Thunder Bay, Ontario January 18, 2022: White Metal Resources Corp. (TSXV: WHM) (FRA: CGK1) (OTCMKTS: TNMLF) (“White Metal” or the “Company”) is pleased to announce that it has received additional drill results from its ongoing Phase 3 drilling program at its flagship Tower Mountain Gold Project (the “Project” or “Property”). The two drill holes TM-21-120 and TM-21-121 were designed to test the down dip and expansion of the Bench Zone and the Company is very pleased to report that both holes were successful in expanding the Bench Zone. The Phase 3 drilling program was designed to further test the encouraging results received from the Company’s Phase 1 and 2 drilling programs previously reported that have been testing multiple gold zones (Figure 1).
Michael Stares, President and CEO of White Metal, stated: “These widespread gold intercepts continue to demonstrate Tower Mountain’s economic potential and we are encouraged that the Bench Zone has promise to host an open-pit mineral resource. This is further substantiated by the combined Bench Zone,110 Zone and D Zone results which are interpreted to represent a broad, single alteration-mineralization system. We will continue to drill the prospective areas within these zones to further our understanding of this impressive gold system. The total strike distance between the northwest portion of the Bench Zone to the southern area of the 110 Zone is approximately 800 metres although additional drilling is required to fully test if there is continuity between the zones.”
TM-21-120 was drilled 30 m to the west-southwest of TM-21-106 (see Company news release dated September 23, 2021) while TM-21-121 was drilled 103 m to the southeast of TM-21-120. Both holes were drilled as follow-up from the Phase 2 drilling program and the encouraging results obtained from holes TM-21-105, 106, and 107 that were also designed to test the down-dip extension of the Bench Zone (see Table 1 results from the Bench Zone).
The ongoing Phase 3 drilling program has been very successful expanding the Bench Zone to the west and demonstrating the continuity of the down-dip extension. It should also be noted that both diamond drill holes ended in gold mineralization, with TM-21-120 returning 0.67 g/t Au from 285.5-287.0 m (End of Hole) and TM-21-121 returning 0.48 g/t Au from 291.5-293.0 m (End of Hole).
Click below to view sections.
Figure 1: Plan map of the Tower Mountain Gold Property showing some of the main gold zones.
This news release focuses on the Bench Zone portion of the ongoing drilling program, with future core assay results to be reported from several of the other zones as they are received, compiled, and interpreted by the Company. Readers are also encouraged to refer to the Company’s news release dated January 11, 2022 for more specific details surrounding the Tower Mountain Phase 3 drilling program.
About the Tower Mountain Gold Property
The Tower Mountain Gold Property is located 50 km west of Thunder Bay, Ontario and consists of unpatented and patented lands totalling 1,968 ha (19.68 square kilometres) The Property has excellent infrastructure and can be worked year-round with well-maintained roads and a power grid within <5 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 2020 produced 136,200 ounces of gold (Alamos Gold news release February 24, 2021).
Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the Company’s Property.
To view drill hole sections and additional project information and maps please visit the White Metal website and slide show at https://www.whitemetalres.com/tower-mountain-au.html. For a detailed overview of the Tower Mountain Gold Project click here.
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 NI 43-101.
About White Metal Resources Corp.
White Metal Resources Corp. 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, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit https://www.whitemetalres.com/
On behalf of the Board of Directors
"Michael Stares" President & CEO
For further information contact:
Michael Stares, President & CEO
White Metal Resources Corp.
684 Squier Street
Thunder Bay, ON P7B 4A8
Phone: +1 (807) 358-2420
Thomas Do, Investor Relations Manager
CHF Capital Markets
Phone: +1 (416) 868-1079 x 232
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.