GPM Metals Completes Field Work Program and Provides an Update of Walker Gossan Zinc Project
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TORONTO, Oct. 25, 2019 (GLOBE NEWSWIRE) -- GPM Metals Inc. (TSXV:GPM) (the “Company” or “GPM”) provides an update to its Walker Gossan Project, Arnhem Land, Australia.
GPM Metals is pleased to announce that the company has completed the field work program on Exploration License (EL) 24305 & 385 that was proposed to the Northern Land Council (NLC) and The Traditional Owners of the land at the meeting held at Gapuwiyak on the 13th May 2019.
GPM personnel mobilized and set a camp at EL 24305 on 10 September 2019 and conducted a two week mapping and sampling program. Peter Mullens, CEO; and Greg Duncan, Australian Manager were both present during this field program. Two community members of the Local Traditional Landowners were also present as monitors. This work confirmed the belief that GPM during its 2016 drill program drilled into a large iron rich zone within dolomitic sediments which potentially forms the siderite rich outer halo to a large “SEDEX style” base metal deposit.
GPM will further review this field work before planning further field work and discussing the results with the NLC and The Local Traditional landowners.
The Project is the subject of farm-in and joint venture agreement between GPM (and its Australian subsidiary) and Rio Tinto Exploration Pty Limited(“RTX”) executed in January 2014, pursuant to which GPM can earn a 75% interest in the Project through meeting staged exploration expenditure requirements. The Project tenure is held by RTX with GPM acting as the operator and manager of exploration, community relations and title grant (see January 27, 2014 press release of the Company available on SEDAR at www.sedar.com).
Title Deed, Work Program and Exploration License (EL 24305) approval was granted in November 2015 by the NLC after a series of meetings and consultations with the TLO’s and GPM Metals in Numbulwar and Darwin.
The Project 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.
The exploration target is a large, strata bound, sediment hosted lead – zinc deposit. Field work planned for 2019 will consist of geological mapping, geochemical sampling and prospecting with the view of identifying vectors towards the center of the mineralized system. To date GPM geologists believe they previously identified and drilled into the iron rich, siderite, outer halo to potentially a major mineralized strata bound Lead Zinc deposit.
About GPM Metals Inc.
GPM Metals is a zinc focused exploration company with offices in Toronto and Brisbane.
The Company’s current holdings include the district scale Walker Gossan Project, NT, Australia, a joint venture with Rio Tinto Exploration Pty Limited.
The Walker Gossan exploration properties have considerable potential to host significant zinc resources.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Chairman 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.
CONTACT INFORMATION
For further information contact:
GPM Metals Inc.
Peter Mullens, CEO
Suite 1101 – 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone : + 416 628-5904
Email: info@gpmmetals.ca
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.
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