White Metal to Drill at Shebandowan Gold Property, Ontario
Thunder Bay, Ontario--(Newsfile Corp. - October 19, 2018) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that the Company will begin drilling its 100% owed Shebandowan Gold Property (the "Property"), located in northwestern Ontario, Canada. The diamond drilling program is planned to consist of 3 holes totalling approximately 500 metres, and will follow-up on an area where former owner, Benton Resources Inc., intersected a gold zone assaying 19.5 g/t Au over 0.80 metres at a depth of 262 metres (drill hole SH-11-003). The current drilling program will be focused on drilling up-dip of hole SH-11-003 in order to test for the near-surface expression of the gold zone. The other two diamond drill holes are planned to be approximately 50 metre step-outs from the first drill hole in order to test the strike extent of the same gold zone.
The Shebandowan Gold Property is located in the Burchell Lake, Greenwater Lake and Kashabowie Lake areas in the Thunder Bay Mining District, approximately 100 kilometres west of the port City of Thunder Bay, Ontario. The Property also hosts the historic Vanguard polymetallic metal deposit from which Noranda Inc. reported a historic non-compliant National Instrument 43-101 mineral resource, stating the Vanguard West zone hosts 200,000 tonnes of 1.3% Cu, 1-2% Zn, 8.26 g/t Ag, and 4-6 g/t Au, and the Vanguard East zone hosts 100,000 tonnes of 1.8% Cu, 3-6% Zn, 6.8 g/t Ag, and 4-6 g/t Au. These non-compliant mineral resources are historical in nature and are not considered current resources with respect to the definitions defined by National Instrument 43-101 and CIM Definition Standards on Mineral Resources and Mineral Reserves.
To the southwest, adjacent to the historic Vanguard deposit, are the former producing North Coldstream Copper-Silver-Gold Mine (1960's historic production of 102 million lbs of copper, 440,000 ounces of silver, and 22,000 ounces of gold produced from 2.7 million tons of ore; OGS Mineral Deposit Inventory, 2000), and the Osmani Gold Deposit (formerly the East Coldstream Deposit) containing National Instrument 43-101 Indicated Mineral Resources of 3.5 million tonnes at an average grade of 0.85 g/t Au, and Inferred Mineral Resources of 30.5 million tonnes at an average grade of 0.78 g/t Au (Foundation Resources Inc. NI 43-101 Technical Report, 2011).
The Shebandowan Gold Property is also located west of the former producing Shebandowan Nickel-Copper mine. This mine was in production from 1972 to 1998 and produced 8.34 million tons at 2.0% Ni, 1.2% Cu, and 3.96 g/t Pt+Pd+Au (MNDM MDI52B09SE00003, June 12, 2007).
Jean-Pierre Colin, President & CEO of White Metals commented, "The area of exploration which White Metal plans to drill on the Shebandowan Gold Property has previously revealed compelling assay results which definitely merit a close and definitive follow up. A previous 2017 Ontario-based flow through share funding commitment by White Metal has been allocated for this noteworthy programme. As a result, White Metal continues to retain all the proceeds of its 2018 financing announced in September 2018 available for subsequent expenditures on its other projects."
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 Shebandowan Gold 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 mineral exploration company exploring for gold in Canada.
On behalf of the Board of Directors of White Metal Resources Corp.
Jean-Pierre Colin, President, CEO and 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:
President, CEO & Director
White Metal Resources Corp.
White Metal Resources Corp.
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836
Fax (807) 475 7200