RENO, Nev. and TORONTO, Jan. 30, 2023 (GLOBE NEWSWIRE) — White Pine Precious Metals Inc. (“White Pine”, the “Company”, “it” or “we”) is pleased to announce that Am On January 27, 2023, it completed the previously announced transaction to acquire the Taylor Project (the “Property”) from Silver Predator Corp. (the “Transaction”), a series of mining claims located in White Pine County, Nevada, and has hired John Marma as the Company’s President and CEO.
The transaction consists of a $1.75 million payment to Silver Predator Corp., fifty percent of which was due upon closing and the remainder due within 18 months of the closing of the transaction. As part of the transaction, Silver Predator will retain 5% of White Pine’s equity until the company’s valuation is $5 million.
“On behalf of the White Pine Board of Directors, I am very pleased to welcome John Marma as President and CEO. Mr. Marma is a seasoned executive with extensive Nevada geological experience and a diverse operational background,” said John Antwi, Chairman of the board. John Marma is joined by Sam Bourque as part-time VP of Exploration and Jeff Stieber as part-time CFO. The team is very pleased that John Marma has made a commitment to White Pine to enhance our key strategic priorities, beginning with a new perspective on the Taylor deposits.” Anthony Bottrill and Ben Hinkle will continue to provide technical advisory services to the management team.
John Marma commented: “I am excited about the opportunity to lead White Pine and am particularly excited about the Taylor project. More importantly, the team has a proven track record of successfully exploring, developing and operating mines in Nevada. Taylor offers a unique opportunity to generate value from a historic neighborhood through solid geological work, reinterpretation and project development.”
The Taylor Property has a history of exploration and mining dating back to its earliest discovery in 1872, with a primary focus on near-surface high-grade silver mineralization. The property deposit was previously described as an epithermal, siliceous and low-sulphide replacement deposit hosted in Devonian carbonate rocks. White Pine’s initial review of the deposit’s properties and broader geochemical signatures indicate that the mineralization may have significant potential for Carlin-style mineralization and a carbonate replacement (“CRD”) deposit. This initial interpretation expands the exploration potential of the project and is consistent with the presence of nearby porphyry-style deposits (Robinson and Ward mines) and recently released exploration results from eastern Nevada showing CRD-style mineralization (including Ruby by i-80 Gold Corp .) highlight Ridgeline Minerals’ Hill property and Selena project).
John Marma, is a professional geologist with over 20 years of exploration, project development and production experience in Nevada, Alaska and South Africa. Mr. Marma most recently served as Director of Exploration and Geology in Nevada for Hecla Mining and was responsible for all geological activities in Nevada. Previous positions include senior positions focused on Northern Nevada Rift (NNR) epithermal vein projects and Carlin-style deposits at Klondex and Newmont, and junior positions focused on orogenic gold (Barberton District, SA) and gold porphyry (Donlin Creek-Placer Dome ). . Mr. Marma was responsible for discovering the Eastern Veins and the Sinterader Green Racer at the Midas Mine. Mr. Marma has a BS in Earth Sciences from North Dakota State University and an MS in Geology from the University of Wisconsin – Madison. He also received a Fulbright scholarship and studied at the Karl Franzens University in Graz, Austria. Mr. Marma is a Registered Professional Geologist with the American Institute of Professional Geologists (AIPG) No. 11709 and is a senior member of both the Society of Economic Geologists (SEG) and the Geological Society of Nevada (GSN).
About White Pine Precious Metals Inc.
White Pine Precious Metals is a new private mineral resource company formed and managed by experienced mining and exploration executives headquartered in Reno, Nevada, USA. The Company recently completed a transaction to purchase the Taylor Project located outside of Ely, Nevada. The Company plans to review the unreported gold resources and refocus the project to identify additional gold and silver targets in the district. For more information, please visit the Company’s website at www.whitepinemetals.com or contact the Company as follows:
John Marma, President and CEO
White Pine Precious Metals Inc.
6490 S McCarran Blvd, Building E, Suite 121
Reno, NV 89509
This press release contains certain forward-looking statements that reflect management’s current beliefs and/or expectations, including with respect to performance, business and future events, including the development of the Taylor property and the expected timing thereof; the growth potential of the Taylor project; the gold and silver resource potential of the Taylor project, the expected direction of project and exploration capital; anticipated operational and strategic plans related to the projects and their timing; the anticipated timing and amounts of future funding efforts; and time of closing of the transaction.
Forward-looking statements are based on the then current expectations, beliefs, assumptions, estimates and projections about the business and the industries and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to release any revisions to update any voluntary forward-looking statements, except as required by applicable securities laws.