White Metal Makes New Discoveries to Extend the Far Lake Copper Zone, Northwestern Ontario and Grants Stock Options
Thunder Bay, Ontario--(Newsfile Corp. - June 20, 2019) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that it has extended the strike length of the Far Lake Copper Zone a further 100 metres to the north from the last sampling done by the Company in 2017 (see Company news release dated August 10, 2017). The Far Lake Copper Zone is located on the Company's 100% owned Far Lake Property (the "Property"), located about 75 kilometres northwest of Thunder Bay, Ontario and north of the Shebandowan Greenstone Belt.
During the 2017 exploration program, White Metal discovered a new copper-silver showing just north of Far Lake. Subsequently, the Company channel sampled outcropping in the area of the occurrence that assayed as much as 3.54% Cu over 3.0 metres, including the highest individual sample of 4.96% Cu over 1.0 metre. Mineralization is associated with a north-south trending structure within a silicified monzonite intrusive body. Prospecting in the spring of 2019 found another occurrence of copper-silver, hosted in a silicified monzonite and along the same structural corridor as the original occurrences. This new discovery extends the mineralized horizon 100 metres further north for a total strike length of approximately 400 metres. One selected grab sample taken from the occurrence assayed 5.52% Cu, 0.188 g/t Au, and 8.5 g/t Ag. The Company has applied for a trenching permit for the Property and hopes to start the next exploration program by mid-July. Note, the reader is cautioned that grab rock samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
The Company also announces that it has granted 1,700,000 incentive stock options to directors, officers, employees, and consultants of the Company. All such options will have a term of five years at an exercise price of $0.10 per share and will be governed by the terms and conditions of the Company's stock option plan.
The Company also announces that, subject to regulatory approval from the TSX Venture Exchange, it will be settling $6,000 of debt by issuing 120,000 units ("Units") at $0.05 per Unit, each Unit consisting of 1 common share of the Company and 1 common share purchase warrant ("Warrant"), each Warrant being exercisable at $0.10 for a period of 24 months. All securities issued will be subject to a four-month hold period.
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.
About White Metal Resources Corp (TSXV: WHM):
White Metal Resources Corp. is a junior exploration company exploring in Canada. For more information please visit the Company's website at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, Director
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/45746