualified Person as defined by NI 43-101 and a Director and VP Exploration for White Metal, has reviewed and approved all of the scientific and technical content of this news release.
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
“Michael Stares”
President & CEO
For further information please contact:
Michael Stares
President & CEO
White Metal Resources Corp.
Phone: +1 (807) 358-2420
Nancy Massicotte
Investor Relations
White Metal Resources Corp.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
Email: ir@whitemetalres.com
Thomas Do
Investor Relations Manager
CHF Capital Markets
Phone: +1 (416) 868-1079 x 232
Email: thomas@chfir.com
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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.”
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