White Metal Receives TSX-V Approval for Option to Quadro Resources, Seagull Lake Platinum-Palladium Project
Thunder Bay, Ontario--(Newsfile Corp. - April 3, 2020) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that the company has received TSX Venture Exchange approval in regards to the Seagull Lake Platinum-Palladium Project (the "Project" or the "Property") and its letter of intent with Quadro Resources Ltd. ("Quadro" or "QRO") (see Company news release dated February 21, 2020). The Project, which covers 7,539 ha, is about a one hour drive north of the port city of Thunder Bay, is located about 50 km south of Impala Canada's Lac des Iles Mine (previously North American Palladium), and is about 28 km north of the copper (Cu), nickel (Ni), and platinum group element (PGE) discoveries of Rio Tinto and Panoramic Resources.
Commented Michael Stares, President & CEO of White Metal, "The Company is very pleased to have this agreement approved and we look forward to working with Quadro to explore and advance the Seagull Lake Project."
The terms of the Option Agreement (the "Agreement") are as follows:
- QRO to earn an 70% interest in the Property over a 3 year period.
- Cash payments totalling $275,000 over the 3 year period.
- QRO to issue a total of 6.5M shares over the 3 year period.
- Total of $1.55M to be spent on exploration on the Property over the 3 year period.
More specifically, details of the 3 year Agreement are:
- 1st Year: $50,000 cash payment; issuance of 1M shares of QRO; $300,000 work program;
- 2nd Year: $100,000 cash payment; issuance of 2.25M shares of QRO; $500,000 work program; and
- 3rd Year: $125,000 cash payment; issuance of 3.25M shares of QRO; $750,000 work program.
The combination of cash payments and share issuances approximates a total value of $990,000 (based on Quadro's February 20, 2020 closing price of $0.11/share). After vesting a 70% interest, a joint venture is formed on the basis of 70/30 expenditures with the issuance of a 0.5% Net Smelter Return Royalty ("NSR") upon dilution to less than 10%.
Technical and scientific 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 in regards to White Metal Resources Corp. you can visit the company's Web Page at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
President & CEO, Director
For further information contact:
President & CEO, Director
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54093