Thunder Bay, Ontario–(Newsfile Corp. – January 18, 2021) – White Steel Assets Corp. (TSXV: WHM) (“White Steel” or the “Firm”) is happy to announce that it has acquired the required drilling permits and can start the primary spherical of diamond drilling on the Tower Inventory Gold Property (the “Property” or the “Challenge” or “TSGP”). White Steel not too long ago optioned the Tower Inventory Gold Property which is positioned about 40 km west-northwest of the port metropolis of Thunder Bay, Ontario, and consists of 52 claims (73 items) and three freehold land grants or patented claims overlaying an space of 1 442 ha (see Firm information launch dated June 20, 2020).

Commented Michael Stares, President & CEO of White Steel, “Now that the Firm has accomplished its first section of exploration that included compilation of all historic work, prospecting and sampling, and concentrating on, I’m very assured that our first spherical of drilling will show profitable. I sit up for updating our shareholders on our outcomes because the drilling program progresses.”

Mineralization found thus far on the Tower Inventory Gold Property is classed as syenite-associated disseminated gold deposit-type much like that of the Kirkland Lake or Malartic gold camps. Extra particularly, mineralization and alteration kinds on the Property are much like these discovered at Alamos Gold’s Younger-Davidson Mine, which is presently certainly one of Canada’s largest underground gold mines, forecast to provide between 135,000 to 145,000 ounces of gold for 2020 (reported by Alamos Gold). Mineralization hosted by established operations and different exploration tasks isn’t essentially indicative of mineralization hosted on the Firm’s Property.

Pyrite is the primary sulphide mineral and is mostly a sign of anomalous ranges of gold. Pyrite sometimes happens as disseminations in volcanic flows, tuffs and breccia’s, polymictic conglomerate, feldspar porphyry, syenite and hydrothermal breccia’s generally developed alongside the west contact with the syenite of the Tower Mountain Intrusive Complicated (“TMIC”).

Historic work has delineated two major areas of gold mineralization which include historic mineral sources; the UV and Bench zones. Along with these two zones, quite a few targets/showings at variable distances (>100 m to >1 km) from these two major areas, as outlined by drill intercepts and floor sampling, present the Property to have distinctive exploration potential. Earlier drilling applications concentrating on gold mineralization and undertaken all through the Property, present that mineralization stays open, both alongside strike and/or down dip, together with quite a few drill holes shut down in goal gold mineralization. Moreover, various zones that haven’t been drill examined, returned important gold mineralization from trenching and floor sampling.

The preliminary exploration focus of the drilling program on the TSGP shall be to check and/or broaden identified gold mineralization from earlier drilling and to check extremely anomalous gold floor showings, at the side of an in depth evaluation and subsequent interpretation of all historic work plus geophysics by the WHM exploration group to additional our understanding on controls of the widespread gold mineralization that happens all through the Property.

A abstract of the primary gold targets for the preliminary 2021 drilling program are as follows:

1. UV Zone
   The UV Zone happens on the west facet and adjoining to the TMIC, with gold mineralization hosted in brecciated fragmental volcanic rocks and to a lesser extent syenite dykes and feldspar porphyry, with an total pyrite content material of three to five%. Mineralization is open to the northwest and southeast, with regional airborne geophysical surveys and extra not too long ago floor ‘checkerboard’ magnetic surveys additionally indicating extensions of this zone.

2. Bench Zone
   The Bench Zone lies 800 m southeast of the UV Zone. Gold mineralization is hosted inside lithologies and related pyrite content material much like the UV Zone however with syenite turning into extra important. Quite a few drill holes resulted in gold mineralization indicating that the gold zones are nonetheless open at depth. A radical evaluate of knowledge from earlier drilling applications reveals the potential of the Bench Zone and that it’s open to the north and south.

3. Creek Zone
   Situated between the UV and Bench zones, this space is ~800 m alongside strike has solely been examined by two extensively spaced (250 m) diamond drill holes, each intersecting important gold mineralization. Floor sampling of uncommon outcrop publicity accomplished in 2020 returned quite a few assays of >0.5 g/t Au. This may recommend that the world between the UV and Bench zones is extremely potential, with the probably that the 2 zones could also be one steady gold mineralized zone.

4. 04-36 Zone / A Zone / D Zone
   These three extensively spaced separate zones, lie alongside an identical northwest development that underlies the UV-Bench zones, occurring roughly 400 m to the southwest, representing a principally untested strike size of >1 km. Additionally encouraging is that mineralization in any respect three zones is hosted principally inside polymictic conglomerate. Drilling will deal with extending the person zones and to additional perceive controls on mineralization to allow correct drill concentrating on between the zones.

