White Metal finds new gold zone at Tower Stock project

White Metal Resources (TSXV: WHM) says it has discovered a new gold zone at its Tower Stock gold project, 45 km from Thunder Bay in northwestern Ontario’s Shebandowan greenstone belt.

The company reported assays of 1.7 grams gold per tonne over 82.5 metres, including 3 grams gold per tonne over 45 metres, in drillhole TM-21-94, which was drilled about 340 metres south of the project’s U-V Zone gold deposit, and about 300 metres north of the project’s Bench Zone.

White Metal, which has an option to earn 100% of the 1,944-hectare project, is calling the new discovery area the Ellen Zone.

 “The area of the new discovery has seen no historical drilling and is open in all directions,” White Metal stated in a news release.

The Ellen Zone area is covered by overburden, and White Metal said it discovered anomalous gold values in rock grab samples there late last year.

Highlights from the drilling included TM-21-90, drilled at the U-V Zone, which assayed 0.9 gram gold per tonne over 16.5 metres. TM-21-92, which was drilled about 400 metres west of the U-V Zone, returned 3 metres of 0.96 gram gold and 10.5 metres of 0.25 gram gold.

In other news, the company reported results earlier this month from the first phase of its 2021 reverse-circulation (RC) drill program of 10 holes (2,480 metres) at its 95%-owned Taranis copper-silver project in northwestern Namibia.

Highlights from drilling targeting the Okohongo copper-silver deposit, included 45 metres grading 2.02% copper and 33 grams silver per tonne from 21 metres in drillhole INVR-007 and 0.33% copper and 5 grams silver from 54 metres downhole in INVR-009.

The recently completed RC drill program was aimed at twinning many of the drill holes that were used to calculate a historic mineral resource from 2011. (The historic resource estimated 10.2 million inferred tonnes grading 1.12% copper and 17.75 grams silver per tonne, at a 0.3% copper cut-off grade.

According to the company, historic drilling at the Okohongo deposit outlined that it extends for more than 600 metres in strike, 400 metres down-dip and is open in all directions.

The deposit lies in the Kaoko belt and is about 700 km northwest of Windhoek.

Over the last year White Metal has traded in a range of 3.5¢ and 16.5¢ per share and at presstime was trading at 11.5¢ a share.

The junior explorer has about 20 million common shares outstanding for a market cap of roughly $2.3 million.