SectorNewswire - White Metal Resources release031921st Sector Newswire - ST.C

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News Release -  April 30, 2021 5:23 PM ET    Editorial Release

 

 

White Metal New Gold Zone Discovery; 82.5 Metres of 1.7 g/t Au, Including 45 Metres of 3.0 g/t Au at the Tower Stock Gold Project, Ontario

 

NEW YORK, NY, April 30, 2021 /Sector Newswire/ -- White Metal Resources Corp. (TSX-V: WHM) (US Listing: TNMLF) (Frankfurt: CGK1) last week announced a new Zone discovery (called the Ellen Zone) on its recently optioned Tower Stock Gold Project in Ontario, which is currently undergoing a ~4,000 m drilling program. The Company also reported additional results from diamond drill holes targeting expansion of historical zones and new target areas determined from the fall 2020 prospecting program. 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 20, 2021 news release:

 

White Metal Drills New Gold Zone Discovery Yielding 82.5 Metres of 1.7 g/t Au, Including 45 Metres of 3.0 g/t Au at the Tower Stock Gold Project, Ontario

 

Thunder Bay, Ontario, April 20, 2021: White Metal Resources Corp. (TSXV:WHM) ((“White Metal” or the “Company”) is pleased to report a new gold zone discovery in diamond drill hole TM-21-94, which returned 1.7 g/t Au over 82.5 metres, including 3 g/t Au over 45 metres. The new gold discovery, named the Ellen Zone, is located about 340 metres south of the U-V Zone and about 300 metres north of the Bench Zone. The area of the new discovery has seen no historical drilling and is open in all directions. The Tower Stock Gold Project (the “Property” or the “Project” or “Tower Gold”), which until now has not seen any exploration activity for more than eight years, is located about 40 km west-northwest of the port city of Thunder Bay, Ontario and covers approximately 1,968 hectares.

 
​Michael Stares, President and CEO of White Metal, commented, “I am extremely pleased to deliver these exciting drill results from our first drilling program. This newly discovered gold zone demonstrates the Project’s excellent potential and how we can quickly build on the number of known gold zones within Tower Gold. With further drilling results expected shortly and final interpretation of the DasVision IP Survey (see Company news release dated February 17, 2021) expected in the coming days, the Company will soon be in an excellent position to aggressively advance this new discovery along with testing and expanding a number of other known zones on the Property. I am very confident that our exploration work will continue to enhance the Property and advance our understanding of the new and known gold targets within the Tower Mountain Gold Project.”

 

In fall 2020, White Metal personnel prospected the Ellen Zone area, which is largely covered by overburden, and discovered anomalous gold values in rock grab samples ranging from below detection (<5 ppb Au) to 1.3 g/t Au. Discovery drill hole TM-21-94 was set up approximately 70 metres west of the surface rock grab samples and drilled in a northeast direction at a 60 degree dip. The dip and strike of the Ellen Zone is not precisely known but based on historical data and information, it is thought that the geology strikes in a north-south direction.

 

The recently completed Phase 1 (2021) drilling program, comprising 10 holes in 2,480 metres, was designed to (1) test the depth potential of some of the historical gold showings located throughout the Property, (2) test for down-dip extensions based on historical drilling, and (3) test new areas discovered as a result of the fall 2020 prospecting program such as the newly discovered Ellen Zone. Phase 1 drill holes were also widely spaced, with some as much as 500 metres apart. Further information on the Tower Stock Gold Project can be found at www.whitemetalres.com.

 

In addition to the new Ellen Zone discovery the Company is also pleased to report on results from a further six (6) diamond drill holes targeting expansion of historical zones and new target areas determined from the fall 2020 prospecting program:

TM-21-88 and 89, located 700 metres to the east of the U-V Zone, these holes were designed to test the H Zone area in which sampling from the fall 2020 prospecting program outlined gold mineralization over a strike length of at least 100 metres (see Company news release dated December 10, 2020). The two drill holes intersected strong to moderate potassic alteration within a broad package of volcaniclastics over the entire length of the drill holes. Given the anomalous gold concentrations encountered in these drill holes, it is now thought that the H Zone may dip moderately to the southwest and the that the current drill holes, which were drilled west-southwest, were likely drilled underneath the interpreted moderate-dipping mineralization. White Metal is planning a stripping program on the H Zone to start in mid-May in order to obtain a better understanding of the orientation and projection of the H Zone.

