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News Release -  April 16, 2021 5:18 PM ET    Editorial Release

White Metal Reports 45 m Grading 2.02% Cu and 33 g/t Ag at Taranis Copper-Silver Project, Namibia and Continues to Drill Gold System in Ontario

NEW YORK, NY, April 16, 2021 /Sector Newswire/ -- White Metal Resources Corp. (TSX-V: WHM) (US Listing: TNMLF) (Frankfurt: CGK1) last week announced that it has received the second batch of assay results from an additional 7 reverse circulation drill holes from its January-February 2021 drilling program (28 drill holes totalling 3,226 m) at its 95%-owned Okohongo Copper-Silver Project in Namibia, where the Company is in the process of bringing the historical resource to NI 43-101 compliance and is expected to produce a technical report on the Okohongo Cu-Ag Deposit this Q2-2021. White Metal is also currently undergoing a ~4,000 m drilling program on multiple zones on its newly optioned Tower Stock Gold Project in Ontario. Additionally, White Metal Resources Corp. is the subject of a Mining MarketWatch Journal review, full copy of which may be viewed at https://miningmarketwatch.net/whm.htm online. Below is excerpt copy of the latest Company release, followed by excerpt copy of the recent MiningMarketWatch Journal review.

Excerpt from April 8, 2021 news release:

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Excerpt from recent Mining MarketWatch Journal review (https://miningmarketwatch.net/whm.htm):

Valuation Commentary: White Metal Resources Corp. (TSX-V: WHM) (US Listing: TNMLF) (Frankfurt: CGK1) is a Canadian-based junior explorer mining company that has graduated from a pure project-generator model to now advancing two major projects; 1) its newly optioned Tower Stock Gold Project in Ontario, and 2) its 95%-owned Okohongo Copper-Silver Project in Namibia, in addition to holding an array of other projects.

White Metal Resources Corp. appears undervalued relative to inherent latent intrinsic value

WHM.V currently has a nominal market cap of ~C$13.7M (97,893,211 shares trading at ~C$0.14, click here to view a fully diluted schedule of warrants). The share price of WHM.V is apt to appreciate from the current trading price as continued news flow occurs, and as the significance of what White Metal possesses is better appreciated by the market, reflecting the significant growing intrinsic value on its many projects. The Company is well-capitalized (having closed a C$2.273 million private placement in February-2021) and is positioned to aggressively advance its flagship Tower Stock Gold Property in Ontario and its Taranis (Okohongo) Copper-Silver Project in northwestern Namibia, which includes taking the historical mineral resources of the Okohongo Copper-Silver Deposit to NI 43-101 compliance.

Transformation of White Metal Resources Corp.: The Company has a lot of moving parts as it also retains a vast portfolio of quality projects (see listing below) from its approach as a project generator. As is often the case with project generators, the sum of the parts is greater than the whole until market awareness kicks-in -- over time if management makes the right moves, cyclical markets cooperate, and geological/exploration success prevails, astute investors can be handsomely rewarded, WHM.V is certainly now at an inflection point. About 3 years ago, when commodities were out of favour, management of WHM.V decided to make a play for advanced copper-silver projects in Namibia -- instantly transforming WHM.V into a company with tonnage in the ground on two copper-silver projects (Okohongo & DorWit). This was a departure from advancing grassroots projects as a project generator. Several years later the opportunity to acquire Tower Stock Gold Project was presented through a contact and as a result this exciting gold project pushed the Namibian copper-silver projects off the front burner and DorWit was optioned-out (see details below, it is a valuable asset that the JV partner is advancing with no risk/cost to WHM.V which retains 25% ownership). Now factor in the other project generator assets of White Metal Resources and the inherent latent intrinsic value of WHM.V is immense.

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The following is a synopsis/categorized listing of each project of White Metal Resources, followed by a more detailed look the two major projects White Metal is advancing on its own.

