Walmer Capital Corp.
TSX VENTURE : WAL.H
NEX BOARD : WAL.H

August 25, 2015 07:30 ET

Walmer Capital Corp. Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - Aug. 25, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

Walmer Capital Corp. (NEX:WAL.H) (the "Company" or "Walmer"), a capital pool company, announces that, further to the agreement dated March 25, 2015 (the "Agreement") with Renaissance Exploration, Inc. ("RenEx") to complete an arm's length business transaction whereby Walmer will acquire a right to earn a direct 70% interest in the 109 Claim Golden Shears property in Southern Nevada (the "Property"), it has received a notice from RenEx regarding its being in default of its covenants in the Agreement to pay certain expenses relating to land claims and fees. Walmer is working with RenEx to rectify these issues and anticipates being able to remedy this default within the 30 day cure period provided in the Agreement.

In addition, and further to its press release dated March 26, 2015 announcing the signing of the Agreement, Walmer is pleased to announce that it will be filing the National Instrument 43-101 report (the "NI 43-101 Report") prepared by Mr. R. A. Lunceford, an independent Qualified Person (as defined in National Instrument 43-101), in order to give shareholders of Walmer the opportunity to review the details concerning the Property. To confirm the presence of gold and silver and base metals, Mr. Lunceford collected eight audit rock samples from targets on the Property. Mr. Lunceford's sample locations, abbreviated descriptions, and analytical results are summarized below.

RAL samples - Golden Shears (WGS 84), April 1, 2015
SAMPLE E UTM N UTM TYPE DECRIPTION Au ppm Ag ppm Cu ppm Pb ppm Zn ppm
RLGS-1 641586 3962798 RC gossan, well oxidized, goethite 0.045 3.11 648 8110 14050
RLGS-2 641603 3962739 RC 1.0 m breccia, limestone, oxidized 0.033 5.15 7.8 107 304
RLGS-3 641888 3962862 Dump select limestone, siderite, abundant copper oxide, quartz veinlets 0.272 91.1 21300 59400 515
RLGS-4 642578 3958791 RC 0.1 m limestone with pervasive silica 0.012 0.37 81.5 269 33
RLGS-5 642957 3958760 RC 0.1 m limestone, few quartz veinlets, moderate iron oxide 2.62 328 658 66400 3870
RLGS-6 642953 3958659 Dump select limestone, occassionl iron oxide and copper oxide 2.75 17.6 4140 40300 8440
RLGS-7 642976 3958698 Dump select limestone, strong iron oxide 51.6 24.3 2830 4 13050
RLGS-8 642983 3957248 Dump select limestone, iron oxide and late quartz and calcite veinlets 0.089 13.6 163 1415 2610
Abbreviations: "RC"- rock chip.

The eight samples were collected from areas and exposures deemed by Mr. Lunceford to be important to validate the reported mineralized material as described in the NI 43-101 Report. Mr. Lunceford collected and transported the April 1, 2015 samples in his sole custody directly to the preparation facility of ALS in Reno, Nevada. The ALS facility was subsequently responsible for sample custody. ALS is part of the ALS Group (a subsidiary of Campbell Brothers Ltd. - ASX: CPB) a diversified group of testing companies with offices located around the world. Most ALS Geochemistry laboratories are registered or are pending registration to ISO 9001:2008, and a number of analytical facilities including the Reno ALS laboratory have received ISO 17025 accreditations for specific laboratory procedures. With offices and operations in more than 350 locations, in 55 countries, and on six continents, ALS is a highly regarded, multi-national, analytical and testing laboratory completely independent of Walmer and RenEx.

The metallogeny, structural setting and geochemistry on the Property are broadly similar to gold and silver bearing polymetallic replacement and skarn deposits which are highly productive from Peru to Colorado and are well known high value targets. The targets on the Property have supported some selective small scale (undocumented) production but the biggest and most important targets are covered by shallow alluvium and represented only by rock samples in alteration and veining peripheral to the target systems. The surveys and permitting required to advance this program will commence on closing of the first phase of the previously announced financing.

Exploration work on the Property has advanced to the stage where further evaluation can only be conducted by a staged drill program. The targets of these holes are porphyry - associated skarn, replacement and stockwork mineralized zones supported by a heritage of rock and soil geochemical data and modeling of ground magnetic and gravity data. The Phase I recommended budget (below) includes five RC (Reverse Circulation) drill holes approximately 600 feet in depth as well as a rigorous and comprehensive program of QA/QC sampling to validate drill results. Widely used in Nevada with numerous competent drill contractors, RC drilling is recommended since it is an efficient and less expensive alternative to diamond (or core) drilling. Furthermore, RC drilling is sufficient to test for anomalous mineralization, and gross lithologic contacts, especially where minimal quartz veining is expected. The exploration budget for the Property is described below.

Phase I Exploration Budget - Golden Shears Property ($US)
Work activity Item cost
Drill direct ($34/foot X 3000 ft.) 102,000
Fuel costs drilling 10,000
Water cost drilling 9,000
Mobilization/demobilization 10,000
Drill pad/road construction 12,000
Assays ($39/sample X 600 samples) 24,000
QA/QC (15% total or 90 samples) 4,000
Geologic supervision (project) 23,000
Geologic management (project) 6,000
TOTAL 200,000

Mr. Robert A. Lunceford, an independent Qualified Person, has reviewed and approved the contents of this News Release.

About Walmer Capital Corp.: Walmer is a CPC that completed its initial public offering and obtained a listing on the Exchange in May, 2012. In August 2014, Walmer was transferred to the NEX Board of the Exchange (Trading Symbol "WAL.H") and trading in its shares was suspended. Prior to entering into the Agreement, Walmer did not carry on any active business activity other than reviewing potential transactions that would qualify as Walmer's Qualifying Transaction.

ON BEHALF OF THE BOARD OF DIRECTORS:

Jay Richardson, Chief Executive Officer and Chief Financial Officer and Director

This press release contains forward-looking information. More particularly, this press release contains statements concerning the prospective qualifying transaction of the Company and the associated financing, the prospectivity of the minerals which were the subject of the NI 43-101 Report, the exploration budget for the Property and the Company's expectations regarding being able to remedy its being in default of the Agreement. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Reference should also be made to the assumptions, qualifications and disclaimers contained in the NI 43-101 Report.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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 press release.

Contact Information

  • Walmer Capital Corp.
    Jay Richardson
    Chief Executive Officer and Chief Financial Officer
    and Director
    416-410-JAYR (5297)
    jay.richardson@sympatico.ca