White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF,
FRA: 29W) (the "
Company") is pleased to
announce Rotary-Air-Blast (“RAB”) drill results from the Vertigo
target on the JP Ross property, Yukon Canada. Assays for three
additional RAB holes have been received, returning additional near
surface, high grade mineralization, including some of the highest
grades ever in the White Gold District, and also expanding the
drilled strike length of mineralization to 235m. With multiples
holes encountering high-grade gold intercepts and many ending in
mineralization at relatively shallow depths, Reverse Circulation
(“RC”) drilling has been initiated at JP Ross.
These results mark a significant discovery by
the Company produced through its fully funded regional exploration
program backed by partners Agnico Eagle Mines Limited (TSX: AEM,
NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). Systematic
exploration has also been conducted on 16 other properties with
results to be released in due course. Maps further detailing drill
hole and grab sample locations as well as results can be found at
http://whitegoldcorp.ca/investors/exploration-highlights/.
The Company will host a conference call at
11:30am EDT today, Tuesday, October 2, 2018 for management to
provide additional context regarding these and other significant
results encountered this year and answer questions. See below for
call details.
Highlights Include:
- JPRVERRAB18-014 was drilled
160m east of JPRVERRAB18-001 and intersected 23.44 g/t Au over
24.38m from surface, including 59.3 g/t Au over 3.05m from surface,
39.4 g/t Au over 3.05m from 12.19m depth and 26.1 g/t Au over
4.572m from 19.81m depth, ending in mineralization. The hole has
since been extended with an RC drill to 79.25 m, with results to be
reported in due course.
- Additional surface grab
samples encountered up to 257.3 g/t gold including 293 g/t silver
encountered within a 1.1 km strongly mineralized trend. Samples are
interpreted as being in-place and representative of the bedrock
below due to the unglaciated nature of the area.
- At least 10 mineralized
zones (V1 to V10) have been recognised over a 350m x 1,000m area,
with individual zones having been traced up to 400m along strike
with all zones open along strike and at depth.
- The JP Ross property is
road accessible from Dawson City and the Vertigo Target is within
2km of the existing road.
- 17 RAB holes were completed
on the Vertigo target with assay results for the final 3 RAB holes
to be released in due course. All but two holes reported to date
have encountered significant gold mineralization over a 235m strike
length.
- RC drilling is progress at
the Vertigo and Suspicion targets with assays pending. Additional
exploration work including soil sampling, geologic mapping,
prospecting, structural interpretation, IP-resistivity, magnetic
surveys and LiDAR are also being performed this
season.
- A Class 3 permit
application is in progress to permit follow up diamond drilling in
2019.
Shawn Ryan, Chief Technical Advisor of the
Company, stated, “This appears to potentially be one of the most
significant and interesting discoveries in the White Gold District
to date; it is the kind of mineralization that could have produced
the local placer gold deposits found in the area. The high-grade
nature found at such shallow depths and the fact that there appears
to be multiple mineralized zones creates the perfect recipe to
build economic ounces. The ability of our team to hit significant
gold mineralization on almost every drill hole over 235m of strike
on a new target is a true testament to the tenacity and
effectiveness of our team and exploration methodology. With each
new discovery we are gaining a better understanding of the regional
and local geology. We now have increased confidence in the
potential for further discoveries in this area as our exploration
team continues to explore other targets on the JP Ross property on
trend with Vertigo.”
Exploration Work on Vertigo
TargetA total of 917.45m of RAB drilling over 17 holes was
completed on the Vertigo target. Several of the RAB holes failed to
reach full depth due to difficult ground conditions adjacent to or
within the mineralized zones. The RAB was converted to an RC system
to maximize recoveries and to date 1,224 m of RC has been drilled
over 17 holes. This includes step-out drilling to test additional
identified zones of mineralization (V1, V2, & V7 – V10),
drilling along strike extensions of the V3 – V5 zones and initial
drill testing on newly identified targets on trend through geologic
mapping/prospecting including the recently announced Suspicion
target, 4km to the southwest of Vertigo.
