Dr. Scott Jobin-Bevans reports

WHITE METAL INTERSECTS 1.5 M OF 27.2 G/T AU IN THE A ZONE AND 1.5 M OF 10.9 G/T AU IN THE D ZONE, PHASE 3 DRILLING, TOWER MOUNTAIN GOLD PROJECT, ONTARIO

White Metal Resources Corp. has received additional drill core assay results from its recently completed phase 3 drilling program at its flagship Tower Mountain gold project, located about 50 kilometres west-northwest of the port city of Thunder Bay, Ont. The D zone is located approximately 500 metres southeast of the A zone and results from the current drilling extended the A zone by 25 m down dip. Drilling results from the C&M zone suggest a possible link to alteration and gold mineralization located in the areas of the D and 110 zones, extending the strike for more than 700 m to the west.

Highlights from the most recent results of phase 3 drilling are:

• TM-21-123: from 233 m, 10.90 grams per tonne gold over 1.5 m (D zone);
• TM-22-128: from 30.5 m, 7.13 g/t Au over 1.5 m (C&M zone);
• TM-22-129: from 62 m, 5.3 g/t Au over 1.5 m (C&M zone);
• TM-22-130: from 14 m, 27.2 g/t Au over 1.5 m (A zone);
• TM-22-132: from five m, 5.34 g/t Au over 1.5 m (A zone).

The company is very pleased with the results to date as it continues to identify low-grade gold over long core intervals and high-grade gold over narrower core intervals. Much more drilling is required to evaluate the full potential and scale of the D, 110, C&M, and A zones, as well as numerous other zones and surface showings.

The phase 3 drilling program was successful in testing the multitude of gold zones, expanding the potential of the Bench zone, and infill drilling between holes TM-21-120 and TM-21-121, which had significant gold grades over substantial core lengths (see company news release dated Sept. 23, 2021).

The Ellen zone, U&V zone, Star zone, H zone, G zone, and P zone are still to be tested by diamond drilling and will be the focus of future drilling programs (see company news release dated Oct. 21, 2021).

The following is a summary of the drill hole results for the holes reported in this news release with core assay results summarized in the attached table. A comprehensive list of drill core assay results is provided on the company website. Core assay intervals are calculated using a 100 ppb (parts per billion) Au exploration cut-off with intersection calculations terminated if two or more sampling intervals are less than 100 ppb Au.

D zone:

• TM-21-123 -- drilled 240 m west-southwest of TM-21-95 and designed to test the down-dip extension of the D zone, intersecting it at a drill hole depth of 149 metres.

110 zone:

• TM-21-125 -- designed to test down-dip extension of the 110 zone, intersecting this zone at 63.5 metres;
• TM-22-126 -- drilled 50 m northwest of TM-21-110 and intersected mineralization at a drill hole depth of 42.5 metres.

C&M zone:

• TM-22-127 -- drilled 670 m west of the 110 zone; the company interprets gold mineralization intersected in this hole to be a possible strike continuation of the 110 zone;
• TM-22-128 -- drilled 700 m east of TM-22-126, with gold mineralization suggesting the D zone has a potential strike length of 800 m and is open in all directions.

A zone:

• TM-22-129 -- drilled on the eastern side of the A zone, designed to test the down-dip extension of TM-21-117;
• TM-22-130 -- drilled 30 m southwest of TM-21-118 in the central portion of the A zone, designed to test the down-dip extension of this zone;
• TM-22-131 -- drilled from the same set-up as TM-22-30 and terminated at 20 m due to bad ground, with the last core sample assaying 1.80 g/t Au;
• TM-22-132 -- drilled 30 m southwest of TM-21-117 and designed to test the down-dip extension of TM-21-119.

Drill holes TM-22-129, 130, 131 and 132 were designed to test the down-dip extension of the impressive results from TM-21-108, 117, 118 and TM-21-119, drilled 20 to 25 m southwesterly along drill section. The results from the recent drilling confirm the continuation of the A zone.

The A zone has been interpreted as the result of two major structural events. Low-grade and strongly anomalous gold-enriched breccia structures are intersecting a later vein structural system, creating a high-grade, very steep westerly plunging shoot. This new understanding gives exciting potential to future definition drilling and the targeting of high-grade gold.

Like the phase 1 and 2 drilling programs before, the phase 3 drilling program demonstrates the potential of the Tower Mountain gold project to host mineralization potentially amenable to a large, low-grade gold open-pit operation with high-grade sections that could be amendable to underground mining. Much more drilling is required to fully understand the extent of the project's gold zones as each round of drilling continues to deliver new information and positive results. A summary of all results reported to date are provided on the company website.

Future drill core assay results will be reported as they are received, compiled and interpreted by the company. Readers are also encouraged to refer to the company's news release dated Jan. 11, 2022, for more specific details surrounding the Tower Mountain gold project and the phase 3 drilling program.

It should be noted that many of the gold zones discovered to date on the Tower Mountain gold project, including the newly discovered Ellen zone, A zone, and as well parts of the U&V zone, are associated with magnetic lows which seem to have a direct correlation with elevated gold concentration. To date, White Metal has covered about 60 per cent of the property with detailed ground magnetic survey and due to the correlation between magnetic lows and gold, the company is planning to complete the magnetic surveying over the remaining 40 per cent of the property in the coming weeks. About 40 per cent of the property has been covered by soil sampling and recent success in drilling on the C&M zone and extensions of the 110 and D zones targeted highly anomalous gold-in-soil, obtained from the 2021 summer soil sampling program. The No. 1 priority will be the Star zone, where a large area of gold-in-soil anomalies was defined during the 2021 program (see White Metal news release dated Sept. 23, 2021). The remainder of the property will be covered with soil sampling in order to define new drill targets.

About the Tower Mountain gold project

The Tower Mountain gold project is located 50 km west of Thunder Bay, Ont., and consists of unpatented and patented lands totalling 1,968 hectares (19.68 square km). The property has excellent infrastructure and can be worked year-round with well-maintained roads and a power grid within less than five kilometres. Gold mineralization on the property is described as intrusive-associated disseminated gold and may have similarities to gold mines hosted in the Abitibi greenstone belt of Northeastern Ontario, such as in the Kirkland Lake and Malartic gold camps. One example, the Young-Davidson mine, is currently one of Canada's largest underground gold mines and in 2021 produced 195,000 ounces of gold (Alamos Gold news release dated Jan. 17, 2022).

Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the company's property.

Qualified person

Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (PGeo), interim president and chief executive officer and a director of White Metal, who is a qualified person under the definitions established by National Instrument 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 Mountain gold project in Thunder Bay, Ont., Canada, and the Okohongo copper-silver project in Namibia, Africa.

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