Business
White Metal to Begin Work on New Gold Discovery, Gunners Cove Property
Thunder Bay, Ontario--(Newsfile Corp. - October 11, 2017) - White Metal Resources Corp. (TSXV...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal to Begin Work on New Gold Discovery, Gunners Cove PropertyThunder Bay, Ontario--(Newsfile Corp. - October 11, 2017) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce that the TSX Venture Exchange has accepted the filing in regards to White Metal's optioning of the Gunner Cove Property (the \"Property\") in the province of Newfoundland (see news release, September 25, 2017). Within the next week, the Company will begin a prospecting and mapping program on the Property.The Company also announces that it is arranging a non-brokered private placement of flow-through units (\"FT Units\") to raise gross proceeds of up to $115,000. Each FT Unit will be issued at $0.05 and will consist of one (1) Flow-through Common Share and one-half (0.5) of a Common Share Purchase Warrant, each full Common Share Purchase Warrant being exercisable at $0.10 for 24 months from the date of issuance. The Common Shares comprising the FT Units and the Common Shares issuable upon exercise of the Common Share Purchase Warrants will be subject to a four (4) month hold period commencing on the Closing Date, being the date of issuance of the Units.The proposed financing and associated terms are subject to TSX Venture Exchange approval. The Gunners Cove Property, located approximately 20 kilometres north of St. Anthony, Newfoundland, is a new precious metals discovery with no previous work completed other than selective grab samples collected during previous limited prospecting programs. Precious and base metal mineralization is associated with pyrite-rich accumulations/nodules in graphitic argillaceous black shale. Selective grab samples collected by the property vendor and submitted to the laboratory by the Company, returned values as high as 5.86 g/t gold, 8.0 g/t silver, 0.13% copper, and 375 ppm molybdenum. Follow-up sampling by White Metal yielded results of 10 ppb to 1480 ppb gold from 33 selective grab samples collected over an area measuring approximately 800 metres long by 350 metres wide. Based on these results, the Company staked an additional 580 claims to cover the prospective ground in the area.Technical information in this news release has been reviewed and approved by Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person unde...