Thunder Bay, Ontario – November 18, 2021 (Newsfile Corp.) (Investorideas.com Newswire) White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) (“White Metal” or the “Company”) is pleased to announce that it has received assay results from the A Zone trenching program at the Tower Mountain Gold Project (the “Project” or “Property”). The Company mapped and channel sampled the A Zone to gain a better understanding of the controls on high-grade gold mineralization which proved very effective in tracing this zone at surface. The Company is very encouraged with the results of the channel sample assays which correlate well with similar results reported from drill hole TM-21-108 that assayed 3.94 g/t Au over 23.8 m (from near surface) (Table 1; see also WHM news release dated October 21, 2021). White Metal has commenced a Phase 3 drilling program with 4,300 metres planned to test the many gold zones on the Property of which approximately 1,000 metres will target the A Zone.
Michael Stares, President and CEO of White Metal, commented, “The A Zone channel sampling program turned out to be very successful and we have now demonstrated that gold mineralization in this area is continuous at surface and correlates well with recent drilling. This program has given us enough structural knowledge to target the A Zone along strike and down-dip. We have so many great gold targets to follow-up on during our Phase 3 drilling program and the A Zone, although a key part of moving the Project forward, is just one of many excellent targets. As we move through the third phase of drilling, I look forward to sharing the results with our shareholders.”
A Zone Surface Program Results
Extensive detailed mapping and channel sampling exposed an area roughly 100 m x 60 m that returned consistent moderate- to high-grade gold mineralization (Table 2). The A Zone is underlain by metavolcanic rocks characterized by hydrothermal brecciation and pervasive calcic + sericite hydrothermal alteration and ubiquitous pyrite throughout, locally up to 12%. The A Zone also exhibits the presence of a later structural system of sheeted, parallel quartz veining and fracturing. This later deformation appears to have enriched gold concentrations, possibly through remobilization. This is important as the intersection of structures may form a plunge that hosts the high-grade zones. Previous grab sampling and all current channel sampling has consistently returned positive gold values, reaching up to 23.6 g/t over 1.5 m, with visible gold noted locally within the vein/fracture system. The mineralized zone is at least 20 metres-wide across strike and remains open to the south and at depth.
A diamond drill is being mobilized to the site and six initial drill holes have been designed to test this exciting target at the A Zone. Oriented core will be utilized to gain a better understanding of the vein/fracture system and general structures.
The Tower Mountain Gold Project covers 2,038 hectares and is located about 50 km west of the port city of Thunder Bay, Ontario. The Project has year-round access and is proximal to both a major highway and railway lines. Drilling to date on Phases 1 and 2 totals 6,245.5 metres and has confirmed the Property’s ability to continuously generate exciting intercepts and the exceptional potential for large-tonnage, low-grade gold deposits with local high-grade gold mineralization. The Phase 3 drilling program is designed to continue to extend length, width and at depth of known zones.
The Tower Mountain Gold Property represents an area of exceptional and widespread gold endowment hosted predominantly within a broad package of metavolcanic rocks intruded by a Neo-Archean, high-level, multi-phase, sub-alkali intrusion. Gold mineralization occurs mostly as disseminated within multi-stage calcic-dominated alteration and also within west-northwest vein arrays and a complex system of hydrothermal breccias which may also have acted as feeder systems.
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 NI 43-101. Historical information and data referred to in this news release has not been independently verified by a Qualified Person.
About White Metal Resources Corp.:
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company’s two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
President & CEO
For further information contact:
President & CEO
White Metal Resources Corp.
684 Squier Street
Thunder Bay, ON P7B 4A8
Phone: +1 (807) 358-2420
White Metal Resources Corp.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
Email: [email protected]
Investor Relations Manager
CHF Capital Markets
Phone: +1 (416) 868-1079 x 232
Email: [email protected]
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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 projections.
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