White Gold Corp. (TSX.V:
WGO, OTC – Nasdaq Intl:
WHGOF, FRA: 29W) (the "Company)
is pleased to announce the discovery of additional high-grade gold
mineralization outside of the previously drilled area on the
Vertigo target at its JP Ross property, Yukon, Canada, stepping out
as much as 300m in multiple directions. Additional surface samples
have also identified new zones of high-grade gold mineralization in
the areas surrounding the Vertigo target, further expanding the
footprint of the high-grade mineralized system to 2,200m x 650m, as
well as on other targets along the structural trend which has now
been identified to extend 18km on the JP Ross Property. These
results significantly increase the size and scale of the Company’s
recent discovery on its JP Ross property, discovered through its
systematic and data driven regional exploration program backed by
partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and
Kinross Gold Corp (TSX: K, NYSE: KGC).
Maps and images to accompany this news release
can be found at
http://whitegoldcorp.ca/investors/exploration-highlights/.
Highlights Include:
- JPRVERRC18-016 returned
9.19 g/t Au over 9.14m from 54.86m depth, including 17.2 g/t Au
over 4.58m from 54.86m depth, and 31 g/t Au over 1.52m from 56.39m
depth, ending in mineralization. These results identified a new
parallel structure approximately 300m north of previous drilling
with no other drill holes in the surrounding area.
- Additional surface samples
returned results including 304.3 g/t Au, 156.2 g/t Au and 105.0 g/t
Au with 7 samples grading over 50 g/t Au, 16 samples grading over
10 g/t Au and 29 samples grading over 2 g/t Au, amongst the highest
ever encountered in the White Gold District.
- A new 180m wide undrilled
area has been identified on the Vertigo target approximately 300m
west of JPRVERRC18-009 (14.23 g/t Au over 6.10m from surface)
consisting of 24 samples that returned values ranging from trace to
58.4 g/t Au, averaging 10.1 g/t Au, and includes 7 samples grading
over 10 g/t Au. This area continues an additional 400m further west
from where samples of similar material returned results from trace
up to 8.10 g/t Au for a total length of 580m.
- Mineralization and
alteration on Vertigo have now been expanded to a footprint of
2,200m x 650m, hosting at least 12 individual zones, and remains
open in all directions with strongly anomalous gold mineralization
defined over a strike length of 500m.
- High grade surface samples
have also been encountered on multiple other undrilled target areas
along the structural trend returning results up to 105 g/t Au;
follow up work on these targets including GT Probe sampling,
geophysical surveys and drilling to be conducted.
- Results to be released in
due course for additional prospecting and soil sampling that has
been conducted along the 18km structural trend that hosts the
Vertigo discovery.
“These results expand the known gold
mineralization on the Vertigo and significantly increases the
footprint of the overall system. The structural zones that host
high-grade mineralization on the Vertigo are showing strong
continuity in both strike extent and mineral tenor, and highlight
the potential for expansion of the known mineralization and
additional new discoveries in the area,” stated Jodie Gibson, VP
Exploration. “The prospecting results from Suspicion and Topaz
are comparable to those originally found at Vertigo and we believe
there is strong potential for these targets to host similar
mineralization. The wide-spread distribution of high-grade material
found in the area is among the most impressive in the Yukon and
this is unfolding as a large-scale gold system which is just
beginning to be uncovered. We look forward to receiving the
remainder of the results from Vertigo and the surrounding targets
and planning a comprehensive drill program to expand on this
success.”
Drill ResultsA total of 1,491m
of RC drilling to a maximum hole depth of 100m has been completed
over 21 holes with the goal of evaluating the geometry of the
mineralized structures and stepping out along strike as well as on
additional targets along trend.
Results for additional RC holes from the Vertigo
target have been received and are discussed below. Individual
assays for the reported holes range from trace to 31.0 g/t Au and
trace to 46.5 g/t Ag. The most significant results were obtained
from holes JPRVERRC18-14, JPRVERRC18-16, and JPRVERRC18-17.
