White Metal Expands Surface Gold Mineralization at Gunners Cove Property, Newfoundland
Thunder Bay, Ontario--(Newsfile Corp. - November 20, 2017) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that the Company has received assay results from 156 rock samples collected during its recently completed exploration program on the Gunners Cove Property (the "Property"), located 20 km north of St. Anthony, on the Northern Peninsula, Newfoundland. The Property, easily accessible by means of local roads and trails, consists of 682 claim units comprising 59,402 hectares (approx. 594 sq-km).
Of the 156 rock samples, 99 were collected from the main area of the black shale unit. On the basis of the results from the 99 samples, the Company has expanded the gold (Au) mineralization to the north by approximately 3.75 km, to the east-northeast by approximately 3.2 km, and to the south by about 1.3 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 2.14 g/t Au. Silver assay results are also elevated, ranging from less than 5 ppb Ag to a maximum of 9.1 g/t Ag (note: grab samples are selective by nature and are unlikely to be representative of average grades). Our recent work 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 (minor prospecting), adding to the importance of this new gold discovery. Precious 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.
Michael Stares, President and CEO of the Company, stated "Gold mineralization at the Gunners Cove Property is hosted by sedimentary rocks of the Goose Tickle and Hare Bay geological groups, and from the limited mapping we have completed to date, the unit strikes approximately north-south. The style of mineralization at the Gunners Cove Property is very unique and is quite possibly the only project of its kind in Canada, with anomalous gold, silver and base metals, in this geological environment."
Although there is still much to learn about the geological environment of the Property, there are some global examples of significant gold projects hosted or associated with nodular pyrite-bearing black shale units, which may have some similarities to the Property. Anomalous gold in nodular pyrite hosted by black shale occur in association with the Kalgoorlie Goldfields gold deposits, Australia, where some 50 million ounces of gold have been mined to date (http://ecite.utas.edu.au/100591).
The Shukio Log gold deposit, Russia, hosted by a black shale horizon that covers more than 15 sq-km, contains 384 million tonnes at an average grade of 2.5 to 2.7 g/t Au, with additional lower grade resources of 165 million tonnes at 2.0-2.3 g/t Au, and a further 205 million tonnes at 0.8 g/t Au in the mineralization envelope (www.smedg.org.au/apr03BryceWood.pdf). The main deposit is located within a fold nose in the black shales which displays various stages of alteration and pyrite mineralization that includes gold-rich pyrite nodules.
Another example of black shale hosted gold mineralization is the Morro do Ouro/Paracatu gold deposit located in Brazil and operated by Rio Tinto as an open pit mine from 1987 to 1999 (now owned by Kinross Gold). It produced about 50 tonnes of gold (1.46M troy ounces gold) and accounted for about 9% of Brazil's total gold production from 1982 to 1999. The combined Proven and Probable Reserves as of 2013 were estimated to be 763 million tonnes grading 0.42 g/t Au. The Measured and Indicated Resources were estimated to be 540 million tonnes grading 0.36 g/t Au (www.mining-technology.com/projects/paracatu-mine/).
The Company is very pleased with the results to date and further work will include an airborne electromagnetic and radiometric geophysical survey. The Company will use this new data to trace the prospective gold-hosting horizon along strike, and to also identify important structures such as dilation zones or folding within the 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 38,741,073 common shares issued and outstanding.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, President and CEO
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