Additional work underway includes:
- Infill and new grid soil sampling along the 12km Vertigo
Trend
- Detailed geologic mapping, prospecting and structural
interpretation
- IP-Resistivity surveys with 2.08 line-km completed to date
- Ground magnetic surveys to complement existing airborne
magnetic and DIGHEM surveys
- High resolution LiDAR surveys over the Vertigo and Suspicion
areas to complement existing data
Drill ResultsResults for 3
additional holes from the Vertigo have been received with
individual assays ranging from trace to 60.4 g/t Au and are
associated with strongly elevated Ag, Pb, Bi, +/- As. All reported
holes were drilled either due north (000o) or due south (180o) at
dips ranging from -55o to -60o. The most significant results were
obtained from holes JPRVERRAB18-005 & JPRVERRAB18-014.
JPRVERRAB18-005:JPRVERRAB18-005
is located 50m to the southwest of JPRVERRAB18-001 at a due north
azimuth and dip of 55o. The hole targeted the V3 zone and returned
1.49 g/t Au over 16.76m from 12.19m depth, including 9.37 g/t Au
over 1.52m from 27.43m depth, where it ended in mineralization. The
hole has subsequently been extended with an RC drill hole to test
the mineralized zone to further depth. Results for the follow up RC
hole are pending and will be reported in due course.
JPRVERRAB18-014:JPRVERRAB18-014
is located 160m east of previously reported hole JPRVERRAB18-001
and was drilled at a 180o azimuth and 60o dip. The hole was
targeting strongly anomalous As-Pb-Bi (+/- Au-Ag) in XRF results
from recent GT Probe sampling across the interpreted V6 zone and
returned 23.44 g/t Au over 24.38m from surface (0.00m). This
includes 3 subintervals consisting of 59.3 g/t Au over 3.05m from
surface, 39.4 g/t Au over 3.05m from 12.19m depth and 26.1 g/t Au
over 4.572m from 19.81m depth. The gold mineralization is
associated with strongly elevated Ag – Pb (As-Bi) and averaged 145
g/t Ag and 0.54% Pb over the 24.38m interval. The hole ended in
mineralization at 28.38m depth due to air loss in strongly
fractured ground. The hole has been subsequently re-entered using
RC equipment and extended to depth. The results of the additional
drilling are in progress and will be presented in due course. Gold,
silver, and lead assays for the individual 1.52m samples within the
reported interval are presented below.
From(m) |
To(m) |
Au(g/t) |
Ag(g/t) |
Pb(%) |
0 |
1.52 |
58.20 |
388 |
0.62 |
1.52 |
3.05 |
60.40 |
220 |
0.42 |
3.05 |
4.57 |
14.00 |
113 |
0.17 |
4.57 |
6.1 |
5.30 |
68 |
0.61 |
6.1 |
7.62 |
37.40 |
82 |
0.59 |
7.62 |
9.14 |
16.40 |
54 |
0.31 |
9.14 |
10.67 |
5.36 |
57 |
0.15 |
10.67 |
12.19 |
2.49 |
81 |
0.25 |
12.19 |
13.72 |
20.70 |
121 |
0.64 |
13.72 |
15.24 |
58.10 |
271 |
2.13 |
15.24 |
16.76 |
9.16 |
83 |
0.61 |
16.76 |
18.29 |
2.00 |
18 |
0.14 |
18.29 |
19.81 |
7.42 |
32 |
0.14 |
19.81 |
21.34 |
29.50 |
333 |
1.11 |
21.34 |
22.86 |
21.70 |
257 |
0.51 |
22.86 |
24.38 |
27.00 |
138 |
0.31 |
Interpretation of the results is ongoing and
there is not currently enough information to estimate true
thickness of the mineralized zones.
Significant drill results from the Vertigo
target included in this release are detailed in the table
below.
