White Metal Resources Corp. Announces AGM Results, Appointment of Wesley Hanson as CEO
Thunder Bay, June 20, 2022 - White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it held its Annual General & Special Meeting of Shareholders (the "Meeting") on June 16, 2022 and that all resolutions before the meeting were passed with an overwhelming majority of shareholder votes. Of note, Elliot Strashin, Scott Jobin-Bevans, Wesley Hanson, Nigel Lees, and Warren Bates were appointed and welcomed as directors of the Company.
The Directors are pleased to announce that Wesley C. (Wes) Hanson, P.Geo., has been appointed as CEO and President of the Company. Mr. Hanson brings over forty (40) years of mining industry experience, from early exploration through to engineering, design, construction and operation. Mr. Hanson has held senior roles at Kinross Gold, Noront, Western Goldfields and most recently Unigold where he recently stepped down as Chief Operating Officer.
Mr. Warren Bates graduated from University of Manitoba in 1985, with an Honours B.Sc (Geology). His work experience incudes 20-years (1985-2005) with Vista Gold (previously Granges Inc.). He held successive positions from Project Geologist to Regional Manager and finally Vice President Exploration. A further 12-years were spent as VP Exploration for Pelangio Exploration. His experience includes greenfields to mine site exploration in greenstone gold, epithermal gold and porphyry copper exploration, reserve and resource definition. Mr. Bates has worked all over Canada, USA, Latin America and Africa.
Mr. Hanson notes: " I am very excited to join White Metal Resources and I commend the outgoing management team on their excellent work positioning the company for future success by assembling a portfolio of projects offering outstanding long and short term value generation for stakeholders. I believe that the Tower Mountain Gold Project, just west of Thunder Bay, Ontario, is an outstanding exploration opportunity. We currently interpret Tower Mountain to be an Intrusion Related Gold Deposit ("IRGD"). IRGD type deposits are an important exploration target globally. At Tower Mountain, a total of 173 drill holes have intersected low tenor gold mineralization along a 1500 metre long corridor extending for 500 metres outbound from the alkalic intrusion known as the Tower Mountain Intrusive Complex ("TMIC"). The low tenor mineralization persists to depths of over 400 metres from surface. The final hole of the 2022 drill program; TM22-135 intersected 466.5 metres averaging 0.51 g/t Au, including 267.0 metres averaging 0.71 g/t Au, ending in mineralization at a depth of 485.0 metres.
To have such an opportunity, within a few kilometres of the Trans-Canada highway, in an established mining jurisdiction less than thirty minutes away from the City of Thunder Bay, is rare. The premium location and outstanding infrastructure should significantly reduce exploration costs as the need for a fly in, remote camp operation or costly road construction to access, develop and operate any potential discovery is eliminated. Adding to my enthusiasm for the project is the fact that Induced Polarity ("IP") geophysical surveys appear to provide an excellent exploration vector, isolating higher grade gold mineralization accurately along a 1500 metre strike length parallel to the western edge of the TMIC.
Our immediate focus in the coming months will be to establish a geochemical fingerprint of the deposit from the historical core library to compare with other, recognized IRGD deposits globally. We also plan to initiate metallurgical testing to identify processing options. Finally, we will also seek to extend the current IP coverage along the remaining 6,000 metres of the prospective mineralized halo surrounding the TMIC as quickly as possible to assist in prioritization of drill targets during the upcoming winter field season. Our current funding is sufficient to accomplish these short term objectives.
I'd like to thank Dr. Strashin and the White Metal team for the opportunity to participate in this exciting exploration opportunity."
The Company is very pleased to be able to draw on the exploration experience from both Dr. Jobin-Bevans and Mr. Bates as they help develop the exciting Tower Mountain Gold Project.
Mr. Hanson takes over the role of CEO from Dr. Jobin-Bevans who had stepped in to that position earlier this year while the directors searched for the appropriate permanent replacement. The Company wishes to thank Dr. Jobin-Bevans for his leadership during his tenure as Interim CEO.
The Company is well-funded to advance the Tower Mountain Gold Project, and announces that it has granted 2,800,000 stock options to directors and officers of the Company exercisable at $0.10 per share for a period of five (5) years.
About the Tower Mountain Gold Project
The Tower Mountain Gold Project is located 5 km off of the Trans-Canada highway, 50 km west of the port city of Thunder Bay, Ontario and consists of unpatented and patented lands totalling 1,968 hectares. Exploration to date suggests the property may host a large gold endowment. Gold mineralization is widespread and drilling to date has identified low-grade gold mineralization extending outward for at least 500 metres from a central alkalic intrusion. Diamond drilling has established persistent gold grades from 0.1 to 1.0 g/t Au along a 1,500 meter long x 500 metre wide x 500 metre deep block of volcanic-volcanoclastics rocks immediately west and adjacent to the TMIC.The remaining perimeter around the TMIC, measuring approximately 6000 metres in strike length, is untested.
Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the Company's Property.
To view drill hole sections and additional project information and maps please visit the White Metal website and slide show at https://www.whitemetalres.com/tower-mountain-au.html. For a detailed overview of the Tower Mountain Gold Project click here.
Technical information in this news release has been reviewed and approved by Wes Hanson (P.Geo.) President and a Director of White Metal, who is a Qualified Person under the definitions established by NI 43-101.
About White Metal Resources Corp.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit https://www.whitemetalres.com/
On behalf of the Board of Directors
"Elliot Strashin" Chairman of the Board
For further information contact:
Elliot Strashin, Director and Chairman of the Board
+1-416-504-0077 ext 22
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128341