VANCOUVER, BC, Oct. 18, 2022 – Deep-South Resources Inc. (“Deep-South” or the Company) (TSXV: DSM) provides projects update on the exploration programs on the exploration licences in Zambia. On July 6, 2022, Deep-South announced the closing of an option agreement to acquire up to an 80% undivided interest in three copper Large Scale Exploration Licences (the “Licences”) in the center of the Zambian Copper belt, one of the most prolific copper belts in the world. (See the press release here: https://www.deepsouthresources.com/investors/news-releases/deep-south-to-acquire-up-to-80-of-three-copper-exploration-licences-in-the-heart-of-the-zambia-copper-belt-2/0).
- Environmental projects Briefs filed and awaiting approvals
- 3,627 geochemical soil samples planned
Deep-South has filed with the Zambia Environmental Management Agency (“ZEMA”) Project Environmental Briefs (“EPB”) for each licences on July 21, 2022. We are awaiting the approval of ZEMA in order to start sampling programs on the licences.
A sampling contractor will be appointed by October 18, 2022 and will be in a position to start the work program upon approval by ZEMA
The program consists of geochemical soil sampling on each licence with the aim to identify anomalies and define drilling targets.
Luanshya West Project (licence 23246):
The licence is situated in the center of the Zambian Copper belt and covers 5,423.26 hectares (54.24 Sq. Km). The project prospectivity is based on the location of the subject property over the unconformable contact zone between basement granites and Lower Roan Group sediments where most copper belt mines in both Zambia and the Democratic Republic of Congo (the “DRC”) are located. Some 850 soil samples and some geophysical data were collected over the subject property by Teal (a subsidiary of African Rainbow Minerals Ltd) between 2007 and 2009. Those have enabled to identify at least four large anomalies.
The program consist of 820 soil samples collected in an identical manner to the original Teal’s sampling program. The sampling grid will be 500 x 100 metres. The program will be completed in about 30 days.
The project area is close to established copper / cobalt mines with Chibuluma mine some 35Km to the north-east, Chambishi mine 41Km north-northeast, N’changa mine 53Km north-northwest and Luanshya mine some 40Km east-southeast from the centre of the project area.
A National Instrument 43-101 Standards of Disclosure for Mineral Projects (“43-101”) compliant technical qualifying report is available on SEDAR at www.sedar.com under Deep-South’s profile or on the Company’s web site: www.deepsouthresources.com
Chililabombwe Project (licence 23247):
The licence is situated in the north of the Zambia Copper belt near the DRC border. The Large Exploration Licence covers 2,200 hectares (22.5 Sq, Km). The project prospectivity is based on the location of the subject property over the unconformable contact zone between basement granites and Lower Roan Group sediments where most copper belt mines in both Zambia and the DRC are located.
The program consist of 132 soil samples on a grid of 500m by 100m. It has been designed to search for copper anomalies using a soil-geochemistry survey, particularly termite mounds sampling will be employed on this grid.
Mpongwe Project (licence 23248). The licence is situated in the center of the Zambian Copper belt. The Large Exploration Licence covers 67,500 hectares (675 Sq. Km). The project prospectivity is based on the location of the subject property over the unconformable contact zone between basement granites and Lower Roan Group sediments where most copper belt mines in both Zambia and the DRC are located.
The program consist of 2,675 soil samples on a grid of 500m by 100m. It has been designed to search for copper anomalies using a soil-geochemistry survey.
No Mineral Resources have been estimated on these projects as they have not demonstrated economic viability at this stage. The historical geophysical survey and sampling results demonstrate potential to classify the Luanshya West project as one of merit but are considered too speculative geologically to complete a NI 43-101 compliant resource estimation at this time and it is uncertain that those historic results will be converted into minerals resources.
Vivian Suart-Willams MSc (Hons.) Pr.Sci.Nat., Vice-President Exploration of Deep-South Resources, has reviewed the technical content of this presentation, and is the designated Qualified Person under the terms of National Instrument 43-101. Mr. Stuart-Williams is responsible for the technical part of this press release.
Deep-South Resources is a mineral exploration and development company. Deep-South’s growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. In using and assessing environmentally friendly technologies in the development of its copper project, Deep-South embraces the green revolution.
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.
Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be “forward-looking information” for the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: the Minister’s of Mines and Energy of Namibia refusal to renew the Company’s Licence, the Company’s intention to contest the Minister’s decision before the Courts of Namibia and the outcome of such proceedings.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Deep-South, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things: political risks associated with the Company’s operations in Namibia; the failure of the Namibian Government to comply with its continuing obligations under the Act to allow for the renewal of the Licence; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances. For additional risk factors, please see the Company’s most recently filed Management Discussions & Analysis available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Deep-South, and prospective investors should not place undue reliance on forward looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable legislation.