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) |
JPRVERRC18-010 |
1.52 |
4.57 |
3.05 |
1.89 |
And |
13.72 |
16.76 |
3.05 |
1.39 |
JPRVERRC18-014 |
41.15 |
42.67 |
1.52 |
18.60 |
JPRVERRC18-016* |
54.86 |
64.01 |
9.14 |
9.20 |
Including |
54.86 |
59.44 |
4.57 |
17.20 |
Including |
56.39 |
57.91 |
1.52 |
31.00 |
JPRVERRC18-017 |
3.05 |
4.57 |
1.52 |
1.17 |
And |
21.34 |
24.38 |
3.05 |
1.60 |
JPRVERRC18-020* |
0.00 |
6.10 |
6.10 |
0.84 |
And |
82.30 |
83.82 |
1.52 |
0.81 |
*Hole ends
in mineralization |
|
|
|
|
|
|
|
Interpretation of the results is ongoing and there is not
currently enough information to estimate true thickness of the
mineralized zones.
JPRVERRC18-011/012 - Az: 000, Dip: -60o,
Depth: 15.24m & 16.76mJPRVERRC18-011/012 are located
approximately 60m west of JPRVERRC18-010 and were targeting the
projection of the same structural trend. Both holes failed at
shallow depths due to poor ground conditions, however, strong
alteration and anomalous mineralization were noted in both holes
indicating continuation of the mineralized structure at depth.
JPRVERRC18-014 - Az: 000, Dip:
-60o, Depth:
59.44mJPRVERRC18-014 is located 140m to the NE of
JPRVERRC18-013 and returned 1.52m of 18.6 g/t Au from 41.15m depth.
Mineralization intersected in the hole is associated with a new,
previously untested structure along the Vertigo Trend inferred from
geologic mapping and geophysical surveys on the target.
JPRVERRC18-016 – Az: 000, Dip:
-60o, Depth:
64.01mJPRVERRC18-016 is located 314m NNW of JPRVERRC18-013
and was targeting anomalous GT Probe results (5.01 g/t Au)
associated with an interpreted E-W trending structure. The hole
returned 9.14m of 9.2 g/t Au from 54.86m depth; including 4.57m of
17.2 g/t Au from 54.86m depth; and ended in mineralization. The
mineralization intersected in this hole is associated with a new,
previously untested parallel structure along the Vertigo trend and
expands the footprint of mineralization on the target by over
300m.
JPRVERRC18-017 – Az: 000, Dip: -
60o, Depth:
57.91mJPRVERRC18-017 is located 226m to the WNW of
JPRVERRC8-016 and was targeting a series of anomalous GT Probe
samples in the area (0.83 – 3.25 g/t Au). The hole returned a 1.52m
intercept of 1.17 g/t Au from 3.05m depth and a 3.05m intercept of
1.60 g/t Au from 21.34m depth, with numerous anomalous (>0.1 g/t
Au) samples in between. It is currently unclear if the
mineralization in this area is associated with the same structural
trend intersected in hole RC16 or if it represents a new structural
trend.
Prospecting ResultsProspecting
samples were collected along the 18km corridor defining the broader
Vertigo Trend. The most significant results were obtained from the
Vertigo and the newly defined Topaz and Suspicion targets and are
discussed below.
Grab samples are selected samples and are not
necessarily representative of the mineralization hosted on the
property.
Vertigo TargetResults for
additional prospecting samples have been received from the Vertigo
target area with grades ranging from trace to 304.3 g/t Au and from
trace to over 1,000 g/t Ag. The samples are interpreted as being
“in-place” and representative of bedrock below due to the
unglaciated nature of the area and has, locally, been confirmed
through trenching and drilling activities on the target.
The most significant finding of the prospecting
work on the Vertigo is a 180m, WNW, trend of samples located
approximately 300m WNW of JPRVERRC18-011. The results from the area
range from trace to 58.4 g/t Au and are associated with strong
quartz veining, brecciation, sericite alteration, and elevated Ag –
Pb – Bi (+/-As). This trend continues an additional 400m
further west where samples of similar material returned up to 8.10
g/t Au; extending the trace of the mineralized system over 700m to
the WNW. Additionally, individual samples up to 3.28 g/t Au were
obtained a further 1.5km WNW of the Vertigo indicating potential
for additional zones of mineralization in that direction.
