White Metal Provides Update on Drilling at the Tower Stock Gold Project, Ontario
Thunder Bay, Ontario--(Newsfile Corp. - February 24, 2021) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to report that three diamond drill holes have now been completed on the Tower Stock Gold Property. To date, the Company has completed a total of 600 m of core drilling of the planned 4,000 m drilling program. The Tower Stock Project, which has not seen any exploration activity for more than eight years, is located about 40 km west-northwest of the port city of Thunder Bay, Ontario and consists of 81 Single Cell Mining Claims, 11 Single Cell Boundary Claims, four freehold land grants or patents, covering about 1 941 hectares.
Michael Stares, President and CEO of White Metal, commented, "I am pleased with the progress to date and our team has been working hard preparing drill core samples for analysis. We still have numerous drill targets to test and look forward to reporting drill results as they come in. We are also eagerly awaiting results and interpretation of the DasVision IP Survey (see Company news release dated February 17, 2021), which we anticipate to be completed late March 2021. We're confident it will greatly benefit our exploration program in delineating known targets and generating new ones, as well as assisting in interpretation and modelling of the extensive gold mineralization system which characterizes the overall Tower Mountain Gold Project."
The first two diamond drill holes were designed to test the H Zone area in which sampling from last fall's prospecting program outlined gold mineralization over a strike length of at least 100 m (see Company news release dated December 10, 2020). The H Zone drill holes intersected strong to moderate potassic alteration within a broad package of volcaniclastics over the entire length of the drill holes, with pyrite mineralization noted over widths up to 50 m. All samples from these two holes have recently been submitted to Activation Laboratories in Thunder Bay, Ontario.
The third hole is an extension of TM-04-23, a hole drilled by Val Gold in 2004 in the UV Zone, and which was stopped at 300 m. White Metal has extended this drill hole a further 154 m to test for the possible down dip extension at 70 m below the U-V Zone, as intersected in historical hole TM-04-24, which returned 70.5 m (264.0-334.5 m) of 1.07 g/t Au. Core logging shows that mineralization, alteration and brecciation observed in the extension of TM-04-23 is very similar to the mineralized zone (264.0-334.5 m) noted in TM-04-24.
The Company also announces that the TSX Venture Exchange has excepted the Anderson Property agreement submittal (see Company news release dated February 2, 2021).
A Qualified Person ("QP") has not done sufficient enough work to verify the historical assay results and technical information reported herein.
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 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) 358-2420
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 projections.
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