Major project #1) Newly Optioned Tower Stock Gold Project located in the Shebandowan Greenstone Belt ~40km west-northwest of the port city of Thunder Bay, Ontario, Canada. The project hosts an extensive syenite-associated disseminated gold system, a type similar to deposits in the Kirkland Lake and Malartic gold camps, and the Young-Davidson Mine (Alamos Gold). The project has a historical resource on the UV & Bench zones which has seen historical drilling from the likes of Inco, Noranda, Avalon, and finally ValGold -- previous work over the last 30 years has only scratched the surface (~200 m depths) in select areas along the contact region with the intrusive complex, and many holes ended in target gold mineralization. White Metal's geological team is taking an approach that looks at the big picture multi-million ounce gold potential of the syenite intrusive rock using a modern systematic approach and with an improved understanding. The project is currently undergoing a ~4,000 m drilling program on multiple zones. The Company is also in the process of wrapping up a DasVision Induced Polarization (IP) survey over exploration targets designed to provide insight at depths of +800m to get a handle on structural controls, and allow for 3D inversions and integration into its exploration model. The Company is targeting a ~2 km x 1.5 km area of complex alteration that has incredible gold endowment throughout; multiple occurrences have been discerned with many rock grab samples assaying >1.0g/t Au up to 16.2 g/t Au. There is anomalous gold everywhere; e.g. of 299 samples taken last summer across the project only 5 had no gold, and when >1 g/t Au samples are overlaid across the claim map many untested and underexplored areas are apparent -- White Metal Resources Corp. is highly prospective for major gold discovery.

Figure 1. (above) Tower Stock Gold Project past drilling & mineralized zones and inset location map (note the impressive large swaths of quality mineralization; e.g., TM-04-03: 19.5 m of 47.22 g/t Au at 64.5 m, including 1.5 m of 588.89 g/t Au at 73.5 m. The project is in a stable mining-friendly jurisdiction, in a geological greenstone belt setting with proximal past gold producers and several gold deposits, and near the port city of Thunder Bay, surrounded by excellent infrastructure.

Exploration updates on Tower Stock Gold Project;

From Company release dated March 15, 2021 entitled White Metal Provides Update on Drilling Program and Options Strategically Located Patent, Tower Stock Gold Project, Ontario; White Metal has has completed 1,500 m of diamond drilling in 7 drill holes, with a total of 557 core samples submitted to Activation Laboratories in Thunder Bay, Ontario.

From Company release dated March 4, 2021 entitled White Metal Reports on Exploration Progress and Provides Corporate Update: "The first phase of the approximately 4,000 m diamond drilling program is well underway with five holes completed to date. The Company has also submitted 200 core samples to Activation Laboratories in Thunder Bay for analysis. In addition, the Company is nearing completion of the Abitibi Geophysics’ DasVision Induced Polarization (IP) survey, designed for deep mineral exploration up to 1,000 m depth. The survey, which is covering the Company’s main exploration targets that include the U-V Zone and the Bench Zone, will allow for 3D inversions and integration into our existing exploration model. The results of this survey will help to generate additional future prospecting and drill targets and also assist in delineating even deeper targets. Results from both the ongoing drilling program and geophysical survey will be reported as they are received, compiled and interpreted." [See a more detailed overview of the Tower Project further below in this article]

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#3) White Metal's Project-Generator portfolio of Joint Ventures -- the following are projects White Metal has optioned-out and are being advanced by others mining companies carrying the risk/cost:

 
a) DorWit (JV) Copper-Silver Project, Namibia: Option Partner, Noronex, is currently earning up to a 70% equity interest (with an option to acquire up to 95-100%). WHM.V received cash and shares and retains 25% ownership up to the partners earn in phase of the agreement. Located in the Kalahari Copper Belt, six historical copper deposits occur within these three licences along with other zones with anomalous copper in historical drill core intercepts which the Company believes can be expanded upon through future exploration. Exploration update: Excerpt from March 4, 2021 news release "(“Noronex”), has recently commenced an airborne electromagnetic (“EM”) geophysical survey over DorWit (see Noronex news release dated 12 January 2021). The EM survey is the first ever state-of-the-art airborne survey to be undertaken within the DorWit area. The use of the significantly improved modern technology and geophysical interpretation is intended to generate new exploration targets to expand on the 150,000 m of historical reverse circulation and diamond drilling that has already identified numerous sedimentary hosted Cu-Ag deposits. Noronex is also expecting to update the historical JORC Code 2012 mineral resource estimates which is currently being completed by MSA Group, with initial results expected soon." [click to view PDF corporate presentation on DorWit]

