Ontario-based White Metal Resources Corp. (TSXV: WHM) is growing its recently acquired Williams Gold property, located in central Newfoundland, where a gold rush seems to be taking place.
In a media statement, the junior explorer announced that it has staked an additional 50 claim units totaling 1,250 hectares near the project and south of the former producing Beaver Brook Antimony mine.
In detail, the Williams Gold property is situated within the Botwood Basin, 40 kilometres southeast of the Moosehead Gold Project of Sokoman Iron Corp.
According to White Metal, the eastern half of the property is underlain by Cambrian to Ordovician siliciclastic sediments and the western half by Silurian siliciclastic sediments. "This is a similar geological environment to the Clarks Brook gold property to the northeast where Sokoman Iron reported a drill core intercept of 3.74 g/t Au over 3.10 metres, including 14.73 g/t Au over 0.60 metres. Gold is generally associated with pyritic quartz veins and hosted by siltstones, sandstones, and conglomerates," the miner said in the press release.
Management also explained that, after conducting some sampling, the company identified a new polymetallic discovery within an extensive area of quartz-veined and brecciated, granite/sediment float, and subcrop. Visible gold was noted in several samples.