TM-21-90, located at the U-V Zone, was designed to extend the length of historical drill hole TM-04-23, which was stopped at 300 metres length. By going back down the same hole, White Metal extended this drill hole a further 154 metres and was able to test the possible down-dip mineralized extension that was reported in historical drill hole TM-04-24, which returned 70.5 metres at 1.07 g/t Au (from 264.0-334.5 m). Drill hole TM-21-90 successfully intercepted the mineralized gold zone at depth, which assayed 0.9 g/t Au over 16.5 metres, thus extending the known gold mineralization by 50 metres to the southwest and providing evidence that this zone is still open for expansion.

TM-21-92 was drilled in the area of the 04-36 Zone, located about 400 metres southwest of the U-V Zone where historical drill hole TM-04-36 returning 25.0 g/t Au over 3.0 metres. The best intersections returned from TM-21-92 were: 3.0 m at 0.96 g/t Au (from 50.5-53.5 m) and 10.5 m at 0.25 g/t Au (from 61.0-71.5 m). It must be noted that the true control of the higher grade gold is not clearly understood and more work is needed to help explain the complexity of this zone.

TM-21-93 was designed to test the North Lee Zone which is located 400 metres to the south of the U-V Zone. This hole encountered various breccias and volcaniclastic rocks with up to 3% disseminated pyrite and potassic alteration. This drill hole returned two anomalous gold intercepts: 10.5 m at 0.39 g/t Au (from 8.0-18.5 m) and 57.0 m at 0.23 g/t Au (from 32.0-89.0 m).

The weakly anomalous intercepts from TM-21-93 but especially the 85.0m mineralized intercept from TM-21-94 suggests there is significant potential that the UV Zone and Bench zones may be connected and represents a still mostly underexplored area to explore for higher grade zones and continuity of mineralization between the two zones.

The Company is awaiting assay results for the following three (3) diamond drill holes:

TM-21-95 was drilled to test the extension of historical diamond drill hole TM-03-08 which returned broad intercepts of anomalous gold. Hole TM-21-95 encountered potassic ± epidote and hematite altered volcanic rocks and local, narrow micro-syenite, with the lower 110 metres containing 5-10% disseminated pyrite.

TM-21-96 was designed to test the A Zone where historical trenching by Noranda yielded assay results such as 6.17 g/t Au over 6 metres and 5.26 g/t Au over 7 metres (see News Release dated October 29, 2020). In addition, historical diamond drilling by Noranda had intercepts such as 16.5 g/t Au over 3 m which included 30.5 g/t Au over 1 metre. Hole TM-21-96 was orientated to test the depth extension of the this known gold mineralization. Similar lithologies, alteration and pyrite mineralization to that reported by Noranda were also observed in this drill hole.

TM-21-97 was designed to test the down-dip extent of the lengthy intercepts of gold mineralization reported in historical drill holes TM-11-78, TM-11-79, and TM-11-86. Hole TM-21-97 is located on the west side of the Bench Zone and was orientated to the east-northeast where it also tested the down-dip extension of the Bench Zone. This hole encountered various volcanic rocks and micro-syenite and of particular note, an extremely complex 53 metre wide alteration zone containing 5 to 15% pyrite.

A Qualified Person (“QP”) has not done sufficient enough work to verify the historical assay results and technical information reported herein. All drill hole intersections represent drill core lengths (intervals) and are not true widths.
 
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.
 
About White Metal Resources Corp (TSX-V: WHM):
White Metal Resources Corp is a junior exploration company exploring in Canada and southern Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.

"Michael Stares"
President & CEO, Director


For further information contact:
Michael Stares
President & CEO, Director
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 358-2420

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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 projections

 

...click here to view full copy of this release from source

 

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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$12M (97,893,211 shares trading at ~C$0.12, 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 (see exploration updates below, the technical team appears dialled-in having discovering a new gold zone right off the bat). 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 1a. (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;

 

See the Company release dated April 20, 2021 entitled White Metal Drills New Gold Zone Discovery Yielding 82.5 Metres of 1.7 g/t Au, Including 45 Metres of 3.0 g/t Au at the Tower Stock Gold Project, Ontario. The Company announced a new Zone discovery (called the Ellen Zone) and also reported on results from a further six (6) diamond drill holes targeting expansion of historical zones and new target areas determined from the fall 2020 prospecting program. The new Ellen Zone gold discovery (hole TM-21-94) is located about 340 metres south of the U-V Zone and about 300 metres north of the Bench Zone. The area of the new discovery has seen no historical drilling and is open in all directions. Michael Stares, President and CEO of White Metal, commented, I am extremely pleased to deliver these exciting drill results from our first drilling program. This newly discovered gold zone demonstrates the Project’s excellent potential and how we can quickly build on the number of known gold zones within Tower Gold. With further drilling results expected shortly and final interpretation of the DasVision IP Survey (see Company news release dated February 17, 2021) expected in the coming days, the Company will soon be in an excellent position to aggressively advance this new discovery along with testing and expanding a number of other known zones on the Property. I am very confident that our exploration work will continue to enhance the Property and advance our understanding of the new and known gold targets within the Tower Mountain Gold Project.

