Mr. Michael Stares reports

WHITE METAL REPORTS RESULTS FROM PHASE 2 DRILLING AND DISCOVERS THREE NEW GOLD ZONES AT THE TOWER STOCK GOLD PROJECT, ONTARIO

White Metal Resources Corp. has discovered three new gold zones and has assay results for five diamond drill holes from the phase 2 drilling program from its flagship Tower Stock gold project. The first new gold zone, named 110 zone, was drilled to test a high-priority DasVision 3-D IP (induced polarization) geophysical target, and the second and third new gold zones, named the Star zone and the C & M zone, were found at surface as part of the continuing prospecting and mapping program. The phase 2 drilling program totalled 3,760 metres in 20 drill holes (TM-21-98 to TM-21-117), with 11 drill holes reported to date.

Highlights:

• Successfully extended Bench zone down dip to the southwest;
• A zone -- 3.94 grams per tonne gold over 23.8 metres (from 3.7 metres);
• New drilling discovery 110 zone -- 0.44 gram per tonne gold over 141.50 metres, including 1.02 grams per tonne gold over 7.5 metres.

New surface discoveries:

• Star zone -- 24 rock grab samples, taken over a 450-metre-long-by-250-metre-wide area, ranging from eight parts per billion to 2.83 grams per tonne gold, with 14 of the 24 samples assaying over 0.1 gram per tonne gold;
• C & M zone -- two rock grab samples assayed 5.27 grams per tonne gold and 2.33 grams per tonne gold;
• Popa zone -- two rock grab samples, taken over a 10-square-metre area, assayed 3.05 grams per tonne gold and 2.94 grams per tonne gold.

Michael Stares, president and chief executive officer of White Metal, commented: "We are extremely pleased with the progress of our exploration to date. Yet again, we have demonstrated, through drilling and our ongoing prospecting and mapping program, that there are still lots of surprises at the Tower Stock gold project. With only one year of exploration on the property, we have made several new discoveries, such as the Ellen and 110 zones, and have expanded the Bench and D zones. Prospecting, mapping and soil sampling have proven very effective with a number of additional untested surface areas discovered, including the C & M zone, Star zone and Popa zone. We look forward to receiving the results of the remaining drill core assays; that includes the extension drilling of the Ellen zone, the 04-36 zone and an untested IP anomaly in the area to the south of the 04-36 zone. The Tower Stock gold project, unique due to its excellent location, great infrastructure and impressive geology, has delivered exceptional gold grades over wide intervals, including some very exciting high-grade gold intercepts."

Phase 2 diamond drilling

The phase 2 diamond drilling program was completed in mid-September. A summary of the latest results is provided in an attached table. A summary of previously announced results is provided in another attached table (see news release dated Aug. 24, 2021).

Bench zone

Holes TM-21-105, TM-21-106 and TM-21-107: Three holes were designed to test the downdip extension of the central portion of the Bench zone, over a strike length of 150 metres. These holes were successful in extending the zone 40 metres to 50 metres to the southwest with TM-21-105 and TM-21-106 returning significant widths of gold mineralization between 150 metres and 169.5 metres, including a number of zones with greater than 1.0 gram per tonne gold. This includes an as-yet-unnamed new zone, about 150 metres below surface, intersected by TM-21-106 that returned 1.01 grams per tonne gold over 58.50 metres and remains open at depth.

A zone

Hole TM-21-108 was designed to test for the east extension of the main A zone horizon. This hole was successful in intersecting the zone, returning 3.94 grams per tonne gold over 23.8 metres, including 8.77 grams per tonne gold over 7.5 metres, starting from surface (3.7 metres). Although the A zone was previously worked by Inco Ltd. and Noranda Exploration Inc., only sparse work and data were reported.

110 zone

Hole TM-21-110 was designed to test a high-priority DasVision 3-D IP chargeability anomaly, approximately 250 metres southeast of the south extent of the Bench zone. This hole was successful targeting, resulting in the discovery of a new gold zone. The entire length of the hole (143.0 metres) returned anomalous gold (average 0.44 gram per tonne gold), with the main part of the zone returning 0.75 gram per tonne gold over 52.0 metres (from 2.5 metres), including 1.02 grams per tonne gold over 7.5 metres (from 47.0 metres). It should be noted that the style of mineralization in the 110 zone is unlike any mineralization found on the property to date in that it is wholly hosted within an intrusive monzonite body with less than 1 per cent pyrite and trace chalcopyrite in quartz-carbonate fractures; the majority of known gold mineralization is hosted by altered metavolcanic rocks.

Prospecting and mapping

C & M zone

Located 720 metres east of the 110 zone discovery area, two surface samples from this newly discovered zone, collected near one another, returned 2.33 grams per tonne gold and 5.27 grams per tonne gold. This zone is hosted within fractured monzonite with less than 1 per cent pyrite and trace chalcopyrite. Its similarity with the 110 zone suggests a much larger target region, interpreted to be over 300 metres across. The area has very poor exposure with 95 per cent overburden; drilling is planned for this area.

Star zone

Located 600 metres to the west of the 04-36 zone, in a previously unmapped area, this newly discovered zone hosts widespread gold mineralization with anomalous gold concentrations ranging from 86 parts per billion gold to 2.8 grams per tonne gold over a minimum strike length of 400 metres and up to 100 metres wide. Mineralization is hosted within an extensive zone of felsic pyroclastic volcanic rocks exhibiting extensive and pervasive hydrothermal alteration plus well-developed fracturing and deformation. This area of widespread anomalous gold mineralization shares similarities with the 04-36 zone and if connected presents an exploration target with as much as 600 metres of strike length.

Popa zone

Located about 700 metres northeast of the eastern edge of the Bench zone, two rock grab samples, taken over a 10-square-metre area, assayed 3.05 grams per tonne gold and 2.94 grams per tonne gold. This zone is hosted within fractured monzonite with 1 per cent to 3 per cent pyrite and located in an area largely covered by overburden. The company is currently trenching this area to get a better understanding of the extent and controls on gold mineralization.

A qualified person, as described by National Instrument 43-101, has not done sufficient enough work to verify the historical assay results and technical information reported herein. Rock grab samples are selective samples by nature and as such are not necessarily representative of mineralization hosted across the property.

Sample analysis

Company quality assurance/quality control standards and blanks were inserted into the sample stream for all sample types (surface rock grab samples and half drill core samples) and submitted for analysis by Activation Laboratories Ltd. (Actlabs) in Thunder Bay, Ont. Samples were transported under the direct supervision of senior White Metal personnel and delivered from the property to the laboratory receiving facilities. Samples were analyzed for gold by fire assay with an AA finish and gold by fire assay with gravimetric finish. Actlabs is an independent commercial laboratory that is ISO 9001 certified and ISO 17025 accredited.

Qualified person

Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans, PGeo, vice-president exploration and a director of White Metal, who is a qualified person under the definitions established by NI 43-101.

About White Metal Resources Corp.

White Metal Resources is a junior exploration company exploring in Canada and southern Africa. The company's two key properties are the flagship Tower Stock gold project in Thunder Bay, Ont., Canada, and the Okohongo copper-silver project in Namibia, Africa.

We seek Safe Harbor.