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Enter Symbol
or Name
USA
CA



White Metal Resources Corp
Symbol WHM
Shares Issued 73,439,640
Close 2020-03-31 C$ 0.02
Market Cap C$ 1,468,793
Recent Sedar Documents

White Metal receives TSX-V OK for Seagull option deal

2020-04-03 09:10 ET - News Release

Mr. Michael Stares reports

WHITE METAL RECEIVES TSX-V APPROVAL FOR OPTION TO QUADRO RESOURCES, SEAGULL LAKE PLATINUM-PALLADIUM PROJECT

White Metal Resources Corp. has received TSX Venture Exchange approval in regards to the Seagull Lake platinum-palladium project and its letter of intent with Quadro Resources Ltd. (QRO) (see company news release dated Feb. 21, 2020). The project, which covers 7,539 hectares (ha), is about a one-hour drive north of the port city of Thunder Bay, is located about 50 kilometres (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 and chief executive officer 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 are as follows:

  • QRO to earn an 70-per-cent interest in the property over a three-year period;
  • Cash payments totalling $275,000 over the three-year period;
  • QRO to issue a total of 6.5 million shares over the three-year period;
  • Total of $1.55-million to be spent on exploration on the property over the three-year period.

More specifically, details of the three-year agreement are:

  • First year -- $50,000 cash payment, issuance of one million shares of QRO and $300,000 work program;
  • Second year -- $100,000 cash payment, issuance of 2.25 million shares of QRO and $500,000 work program;
  • Third year -- $125,000 cash payment, issuance of 3.25 million shares of QRO and $750,000 work program.

The combination of cash payments and share issuances approximates a total value of $990,000 (based on Quadro's Feb. 20, 2020, closing price of 11 cents per share). After vesting a 70-per-cent interest, a joint venture is formed on the basis of 70/30 expenditures with the issuance of a 0.5-per-cent net smelter return royalty (NSR) upon dilution to less than 10 per cent.

Technical and scientific information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (professional geoscientist), vice-president of 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.

White Metal Resources is a junior exploration company exploring in Canada.

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