5. H Zone
   The H Zone happens wholly throughout the TMIC the place historic seize samples assayed as much as 5 g/t Au. Latest seize samples by WHM personnel has delineated this zone for >100 m, however a real evaluation of this displaying at the moment is tough as a result of in depth overburden. One historic gap stopped earlier than really testing the zone.

An in depth evaluate of the Property in late 2020 clearly reveals the distinctive prospectivity of the world as a result of:

• widespread gold endowment
• quite a few targets open alongside strike and/or down dip
• quite a few holes resulted in mineralization
• untested floor showings
• total vertical depth principally solely examined to lower than 200 metres
• extremely advantageous location – 10 km from the TransCanada Freeway with year-round highway entry

Notice that rock seize samples are selective by nature and values reported could not symbolize the true grade or model of mineralization throughout the property. A Certified Individual has not performed adequate work to confirm the historic assay outcomes reported by earlier operators.

The Firm would additionally prefer to announce that, topic to all regulatory approvals, it intends to finish a non-brokered non-public placement of flow-through and non flow-through items (the “Personal Placement”). The Personal Placement is predicted to shut on or earlier than January 31, 2021.

On receipt of all regulatory approvals, the Firm intends to concern as much as 3,846,153 flow-through items at a worth of $0.13 per flow-through unit, every consisting of 1 flow-through widespread share of the Firm and one widespread share buy warrant, with every warrant entitling the holder to amass a further widespread share of the Firm at $0.20 for a interval of 24 months from the date of concern, and as much as 16,666,667 non flow-through items at a worth of $0.09 per unit every consisting of 1 widespread share of the Firm and 1 widespread share buy warrant, with every warrant entitling the holder to amass an addition widespread share of the Firm at $0.20 for twenty-four months from the date of concern, for mixture gross proceeds of as much as $2 million. The flow-through shares will entitle the holder to obtain the tax advantages relevant to flow-through shares, in accordance with provisions of the Earnings Tax Act (Canada).

In reference to the non-public placement, the Firm could pay finders’ charges in money or securities or a mix of each, as permitted by the insurance policies of the TSX Enterprise Trade. All securities issued pursuant to the non-public placement shall be topic to a four-month maintain interval.

The proceeds of the financing shall be used to advance the Firm’s Tower Inventory Gold Property and for working capital functions.

Technical data on this information launch has been reviewed and authorised by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Steel, who’s a Certified Individual underneath the definitions established by the Nationwide Instrument 43-101.

About White Steel Assets Corp (TSXV: WHM):

White Steel Assets Corp. is a junior exploration firm exploring in Canada. For extra data with regard to White Steel Assets Corp. you’ll be able to go to the corporate’s Net Web page at www.whitemetalres.com.

On behalf of the Board of Administrators of White Steel Assets Corp.

“Michael Stares”
President & CEO, Director

For additional data contact:
Michael Stares
President & CEO, Director
684 Squier Avenue
Thunder Bay, Ontario, Canada, P7B 4A8
Telephone: (807) 358-2420

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The data contained herein accommodates “forward-looking statements” throughout the which means of relevant securities laws. Ahead-looking statements relate to data that’s based mostly on assumptions of administration, forecasts of future outcomes, and estimates of quantities not but determinable. Any statements that specific predictions, expectations, beliefs, plans, projections, aims, assumptions or future occasions or efficiency usually are not statements of historic truth and could also be “forward-looking statements.”

Ahead-looking statements are topic to a wide range of dangers and uncertainties which might trigger precise occasions or outcomes to vary from these mirrored within the forward-looking statements, together with, with out limitation: dangers associated to failure to acquire satisfactory financing on a well timed foundation and on acceptable phrases; dangers associated to the end result of authorized proceedings; political and regulatory dangers related to mining and exploration; dangers associated to the upkeep of inventory trade listings; dangers associated to environmental regulation and legal responsibility; the potential for delays in exploration or improvement actions or the completion of feasibility research; the uncertainty of profitability; dangers and uncertainties regarding the interpretation of drill outcomes, the geology, grade and continuity of mineral deposits; dangers associated to the inherent uncertainty of manufacturing and price estimates and the potential for sudden prices and bills; outcomes of prefeasibility and feasibility research, and the chance that future exploration, improvement or mining outcomes is not going to be in keeping with the Firm’s expectations; dangers associated to gold worth and different commodity worth fluctuations; and different dangers and uncertainties associated to the Firm’s prospects, properties and enterprise detailed elsewhere within the Firm’s disclosure file. Ought to a number of of those dangers and uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes could fluctuate materially from these described in forward-looking statements. Buyers are cautioned in opposition to attributing undue certainty to forward-looking statements. These ahead trying statements are made as of the date hereof and the Firm doesn’t assume any obligation to replace or revise them to replicate new occasions or circumstances. Precise occasions or outcomes might differ materially from the Firm’s expectations or projections