 
b) Startrek (JV) Au-Sb Project “Epithermal Gold” Newfoundland: Option Partner, 1259542 BC Ltd, can earn up to a 70% interest, [click to view PDF corporate presentation of Startrek], [click to view White Metal's web page on Startrek]. Note: The area has heated-up dramatically of late as other gold mining companies near Startrek have released impressive headline gold results (e.g. Queensway Property of NewFound Gold, and Moosehead Gold Project of Sokoman).

 
c) Far Lake (JV) Copper-Silver Project Shebandowan Area, Northwestern Ontario: In May 2020, WHM.V signed a letter of intent with Benton Resources Inc. (“Benton”) pursuant to which Benton may earn up to a 70% interest by paying the Company $205,000 ($25,000 received), issuing to the Company 1.6 million Benton common shares (300,000 received), and completing $1 million of exploration expenditures at Far Lake over a period of four years. Far Lake, located about 75 km northwest of the port city of Thunder Bay and north of the Shebandowan Greenstone Belt. Benton has recently commenced its second phase of drilling at Far Lake [click to view March 4, 2021 Exploration Update]  [click to view corporate presentation on Far Lake]  [click to view White Metal's web page on Far Lake]  [click to view Benton Resources' overview of Far Lake -- Note: Benton Resources lists Far Lake as its "Flagship" project].

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#4)  White Metal's Project-Generator portfolio of properties available for Option (in Ontario, Canada) -- White Metal Resources owns a sizeable portfolio of high-value projects in Ontario that are currently available for Option:

 
a) Vanguard East and West Cu-Zn-Au-Ag Project & Iris -- Available for Option: Located about 150 km west of the port city of Thunder Bay and situated in the Shebandowan Greenstone Belt. The Vanguard West deposit consists of a historical mineral resource (non-43-101 compliant) containing 200,000 tons at 1.36% Cu, 1.5% Zn and 8.6 g/t Ag. The Vanguard East deposit consists of a historical mineral resource (non-43-101 compliant) containing 1.8% copper, 4.55% Zn, 6.8 g/t Ag and 5.0 g/t Au. [click to view related corporate presentation]

b) Seagull Lake PGE-Cu-Ni Project -- Available for Option: Located approximately 100 km north of the port city of Thunder Bay, about 50 km south of Impala Canada’s Lac des Iles Mine (previously North American Palladium), and about 28 km north of the Clean Air Metals Inc. Cu-Ni-PGE projects, previous discoveries made by Rio Tinto and Panoramic Resources (previously Magma Metals). The Seagull covers the Seagull Lake Intrusion (“SLI”), a 10 km diameter, circular intrusive situated in the Nipigon Plate. The Nipigon Plate area has been compared to the Noril'sk Region of Siberia, Russia, and is considered to be highly prospective for the discovery of new Cu-Ni-PGE deposits. Three styles of PGE mineralization have been identified in the SLI: (1) near surface, PGE-rich detrital “black sands”; (2) magnetite associated, PGE-rich layers or “reef-type”; and, (3) sulphide associated, basal Cu-Ni-PGE mineralization, interpreted as “Noril’sk-type”. Although the detrital and reef-type mineralization was the first style known in the SLI, the discovery of Noril’sk-type Cu-Ni-PGE sulphide mineralization became the focus for subsequent exploration programs, which reported from diamond drilling 3.6 g/t Pt+Pd, 0.34% Cu and 0.21% Ni over 2.1 m and 1.04 g/t Pt+Pd, 0.14% Cu and 0.16% Ni over 16.0 m (from Pettigrew, 2002). The SLI also contains anomalous concentrations of additional platinum group elements rhodium, iridium, osmium, and ruthenium. [click to view related corporate presentation]

