White Metal Expands Surface Gold Mineralization at Gunners Cove Property, Newfoundland
Thunder Bay, November 20, 2017 - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that the Company has received assay results from 156 rock samples collected during its recently completed exploration program on the Gunners Cove Property (the "Property"), located 20 km north of St. Anthony, on the Northern Peninsula, Newfoundland. The Property, easily accessible by means of local roads and trails, consists of 682 claim units comprising 59,402 hectares (approx. 594 sq-km). Of the 156 rock samples, 99 were collected from the main area of the black shale unit. On the basis of the results from the 99 samples, the Company has expanded the gold (Au) mineralization to the north by approximately 3.75 km, to the east-northeast by approximately 3.2 km, and to the south by about 1.3 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 2.14 g/t Au. Silver assay results are also elevated, ranging from less than 5 ppb Ag to a maximum of 9.1 g/t Ag (note: grab samples are selective by nature and are unlikely to be representative of average grades). Our recent work 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 (minor prospecting), adding to the importance of this new gold discovery. Precious 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.
Michael Stares, President and CEO of the Company, stated "Gold mineralization at the Gunners Cove Property is hosted by sedimentary rocks of the Goose Tickle and Hare Bay geological groups, and from the limited mapping we have completed to date, the unit strikes approximately north-south. The style of mineralization at the Gunners Cove Property is very unique and is quite possibly the only project of its kind in Canada, with anomalous gold, silver and base metals, in this geological environment."
Although there is still much to learn about the geological environment of the Property, there are some global examples of significant gold projects hosted or associated with nodular pyrite-bearing black shale units, which may have some similarities to the Property. Anomalous gold in nodular pyrite hosted by black shale occur in association with the Kalgoorlie Goldfields gold deposits, Australia, where some 50 million ounces of gold have been mined to date (http://ecite.utas.edu.au/100591).
The Shukio Log gold deposit, Russia, hosted by a black shale horizon that covers more than 15 sq-km, contains 384 million tonnes at an average grade of 2.5 to 2.7 g/t Au, with additional lower grade resources of 165 million tonnes at 2.0-2.3 g/t Au, and a further 205 million tonnes at 0.8 g/t Au in the mineralization envelope (www.smedg.org.au/apr03BryceWood.pdf). The main deposit is located within a fold nose in the black shales which displays various stages of alteration and pyrite mineralization that includes gold-rich pyrite nodules.
Another example of black shale hosted gold mineralization is the Morro do Ouro/Paracatu gold deposit located in Brazil and operated by Rio Tinto as an open pit mine from 1987 to 1999 (now owned by Kinross Gold). It produced about 50 tonnes of gold (1.46M troy ounces gold) and accounted for about 9% of Brazil's total gold production from 1982 to 1999. The combined Proven and Probable Reserves as of 2013 were estimated to be 763 million tonnes grading 0.42 g/t Au. The Measured and Indicated Resources were estimated to be 540 million tonnes grading 0.36 g/t Au (www.mining-technology.com/projects/paracatu-mine/).
The Company is very pleased with the results to date and further work will include an airborne electromagnetic and radiometric geophysical survey. The Company will use this new data to trace the prospective gold-hosting horizon along strike, and to also identify important structures such as dilation zones or folding within the black shale unit.
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.
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
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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
For further information contact:
Michael Stares
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836
Fax: (807) 475-7200