Hole ID |
From(m) |
To(m) |
Interval(m) |
Au(g/t) |
JPRVERRAB18-005* |
12.19 |
28.96 |
16.76 |
1.49 |
Including |
27.43 |
28.96 |
1.52 |
9.37 |
JPRVERRAB18-012 |
38.1 |
39.62 |
1.52 |
1.18 |
And |
73.15 |
74.68 |
1.52 |
1.46 |
JPRVERRAB18-013 |
Results pending |
JPRVERRAB18-014* |
0 |
24.38 |
24.38 |
23.44 |
Including |
0 |
3.05 |
3.05 |
59.3 |
And |
12.19 |
13.72 |
3.05 |
39.4 |
And |
19.81 |
24.38 |
4.57 |
26.1 |
JPRVERRAB18-015 |
Results pending |
JPRVERRAB18-016 |
Results pending |
JPRVERRAB18-017 |
Results pending |
*Hole ended
in mineralization |
Previously announced RAB significant results
from Vertigo are summarized below.
Hole ID |
From(m) |
To(m) |
Interval(m) |
Au(g/t) |
JPRVERRAB18-001 |
3.05 |
13.72 |
10.67 |
17.34 |
Including |
3.05 |
6.1 |
3.05 |
56.25 |
JPRVERRAB18-003 |
32 |
35.03 |
3.05 |
3.11 |
JPRVERRAB18-004 |
19.81 |
21.34 |
1.52 |
3.73 |
JPRVERRAB18-006 |
21.34 |
22.86 |
1.52 |
0.76 |
JPRVERRAB18-007 |
12.19 |
13.72 |
1.52 |
2.37 |
And |
44.2 |
45.72 |
1.52 |
1.85 |
And |
82.3 |
83.82 |
1.52 |
4.83 |
JPRVERRAB18-008* |
1.52 |
3.05 |
1.52 |
4.11 |
And |
33.52 |
35.05 |
1.52 |
3.4 |
JPRVERRAB18-009 |
38.1 |
39.62 |
1.52 |
13.4 |
JPRVERRAB18-010 |
16.76 |
18.29 |
1.52 |
15.3 |
And |
64.01 |
65.53 |
1.52 |
1.07 |
JPRVERRAB18-011* |
1.52 |
16.76 |
15.24 |
9.65 |
Including |
1.52 |
4.57 |
3.05 |
45 |
*Hole ended
in mineralization |
Surface Samples:Assays for an
additional grab samples from the Vertigo target area were received
with results ranging from 0.03 g/t to 257.3 g/t gold and included 5
samples >1g/t Au and 2 samples >30 g/t Au, including 32 g/t
Au & 257.3 g/t Au. The high grade 257.3 g/t Au sample was from
the eastern end of the Vertigo along the projection of the V3
structure and consisted of a brecciated quartz vein with strong
scorodite staining and visible gold. The sample also returned 291
g/t Ag and 2.65% Pb.
Rock grab sampling on the Vertigo target has
defined strong mineralization over a 1.1km NW trend with 10
mineralized zones (V1 to V10), with individual zones having been
traced up to 400m along strike with all currently open along strike
and at depth. The samples are interpreted as being in-place and
representative of the bedrock below due to the unglaciated
nature of the area. Significant results are summarized below
Sample |
Target |
Au (g/t) |
Ag (g/t) |
1715292 |
Vertigo |
257.30 |
291.00 |
1715293 |
Vertigo |
2.37 |
29.50 |
1715298 |
Vertigo |
1.79 |
3.20 |
1715301 |
Vertigo |
32.00 |
44.90 |
1715302 |
Vertigo |
5.61 |
3.4 |
Conference Call DetailsDavid
D’Onofrio (Chief Executive Officer), Shawn Ryan (Chief Technical
Advisor), Rob Carpenter (Director) and Jodie Gibson (VP,
Exploration) of the Company will host a conference call today to
discuss the results in greater detail and answer questions. The
call-in details are provided below and a recording will be
available at the link below following the call.
