Base Metals

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received additional drill results from its ongoing Phase 3 drilling program at its flagship Tower Mountain Gold Project (the "Project" or "Property"). The two drill holes TM-21-120 and TM-21-121 were designed to test the down dip and expansion of the Bench Zone and the Company is very pleased to report that both holes were successful in expanding the Bench Zone. The Phase 3 drilling program was designed to further test the encouraging results received from the Company's Phase 1 and 2 drilling programs previously reported that have been testing multiple gold zones (Figure 1).

Table 1: Summary of recent core assay results from two holes, current Phase 3 drilling program, Bench Zone.

Drill Hole From (m) To (m) Interval (m)* Au (g/t)
TM-21-120 182.00 287.00 105.00 0.91
incl. 216.50 237.50 21.00 2.34
TM-21-121 143.0 210.5 67.5 0.78
incl. 143.0 162.5 19.5 1.08
incl. 182.0 209.0 27.0 1.09
and 257.0 293.0 36.0 0.69

 

 *drill hole intervals are not true widths and are being reported as core lengths.

Michael Stares, President and CEO of White Metal, stated: "These widespread gold intercepts continue to demonstrate Tower Mountain's economic potential and we are encouraged that the Bench Zone has promise to host an open-pit mineral resource. This is further substantiated by the combined Bench Zone,110 Zone and D Zone results which are interpreted to represent a broad, single alteration-mineralization system. We will continue to drill the prospective areas within these zones to further our understanding of this impressive gold system. The total strike distance between the northwest portion of the Bench Zone to the southern area of the 110 Zone is approximately 800 metres although additional drilling is required to fully test if there is continuity between the zones."

TM-21-120 was drilled 30 m to the west-southwest of TM-21-106 (see Company news release dated September 23, 2021) while TM-21-121 was drilled 103 m to the southeast of TM-21-120. Both holes were drilled as follow-up from the Phase 2 drilling program and the encouraging results obtained from holes TM-21-105, 106, and 107 that were also designed to test the down-dip extension of the Bench Zone (see Table 1 results from the Bench Zone).

The ongoing Phase 3 drilling program has been very successful expanding the Bench Zone to the west and demonstrating the continuity of the down-dip extension. It should also be noted that both diamond drill holes ended in gold mineralization, with TM-21-120 returning 0.67 g/t Au from 285.5-287.0 m (End of Hole) and TM-21-121 returning 0.48 g/t Au from 291.5-293.0 m (End of Hole).

Click below to view sections.

Section TM-21-120

Section TM-21-121

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5364/110568_73561990c49c9b1e_003.jpg

Figure 1: Plan map of the Tower Mountain Gold Property showing some of the main gold zones.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5364/110568_73561990c49c9b1e_003full.jpg.

This news release focuses on the Bench Zone portion of the ongoing drilling program, with future core assay results to be reported from several of the other zones as they are received, compiled, and interpreted by the Company. Readers are also encouraged to refer to the Company's news release dated January 11, 2022 for more specific details surrounding the Tower Mountain Phase 3 drilling program.

About the Tower Mountain Gold Property

The Tower Mountain Gold Property is located 50 km west of Thunder Bay, Ontario and consists of unpatented and patented lands totalling 1,968 ha (19.68 square kilometres). The Property has excellent infrastructure and can be worked year-round with well-maintained roads and a power grid within

Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the Company's Property.

To view drill hole sections and additional project information and maps please visit the White Metal website and slide show at https://www.whitemetalres.com/tower-mountain-au.html. For a detailed overview of the Tower Mountain Gold Project click here.

Qualified Person

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 NI 43-101.

About White Metal Resources Corp.

White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit https://www.whitemetalres.com/.

On behalf of the Board of Directors

"Michael Stares" President & CEO

For further information contact:
Michael Stares, President & CEO
White Metal Resources Corp.
684 Squier Street
Thunder Bay, ON P7B 4A8
Phone: +1 (807) 358-2420

Thomas Do, Investor Relations Manager
CHF Capital Markets
Phone: +1 (416) 868-1079 x 232
Email: thomas@chfir.com

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/110568

News Provided by Newsfile via QuoteMedia

WHM:CA
White Metal Reports "A Zone" Drilling Returns 21.0 Metres Grading 4.05 g/t Au, Tower Mountain Gold Project, Ontario

White Metal Reports "A Zone" Drilling Returns 21.0 Metres Grading 4.05 g/t Au, Tower Mountain Gold Project, Ontario

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received core assay results from the first three diamond drill holes from its Phase 3 drilling program at its flagship Tower Mountain Gold Project (the "Project" or "Property"). These first three holes were designed to test the strike extent of the A Zone with all three holes intersecting broad intervals of gold mineralization.

  • TM-21-117: 30.0 m grading 1.30 g/t Au (from 5.0 m).
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  • TM-21-119: 21.5 m grading 4.05 g/t/Au (from 6.5 m).

