White Mountain Announces New Rutile Discovery South-west of Cerro Blanco Project.
White Mountain Receives Progress Report on Titanium Metal Test Work
SANTIAGO, Chile, April 23, 2013 /PRNewswire/ – White Mountain Titanium Corporation (“White Mountain” or the “Company”) (OTCQB Markets: WMTM- News) reports that as a result of regional exploration carried out in January, 2013, a new rutile prospect named La Martina has been discovered and staked in the Atacama, or Region III, geographic region of northern Chile. The La Martina discovery was made on the basis of regional geological and geophysical magnetic analyses followed up with field reconnaissance, mapping and sampling.
La Martina, which is located approximately 45 kilometres west-south-west of the City of Vallenar and 17 kilometres south-west of the Cerro Blanco project, consists of 6 registered exploration concessions. These concessions cover an area of 1,288 hectares, comparable in size to the area covering the current eight known prospects at Cerro Blanco.
Alteration and mineralization at La Martina is similar to that observed on the Cerro Blanco project. The TiO2 mineralization is hosted on albitized gabbro and is composed principally of disseminated rutile, rutile veins, a mixture of disseminated rutile and leucoxene as well as minor disseminated sphene (titanite). Initial assay results from surface rock geochemical samples taken from two outcrops located approximately 3 kilometres apart range from 0.88% to 2.1% TiO2. Further assay results are expected within the next two weeks.
Commenting on the discovery of La Martina, Brian Flower, the Company’s Executive Chairman, stated that “Having made four new rutile prospect discoveries on the Cerro Blanco project in 2012, we have recently extended our geologic targeting and prospecting approach elsewhere in Chile. Based on the successful discovery of La Martina, we intend to continue with and intensify this regional rutile exploration program.”
Review by Qualified Person, Quality Control and Reports
The technical information in this news release has been prepared and reviewed by Christian Feddersen (Geologist & MSc, Member of the ComisiÃ³n Calificadora de Competencias en Recursos y Reservas Mineras, Register No 0132) the Company’s Consultant Geologist and a Qualified Person as defined by Canadian National Instrument 43-101.
About White Mountain Titanium Corporation
The Company holds mining concessions on the Cerro Blanco property currently consisting of 33 registered mining exploitation concessions and five mining exploration concessions in the process of being constituted, over approximately 8,225 hectares located approximately 39 kilometres west of the City of Vallenar in the Atacama, or Region III, geographic region of northern Chile. The Company’s principal objectives are to advance the Cerro Blanco project towards a final engineering feasibility, and to secure off-take contracts for the planned rutile concentrate output. It would be the intention to sell the rutile concentrate to titanium metal and pigment producers. Work also continues to investigate the commercial viability of producing a feldspar co-product. The feldspar could find applications in the glass and ceramics industries.
The OTCQB Markets has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Cautionary Note to U.S. Investors–The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in our press releases and on our website, such as ‘reserves,’ ‘resources,’ ‘geologic resources,’ ‘proven,’ ‘probable,’ ‘measured,’ ‘indicated,’ and ‘inferred,’ that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10K for the year ended December 31, 2012, File No. 333-129347, and in subsequent filings with the SEC. You can review and obtain copies of our filings from the SEC’s website at http://www.sec.gov/edgar.shtml.
Contact: White Mountain Titanium Corporation Michael Kurtanjek, President (56) 2 657-1800 Brian Flower, Chairman (604) 408-2333
SOURCE White Mountain Titanium Corporation