 

 

Figure 1b. (above) Location map of new discovery zone, named the 'Ellen Zone', is located in between the main gold zones in an area of no previous drilling. This new new gold zone discovery affirms the technical teams improved understanding of the deposit and potential to build serious gold ounces quickly.

 

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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Major project #2) 95%-owned Okahongo (Tarnis Deposit) Copper-Silver Project situated within the Kaoko Belt of northwest Namibia about 700 km northwest of Windhoek, is hosted by metasedimentary stratigraphy and is considered to be analogous with the stratiform sediment-hosted Central African Copperbelt (CAC) deposits of Zambia and the Democratic Republic of the Congo. White Metal's Okohongo deposit contains historical Inferred Mineral Resources of 10.2 million tonnes grading 1.12% Cu and 17.75 g/t Ag, using a 0.3% Cu cut-off (INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31, 2011). This February-2021 White Metal Resources Inc. completed a 28 hole, 3,622 m drilling program and is now proceeding to bring the historical resource to NI 43-101 compliance and produce a technical report on the Okohongo Cu-Ag Deposit (expected Q2-2021). With both copper and silver now in favour as desirable elements for the modern/future electrical economy, the Taranis Cu-Ag Deposit resource alone justifies a sizeable marketcap for WHM.V beyond the current. The Taranis Deposit is apt to attract suitors looking to option the project from White Metal Resources and take advantage of the large exploration expansion potential to build on the coming resource.

 

[click to view PDF corporate overview on Okahongo / Tarnis Deposit]

 

● See 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".

 

● See March 23, 2021 related exploration update news "White Metal Reports 1.54% Cu and 36 g/t Ag over 31 Metres from the Taranis Copper-Silver Project, Namibia".

 

Figure 2. (left) Location of Okohongo (Dorwit is shown too, Dorwit is a project WHM.V has optioned out under JV already), the regional copperbelts are shaded in yellow.

- See a more detailed overview of the Okohongo Tarnis Deposit further below.

 

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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:

 

Ontario Properties

Tower Stock Gold Property, Far Lake (JV), & others

Newfoundland

Startrek Property (JV)

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:

 

Comparison 1) Young Davidson Mine (Alamos Gold)

 

Syenite-hosted Young-Davidson gold deposit is located at the western extension of the Cadillac-Larder-Lake deformation zone (CLLDZ), southwest of Kirkland Lake, in the southern Abitibi Greenstone Belt, Ontario, Canada.

Gold predominantly hosted by syenite, and to a lesser extent by Timiskaming sedimentary rocks and mafic volcanic rocks in veins and/or small pervasively altered shear zones.

Underground Resources are ~14.6Mt (Measured and Indicated) at average grade of 2.03 g/t Au.

Underground Reserves of ~39.1Mt (proven and probable) at an average grade of 2.79 g/t Au.

Structurally controlled mineralization present within fault zones within syenite intrusion and adjacent to its margins.

 

Figure 9. (left) Diagram of intrusive at Young Davidson.

Comparison 2) Beattie Gold Deposit

Syenite-associated Beattie Gold Deposit contains Measured and Indicated Resources of 60.9Mt at 1.59 g/t Au and Inferred Resources of 29.7Mt at 1.51 g/t Au – also located in Abitibi Greenstone Belt.

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Click here to view other examples of Syenite-Associated Au Deposits [PDF].

 

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 April 20, 2021 - White Metal Drills New Gold Zone Discovery Yielding 82.5 Metres of 1.7 g/t Au, Including 45 Metres of 3.0 g/t Au at the Tower Stock Gold Project

 

 

Figure 1b reprinted (above) Location map of new discovery zone, named the 'Ellen Zone', is located in between the main gold zones in an area of no previous drilling. This new new gold zone discovery affirms the technical teams improved understanding of the deposit and potential to build serious gold ounces quickly.

 

Table 2.b (above) New Ellen Zone Discovery hole numbers

 

Figure 14. (above) Tower Stock Property Ellen Zone TM-21-94 [Click Here to Enlarge Image as PDF]

 

● 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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The full Mining MarketWatch Journal review may be viewed at https://miningmarketwatch.net/whm.htm online.

 

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