Thunder Bay, Ontario – May 2, 2022 (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 the final assay results from Phase 3 diamond drilling at the Tower Mountain Gold Project (“Tower Gold” or the “Project” or the “Property”). Tower Gold is located about 50 km west of the port city of Thunder Bay, Ontario, Canada. To date, White Metal has completed three phases of drilling totalling 10,813 m in 48 holes.
TM-22-135: intersected 466.5 m averaging 0.51 g/t Au, including 267.0 m averaging 0.708 g/t Au.
TM-22-135: the deepest hole to date, ended in mineralization at 485.0 metres.
TM-22-134: intersected 58.5 m averaging 0.750 g/t Au.
TM-22-126: intersected 30.0 m averaging 0.645 g/t Au.
Significant results from Phase 3 drilling are summarized in Table 1 and a plan map showing the location of drill holes and the various gold zones is provided in Figure 1. Details of the drilling and associated results are available at the Company’s website (www.whitemetalres.com/tower-mountain-au.html).
Scott Jobin Bevans, interim CEO notes, “These latest results continue to demonstrate that the Tower Mountain Gold Project has a significant gold endowment with excellent potential to identify a large tonnage, low grade, multi-million ounce gold discovery, similar to what has been established elsewhere within the Shebandowan Greenstone Belt (SBG). We believe the gold potential of the SBG was largely ignored due to the low-grade nature of known occurrences. Both Malartic and Detour Lake are multi-million ounce projects with average grade of less than 1.0 g/t gold. Our drilling to date at Tower Gold has established low-grade gold mineralization for over 2,500 metres along strike, across an average 300 metres width, to depths in excess of 300 metres. Our 2021-22 Phase 3 drilling program successfully extended the known strike and down-dip extent of the low grade envelope and surface prospecting in 2021 identified numerous gold targets within the claim boundary that are, as yet, untested. We believe the Tower Mountain Gold Project is a compelling exploration opportunity in an emerging gold camp.”
Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization occurring within the Company’s Property.
Figure 1. Location of Phase 1, 2 and 3 drill holes (traces and collars) completed by White Metal on the Tower Mountain Gold Project with drill holes from Phase 3 shown in white. The location of cross-sections A-A’ and B-B’ (click here) through holes TM-22-134 and 135 are shown in green, in the Bench Zone area.
Company quality assurance and quality control (QA/QC) standards and blanks were inserted into the sample stream for all sample types (drill core samples and surface rock grab samples) and submitted for analysis by Activation Laboratories Ltd. (Actlabs) in Thunder Bay, Ontario. Samples were transported under the direct supervision of senior White Metal personnel and delivered from the Property to the laboratory receiving facilities. Samples were analyzed for Au by Fire Assay with an AA finish and Au – Fire Assay with Gravimetric finish. Actlabs is an independent commercial laboratory that is ISO 9001 certified and ISO 17025 accredited.
About Tower Mountain Gold Project
The Tower Mountain Project comprises patented and unpatented claims covering about 1,968 ha, within the Shebandowan Greenstone Belt, an emerging gold district in northwestern Ontario with established multi-million ounce resources elsewhere within the SGB. The Project is located about 50 km west of Thunder Bay, Ontario. Paved highways offer year-round access to the Property and line distributed hydro is available 5 km from the Project. The port city of Thunder Bay is the gateway to northwestern Ontario, offering significant infrastructure, and has long supported mineral exploration throughout the region. Tower Gold is interpreted to be an intrusive-associated disseminated gold deposit and as such offers excellent Tier One asset discovery potential.
To view additional project information and maps please visit the White Metal website and slide show at https://www.whitemetalres.com/tower-mountain-au.html. For a detailed overview of the Tower Mountain Gold Project (Fact Sheet) click here. For tables of results from all White Metal drill core assay results click here for Phase 1, Phase 2 and Phase 3.
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Interim President & CEO and a Director of White Metal, who is a Qualified Person under the definitions established by NI 43-101.
About White Metal Resources Corp.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company’s Flagship Property is the Tower Mountain Gold Project near Thunder Bay, Ontario, Canada. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
Interim President & CEO, Director
For further information contact:
White Metal Resources Corp.
684 Squier Street
Thunder Bay, Ontario, P7B 4A8
Elliot Strashin, Director
P:+1-416-504-0077 ext. 22
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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