VANCOUVER, BC, Jan. 9, 2023
/CNW/ - Deep-South Resources Inc. ("Deep-South" or the
Company) (TSXV: DSM) announces that it has completed the soil
sampling program on the Luanshya West project and on the
Chililabombwe project. The program on the Mpongwe project has been
postponed to 2023 due to difficult weather.
The program completed:
Luanshya West Project (licence 23246):
1980 soil samples have been delivered to the
laboratory for assays. The samples were collected on a regional
grid of 500 x 100 and an infill grid of 100 x 100 metres. The
program covered 3 targets where 5 large anomalies have been
identified from soil sampling and geophysical survey results
compiled by Teal in 2009. Assay results are expected during the
month of January 2023 and will be
disclosed to our shareholders in due course.
The licence is situated in the center of the Zambian Copper belt
and covers 5,423.26 hectares (54.24 Sq. Km). The project area is
close to established copper / cobalt mines with Chibuluma South
mine some 10 kms north-east of the project area; 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):
124 soil samples have been delivered to the
laboratory for assays. The samples were collected on a regional
grid of 500 x 100 metres. Assay results are expected during the
month of January 2023 and will be
disclosed to our shareholders in due course.
In this particular area, due to their abundance, termite mounds
will be sampled rather than digging sample holes. This is because
termites bring material to the surface from considerable depth and
therefore sample at a greater depth than a regular soil sample.
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 is situated within 10 km of the
Konkola Copper mine, one of the largest integrated copper mines in
Zambia.
Mpongwe Project (licence 23248). The program on this
licence has been postponed to 2023 due to difficult weather. The
program will resume when weather allows and when the area is dry
enough to enable sample collection. This licence is situated on the
southern side of the Zambian Copper belt. The Large Exploration
Licence covers 67,500 hectares (675 Sq. Km).
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.
Qualified Person
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.
About Deep-South Resources
Inc.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/deep-south-has-completed-a-soil-sampling-programme-on-2-of-the-zambian-projects-301716577.html
SOURCE Deep-South Resources Inc.