Significant results from the Vertigo target are
detailed in the table below:
Sample |
Au
(g/t) |
Ag
(g/t) |
1516251 |
19.5 |
154 |
1516252 |
79.1 |
332 |
1523926 |
2.4 |
1.1 |
1523993 |
2.2 |
2.2 |
1557726 |
12.5 |
17.6 |
1557727 |
156.2 |
>1,000 |
1557728 |
35.4 |
245 |
1557729 |
304.3 |
718 |
1557730 |
74.9 |
36.4 |
1599289 |
18.4 |
10.2 |
1599290 |
3.7 |
0.9 |
1599293 |
3.5 |
17.8 |
1599295 |
10.5 |
36.9 |
1599297 |
50.1 |
18.7 |
1599299 |
27.4 |
62 |
1599300 |
9.6 |
33.7 |
1599301 |
21.7 |
88.9 |
1599396 |
3.4 |
5 |
1664791 |
58.4 |
86 |
1664792 |
38.3 |
99.1 |
1664925 |
2.6 |
12.9 |
1687445 |
24.9 |
38.5 |
1687447 |
2.4 |
4.1 |
1687450 |
8.1 |
75.3 |
1717355 |
2.8 |
2.1 |
|
|
|
Topaz TargetThe Topaz target is
located 1.1km south of the Vertigo and consists of a series of NE
trending gold in soil anomalies (trace to 284ppb Au) associated
with strongly elevated Pb-Bi. New prospecting samples from the area
returned results from trace to 2.79 g/t Au and are associated with
similar alteration and mineralization as the adjacent Vertigo
target. Assessment of the results is ongoing and follow up
work on this target including GT Probe sampling, geophysical
surveys and RC drilling will be conducted in 2019.
Suspicion TargetThe Suspicion
target is located 4km SE of the Vertigo and consists of a series of
NE trending gold in soil anomalies (trace to 4,263ppb Au). New
prospecting samples from the area returned results from trace to
105 g/t Au, following up on previously announced results of up to
41.8 g/t Au. The most significant results were collected along the
southern end of the Suspicion target, along a 250m zone of strongly
sericite altered felsic gneiss with quartz veining, brecciation,
and pyrite-galena (+/-visible gold). The samples from this area
ranged from trace to 105 g/t Au, with 7 samples grading greater
than 1 g/t Au, and are associated with strongly elevated
Ag-Pb-Bi.
Other MattersDavid Schmidt has
withdrawn his name for re-election as a director of the Company at
the Company’s upcoming annual shareholders’ meeting and resigned as
Chief Financial Officer and Secretary. Matthew Bajurny CPA, who
previously held the position of controller of the Company has been
appointed as Chief Financial Officer and Secretary.
Vertigo Target - JP Ross
PropertyThe Vertigo Target is on the JP Ross property
which is comprised of 2,850 quartz claims covering over 57,000
hectares with at least 14 known target areas and numerous placer
gold bearing creeks. Previously announced drill results on
the Vertigo target range from trace to 22.47 g/t Au over 30.46m
from surface (JPRVERRAB18-014/JPRVERRC18-013), 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 including
304.3 g/t, 156.2 g/t, 139.9 g/t, 135.6 g/t and 132.9g/t Au defining
a strike length of approximately 2.2km on the Vertigo target along
an 18km mineralized trend. The Vertigo Target is located
approximately 25km north of the Company’s flagship White Gold
property and is within 2km of an existing road accessible from
Dawson City. Recently staked and acquired claims adjacent to the
property are situated within a prolific placer mining camp where
coarse placer gold is common.
To date, at least 12 mineralized structures are
recognized on the Vertigo target over a 2,200m x 650m area, and
consist of W-NW trending, steeply dipping zones of quartz veining,
brecciation, and fracture-controlled mineralization with
disseminated to vein-controlled pyrite-arsenopyrite-galena and,
locally, visible gold mineralization. Drill testing to date has
validated the mineralization over 500m of strike length which is
open along strike and at depth.
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(1) of 3.35M oz and Western
Copper and Gold Corporation’s Casino project which has P&P gold
reserves(1) of 8.9M oz Au and 4.5B lb Cu. For more information
visit www.whitegoldcorp.ca.
(1) 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.
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).
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 White Gold and other
properties; 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 White Gold and other properties;
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 White
Gold properties 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 mineral exploration and 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’Onofrio Chief Executive Officer White Gold Corp. (416) 643-3880
ir@whitegoldcorp.ca
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