c) Pen Au Property -- Available for Option: The Peninsula Gold Property is located ~275 km east of Thunder Bay in the Geraldton Beardmore Greenstone Belt, near Canterra Gold/Premier Gold Mines Hard Rock Deposit. [click to view related corporate presentation]

 
d) Umex Cu, Ni, PGE, Ag Property -- Available for Option: Located in the Pickle Lake Greenstone Belt [click to view related corporate presentation].

Figures 3, 4, 5 (below) -- Location maps showing all assets of White Metal:

Namibia Properties

95%-Owned Okohongo & Dorwit (JV)

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Below is a closer look at the two main projects that White Metal Resources is advancing on its own.

Tower Stock Gold Project, Ontario -- 100%-Owned,

Located in Conmee Township, ~45 km west-northwest of the port city of Thunder Bay, Ontario.

● Multi-million ounce gold potential: The Tower Stock Gold System is classified as a syenite-associated disseminated gold deposit type similar to deposits in the Kirkland Lake and Malartic gold camps, and the Young-Davidson Mine (Alamos Gold).

Consists of 126 unpatented mining claims and 157 ha of patented lands, covering in total about 1 944 hectares (19.44 square km). [figures are prior to March 15, 2021 land package increase]

Under the terms of the Agreement, White Metal has the option to acquire 100% of the Project subject to a 2.5% underlying royalty on some of the claims comprising the Property by issuing to the Optionor 1,200,000 common shares of the Company and making cash payments totalling $145,000 over a period of three (3) years. White Metal increased the size of the land package in October-2020 with the addition of the Lee Patent, strategically located immediately west of the Bench Zone and south of the U-V Gold Deposit to the north and covers the historical “A-Zone”. The land package was yet again increased with the Anderson Patent agreement, and the Nichols Patent agreement.

Historical Resource Estimation

Table 1. (above) Summary of Historical Resource Estimation -- source: Independent Mineral Resource Estimation, Tower Mountain Gold Deposit, ValGold Resources Ltd.; Prepared by Caracle Creek International Consulting Inc. and Clark Exploration Consulting Inc., Effective February 9, 2006. ​A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. White Metal is not treating the historical estimate as current mineral resources.

Additional note regarding the resource: With at least 2 km of potential strike between the U-V Zone gold deposit in the northwest and the last recorded exploration drilling (TM-07-58: 6.0m @ 5.42 g/t Au) to the southeast, the Company believes there is ample opportunity to build high-grade gold resources through in-fill drilling, to expand current mineral resources through drilling, and to make new discoveries.

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Click to see video presentation on Tower Stock Gold Project

Video presentation (above) on White Metal Resources' Tower Stock Gold Project [running time 4 min. 36 sec.] Source: PDAC March 8, 2021

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Location  

Figure 6. (above) Location map, inset picture of staging area on project.

 ● Less then 1 km from highway & railway connecting to all of Canada and USA.
 ● Great access within the property boundary with many trails and roads.
 ● Port city of Thunder Bay less than 45 km with access to Saint Lawrence Seaway.

Major Mineral Deposits in the Area -- Favourable Geology

Figure 7. (above) Area mineral deposits and historical past producing mines.

