THUNDER BAY, ONTARIO--(Marketwired - Aug. 31, 2016) - White Metal Resources Corp. (TSX VENTURE:WHM) ("White Metal" or the "Company) is pleased to announce that it has reached a verbal agreement in regards to a Memorandum of Understanding ("MOU") with both Slate Falls and Cat Lake First Nations. The MOU ensures that White Metal and both First Nation communities will work together to build a positive working relationship in regards to the Dorothy-Dobie gold project and other potential future projects in the area. The MOU will also ensure that the communities will benefit from economic growth should any economic mineral resources be discovered and developed. The Company expects to formally sign the MOU in September.
The Company also announces that the first round of diamond drilling will commence in early September at the western end of the Dorothy-Dobie gold deposit. The Dobie Zone is considered to contain a historical resource of 50,000 ounces of gold contained in 301,000 tonnes grading 5.50 gpt Au. This resource estimate was calculated by Bond Gold Canada Inc. prior to CIM National Instrument 43-101 guidelines and as such should only be considered from a historical point of view and not relied upon until verified by a qualified person. The drilling program is designed to test the extension of previously completed diamond drill holes (DOB-09-12, -13, and -14) completed by Manicouagan Minerals Inc. in 2009 which were successful in extending the known gold zone an additional 180 metres along strike to the west, and identifying a potential bulk tonnage gold exploration target. Further, White Metal believes that there is potential for higher grade underground gold resources as the mineralized gold horizon was only tested to a depth of 100 metres.
White Metal Resources (TSX VENTURE:WHM) is a junior mineral exploration company exploring in Canada and currently has 30,451,073 common shares issued and outstanding.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, President and CEO
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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