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White Metal Signs Letter of Intent to Vend Seagull Lake Platinum-Palladium Project
Thunder Bay, Ontario--(Newsfile Corp. - February 21, 2020) - White Metal Resources Corp. (TSX...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal Signs Letter of Intent to Vend Seagull Lake Platinum-Palladium ProjectThunder Bay, Ontario--(Newsfile Corp. - February 21, 2020) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce that it has signed a letter of intent (\"LOI\") with Quadro Resources Ltd. (\"QRO\") in regards to the Seagull Lake Platinum-Palladium Project (the \"Project\" or the \"Property\"). The Project, which covers 7,539 ha, is about a one hour drive north of the port city of Thunder Bay, is located about 50 km south of Impala Canada's Lac des Iles Mine (previously North American Palladium), and is about 28 km north of the copper (Cu), nickel (Ni), and platinum group element (PGE) discoveries of Rio Tinto and Panoramic Resources.The terms of the Option Agreement (the \"Agreement\") being contemplated under the LOI are as follows:QRO to earn an 70% interest in the Property.The term to earn the interest is 3 years.Cash payments totaling $275,000 over the 3 year time period.QRO to issue a total of 6.5 million shares over the 3 year time period.A total of $1.55 million to be spent on exploration on the Property over the 3 year time period.More specifically, the details of the 3 year Agreement are:1st Year: $50,000 cash payment, issuance of 1M shares of QRO and a $300,000 work program on the Property.2nd Year: $100,000 cash payment, issuance of 2,250,000 of QRO. shares and a $500,000 work program on the Property.3rd Year: $125,000 cash payment, issuance of 3,250,000 QRO shares and a $750,000 work program on the Property.The combination of cash payments and share issuances approximates a total value of $990,000 (based on Quadro's February 20, 2020 closing price of $0.11/share). After vesting a 70% interest, a joint venture is formed on the basis of 70/30 expenditures with the issuance of a 0.5% Net Smelter Return Royalty (\"NSR\") upon dilution to less than 10%. The LOI is pending approval by the TSX Venture Exchange.The primary target in the Project area is the Seagull Lake Intrusion (\"SLI\"), described as a 10 km diameter, circular intrusive composed of ultramafic rocks with a high olivine content and derived from a deep mantle source. Layering and multiple phases of intrusion have been recognized, creating a favourable setting for Noril'sk Type sulphide accumulation. The SLI is located in the Nipigo...