White Metal Reports Assays from New Gold Zone at Gunners Cove Project, Newfoundland

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Thunder Bay, Ontario--(Newsfile Corp. - July 30, 2018) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or The "Company") is pleased to announce that it has received assay results from 15 surface grab samples from the newly discovered Totem Gold Zone ("Totem Zone") on the Gunners Cove Gold Project (the "Project') in northern Newfoundland. The new zone, described as a sheared black shale and poli-lithic breccia with up to 10% pyrite in the form of nodules, cubes and stringer-style pyrite, returned assays from below detection (<5 ppb) to 820 ppb Au and averaged 221 ppb Au. White Metal is very encouraged with these results and, in the next 2 weeks, is expected to commence a programme to conduct follow up surface grab and channel samples.

The Totem Zone, is located along the southeast boundary of the Gunners Cove Gold Project. The samples were collected during a recent exploration programme while Company personnel were evaluating the newly discovered Bazooka Zone, located about 9 kilometres south of the original gold discovery (see White Metal news releases dated July 3, 2018 and July 11, 2018).

Jean Pierre Colin, President and CEO of White Metal stated, "The Totem Zone has become yet another very encouraging area of the Gunners Cove Gold Project. To date, every single exploration programme at our Gunners Cove Gold Project has been noticeably successful and accretive. Accordingly, in the short term, we are seeking to ascertain the extent and importance of what we have recently discovered in Newfoundland. With the planned channel sampling, our Company's technical and on-the-ground professionals envision that this August and September 2018 could not only become the commencement of an enriching outline of this process, but also, could frame the crucial breakthrough necessary in understanding the conceivable significance of the Project for White Metal.

"Also, White Metal would like to acknowledge and thank the Government of Newfoundland and Labrador for providing funding assistance under the JCEAP program."

Gunners Cove Gold Project

The Company believes the newly discovered and underexplored Gunners Cove Gold Project is an extensive gold system that has now been traced intermittingly for 18 kilometres along strike (north to south) and more than 1.0 kilometres wide (e.g. Bazooka Zone). To date, sixteen (16) areas of gold mineralization have been discovered.

Given the early success on the Project, the Company is planning a detailed channel sampling program on priority targets. Technical personnel for the Company have determined that this channel sampling program is the best way to properly evaluate the gold tenure and continuity of the various gold zones as well as assist in the delineation of targets for future diamond drilling.

Since the initial gold discovery in September 2017, the Company has had excellent success not only in making new discoveries, but extending the area of gold mineralization substantially at the Gunners Cove Property. The evaluation of the geological controls of the known gold mineralization can be summarized as follows:

  • Anomalous and moderate grade gold assays are associated with 2% to 10% pyrite nodules, discontinuous stringers, fragments and cubic crystals.
  • The gold zones are hosted in a geological distinctive unit of chaotic, multi-lithic breccia with a predominately graphitic and mudstone matrix (a melange) that is thought to be associated with regional thrust faulting.
  • The higher pyrite content appears to be associated with well-foliated (sheared) graphitic melange.
  • This melange can be mapped over horizontal widths of up to 1.3 km, however the full extent of the melange is not understood at this time. The unit appears to be located at the base of a sedimentary-ultramafic package and has been identified as a discontinuous unit over an area measuring approximately 18 km by 3 km.
  • Anomalous silver, copper and molybedinum are also associated with the gold mineralization.

Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by the National Instrument 43-101.

For more information with respect to to the Gunners Cove Gold Property please visit the Company's Web Page at www.whitemetalres.com.

About White Metal Resources Corp (TSXV: WHM):

White Metal Resources Corp. is a junior mineral exploration company exploring for gold in Canada.

On behalf of the Board of Directors of White Metal Resources Corp.

"Jean-Pierre Colin"

Jean-Pierre Colin, President, CEO and Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS 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 projection

For further information contact:
Michael Stares
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836   Fax (807) 475 7200

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