04:39:48 EDT Tue 09 Aug 2022
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White Metal Resources Corp
Symbol WHM
Shares Issued 128,589,750
Close 2021-11-08 C$ 0.09
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White Metal begins phase 3 drilling at Tower Mt.

2021-11-09 09:12 ET - News Release

Mr. Michael Stares reports

WHITE METAL BEGINS PHASE 3 DRILLING PROGRAM AT TOWER MOUNTAIN EXTENDING KNOWN GOLD MINERALIZATION AND ONGOING EXPLORATION OF NEW PROSPECTS

White Metal Resources Corp. will resume diamond drilling with a phase 3 program on its flagship Tower Mountain gold project. The company was successful in delineating gold mineralization in its phase 1 and phase 2 drilling programs and will now focus on extending those intersections in the phase 3 program. Additionally, drilling will test new areas of prospective gold mineralization uncovered during the 2021 mapping and prospecting program.

Michael Stares, president and chief executive officer of White Metal, commented: "I am looking forward to starting the phase 3 drilling program on the Tower Mountain gold project. After identifying numerous new gold prospects such as the Ellen zone and 110 zone, I am confident that the phase 3 program will generate exciting gold-bearing intercepts."

The Tower Mountain gold project is a 2,038-hectare gold property located 50 kilometres west of the port city of Thunder Bay, Ont. The project has year-round access and is proximal to both the highway and railway lines. Drilling to date totals 6,245.5 metres and confirms that the property continues to exhibit exceptional potential for large-tonnage, low-grade gold deposits with local high-grade mineralization. The phase 3 drilling program is designed to continue to extend length, width and at depth of known zones. The next phase of drilling, scheduled to commence in mid-November, 2021, will also test the structure and control of higher-grade gold mineralization.

The Tower Mountain gold property represents an area of exceptional and widespread gold endowment hosted predominantly within a broad package of metavolcanic rocks intruded by a Neo-Archean, high-level, multiphase, subalkali intrusion. Gold mineralization occurs mostly as disseminated within multistage calcic-dominated alteration and also within west-northwest vein arrays and a complex system of hydrothermal breccias which may also have acted as feeder systems.

Summary of the phase 3 drill targets

A zone

Drill hole TM-21-108 returned 23.8 m grading 3.94 grams per tonne gold (near surface 3.7 m), including 7.5 m grading 8.77 g/t Au (from eight m). Mapping and sampling of the A zone has been continuing to gain a better understanding on structural and alteration controls of the gold mineralization:

  • Phase 3 drilling will test along strike and down dip of the A zone to test for the continuity of the zone and to further delineate the high-grade gold intercept in TM-21-108.

110 zone

TM-21-110 that was drilled to test a high-priority DasVision 3-D IP (induced polarization) chargeability anomaly, approximately 250 m southeast of the southern extent of the Bench zone, resulted in the discovery of a new gold zone. The entire length of the hole (143 m) returned anomalous gold (average 0.44 g/t Au) with the main part of the zone returning 52 m grading 0.75 g/t Au (near surface at 2.5 m), including 7.5 m grading 1.02 g/t Au (from 47 m):

  • Phase 3 drilling will be focused on extending the 110 zone along strike and down dip.

C&M zone

The phase 3 drilling program will test for similarities between the C&M zone and the 110 zone that are 600 m apart. Grab samples taken at the C&M zone returned up to 2.33 g/t and 5.27 g/t Au.

Star zone

The Star zone is an exciting new gold prospect located 600 m to the west of the 4-36 zone. This zone hosts widespread gold mineralization with anomalous gold concentrations ranging from 86 parts per billion to 4.2 g/t Au over a minimum strike length of 400 m and up to 100 m wide. In phase 3, two diamond drill holes are planned to test the potential of extending the known surface gold mineralization.

U&V zone

The company will also be following up on the U&V zone where historical drill intercepts were reported such as in TM-04-02 that assayed 1.5 m of 546.80 g/t Au from 42 m to 43.5 m and TM-04-03 that assayed 588.89 g/t Au over 1.5 m from 73.5 to 75 metres:

  • Phase 3 will test these areas to try and get a better understanding of the control of the high-grade gold mineralization.

Bench zone

The three previous holes were successful in extending the Bench zone as much as 50 m to the southwest, with TM-21-105 grading 0.75 g/t Au over 22.5 m including 10.5 m grading 1.11 g/t Au and TM-21-106 grading 0.56 g/t Au over 150 m including 1.01 g/t Au over 58.5 m including 1.74 g/t Au over 15 metres.

  • Phase 3 will focus on expanding the Bench zone along strike and down dip of these intersections.

Ellen Zone

The Ellen Zone was discovered during the Phase 1 drilling program and highlighted by the following drill holes: TM-21-94 returned 1.75 g/t Au over 82.5 m, including 3.0 g/t Au over 45.0 m (see news release dated April 20, 2021); TM-21-98 returned 1.11 g/t Au over 34.5 m starting at 72.5 m, including 2.33 g/t Au over 7.5 m; and, TM-21-100 returned 1.23 g/t Au over 90.0 m starting at 23.0 m, including 3.68 g/t Au over 10.5 metres:

  • Phase 3 drilling on the Ellen Zone will be focused on getting a better understanding on the structure and control of the higher-grade gold mineralization.

To view drill hole sections and additional project information and maps please visit the White Metal website and slide show.

Corporate development

The company has engaged the services of David Speck to assist the company with corporate development initiatives.

Mr. Speck is currently president of AI Renewable, a privately held company that structures flow-through limited partnerships to finance clean- and renewable-energy projects. Mr. Specl has numerous years of experience in senior management roles, including his role as director and vice-president of Polar Star Mining. He has extensive experience in sales, investor relations and corporate development including senior positions as vice-president at O'Donnell Investment Management, complex sales manager at Merrill Lynch Canada and executive vice-president, national sales manager, at Research Capital Corp. He has served as an independent investor relations officer for several publicly traded companies listed on both the Toronto Stock Exchange and TSX Venture Exchanges. Mr. Speck is a director of SEGO Resources Inc. and Rainy Mountain Royalty Corp. and is a graduate of the University of Guelph. He completed his chartered financial analyst (CFA) degree in 1994.

Qualified person and disclosure

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 National Instrument 43-101. Historical information and data referred to in this news release have not been independently verified by a qualified person. All drill hole intervals in this news release are presented as core lengths and are not considered true widths.

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.

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