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White Metal Earns 100% and Signs LOI to Option Out the Startrek Gold-Antimony Property, Central Newfoundland
Thunder Bay, Ontario--(Newsfile Corp. - September 10, 2020) - White Metal Resources Corp. (TS...
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[{"type":"text","content":"White Metal Earns 100% and Signs LOI to Option Out the Startrek Gold-Antimony Property, Central NewfoundlandThunder Bay, Ontario--(Newsfile Corp. - September 10, 2020) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") announces that it has signed a binding letter of intent (\"LOI\") with 1259542 B.C. Ltd (the \"Optionee\"), to enter into an Option Agreement (the \"Agreement\") in respect of its 100% owned Startrek Gold-Antimony property (the \"Property\"), located about 20 km east of Gander, Central Newfoundland (the \"Option\").Under the terms of the LOI, the Optionee can earn up to a 70% interest in the Property by:Paying $25,000 and issuing 133,333 common shares of the Optionee to White Metal within three days of receipt of TSX Venture Exchange (the \"Exchange\") approval of the Option transaction;Completing $150,000 of exploration expenditures on the Property on or before the first anniversary of execution of the Agreement;Paying $50,000 and issuing 300,000 common shares to White Metal on or before the first anniversary of execution of the Agreement;Completing an additional $250,000 of exploration expenditures on the Property on or before the second anniversary of execution of the Agreement;Paying $75,000 and issuing 433,333 common shares to White Metal on or before the second anniversary of execution of the Agreement; andCompleting an additional $500,000 of exploration expenditures on the Property on or before the third anniversary of execution of the Agreement.Commented Michael Stares, President and CEO of White Metal, \"We are extremely pleased to have found a partner to advance the Startrek Gold Property in an area of Newfoundland which has recently seen a lot of activity in gold exploration. This Option fits into the Company's strategic plan to find partners to advance our projects while maintaining an interest, as we did with the Seagull Lake PGE Project (see news release dated 21 February 2020) and the Far Lake Cu Property (see news release dated 20 May 2020).\"In addition, the Company announces that it has received Exchange approval for the agreement with the Vendor of the Startrek Gold Property, Sokoman Minerals Corp. (\"Sokoman\"), pursuant to which White Metal has now earned a 100% ownership interest in the Property by paying Sokoman 750,000 shares to complete the option agreement in f...