Geology

Gold mineralization occurs in volcanic and sedimentary rocks and syenite intrusive rocks associated with the Tower Mountain Intrusive Complex (TMIC).   Classified as a syenite-associated disseminated gold deposit type similar to deposits in the Kirkland Lake and Malartic gold camps, and the Young-Davidson Mine (Alamos Gold).   Pyrite is the main sulphide mineral and is generally an indication of anomalous levels of gold.   Gold mineralization usually controlled by volcanic flows, tuffs and breccias, feldspar porphyries, polymictic conglomerates, syenites and brecciated syenites .   Pyrite concentrations from trace-1% to a maximum of 15% and sometimes associated with Quartz-carbonate ± tourmaline veinlets carry substantial amount of pyrite, whereas quartz and tourmaline with concentrations of pyrite can form the matrix of intrusive breccias.   Figure 8. (right) Alteration and mineralization from the G Zone of Tower Stock Gold Project. There is very little veining that occurs in Tower Stock gold system, the syenite-associated disseminated gold system is broad, and there is anomalous gold throughout the project.

Geological comparisons in terms of potential as these have similar geology to White Metal's Tower Stock Gold Project:

Tower Stock Gold Project Highlights

 
​ ● Only a small portion of the Tower Stock Gold Project has been explored.

 
 ● Historical drill core intercepts outlining high-grade and low-grade gold zones.

 
 ● Room to expand on a multitude of targets over 2 km strike length.

 ● Host to a variety of gold, sulphide and oxide mineralization found in all Timiskaminglike rocks, particularly in proximity to the TMIC contact aureole.

 
 ● Multiple occurrences have been discerned with many grab samples assaying >1.0 g/t Au up to 16.2 g/t Au.

 
 ● Potential to host low-grade, bulk tonnage gold mineralization and high-grade veinhosted gold mineralization.

 
 ● Numerous drill holes ended in gold mineralization...

Table 2. (above) Summary of drill holes that terminated in gold mineralization (hosted by volcanic rocks)

Gold intercepts South of the Bench Zone: TM-07-56: 58.2 g/t Au over 1.5 m & TM-07-58: 5.4 g/t Au over 6.0 m – (Below the Bench Zone)
 

 
Figure 10. (above) Tower Stock Gold Project past drilling & mineralized zones

2020 Sample Program

Figure 11. (above) 2020 sample program observations

Figure 12. (above) Target Area and Highlights of 2020 Sample Program

Figure 13. (above) Areas of Chargability and Targets for further Exploration. Historically most drilling occurred along the edge of the intrusive in select areas, however the entire area is actually highly prospective and underexplored.

Current exploration program

4000 m drill program began on January-2021;

● See March 15, 2021 - White Metal Provides Update on Drilling Program and Options Strategically Located Patent, Tower Stock Gold Project, Ontario

● See March 4, 2021 - White Metal Reports on Exploration Progress and Provides Corporate Update

● See February 24, 2021 release - White Metal Provides Update on Drilling at the Tower Stock Gold Project, Ontario

Look for holes being drilled in the following zones in this campaign: H Zone, UV Zone, 4-36 Zone (volcanic breccia), K Zone, Bench Zone, Creek Zone, T Zone, A Zone. The project has been drilled on and off for the last 30 years by past operators, however this is White Metal Resources maiden drill program since acquiring. Look for White Metal to accomplish a range of objectives; get a lay of the land, affirm theories of some previously untested and underexplored zones, build on quality intercepts in others, and set the stage for proving the big multi-million ounce potential many experts acknowledge is possible.

It is not uncommon for some of the biggest exploration finds of the past century to have beginnings similar to what White Metal is facing now; most success stories come after a property has changed hands several times, receiving the benefit of keen fresh insight -- click here to see a PDF presentation of how Eskay Creek was discovered via Murray Pezim, after 55 years of past operators.

1,095 core samples submitted to Activation Laboratories in Thunder Bay -- results pending.

Abitibi Geophysics’ DasVision Induced Polarization (IP) survey -- nearing completion, report expected within a couple weeks thereafter.

Figure 14. (above) DasVision advantages and area expected to be surveyed.

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Okahongo (Tarnis Deposit) Copper-Silver Project, Namibia -- 95%-Owned

See latest Tarnis Deposit exploration update April 8, 2021 related exploration update news "White Metal Reports 45 Metres Grading 2.02% Cu and 33 g/t Ag from Second Set of RC Drill Hole Results, Taranis Copper-Silver Project, Namibia".

