M&A

White Metal to take on Startrek

White Metal Resources (TSXV: WHM) has decided to go where few have gone before, entering an option agreement to acquire 100% of the Startrek gold project in central Newfoundland.

Staff reporter
Explorer decides to go where few have gone before. Image: Unsplash.com/Nathan Anderson

Explorer decides to go where few have gone before. Image: Unsplash.com/Nathan Anderson

"The Startrek gold property has seen limited exploration work to date, nonetheless greater than 50 gold occurrences have been discovered on the property through previous trenching and grab samples," the company said.

It is acquiring the property, subject to regulatory approval, by issuing a total of 2 million shares in three years to Moosehead-focused Sokoman Iron Corp (TSXV: SIC), along with a 1% NSR.
 
White Metal said Startrek was also subject to a 2% NSR in favour of the original owner.

"Previous operators Rubicon and Sokoman have performed mechanical trenching and drilling but many gold targets remain," it said.

White Metal is planning an airborne electromagnetic survey as a first phase of work.

It has proposed raising up to C$300,000 (US$222,000) at 5c per unit.

The company had a little over $400,000 (US$296,000) in working capital at the end of October.

It had raised $201,000 (US$148,000) in September at 15c per flow-through unit to fund exploration at its Gunners Cove gold project in northern Newfoundland.

Its shares were unchanged yesterday at a 52-week low of 4c, putting its market capitalisation at $1.7 million (US$1.3 million).

They had touched 24.5c in mid-July after the company announced it had discovered a new sulphide-mineralised area at Gunners Cove.

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