Thunder Bay, Ontario--(Newsfile Corp. - September 25, 2017) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that the Company has signed a Letter of Intent ("LOI") to earn 100% of the Gunners Cove Property (the "Property"), located approximately 20 kilometres north of St. Anthony, Newfoundland and Labrador.
The Gunners Cove Property is a new precious metals discovery with no previous work completed other than selective grab samples collected during limited prospecting programs. Precious and base metal mineralization is associated with pyrite-rich accumulations/nodules in graphitic argillaceous black shale. Selective grab samples collected by the property vendor and submitted to the laboratory by the Company, returned values as high as 5.86 g/t gold, 8.0 g/t silver, 0.13% copper, and 375 ppm molybdenum. Follow-up sampling by White Metal yielded results of 10 ppb to 1480 ppb gold from 33 selective grab samples collected over an area measuring approximately 800 metres long by 350 metres wide. Based on these results, the Company staked an additional 580 claims to cover the prospective ground in the area. Additional results from the analysis of the grab samples are pending.
Under the terms of the LOI, the Company has the right to acquire 100% interest in the Property from the Optionor over a three year period and under the following terms:
|Total cash payments of CAD$55,000:|
|Total payment of 1,000,000 common shares:|
Should White Metal outline NI 43-101 compliant mineral resources totalling greater than 500,000 ounces of gold WHM agrees to pay the Optionor an additional 1,000,000 White Metal common shares.
This transaction is subject to regulatory approval.
The Optionor will retain a 2% Net Smelter Return Royalty ("NSR") of which 1% can be bought back for $1,000,000; WHM will have the first right of refusal on the remaining 1% NSR. The acquisition is subject to approval by the TSX Venture Exchange.
Paul E. Nielsen, PGeo, is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.
About White Metal Resources Corp (TSXV: WHM):
White Metal Resources Corp is a junior exploration company exploring in Canada and currently has 35,691,073 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
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