TORONTO, Nov. 19, 2015 /CNW/ - GPM Metals Inc. (TSXV:
GPM) (the "Company" or "GPM") is pleased to announce an exploration
update and initial sampling results of the Walker Gossan Project
(WGP), Arnhem Land, Northern Territory, Australia.
The Project is a joint venture with Rio Tinto Exploration Pty.
Ltd. (see January 27, 2014 press
release of the Company available on SEDAR at www.sedar.com).
Title Deed, Work Program and Exploration Licence (EL) approval
was recently granted by the Northern Land Council after a series of
meetings and consultations with the Traditional Land Owners (TLO's)
and GPM Metals in Numbulwar and Darwin that had been progressing
since February 2014
The Project tenure is held by Rio Tinto Exploration Pty Ltd with
GPM acting as the operator and manager of exploration, community
relations and title grant under an Earn-In / Joint Venture
Agreement subject to an agreement concluded in January, 2014.
The WGP lies within one of the great metallogenic provinces of
the world, the North Australian Zinc Province (NAZP); which
currently provides 30% of the world zinc production from a number
of significant silver, lead, zinc deposits; including
the Mt. Isa, George Fisher,
McArthur River and Century
Mines.
To date, the Company has flown an airborne magnetics program of
50m line space over the target area as well as an IP geophysical
survey, geological mapping and completed the initial 'first pass'
reconnaissance soil sampling of the primary area of
historical interest at the southern portion on EL 24305. The target
area on EL 24305 was identified in 1972 and had been held under
continual exploration licence application (ELA) by Rio Tinto since
that time.
The exploration target is a large, strata bound, sediment hosted
lead – zinc deposit. Initial soil and rock sampling results have
demonstrated a Pb-Zn mineralization over a 3km length at
surface.
Soil results have defined a continuous 3km X 500m corridor of
anomalous lead, including a 1400m long contour of plus 500ppm Pb
with a maximum of 2800ppm. Rock chips have confirmed the soil
results with values as high as 1.8% lead.
The initial assessment of the results of the IP survey confirm
elevated chargeability associated with the targeted mineralized
zone. These results are currently being interpreted, compiled and
integrated into the Company data base to design a drilling program
for 2016.
Patrick Sheridan, CEO of GPM
Metals Inc. states that "These initial results confirm our belief
the WGP may possibly represent a district target of major
significance."
Sampling Details.
A systematic soil sampling programme was undertaken on E-W
lines. The soil sampling programme comprised 767 soil samples
which included broad spaced soil sampling as well as targeted close
spaced sampling. Rock chip sampling was conducted in
conjunction with close spaced soils and on select samples. A total
of 64 rock chip samples were taken.
The highest soil assay result is 2800ppm Pb .The results
have been contoured at 50, 100 and 500 ppm Pb as shown in Figure
2..
The samples comprised ~ 200g of minus 2mm sieved B horizon soils
which were submitted to ALS Laboratories for multi element analysis
by Method ME-ICP41. This involved an aqua regia digest with
analysis by inductively coupled plasma – atomic emission
spectroscopy.
Rock chip samples (64) were submitted to ALS Laboratories for
multi element analysis by ME-ICP61 which involves a four acid
digest with analysis by inductively coupled plasma – atomic
emission spectroscopy.
The highest lead assay was 1.8% Pb in sample 72851. Four other
samples assayed above 1% Pb. Of the 44 samples 18 assayed
above 0.5% Pb. These are displayed in Fig. 3.
The tabulated assay data and maps will be posted on the GPM
Metals web site http://www.gpmmetals.ca/australia/
ABOUT GPM METALS INC.
GPM Metals Inc. focuses on acquiring and exploring district
scale exploration properties. The Company is currently conducting
exploration programs on 3 district scale projects in stable
jurisdictions.
Walker Gossan Project, Northern Territory, Australia – Pb-Zn-Ag
Sandy Lake Project, Ontario,
Canada – Gold
Pasco Project, Pasco Province,
Peru – Pb-Zn-Ag
All scientific and technical information in this press release
has been prepared under the supervision of Dan Noone, (Vice President Exploration and a
Director of GPM), a "qualified person" within the meaning of
National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a
member of the Australian Institute of Geoscientists.
Forward Looking Statements
This news release contains certain forward-looking information
and statements within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "continue",
"estimate", "may", "might", "will", "project", "should", "believe",
"plans", "intends" and similar expressions are intended to identify
forward-looking information and/or statements.
Forward-looking statements and/or information are based on a number
of material factors, expectations and/or assumptions of GPM which
have been used to develop such statements and/or information but
which may prove to be incorrect. Although GPM believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements as GPM can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things: results from planned
exploration and drilling activities; GPM's future plans for
operational expenditures; the accuracy of the interpretations of
exploration and drilling activity results; availability of
financing to fund current and future plans and expenditures; the
impact of increasing competition; the general stability of the
economic and political environment in which GPM has property
interests; the general continuance of current industry conditions;
aboriginal matters; the timely receipt of any required regulatory
approvals; the ability of GPM to obtain qualified staff, equipment
and/or services in a timely and cost efficient manner; the ability
of the operator of each project in which GPM has property interests
to operate in a safe, efficient and/or effective manner and to
fulfill its respective obligations and current plans; future
commodity prices; currency, exchange and/or interest rates; and the
regulatory framework regarding royalties, taxes and/or
environmental matters in the jurisdictions in which GPM has
property interests. The forward-looking information and statements
included in this news release are not guarantees of future
performance and should not be unduly relied upon. Such information
and/or statements, including the assumptions made in respect
thereof, involve known and unknown risks, uncertainties and other
factors that may cause actual results and/or events to differ
materially from those anticipated in such forward-looking
information and/or statements including, without limitation: risks
associated with the uncertainty of exploration results and
estimates, currency fluctuations, the uncertainty of conducting
operations under a foreign regime, exploration risk, the
uncertainty of obtaining all applicable regulatory approvals, the
availability of labour and/or equipment, the fluctuating prices of
commodities, the availability of financing and GPM's dependence on
its management personnel, other participants in the property areas
and/or certain other risks detailed from time-to-time in GPM's
public disclosure documents, (including, without limitation, those
risks identified in this news release and GPM's current
management's discussion and analysis). Furthermore, the
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligations to publicly update and/or revise any of
the included forward-looking statements, whether as a result of
additional information, future events and/or otherwise, except as
may be required by applicable securities laws.
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 and / or
accuracy of this release
SOURCE GPM Metals Inc.