Thunder Bay, Ontario–(Newsfile Corp. – June 22, 2018) – White Metal Resources Corp. (TSXV: WHM) (“White Metal” or the “Company”) is pleased to announce that it has completed a second work programme on the Gunners Cove Gold Project (the “Property”) located on the Northern Peninsula near St Anthony, Newfoundland. The programme included follow-up prospecting, geological mapping and grab sampling in the previously identified East and West Gunner zones, the Mossberg Zone and the Cooey Zone. New prospecting and sampling was completed over the Northern and Southern areas of the Property and several new prospective zones were identified (see Map entitled Gunners Cove Prospecting 2018 on the Company’s web site). The new zones are described as being hosted by or associated with a melange (large-scale brecciated sedimentary rocks) and, in some cases, mineralization has been traced across strike up to 1 km. Grab samples taken from two (2) of the new zones, Area A and Area D on the Gunners Cove Prospecting 2018 Map, are described by the prospecting team as having semi-massive to massive sulfides with pyrite and pyrrhotite, and trace chalcopyrite. Mineralization observed in the other new zones includes pyrite occurring as cubes, nodules and stingers. A total of 220 grab samples have been sent to Eastern Analytical laboratory in Springdale, Newfoundland, for gold, base metal and multi-element analyses. The Company is very enthusiastic about the current programme and expects to have assay results within the next four (4) weeks.
Gold was initially discovered in the Gunners Cove area in September 2017 (see news release dated September 25, 2017), and was followed up by initial sampling (see news release dated November 20, 2017) which outlined 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. This initial area of discovery and prospecting has been expanded by the recent programme.
In Fall 2017, 133 surface grab samples were collected from the then known 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 that 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 recent work has extended the discovery area substantially. Historically, the Gunners Cove Property has seen very little exploration work and the Company believes that this is a recent prospecting discovery, adding to its importance. Precious 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 and/or melange.
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, Director
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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