Thunder Bay, Ontario–(Newsfile Corp. – April 13, 2018) – White Metal Resources Corp. (TSXV: WHM) (“White Metal” or the “Company”) is pleased to announce that it has completed flying its heliborne electromagnetic time-domain (“HTEM”) and magnetics geophysical survey on its Gunners Cove Property (the “Property”), located 20 km north of St. Anthony on the Northern Peninsula, Newfoundland. The Property is easily accessible by means of local roads and trails, and consists of 682 claim units (59,402 ha or 594 sq-km). The HTEM survey was contracted to Triumph Instruments, headed by Steve Balch.
Initial surface grab samples from the new discovery made in September 2017 (news release: September 25, 2017), and follow up sampling (news release: November 20, 2017), outline a large area (approximately 15 sq-km) of anomalous gold and other metals associated with pyrite-nodules and pyrite stringers, and hosted by black shale. The Company believes there is an opportunity to expand the known gold mineralization over a much larger surface area, at depth, and to develop high-grade gold targets.
A review and preliminary interpretation of the airborne survey data has identified numerous high priority targets over the 13.5km (N-S) by up to 7km (E-W) Property. Many magnetic highs are coincident with EM conductors including some at or near the known gold zones but many lie outside of the main discovery areas. Having not yet mapped the Property, it is difficult to make interpretations and direct correlation between the magnetic highs-lows and EM conductors, targets which will therefore require substantial ground-truthing. Preliminary images from the HTEM-mag survey will be made available on the Company website.
The Company will continue to review and interpret the new airborne data which will assist us in better understanding and delineating geological features (i.e., structural and stratigraphic), and in generating priority targets over the Property. White Metal is planning a spring-summer-fall 2018 work program that will consist of detailed mapping and prospecting over the entire Property. This work program will begin mid-May or as soon as weather conditions allow.
In Fall 2017, 133 surface grab samples were collected from the 10 mineralized zones on the Property. The distribution of the samples containing anomalous gold values define an area roughly 5 km x 3 km. Approximately 50% of the grab samples collected in the Gunners Cove area assayed 100 ppb Au (0.1 g/t Au) or greater, with a maximum of 5.9 g/t Au (Mossberg Zone). Silver assay results are also elevated, ranging from less than 1 ppm Ag to a maximum of 9.1 g/t Ag (Cooey Zone) [note: grab samples are selective by nature and are unlikely to be representative of average grades]. Work to date at the Gunners Cove Property has highlighted a large area of anomalous gold values and extended the discovery area substantially. Historically, this Property has seen very little exploration work and is a recent prospecting discovery, adding to its importance. Precious metal and base metal mineralization is associated with, and appears to be largely hosted by, pyritic nodules and stringers accompanied by minor silicification and local brecciation, and hosted by an extensive black shale unit.
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by the National Instrument 43-101.
For more information in regards to the Gunners Cove Property you can visit the company’s Web Page at www.whitemetalres.com.
About White Metal Resources Corp (TSXV: WHM):
White Metal Resources Corp is a junior exploration company exploring in Canada and currently has 39,855,240 common shares issued and outstanding.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, President and CEO
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 NEWS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. 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. Actual events or results could differ materially from the Company‘s expectations or projection
For further information contact:
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836 Fax (807) 475 7200