White Metal Completes First Phase Exploration Program On Little Joanna Gold Property, Newfoundland and Announces $150,000 Private Placement
Thunder Bay, Ontario--(Newsfile Corp. - June 7, 2019) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that it has completed the first phase of exploration work on the Little Joanna Gold Property (the "Property"), located in Central Newfoundland, Canada. Work included the collection of 619 soil samples and 36 rock samples. The soil and rock samples have been submitted to Eastern Analytical Laboratories located in Springdale, Central Newfoundland and results will be released once received and interpreted. The soil sampling program was designed to test for additional gold-bearing structures and continuity originating from the main gold showing which assayed up to 734 g/t Au (23 oz/ton Au) in selected grab samples collected and assayed by the vendor.
The soil sampling survey was designed to extend as much as seven kilometres away from the main gold showing and to also cover historical Noranda Exploration work (1980s) from which Noranda reported up to 44g/t Au in boulder samples and outlined two basil till sample anomalies of 1.15 g/t Au and 5.2 g/t Au. To date approximately 1.7 km of the planned seven kilometres has been surveyed as high water in the creek systems hindered completion of the survey; the remainder of the soil survey will be completed once water levels recede.
The Little Joanna Gold Property, one of several new properties the Company has optioned (see News Release dated October 23, 2018), is located approximately 25 km northeast of the town of Glenwood. The Property is accessible by supply roads that originate from either Glenwood or Birchy Bay and comprises 280 claim units, covering 7000 hectares. It is situated approximately 45 km northeast of Sokoman Minerals Corporation's Moosehead Gold Project. Sokoman Minerals (previously Sokoman Iron) announced a gold-bearing discovery hole on July 24, 2018, reporting an assay result from drill core of 44.96 g/t Au over 11.90 metres (from 109.00 to 120.90 metres).
Work Permits have been submitted for the William and William West properties which include prospecting and soil sampling as part of a Phase 1 work program. Phase 2 will consist of trenching and drilling of any favourable targets outlined by the Phase 1 program. These properties are located south of the town of Glenwood and approximately 30 km southeast of the Sokoman Moosehead Gold Project. The William property is proximal to the Clarks Brook property where Sokoman Minerals recently drilled 3.74 g/t over 3.10 metres, including 14.73 g/t Au over 0.60 metres (see Sokoman news release dated April 5, 2018).
Work Permits have been submitted for the Startreck Gold Property, which will see a Phase 1 work program focused on prospecting along with the relocating of previous trenching and drill hole collar locations and follow up work on numerous gold showings. The Startrek Gold Property is located about 20 km west of the town of Gander and was acquired because of its numerous un-tested gold showings. Previous operator Rubicon Minerals Corp. preformed prospecting, trenching, and drilling on the Property between 2001 and 2005 but left numerous gold and antimony showings un-evaluated which the Company believes have excellent potential. A Phase 1 work program is planned to include prospecting and surface sampling with a planned Phase 2 program to include follow up trenching and drilling of any favourable results from the Phase 1 program.
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.
The Company also announces a proposed non-brokered private placement of up to $150,000 to fund working capital requirements by way of an issue of units. Each unit will be priced at $0.05 per unit and each unit will consist of one (1) common share and one (1) share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at $0.10 for a period of two years from the closing of the private placement. The offering is only open to accredited investors in Canada and will be subject to the completion of formal documentation, receipt of all necessary regulatory approvals, including the TSX Venture Exchange and other customary conditions. All of the securities sold pursuant to the offerings will be subject to a four-month plus one day hold period from the date of closing.
White Metal Resources Corp. (TSXV: WHM) is a junior exploration company exploring for gold and base metals in Canada and internationally.
For more information you can visit the company's Web Page at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, Director
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 release.
For further information contact:
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836 Fax (807) 475 7200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45407