March 23, 2021: White Metal Reports 1.54% Cu and 36 g/t Ag over 31 Metres from the Taranis Copper-Silver Project, Namibia.

Location

Figure 15. (above) Country location map

Namibia and its Mining Sector - In short Namibia is one of the few places in Africa that is considered a safe, stable, mining-friendly jurisdiction.

OVERVIEW:
Namibia has a stable multi-party democracy with a history of free elections since independence from South Africa in 1990. The Namibian constitution and its political leaders promote and encourage foreign investment.
 
The country has a well established mining act and an independent legal system. Mining is the largest revenue contributor to Namibia's economy, and is a valued industry by the Namibian government and people.
 
Chamber of Mines for Namibia are well organized and speak for the Industry.
 
Namibia’s mining sector is dominated by the production of uranium, gold, diamonds and lead but exploration and development in copper is growing with companies from Australia, the UK and Canada looking at re-opening of copper mines closed since 2008.

Namibia’s Infrastructure
 
City of Windhoek: Capital of Namibia; social, economic, political, and cultural centre of the country.
 
Roadways: From the capital city of Windhoek, the Property is accessed by a paved two lane highway to the town of Opuwo, the nearest population centre. From Opuwo, well-maintained gravel roads (C43 and D3710) lead south along the eastern and western boundaries of EPL 7071.

African Copperbelts of Africa and Selected Mines

Figure 16. (above) African Copperbelts of Africa and Selected Mines

Central African Copperbelt
 
The Central African Copperbelt (CAC) is the largest and most prolific mineralized sediment-hosted copper province known on Earth.
 
The CAC is host to numerous operating mines and has been worked continuously for the last century.
 
The CAC has been estimated to host over 5 billion tonnes of copper ore with grades up to 4% Cu.
 
Many similarities between the Kaoko Copperbelt and Kalahari Copperbelt in Namibia and the CAC.
 
Ongopolo Mine (Previously the Tsumeb Mine) in Namibia produced about 30 million tons of ore yielding 1.7Mt copper at 4.3% Cu between 1905 and 1996.
 

Okohongo Copper Project
 

Located in the Kunene Region of northwestern Namibia, Kaoko Copperbelt

Figure 17. (above) Okohongo Copper-Silver Project location map.

Okohongo Project: Property Description
 
● EPL 7071 (Taranis Agreement)
 
● Property extends approximately 11.4 km in an east-west direction and 25.5 km in a north-south direction.
 
● Covers 198 square kilometres.

Figure 18. (above) Claim boundaries, Taranis (Okohongo) Project EPL7071.

Figure 19. (above) Okohongo Copper-Silver Deposit Topography

Deposit: Geology and Drill Holes

The dominant host to the mineralization is a siltstone unit within the Lower Omao Formation with dolostones adjacent to the siltstone as a subsidiary host. Property is part of Kaoko Copperbelt. Okohongo Deposit is open to the north, south and at depth. Other copper targets on Property to be followed up.   Figure 20. (left) Geology and Historical Drill Holes

Okohongo Copper-Silver Resources (Grade Sensitivity)

Table 3. (above) Grade sensitivity analysis for mineral resource estimation completed to NI 43-101 standards in 2011 for INV Metals Inc. by Caracle Creek International Consulting (Pty) Limited, South Africa.

Table 4a. (above) Initial assays from re-sampled historical drill core and RC chip samples from new drilling program targeting the Okohongo Cu-Ag Deposit. Source: March 23, 2021 press release.

Table 4b. (above) RC chip sample assays from the second set of drill holes, Okohongo Cu-Ag Deposit, Namibia. Source: April 8, 2021 press release.

Cu Mineralization Zonation: Section Looking North

Figure 21. (above) Cu Mineralization Zonation: Section Looking North
 

Okohongo Drill Hole Section: Looking North

Figure 22. (above) Okohongo Drill Hole Section: Looking North (2011).
 

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