White Metal Resources Discovers Five New Zones on its Gunners Cove Property in Newfoundland
Thunder Bay, July 3, 2018 - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that it has received the assay results of 269 grab samples taken on the Gunners Cove Property (the "Property") and that, as a result, 5 new gold occurrences have been found. The new occurrences, named the Bazooka Zone, the Stephens Zone, the Glock Zone, the Thompson Zone, and the Weatherby Zone, are all located within 7 kilometres of the original Gunners Cove "discovery pit" (see news releases dated September 25, 2017 and November 20, 2017). Of significance, is the newly discovered Bazooka Zone, sampled across the interpreted strike for approximately one kilometre, and with assay results ranging from <5 ppb and up to 2194 ppb Au (2.194 grams per tonne Au). The Bazooka Zone is described as graphitic horizon with greenschist alteration. Observations by the field crew confirm that there is consistent pyrite in forms of stringers, nodules and cubes across the entire width of the new zone. The Stephens Zone and the Glock Zone are described as pyrite nodules and cubes hosted in a black shale unit. Grab samples taken from these zones range from <5 ppb and up to 4552 ppb Au (4.552 grams per tonne Au). The Thompson Zone is located in the southeast part of Quirpon Island which lies approximately 3.6 kilometres to the northeast of the original Gunners Cove "discovery pit". Grab samples from the new Thompson Zone, hosted in a black shale unit with pyrite nodules and cubic pyrite, returned assays ranging from <5 ppb and up to 3087 ppb Au (3.087 grams per tonne Au). Please see Maps showing the new zones on the Company's web site at www.whitemetalres.com.
Other precious metals and base metals, such as silver, copper and molybdenum, are also associated with gold mineralization at the Gunners Cove Property.
The Company is very pleased with the results from the most recent prospecting program and has now expanded the gold mineralization some 3.6 kilometres to the north of the original Gunners Cove "discovery pit" and 8.46 kilometres to the south-southeast, for a total strike length of approximately 12.68 kilometres. As a result of the latest assays results, Company personnel have returned to the Property to evaluate the new showings and outline plans for the next round of exploration work.
Recent work by White Metal at the Gunners Cove Property has extended the discovery area substantially. It should be noted that the Property has not seen comprehensive exploration work in the past and the number of new gold discoveries found to date by the vendor of the Property and White Metal make the Gunners Cove Property an excellent target to continue actively seeking an economic gold deposit.
Gold was initially discovered in the Gunners Cove area in September 2017 when the Company outlined a large area of approximately 15 square-kilometres of anomalous gold and other metals associated with pyrite-nodules and pyrite stringers, and hosted by black shale. This initial area of discovery has been expanded by the recent prospecting programme.
The Company cautions investors that grab samples are selected samples and are not necessarily representative of the mineralization on the Property.
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 (TSX-V: WHM):
White Metal Resources Cor. is a junior exploration company exploring in Canada and currently has 39,855,240 common shares issued and outstanding.
On behalf of the Board of Directors of White Metal Resources Corp.
"Michael Stares"
Michael Stares, Director
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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 please contact:
Michael Stares
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836 Fax (807) 475 7200