Date/Time |
October 2, 2018 11:30AM EDT |
Dial-In Numbers |
Toll-Free: 877-407-8033 International: 201-689-8033 |
Replay Numbers |
Toll-Free: 877-481-4010 International: 919-882-2331 Replay
Passcode: 37715 |
Teleconference Replay Expiration |
October 9, 2018 11:00AM EDT |
Webcast Link |
http://www.investorcalendar.com/event/37715 |
Webcast Replay Expiration |
January 2, 2019 11:00AM EDT |
JP Ross PropertyThe JP Ross
property is comprised of 2,850 quartz claims covering over 57,000
hectares of exploration ground which currently has at least 14
known anomalous trends including the Vertigo and Suspicion and
numerous placer gold bearing creeks. Preliminary drill results(1)
on the Vertigo target ranged from trace to 56.25 g/t Au over 3.05m
within a broader intercept of 17.34 g/t Au over 10.67m from 3.05m
depth (JPRVERRAB18-001) and 45.00 g/t Au over
3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au
over 15.24m (JPRVERRAB18-011). Additional exploration in
the area also encountered multiple high-grade grab
samples(2) including 139.9 g/t, 135.6 g/t and 132.9g/t Au defining
a strike length of approximately 1.1km on the vertigo target along
a 12km mineralized trend. The JP Ross property is road accessible
from Dawson City and the Vertigo Target is within 2km of an
existing road. Recently staked and acquired claims adjacent to the
property are situated within a prolific placer mining camp where
coarse placer gold is common.
The property is located 25km north of the
Company’s flagship White Gold property which has a mineral resource
of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces
Inferred at 1.70 g/t gold and 55km north of the Coffee project
owned by Goldcorp Inc. (TSX: G, NYSE: GG) with a M&I gold
resource(3) of 4.1M oz. Historic exploration performed on the JP
Ross property by Underworld Resources and Kinross Gold includes
geochemical surveys, trenching, airborne magnetic and radiometric
surveys, and 8,592m of diamond drilling over 64 holes. 14 target
areas are currently known and large portions of the property are
unexplored.
Potential quantity and grade is conceptual in
nature. There has been insufficient exploration to define a mineral
resource on the JP Ross property to date and it is uncertain if
further exploration will result in such target being delineated as
a mineral resource.
(1) See Company News Release dated September 17,
2018, available on SEDAR(2) See Company News Release dated
September 26, 2018, available on SEDAR(3) Noted mineralization is
as disclosed by the owner of each property respectively and is not
necessarily indicative of the mineralization hosted on the
Company’s property.
About White Gold Corp.The
Company owns a portfolio of 21,218 quartz claims across 34
properties covering over 423,000 hectares representing over 40% of
the Yukon’s White Gold District. The Company’s flagship White Gold
property has a mineral resource of 960,970 ounces Indicated at 2.43
g/t gold and 282,490 ounces Inferred at 1.70 g/t gold as set forth
in the technical report entitled “Independent Technical Report for
the White Gold Project, Dawson Range, Yukon, Canada”, dated March
5, 2018, filed under the Company’s profile on SEDAR. Mineralization
on the Golden Saddle and Arc is also known to extend beyond the
limits of the current resource estimate. Regional exploration work
has also produced several other prospective targets on the
Company’s claim packages which border sizable gold discoveries
including the Coffee project owned by Goldcorp Inc. (TSX: G,
NYSE:GG) with a M&I gold resource(3) of 4.1M oz and Western
Copper and Gold Corporation’s Casino project which has P&P gold
reserves(3) of 8.9M oz Au and 4.5B lb Cu. The Company has outlined
an aggressive exploration plan backed by partners Agnico Eagle
Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K,
NYSE: KGC). For more information visit www.whitegoldcorp.ca.
QA/QCThe analytical work for
the 2018 program has been performed by Bureau Veritas Commodities
Canada Ltd., an internationally recognized analytical services
provider, at its Vancouver, British Columbia laboratory. Sample
preparation was carried out at its Whitehorse, Yukon facility. All
GT Probe, RAB, RC, and diamond core samples were prepared using
procedure PRP70-250 (crush, split and pulverize 250 g to 200 mesh)
and analyzed by method FA430 (30g fire assay with AAS finish) and
AQ200 (0.5g, aqua regia digestion and ICP-MS analysis). Samples
containing >10g/t Au were reanalyzed using method FA530 (30g
Fire Assay with gravimetric finish). Metallic-screen analysis may
also be utilized if coarse gold mineralization is encounter
(FS600). Samples containing >100 g/t Ag and/or >1% Pb were
analyzed using method AQ374 (0.4g, aqua regia digestion and ICP-ES
analysis).
