Troilus Gold advances project financing with additional LOIs for $500m
In May, the company produced a feasibility study that demonstrated the potential for Troilus to be amongst the largest gold producers in Canada.
Thunder Bay, Ontario--(Newsfile Corp. - February 16, 2022) - White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") announces that for personal reasons Michael Stares has resigned as CEO and as a director of White Metal Resources Corp., effective today. Michael has served since June of 2014. During his tenure, the Company acquired two major Copper-Silver Assets in Namibia and the Tower Mountain Gold Project just west of the port city of Thunder Bay, Ontario. All three projects are currently being explored aggressively. Michael also leaves the Company well financed for future work. While the Board regrets losing Michael's leadership it is pleased to announce that Michael has accepted a consulting contract with the Company so that it may continue to draw on his decades of experience and expertise.
The Company's current VP Exploration, Dr. Scott Jobin-Bevans (P. Geo.) will assume the role of interim CEO until a replacement can be found. Dr. Jobin-Bevans has over 20 years of experience with public and private companies as an officer, director and technical advisor, and has taken several private companies public and has been in the mineral exploration industry since 1988. He is a registered geoscientist with the Association of Professional Geoscientists of Ontario (APGO), an adjunct professor in the Department of Geology, Lakehead University and a certified Project Management Professional (PMP).
This management change does not alter the Company's current Phase 3 drilling program which continues to test the Tower Mountain Gold Property, with results to be released as they are received.
About the Tower Mountain Gold Property
The Tower Mountain Gold Property is located 50 km west of the port city of Thunder Bay, Ontario and consists of unpatented and patented lands totalling 1,968 ha (19.68 square kilometres) The Property has excellent infrastructure and can be worked year-round with well-maintained roads and a power grid within <5 kilometres. Gold mineralization on the Property is described as intrusive-associated disseminated gold and may have similarities to gold mines hosted in the Abitibi Greenstone Belt of northeastern Ontario, such as in the Kirkland Lake and Malartic gold camps. One example, the Young-Davidson Mine, is currently one of Canada's largest underground gold mines and in 2021 produced 195,000 ounces of gold (Alamos Gold news release January 17, 2022).
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.
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:Scott Jobin-Bevans White Metal Resources Corp.684 Squier Street Thunder Bay, Ontario, P7B 4A8 Phone: +1-647-405-3632[email protected]
Elliot Strashin+1-416-504-0077 ext 22[email protected]
Thomas Do, Investor Relations ManagerCHF Capital MarketsPhone: +1-416-868-1079 ext 232[email protected]
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."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113951