Michael Stares, President and CEO of White Metal, commented, "We would like to wish all our shareholders a happy and prosperous 2022 and look forward to this year's very exciting exploration program. We are delighted to report the first assay results from the A Zone drilling that continue to deliver excellent intercepts of gold mineralization, demonstrating that this zone is open for expansion. Encouraged by the success of the Company's Phase 1 and Phase 2 drilling programs, these early results from Phase 3 drilling indicate that the Tower Mountain Gold Project continues to grow while showing potential to host near-surface low-grade bulk tonnage and high-grade gold mineralization. As we await further assay results from the Bench Zone, D Zone and 110 Zone, the current Phase 3 drilling program is targeting the Ellen Zone and the Star Zone, among others."

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The Company has issued 16,500,000 flow-through shares ("FT Shares") at a price of $0.10 per FT Share, for gross proceeds of $1,650,000. The flow-through shares entitle holders to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

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The Company intends to issue up to 5,000,000 flow-through shares ("FT Shares") at a price of $0.10 per FT Share, for gross proceeds of $500,000. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

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White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to provide an exploration update from its Australian joint venture partner Noronex Limited (ASX: NRX) ("Noronex") on the DorWit Copper-Silver Project (the "Project"), located in the Kalahari Copperbelt of central Namibia (see Noronex news release dated November 16, 2021). The Namibian Project comprises three Exclusive Prospecting Licences (EPLs) that cover 72,000 hectares, referred to as the Witvlei (EPL 7028 and EPL 7029) and Dordabis (EPL 7030) properties. The Project is prospective for sedimentary-hosted Cu-Ag mineralization within the prolific Kalahari Copper Belt that spans Namibia and Botswana. The focus of the current exploration efforts will be on the Witvlei Property that comprises EPL 7028 and 7029 (Figure 1).

Highlights

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White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received assay results from the A Zone trenching program at the Tower Mountain Gold Project (the "Project" or "Property"). The Company mapped and channel sampled the A Zone to gain a better understanding of the controls on high-grade gold mineralization which proved very effective in tracing this zone at surface. The Company is very encouraged with the results of the channel sample assays which correlate well with similar results reported from drill hole TM-21-108 that assayed 3.94 gt Au over 23.8 m (from near surface) (Table 1; see also WHM news release dated October 21, 2021). White Metal has commenced a Phase 3 drilling program with 4,300 metres planned to test the many gold zones on the Property of which approximately 1,000 metres will target the A Zone.

Michael Stares, President and CEO of White Metal, commented, "The A Zone channel sampling program turned out to be very successful and we have now demonstrated that gold mineralization in this area is continuous at surface and correlates well with recent drilling. This program has given us enough structural knowledge to target the A Zone along strike and down-dip. We have so many great gold targets to follow-up on during our Phase 3 drilling program and the A Zone, although a key part of moving the Project forward, is just one of many excellent targets. As we move through the third phase of drilling, I look forward to sharing the results with our shareholders."

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(In United States dollars, except where noted otherwise)

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"This is clearly a giant step backwards for the Biden Administration's climate change goals. I find it ironic that the President is using the Defense Production Act to get more renewable energy minerals such as copper into production while others in the Administration seek political ways to stop domestic mining projects such as ours. As we are still actively working through the established permitting process via our appeal of the Army Corps of Engineers permit denial, we oppose any action that is outside of that process. This preemptive effort is clearly a political maneuver to attempt to block our ability to work through that established process. Further, the Army Corps of Engineers published an Environmental Impact Statement ("EIS") for Pebble in 2020 with input from many agencies including the EPA that states that the project can be done without harm to the region's fisheries. The EIS further notes the tremendous economic opportunity the project represents for the communities around Iliamna Lake where year-round jobs are scarce, and the cost of living is very high. We still need an opportunity to review the specific details that will be in the preemptive veto action. It is also worth noting that there are several additional internal steps that the EPA must follow before anything is final including a public comment period and a decision by the Assistant Administrator. The Pebble Project remains an important domestic source for the minerals necessary for the Biden Administration to reach its green energy goals and if it blocks Pebble it will have to seek minerals to meet its goals from foreign sources which simply do not have the same environmental standards as we do."

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Aggregate Principal Amount Outstanding
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1 878742AW5 / US878742AW53 6.250% Notes due 2041 US$794,717,000 3.250% U.S. Treasury due May 15, 2042 FIT1 230
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3 878742AS4 / US878742AS42 6.000% Notes due 2040 US$490,670,000 3.250% U.S. Treasury due May 15, 2042 FIT1 230
4 878742AZ8 / US878742AZ84 5.400% Notes due 2043 US$376,908,000 3.250% U.S. Treasury due May 15, 2042 FIT1 230
5 878744AB7 / US878744AB72 5.200% Notes due 2042 US$399,043,000 3.250% U.S. Treasury due May 15, 2042 FIT1 230
6 878742BE4 / US878742BE47
878742BG9 / US878742BG94
3.900% Notes due 2030 US$550,000,000 2.875% U.S. Treasury due May 15, 2032 FIT1 195

(1) Includes the Early Tender Premium of US$50 per US$1,000 principal amount of Notes for each Series (the "Early Tender Premium").

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According to the International Energy Agency, EVs comprised 9 percent of total global vehicle sales in 2021 as electric car sales more than doubled to 6.6 million — that's triple their market share from two years earlier.

Australia is no exception — sales in the country tripled in 2021 to 20,665 EVs, up from 6,900 in 2020. Market share came in at 2 percent of all car sales in the nation versus 0.78 percent in 2020, as per the EV Council of Australia.

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