White Metal Resources Corp. (TSXV:WHM) entered into a LOI to acquire Tower Mountain Gold Property in the Matawin Gold Belt for CAD 0.21 million effective January 25, 2020. Under the LOI, White Metal has the option to acquire 100% of the Project subject to a 2% underlying royalty on some of the claims comprising the Property by issuing to the Optionor 1,200,000 common shares of the Company and making cash payments totalling $145,000 over a period of three (3) years.

On receipt of regulatory approval, $25,000 cash payment, issuance of 300,000 shares.1st Anniversary: $30,000 cash payment, issuance of 300,000 shares. 2nd Anniversary: $40,000 cash payment, issuance of 300,000 shares. 3rd Anniversary: $50,000 cash payment, issuance of 300,000 shares.

The Optionor has reserved a 1% net smelter returns royalty on certain claims that are not in conflict with the Underlying Royalty and the Optionor will be given a 2% net smelter returns royalty on additional claims that the Company has staked (collectively the “Optionor NSR”). The Company has the right to purchase 50% of such Optionor NSR for $1 million and advanced royalty payments of $5,000 per year (payable in cash or shares of the Company at its option) are payable on the Optionor NSR commencing on the fourth anniversary of the LOI. The transaction is subject to approval by regulatory board/committee.