The work was completed using industry standard
procedures, including a quality assurance/quality control (QA/QC)
program consisting of the regular insertion of certified standards
and blanks into the sample stream. The qualified person detected no
significant QA/QC issues during review of the data.
Qualified PersonJodie Gibson,
P.Geo. and Vice President of Exploration for the Company is a
“qualified person” as defined under National Instrument 43-101 (“NI
43-101”) and has reviewed and approved the content of this news
release.
Cautionary Note Regarding Forward
Looking InformationThis news release contains
"forward-looking information" and "forward-looking statements"
(collectively, "forward-looking statements") within the meaning of
the applicable Canadian securities legislation. All statements,
other than statements of historical fact, are forward-looking
statements and are based on expectations, estimates and projections
as at the date of this news release. Any statement that involves
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as "expects",
or "does not expect", "is expected", "anticipates" or "does not
anticipate", "plans", “proposed”, "budget", "scheduled",
"forecasts", "estimates", "believes" or "intends" or variations of
such words and phrases or stating that certain actions, events or
results "may" or "could", "would", "might" or "will" be taken to
occur or be achieved) are not statements of historical fact and may
be forward-looking statements. In this news release,
forward-looking statements relate, among other things, to: the
anticipated benefits to the Company and its shareholders respecting
the Company’s objectives, goals and exploration activities
conducted and proposed to be conducted at the JP Ross property;
future growth potential of the Company, including whether any
further mineral resources will be established in accordance with NI
43-101 at any of the Company’s properties; exploration results; and
future exploration plans.
These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include: the expected
benefits to the Company relating to the exploration conducted and
proposed to be conducted at the JP Ross property; failure to expand
or identify any additional mineral resources; the preliminary
nature of metallurgical test results; uncertainties relating to the
availability and costs of financing needed in the future, including
to fund any exploration programs on the JP Ross property and the
Company’s other properties; business integration risks;
fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of
gold, silver, base metals or certain other commodities;
fluctuations in currency markets (such as the Canadian dollar to
United States dollar exchange rate); change in national and local
government, legislation, taxation, controls, regulations and
political or economic developments; risks and hazards associated
with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or
unexpected formations pressures, cave-ins and flooding); inability
to obtain adequate insurance to cover risks and hazards; the
presence of laws and regulations that may impose restrictions on
mining; employee relations; relationships with and claims by local
communities and indigenous populations; availability of increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development (including the risks
of obtaining necessary licenses, permits and approvals from
government authorities); the unlikelihood that properties that are
explored are ultimately developed into producing mines; geological
factors; actual results of current and future exploration; changes
in project parameters as plans continue to be evaluated; soil
sampling results being preliminary in nature and are not conclusive
evidence of the likelihood of a mineral deposit; title to
properties; and those factors described under the heading "Risks
and Uncertainties" in the Company’s most recently filed
management’s discussion and analysis. Although the forward-looking
statements contained in this news release are based upon what
management of the Company believes, or believed at the time, to be
reasonable assumptions, the Company cannot assure shareholders that
actual results will be consistent with such forward-looking
statements, as there may be other factors that cause results not to
be as anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking statements and
information. There can be no assurance that forward-looking
information, or the material factors or assumptions used to develop
such forward-looking information, will prove to be accurate. The
Company does not undertake any obligations to release publicly any
revisions for updating any voluntary forward-looking statements,
except as required by applicable securities law.
Neither the TSX Venture Exchange (the
“Exchange”) nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
Contact Information:David
D’OnofrioChief Executive OfficerWhite Gold Corp.(416)
643-3880ddonofrio@whitegoldcorp.ca
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/0e25b280-b2d8-4583-898b-d148aa3ed1a2
http://www.globenewswire.com/NewsRoom/AttachmentNg/1c0a6c32-d4d9-4e11-8758-42fee6865f1f
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