White Metal Applies for Airborne Time-Domain EM-MAG Survey to Fly Gunners Cove Gold Property, Newfoundland and Announces Private Placement
White Metal Applies for Airborne Time-Domain EM-MAG
Survey to Fly Gunners Cove Gold Property,
Newfoundland and Announces Private Placement
Thunder Bay, Ontario--(Newsfile Corp. - December 18, 2017) -
White Metal Resources Corp. (TSXV: WHM)
("White Metal"
or the "Company") is pleased to announce that the Company has applied for a permit (the "Permit") to fly an airborne time-
domain electromagnetic (EM) and magnetic (MAG) geophysical survey on its Gunners Cove Property (the "Property"). The
Property, located 20 km north of St. Anthony on the Northern Peninsula, Newfoundland, is easily accessible by means of local
roads and trails, and consists of 682 claim units (59,402 ha or 594 sq-km).
The geophysical survey will cover the entirety of the
claims held by the Company.
The geophysical data will assist the Company in better understanding and delineating features which might host gold, and
possibly base metal, mineralization.
Initial surface grab samples from the new discovery made in September 2017 (news
release: September 25, 2017), and follow up sampling recently announced (news release: November 20, 2017), outline a large
area of anomalous gold and other metals associated with pyrite-nodules and pyrite stringers, hosted by black shale.
To date, 133 surface grab samples have been collected from the 10 mineralized zones at the Property.
The distribution of the
samples containing anomalous gold values define an area roughly 5 km x 3 km.
Approximately 50% of the grab samples
collected in the Gunners Cove area assayed 100 ppb Au (0.1 g/t Au) or greater, with a maximum of 5.9 g/t Au (Mossberg Zone).
Silver assay results are also elevated, ranging from less than 1 ppm Ag to a maximum of 9.1 g/t Ag (Cooey Zone) [note: grab
samples are selective by nature and are unlikely to be representative of average grades].
Our work to date at the Gunners Cove Property has highlighted a large area of anomalous gold values and extended the
discovery area substantially.
Historically, this Property has seen very little exploration work and is a recent prospecting
discovery, adding to its importance.
Precious metal and base metal mineralization is associated with, and appears to be largely
hosted by, pyritic nodules and stringers accompanied by minor silicification and local brecciation, and hosted by an extensive
black shale unit.
Following the airborne geophysical survey (planned for mid-January 2018) and associated data processing and targeting, the
Company is planning to immediately begin a diamond drilling program.
Targets will be based on a combination of regional and
local geological knowledge, surface sampling to date, and results of the airborne geophysical survey.
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 the National Instrument
43-101.
The Company also wishes to announce that, subject to TSX Venture Exchange approval, it is arranging a non- brokered private
placement of flow-through units ("FT Units") to raise gross proceeds of up to $150,000 (the "Offering").
Each FT Unit will be issued at $0.15 and will consist of one (1) Flow-through Common Share and one-half (0.5) of a Common
Share Purchase Warrant, each full Common Share Purchase Warrant being exercisable at $0.25 for 24 months from the date of
issuance subject to the Company's right to accelerate the exercise period if the Company's shares trade at $0.25 or greater for
ten consecutive trading days.
The Common Shares comprising the FT Units and the Common Shares issuable upon exercise of
the Common Share Purchase Warrants will be subject to a four (4) month hold period commencing on the Closing Date, being
the date of issuance of the Units.
The proceeds of the Offering will be used for the diamond drilling program referred to above.
For more information in regards to the Gunners Cove Property you can visit the Company's Web Page at
www.whitemetalres.com
.
About White Metal Resources Corp
(TSXV: WHM):
White Metal Resources Corp is a junior exploration company exploring in Canada and currently has 38,741,073 common shares
issued and outstanding.
On behalf of the Board of Directors of White Metal Resources Corp.
"Michael Stares"
Michael Stares, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS 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 projection
For further information contact:
Michael Stares
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836
Fax (807) 475 7200