West Melville Secures Option to Acquire 100% of the Alex Copper Property, Sonora, Mexico
January 07 2014 - 8:30AM
Marketwired
West Melville Secures Option to Acquire 100% of the Alex Copper
Property, Sonora, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 7, 2014) - West
Melville Metals Inc. (TSX-VENTURE:WMM) ("West Melville" or "the
Company") has signed an option agreement with Quirina Vasquez
Vargas (the "Vendor") that secures an exclusive option for West
Melville to acquire 100% ownership of the Alex Copper Property (the
"Property") in Sonora, Mexico. Under the terms of the agreement,
West Melville has until May 31, 2014 to conduct due diligence
following which it can secure a 100% interest in the property by
paying USD$25,000 and issuing 250,000 shares in the capital stock
of the Company to the Vendor. The Vendor will retain a 2% Gross
Royalty on the Property, subject to West Melville's right to
purchase 1% of the Royalty at any time for USD$1 million.
"The Alex Property is an early stage project with intriguing
potential that represents an exciting low cost opportunity for West
Melville," stated Dr. Rory Moore, President and CEO of West
Melville Metals. "Evidence of copper mineralization covering an
area of at least 1,200 x 800 metres has been identified by outcrop
and shallow pit sampling, with assays ranging up to 14% copper
reported. The region of southern Arizona and northern Mexico is
well known for the occurrence of large porphyry copper deposits, a
number of which have been developed into world-class copper mines.
In the context of the regional geological setting, the
identification of potentially significant copper mineralization on
the Alex Property makes this a compelling exploration target for
West Melville. A due diligence site visit will be undertaken by
management in the coming weeks."
The Alex Property
The Alex Property is a copper-silver exploration project
covering 1,000 hectares located in the foothills of the Sierra
Madre about 140 kilometers east of Hermosillo in Sonora, Mexico.
This falls within the southern extent of the prolific Laramide
porphyry copper belt that spans southern Arizona and New Mexico and
the northern part of Sonora, Mexico. The Property was first
discovered in the early 1950's when a local rancher uncovered
copper mineralization while digging holes for fence posts. The
Property was introduced to the current owner (a family headed by a
retired geologist) in the early eighties but was only successfully
located in the field in 2006. Limited geological investigations
conducted between 2006 and 2009 identified evidence of porphyry or
IOCG copper mineralization over an area of at least 1,200 x 800 m
with mineralization occurring in quartz veins, open stockworks and
breccias. Copper-bearing minerals include chalcocite, chalcopyrite
and cuprite. No modern exploration and/or drilling have ever been
undertaken on the property. Access is by 4x4 vehicle, and a
permanent water source is located 12 kilometres from the
Property.
The Isortoq Project
Following on the News Release of November 18, 2013 reporting
that the Company had secured 100% ownership in the Isortoq
iron-titanium-vanadium project in southern Greenland, applications
have now been filed with the Bureau of Minerals and Petroleum in
Greenland to transfer title for the Isortoq exploration licences to
West Melville. An initial inferred mineral resource estimate of
70.3 million tonnes grading 29.6% total iron (Fe), 10.9% titanium
oxide (TiO2) and 0.144% vanadium pentoxide (V2O5) has been defined
on the property. It is significant to note that the initial
resource represents drilling on less than one kilometre of the
Isortoq body while evidence from previous drilling and the 2012
ground magnetic survey has demonstrated a strike length exceeding
16.3 kilometres. The Company is continuing its efforts to attract a
joint venture partner to assist with advancing the project.
QA/QC
Disclosure of a scientific or technical nature contained in this
release has been reviewed and approved by Bruce Counts, P.Geoph.,
(Director of West Melville), who is the Qualified Person for the
purposes of National Instrument 43-101.
About West Melville Metals Inc.
West Melville is an exploration company focused on identifying
low cost opportunities that offer high potential to build
shareholder value. It has an experienced management team with a
track record of discovery success and a Board of Directors with
expertise covering the essential fields of geology, engineering and
finance. The Company owns the Isortoq iron-titanium-vanadium
project in Greenland and has an option to earn a 70% interest in
the Fraser Bay iron ore project in Nunavut.
On behalf of the Board of Directors
Rory O. Moore, Ph.D., President and CEO
West Melville Metals Inc.
For further information about West Melville Metals Inc. or this
news release, please visit our website at www.westmelville.com.
West Melville Metals Inc. is a member of the Aurora Mineral
Resource Group of companies. For more information please visit
www.auroraresource.com.
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 or
accuracy of this release.
Certain disclosures in this release, in particular regarding the
economic potential of the Alex Property and the Company's interest
therein, constitute forward-looking statements that are subject to
numerous risks, uncertainties and other factors relating to West
Melville's operations as a mineral exploration company that may
cause future results to differ materially from those expressed or
implied in such forward-looking statements, including risks as to
the completion of the plans and projects. Readers are cautioned not
to place undue reliance on forward-looking statements. Other than
as required by applicable securities legislation, West Melville
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events, or otherwise.
West Melville Metals Inc.Investor Relations604-646-4527 or Toll
Free:
1-888-331-2269604-646-4526info@westmelville.comwww.westmelville.com