White Metal Resources Corp. (TSXV: WHM) is engaged as a Canadian junior gold exploration and development company. Shares of the junior gold miner are surging 100%, through early trading on Friday, November 2, 2018. Over the past three months, White Metal Resources has seen average daily volume of 230,185 shares. However, volume of 4.61 million shares or dollar volume of C$461,000, has already exchanged hands through early trading on Friday.
Shares of White Metals Resources Corp. are soaring today, after the company announced that seven samplings from its Little Joanna Gold Property “all with anomalous gold, were collected from quartz vein bearing sedimentary rocks and range from 40ppb of gold to 229.3 g/t of gold. The average was around 48.5 g/t of gold. Here is the full press release detailing of the sampling results:
White Metal Resources Corp. Press Release:
Thunder Bay, Ontario–(Newsfile Corp. – November 2, 2018) – White Metal Resources Corp. (TSXV: WHM)(“White Metal” or the “Company”) is pleased to report the following:
Little Joanna Gold Property
White Metal is pleased to report on its initial due diligence grab sampling from the recently optioned Little Joanna Gold Property (the “Property”), located in Central Newfoundland. A total of seven grab samples, all with anomalous gold (+40 ppb Au), were collected from quartz vein bearing sedimentary rocks, and range from 40 ppb Au to 229.3 g/t Au (6.70 oz/t Au), averaging 48.5 g/t Au (1.41 oz/t Au). The highest grade sample (229.3 g/t Au) contained visible gold and was collected from subcrop near the main showing, whereas the next two highest grade samples (38.7 g/t and 70.7 g/t Au) were collected from outcrop of quartz vein bearing sedimentary rocks.
The Little Joanna property is approximately 25 km northeast of the town of Glenwood, is accessible by resource roads that originate from either Glenwood or Birchy Bay, and comprises 280 claim units, covering 7,000 hectares (see News Release dated October 23, 2018). The Property is approximately 45 km northeast of the Moosehead Gold Project of Sokoman Iron Corp. (TSXV:SIC). Sokoman Iron Corp. recently announced their gold-bearing discovery drill hole (Sokoman Iron Corp. News Release, dated July 24, 2018), reporting 44.96 g/t Au over 11.90 metres (from 109.00 to 120.90 metres).
The Little Joanna gold property is a new high-grade gold discovery in an area with little known exploration. The main Little Joanna showing is a 25 to 31 cm wide compact quartz vein within a highly altered, carbonated sedimentary mélange of shale, conglomerate and siltstone. Hand trenching by the vendors exposed the vein for a couple of metres. Fine, visible gold is observed throughout the vein and selected grabs samples by the Vendor assayed up to 734 grams per tonne (g/t) gold (Au) (23 oz/ton Au); average sampling of the quartz vein is approximately 189 g/t Au (5.9 oz/t Au.). As much of the Property is covered by overburden, the Company believes that significant potential exists for the discovery of additional gold-bearing quartz veins. Past work on the Property by Noranda Exploration (1988-1989) reported up to 44g/t Au in boulder samples and outlined 1.15 g/t Au and 5.2 g/t Au basil till sample anomalies.
The Property is largely underlain by Early to Late Silurian siliciclastic sediments and lesser subaerial mafic and felsic volcanic rocks including the Silurian Botwood Group (Wigwam and Lawrenceton formations), similar to the geology and northeast-trending structures found on Sokoman Iron’s Moosehead gold project to the southwest.
Commencement of Shebandowan Gold Exploration Programme
The Company is also pleased to announce that diamond drilling has begun at its 100% owed Shebandowan Gold Property, located in northwestern Ontario, Canada (see News Release dated October 19, 2018). The drilling program is planned to consist of 3 holes totalling approximately 500 metres, and will follow-up on an area where former owner, Benton Resources Inc. (TSXV:BEX), intersected a gold zone assaying 19.5 g/t Au over 0.80 metres at a depth of 262 metres (drill hole SH-11-003). The current drilling program will be focused on drilling up-dip of hole SH-11-003 in order to test for the near-surface expression of the gold zone.
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 for gold in Canada.
For more information in regards to White Metal Resources Corp. you can visit the company’s Web Page at www.whitemetalres.com.
