Base Metals

White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") has received the final gold assay results from the Phase 1 2021 winter drilling program. Core assays from the 2021 drilling program clearly indicate the excellent potential for the Tower Stock Gold Project (the" Project" or the "Property"), which in addition to historical core assays show a broad horizon of low grade gold mineralization that spans for over 2.1 kilometres. The Company also sees great potential for high grade gold shoots within the broad intercepts of lower grade gold mineralization, such as those recorded in recently announced drill hole TM-21-94 from the newly discovered Ellen Zone (see Company news release dated April 20, 2021). The Property covers approximately 1,968 hectares and is located about 40 km west-northwest of the port city of Thunder Bay, Ontario.

The 2021 winter drilling program has further substantiated the Property's potential and as a result the Company is planning a follow-up drilling program to further test the large tonnage potential of the low grade gold zones and to determine the extent of prospective higher grade gold zones. It is very important to note that the alteration associated with lower grade gold mineralization is intense, pervasive and shows good continuity, suggesting there is not only excellent potential to find higher grade zones at surface but also at depth. Results from the recently completed Abitibi Geophysics' DasVision Induced Polarization ("IP") survey also supports this interpretation. Further data and information on the Tower Stock Gold Project can be found at www.whitemetalres.com.

Highlights from the 2021 Phase 1 drilling program and recently completed IP geophysical survey include:

  • Confirmation of low grade gold mineralization within an intense and pervasive alteration zone, extending over 2 km along strike;

  • Discovery of the Ellen Zone, a new high grade gold zone, reporting 1.7 g/t Au over 82.50 m including 3.0 g/t Au over 45 m (TM-21-94: 10.00 to 92.50 m), and open in all directions;

  • Excellent correlation between the Ellen Zone discovery and priority anomaly "TS-02" from the DasVision IP survey;

  • DasVision IP survey outlined numerous new targets for follow-up prospecting, trenching and drilling;

  • Drill hole TM-21-95 extended the historical Bench Zone to the south by a minimum of 75 metres;

  • Compilation of all historical data and completion of the DasVision IP survey provide excellent drill targets within "gaps" between gold zones that are up to 500 m in strike; and,

  • The highly prospective H Zone requires re-mapping and additional drilling to test the new interpretation that this zone dips to the southeast at 50-60 degrees.

Michael Stares, President and CEO of White Metal, commented, "I have never seen such an extensive system of gold mineralization covering such a large area. Including the 800+ metre gold zone, we now have approximately 2.1 km of aggregate strike length that will require substantial drilling. Additionally, it should be noted that drill hole TM-07-58, which assayed 5.41 g/t Au over 6 m and is located about 450 m south of drill hole TM-21-95, the most southerly hole of the 2021 drilling program, has not seen any recent work. Therefore, exploration crews will be mobilized later this month to evaluate this area in more detail. There is still a lot of work that needs to be done, including detailed prospecting and mapping, but most importantly infill drilling to further explore for the higher grade sections within the principal gold zones. I look forward to reporting our progress to our shareholders when news becomes available".

The Company is also pleased to announce that it has encountered significant widths of low grade gold mineralization (>0.5 g/t Au) in drill hole TM-21-97. This was the last diamond drill hole of the program, designed to test the down-dip and southwest extension of the Bench Zone, returning three broad and separate intervals of gold mineralization (Table 1). These positive results clearly demonstrates that the Bench Zone is open at depth and along strike to the northwest, southwest, and southeast.

Table 1. Summary of intercepts from drill hole TM-21-97.

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)Au (ppb)
TM-21-9795.50148.0052.500.32322
and232.00268.0036.000.62621
incl.248.50262.0013.501.041040
and289.00311.5022.500.50504
incl.308.50311.503.001.151149

 

*core intervals are not true widths and represent the length of the drill core intercept

Drill hole TM-21-97 is located about 400 m southeast of drill hole TM-21-94, which collared in the newly discovered Ellen Zone and returned a broad interval of 1.7 g/t Au over 82.5 metres (from 10.0 to 92.5 m), including 3.0 g/t Au over 45 metres (from 10.00 to 55.00 m) and 59.90 g/t Au over 1.5 metres (from 16.00 to 17.50 m).

Drill hole TM-21-95, located 420 metres southeast of drill hole TM-21-97, exhibits similar alteration and auriferous pyrite mineralization to that observed in TM-21-97 and is believed to be the southeast extension of the Bench Zone. Drill hole TM-21-95 returned two separate gold intervals (Table 2).

Table 2. Summary of intercepts from drill hole TM-21-95.

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)Au (ppb)
TM-21-9521.0051.0030.000.33331
and112.50174.0061.500.51509
incl.117.00120.003.001.501495

 

*core intervals are not true widths and represent the length of the drill core intercept

The locations and results from holes TM-21-94 and TM-21-95, suggest a potential strike length and exploration target of >800 m which has received very little exploration attention. The prospectivity of this region is further supported by its spatial association with a strong chargeability anomaly outlined from the recently completed IP survey (see Company news release dated February 17, 2021). The Company is very pleased with the latest round of drill results and firmly believes that there is significant room to expand and discover further resources within the Tower Stock Gold Project, which until now has not seen any exploration activity for more than eight years.

Sample Analysis

Core samples were collected from half-split drill core and delivered to Activation Laboratories Ltd. (Actlabs) in Thunder Bay, Ontario by the Company. Samples were first analysed with Fire Assay Package 1A1 - Au Fire Assay - INAA - 30 gram sample and Multi Element Package ICP-MS Ultra trace 1. Subsequently, samples with Au greater than 5.0 g/t (above Au detection limit), were analysed with Fire Assay Package 1A3 - AA-Au (Au- Fire Assay Gravimetric) - 30 gram sample. A Quality Control/Quality Assurance ("QA/QC") program consisting of the regular insertion of Certified Reference Material copper standards and blanks into the sample stream by the Company was in place as was the industry standard internal QA/QC practices used by Actlabs.

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 (TSXV: WHM):

White Metal Resources Corp is a junior exploration company exploring in Canada.

For more information in regards to White Metal Resources Corp. you can visit the company's Web Page at 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83565

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Description

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HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

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Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

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