TORONTO, ON / ACCESSWIRE / November 2, 2022 / Sumer Resources Inc. ('Sumer' or the 'Company') is pleased to announce the addition of seven prospecting licenses (PLs) in Botswana, referred to as the "Swan Lake Licenses". Sumer Resources currently holds 19 licenses in Western Botswana, including the newly acquired Swan Lake licenses. The project now comprises a total area of 13,655 km2, increased by 4,973 km2 from the initial 8,682 km2previously held by the Company.
The licenses have been acquired for 4 million shares of the Company priced at $0.25 CDN per share for 100% of the Swan Lake Licences, free and clear of any liens and encumbrances. The acquisition adds a strong network of mining specialists to the existing shareholder base.
Data provided by the Geology team outlines that Prospecting Licenses (PL) 55 to 61 (excluding 60 and 59) are located in the Kalahari Copper Belt (KCB), with 57 and 61 being the most prospective and are regarded as "inside the KCB proper" and on strike with other currently operational copper mining companies. The Swan Lake licenses offer a superior geological location for copper mineralisation potential.
Below: The map indicates Sumer Resources licenses, current drilling locations, with the Swan Lake Licenses outlined in red.
The Company continues to conduct detailed exploration on the Swan Lake Licenses and will keep stakeholders and shareholders updated on the progress and exploration plans.
Daniel Baard CEO states, "Given the size of the areas we are exploring, in-depth exploration of the licenses will take some time, but we continue to be very positive and have been encouraged by initial drilling data."
Qualified Persons
Nico Scholtz is a consulting geologist and has reviewed and approved the scientific and technical information in this news release. Mr. Scholtz is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No. 400299/07). Mr. Scholtz is the Company's "Qualified Person" as defined by NI 43-101.
About Sumer Resources:
Sumer Resources Inc. is an Exploration and Mining company, focused on the discovery and extraction of high-quality copper in Botswana and Namibia. SRI is a privately held company.
The Company currently holds 19 prospecting licenses across an area of over 13,655 Km2 within the prolific regional metasedimentary Botswana copper belt. Botswana is located in the center of Southern Africa and shares a border with Namibi.
Botswana and Namibia are known to be rich in precious metals including nickel and copper, which have become increasingly in demand in recent years.
Forward Looking Statements:
This news release may contain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements.
SOURCE: Sumer Resources Inc.
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