White Metal Resources Corp.
TSX VENTURE : WHM

White Metal Resources Corp.

June 08, 2017 11:44 ET

White Metal Identifies Five Potential Gold Targets

THUNDER BAY, ONTARIO--(Marketwired - June 8, 2017) - White Metal Resources Corp. (TSX VENTURE:WHM) ("White Metal" or the "Company") is pleased to announce that it has received the results from 1,166 soil geochemical samples. Gold in soil values ranged from <5ppb up to 225 ppb. The program was designed to outline new areas of potential gold mineralization and to explore for possible extensions of known gold occurrences. The results indicate anomalous gold in soil extending approximately 900m from the Irish Lake gold zone in a north easterly direction (Iris Lake "A"). A sub-parallel anomalous zone (Iris Lake "B") extends 800m in a south westerly direction from the known gold mineralization. Two new sub-parallel gold anomalies (Vanguard "A" and "B") extend south west from the Vanguard VMS-Au deposits over a strike length of approximately 900m - 1200m. A 750m soil anomaly (Central) in the south-central part of the property will be followed up as well. A map outlining the soil anomalies can be viewed on the White Metal website at http://www.whitemetalres.com/shebandowan-property.html.

White Metal is very encouraged by the results of the first round of work completed on the property and the Company has now started a mapping and prospecting program to investigate the potential of all geochemical anomalies outlined to date.

Key points of the Shebandowan Property:

  • Wesdome continues to drill the Moss Lake Deposit which has a NI 43-101 compliant resource of 1.51 million ounces of gold.(Reference: Technical Report and Mineral Resource Estimate - Moss Lake Deposit, May 2013)
  • The property is comprised of 25 staked claims (222 claim units) totaling 3594 hectares and is located approximately 20 kilometers east of the past producing Coldstream Mine which produced 102 million pounds of copper, 440,000 ounces of silver and 22,000 ounces of gold (Canadian Mines Handbook, 1968-69, p251).
  • The Property has excellent infrastructure with hydro and road accessibility with proven past production. The Coldstream Mine produced from 1972 to 1998. The Inco Shebandowan copper-nickel-PGE mine produced from 1972 through to 1989.
  • The Property also hosts the East Vanguard and the West Vanguard deposits two historical non 43-101 compliant resources. The East Vanguard property has a historical resource of 100,000 tons of 1.8% Cu, 4.5% Zn, 6.8 g/t Ag and 5 g/t Au. The West Vanguard deposit has 200,000 tons of 1.3% Cu, 1.5% Zn, and 8.62 g/t Ag (Allegheny Mines Corporation, NR November 1997).
  • Drilling by Benton Resources Inc. in 2011 had intercepts of up to 19.5g/t Au over 0.80meters (see Benton Resources Inc. press release dated December 7, 2016).

Future Work to be completed

  • Prospecting and mapping of all soil geochemical anomalies by the end of June 2017.
  • Trenching to be completed on favourable area's followed by diamond drilling if warranted by September 2017.
  • The Company is reviewing the results of an Induced Polarization ("IP") survey that was completed by Benton Resources in 2010. The survey may help in identifying other potential structures and favourable areas that control gold mineralization on the property.

Paul E. Nielsen, PGeo, is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.

About White Metal Resources Corp (TSX VENTURE:WHM):

White Metal Resources Corp is a junior exploration company exploring in Canada and currently has 35,591,073 common shares issued and outstanding.

For a complete up to date information on the Shebandowan Property please follow the link provided. http://www.whitemetalres.com/

On behalf of the Board of Directors of White Metal Resources Corp.

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.

Contact Information

  • Michael Stares
    684 Squier St.
    Thunder Bay, ON P7B 4A8
    (807) 628-7836
    (807) 475-7200 (FAX)