Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
White Tiger Mining Corp. (the “Company” or “White Tiger”) (TSX VENTURE:WTC)(FRANKFURT:W0I) is very pleased to report drilling assay results for its recently completed core drill holes RMZ 12-39 and RMZ 13-40 on its Marshall Lake property, which are the first two holes to be drilled between the “RM Zone” and “RM South Zone”.
Drill hole RMZ 13-40 (located 50 metres east of drill hole RMZ 11-29) was designed to test a recently reported IP (Induced Polarization) 3D chargeability anomaly positioned midway between the RM Zone and RM South Zone. Drill hole RMZ 13-40 was drilled to a depth of 221 metres and the assay results are presented in the following table:
The exceptional copper mineralization encountered in drill hole RMZ 13-40 provides evidence that the RM Zone mineralization (as indicated by drill holes GAZN 10-17 and GAZN 10-19 on its western periphery) may extend along strike 100 metres through drill hole RMZ 13-40 and through drill hole RMZ 11-29 to the previously reported 24 metres of 1.01% copper mineralization intersected in hole RMZ 11-23 within the RM South Zone (see news release dated May 3, 2011) and remaining open to the southwest. With these initial successful results, further drilling of this first of four IP anomalies is being planned (which has the potential to extend the mineralization up-dip to surface to the north).
Based on the results to date, the aggregate strike length of the RM Zone and RM South Zone is estimated to be at least 200 metres.
The Company is also now in receipt of assay results from drill hole RMZ 13-41, which was collared 25 metres north of RMZ 13-40 and tested the up-dip extension of copper mineralization in drill hole RMZ 13-40 (as reported above). At the time of this news release, the assay results from drill hole RMZ 13-41 are being reviewed and will be reported by the Company once fully analyzed.
Also, upon resumption of the Company’s recent drilling program, drill hole RMZ 12-39 (collared 25 metres east of drill hole RMZ 11-23 and 125 metres to the south of RMZ 13-40) was continued from a depth of 356 metres down to a total depth of 383 metres. Complete assay results for RMZ 12-39 are presented in the following table:
All drill core (as referred to in the above two tables) was split at the Marshall Lake property and sample preparation was done by ALS Canada in Thunder Bay, Ontario. Pulp samples (<75 microns) were then sent by secure courier to ALS Canada in North Vancouver, British Columbia and analyzed by ICP spectrometer (“ICP”) using a 0.5g representative pulp dissolved in Aqua Regia (3 acid) digestion. All samples grading over 1.0% copper were re-assayed with ore grade ICP and Aqua Regia digestion. Gold analysis was done on a 30 gram sample by fire assay extraction with AA (“Atomic Absorption”) finish.
The Marshall Lake property is an advanced exploration stage copper (Cu), silver (Ag) and gold (Au) project located 30 km west of Nakina, Ontario (access is via good all weather gravel road from Hwy 11 and 22 km north of the main CNR rail line).
White Tiger has the option to earn a 50% interest in the Marshall Lake property project from Rainy Mountain Royalty Corp. (“Rainy Mountain” – TSX-V:RMO) and Marshall Lake Mining PLC (“MLM”) by spending $4 million in exploration expenditures over 5 years and issuing 2 million shares over 4 years to Rainy Mountain. As well, White Tiger has the additional option to increase its interest to 75% by incurring such additional expenditures as are necessary to take the project to bankable feasibility stage. As at October 31, 2012 (the Company’s most recent fiscal year end), White Tiger has earned a 25% joint venture interest in the Marshall Lake property project.
This news release has been reviewed and approved by Gordon Gibson, P.Geo., who is acting as the Company’s Qualified Person for the Marshall Lake property project, in accordance with regulations under NI 43-101.
