TORONTO, Oct. 1, 2014 /CNW/ - GPM METALS INC. (TSXV:GPM) (the "Company") announces the filing of the initial technical report for the Company's Walker Gossan Project in Northern Territory, Australia entitled "Technical Report on the Walker Gossan Project in Arnhem Land, Northern Territory, Australia" dated effective September 16, 2014 (the "Technical Report").
The Technical Report was prepared by Mr. David G. Jones (BSc., MSc., FAusIMM, FAIG); a "Qualified Person" as defined in National Instrument 43-101.
The Company has the right to acquire up to a 75% interest in the Walker Gossan Project pursuant to an Earn-in / Joint Venture Agreement with Rio Tinto Exploration Pty Limited. The Company's wholly owned Australian subsidiary (DPG Resources Australia Pty Limited) is the project operator.
DESCRIPTION OF PROPERTY
The 166,000 hectare Walker Gossan project is located within the Walker Trough, a package of Middle Proterozoic carbonate sediments, situated in Arnhem Land in the Northern Territory of Australia.
Geographical maps and geological setting illustrations are available on the Company's web site. http://www.gpmmetals.ca/australia/
The primary area of interest is the Walker Gossan. Gossanous outcrops with highly anomalous lead values were discovered by CRA – Conzinc RioTinto of Australia (predecessor to Rio Tinto Limited) in 1970 and a tenement application was made to the Government of the Northern Territory in 1972. An agreement under the Aboriginal Land Rights Act is required prior to grant of the tenement. To date the area has been held under tenement application and no exploration has been undertaken within the 40 years which have followed the discovery of the gossan.
The Walker Trough is part of an extensive Middle Proterozoic carbonate sequence which occurs from South of Mount Isa through to Darwin over an area of approximately 600,000 square kilometres which hosts one of the great metallogenic belts of the world.
The region includes a number of major silver, lead, zinc and copper deposits. These include the Mount Isa, George Fisher and MacArthur River mines owned by Xstrata; the Cannington Silver Mine, regarded as the largest silver mine in the world, owned by BHP; the Century zinc deposit, one of the largest zinc mines in the world and owned by MMG Mining of China; and several other deposits.
The Walker Trough region was identified by the Northern Territory Geological Survey team as being a direct analogy of the Pb-Zn endowed Batten Fault trough which contains the MacArthur River Zinc mine. Further, it was considered the "hottest untested exploration play in The Northern Territory" in a 2004 publication of the Northern Territory Geological Survey.
All scientific and technical information in this press release has been prepared under the supervision of Peter Mullens, President, DPG Resources (Australian subsidiary of GPM Metals Inc.), a "qualified person" within the meaning of National Instrument 43-101. Mr. Mullens (B.Sc Geology) is a member of the Australian Institute of Mines and Metallurgy.
GPM Metals Inc. is led by an experienced management and technical team with demonstrable skills and experience in all facets of mineral development, from grass roots exploration to capital markets and mine builds globally. The Company maintains offices in Brisbane and Toronto.
Forward Looking Statements
Completion of an interest in the Walker Gossan Project by the Company remains subject to a number of conditions. There can be no assurance that an interest in such property will be acquired by the Company, as proposed or at all. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the potential acquisition by the Company of an interest in the Walker Gossan Project are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GPM Metals Inc.
For further information: GPM Metals Inc., Att: John Patrick Sheridan, CEO, Suite 301 - 141 Adelaide Street West, Toronto, Ontario M5H 3L5, Telephone : (416) 628-5904, Telefax : (416) 628-6835, Email: [email protected]