White Metal to Begin Work on New Gold Discovery, Gunners Cove Property
White Metal to Begin Work on New Gold Discovery,
Gunners Cove Property
Thunder Bay, Ontario--(Newsfile Corp. - October 11, 2017) -
White Metal Resources Corp. (TSXV:
WHM)
("White Metal" or
the "Company") is pleased to announce that the TSX Venture Exchange has accepted the filing in regards to White Metal's
optioning of the Gunner Cove Property (the "Property")
in the province of Newfoundland (see news release, September 25,
2017). Within the next week, the Company will begin a prospecting and mapping program on the Property.
The Company also announces that it is arranging a non-brokered private placement of flow-through units ("FT Units") to raise
gross proceeds of up to $115,000.
Each FT Unit will be issued at $0.05 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
$0.10 for 24 months from the date of issuance.
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 proposed financing and associated terms are subject to TSX Venture Exchange approval.
The Gunners Cove Property, located approximately 20 kilometres north of St. Anthony, Newfoundland, is a new precious metals
discovery with no previous work completed other than selective grab samples collected during previous limited prospecting
programs.
Precious and base metal mineralization is associated with pyrite-rich accumulations/nodules in graphitic argillaceous
black shale.
Selective grab samples collected by the property vendor and submitted to the laboratory by the Company, returned
values as high as 5.86 g/t gold, 8.0 g/t silver, 0.13% copper, and 375 ppm molybdenum.
Follow-up sampling by White Metal
yielded results of 10 ppb to 1480 ppb gold from 33 selective grab samples collected over an area measuring approximately 800
metres long by 350 metres wide. Based on these results, the Company staked an additional 580 claims to cover the prospective
ground in the area.
Technical information in this news release has been reviewed and approved by Scott Jobin-Bevans (P.Geo.), Vice President
Exploration 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 (TSXV: WHM):
White Metal Resources Corp is a junior exploration company exploring in Canada and currently has 35,691,073 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