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White Metal Applies for Airborne Time-Domain EM-MAG Survey to Fly Gunners Cove Gold Property, Newfoundland and Announces Private Placement
Thunder Bay, Ontario--(Newsfile Corp. - December 18, 2017) - White Metal Resources Corp. (TSX...
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[{"type":"text","content":"White Metal Applies for Airborne Time-Domain EM-MAG Survey to Fly Gunners Cove Gold Property, Newfoundland and Announces Private PlacementThunder Bay, Ontario--(Newsfile Corp. - December 18, 2017) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce that the Company has applied for a permit (the \"Permit\") to fly an airborne time-domain electromagnetic (EM) and magnetic (MAG) geophysical survey on its Gunners Cove Property (the \"Property\"). The Property, located 20 km north of St. Anthony on the Northern Peninsula, Newfoundland, is easily accessible by means of local roads and trails, and consists of 682 claim units (59,402 ha or 594 sq-km). The geophysical survey will cover the entirety of the claims held by the Company.The geophysical data will assist the Company in better understanding and delineating features which might host gold, and possibly base metal, mineralization. Initial surface grab samples from the new discovery made in September 2017 (news release: September 25, 2017), and follow up sampling recently announced (news release: November 20, 2017), outline a large area of anomalous gold and other metals associated with pyrite-nodules and pyrite stringers, hosted by black shale.To date, 133 surface grab samples have been collected from the 10 mineralized zones at the Property. The distribution of the samples containing anomalous gold values define an area roughly 5 km x 3 km. Approximately 50% of the grab samples collected in the Gunners Cove area assayed 100 ppb Au (0.1 g/t Au) or greater, with a maximum of 5.9 g/t Au (Mossberg Zone). Silver assay results are also elevated, ranging from less than 1 ppm Ag to a maximum of 9.1 g/t Ag (Cooey Zone) [note: grab samples are selective by nature and are unlikely to be representative of average grades].Our work to date at the Gunners Cove Property has highlighted a large area of anomalous gold values and extended the discovery area substantially. Historically, this Property has seen very little exploration work and is a recent prospecting discovery, adding to its importance. Precious metal and base metal mineralization is associated with, and appears to be largely hosted by, pyritic nodules and stringers accompanied by minor silicification and local brecciation, and hosted by an extensive black shale unit.Following the airbo...