White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA:
29W) (the “Company”) is pleased to announce that a soil
sampling survey completed during the 2023 field season has
identified a new 1 km long gold-in-soil anomaly on the QV property,
located approximately 9 km northwest of the VG deposit which
remains open for expansion (Figures 1 & 2). Soil sampling
results range from trace up to a maximum of 496.7 ppb Au with
associated anomalous tellurium. The new soil geochemical anomaly
appears to be similar in character to the VG deposit and the Golden
Saddle deposit which form part of the Company’s flagship White Gold
Project. The White Gold Project is located in west-central Yukon,
Canada, and comprises 16 million tonnes averaging 2.23 g/t Au for
1,152,900 ounces of gold in the Indicated Resource category and 19
million tonnes averaging 1.54 g/t Au for 942,400 ounces of gold in
the Inferred Resource category(1). These results form part of the
Company’s 2023 exploration program on its extensive and
underexplored land package in the emerging White Gold District,
Yukon, supported by strategic partners including Agnico Eagle Mines
Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K,
NYSE: KGC).
“We are very pleased with the successful soil
survey program which has identified a large new target on the QV
property in close proximity to our existing deposit. The strike
length, continuity, and similarities of the soil anomaly relative
to the surface geochemical signatures of our Golden Saddle and VG
deposits represents an exciting new target. Our data driven
exploration methodology which has now led to multiple significant
gold discoveries in the district, continues to demonstrate the
prospectivity of our underexplored district scale exploration
portfolio in the Yukon where we are still just scratching the
surface, and the expansiveness of gold mineralization in this tier
1 mining district,” stated David D’Onofrio, Chief Executive
Officer.
Maps and images accompanying this news release
can be found at
http://whitegoldcorp.ca/investors/exploration-highlights/.
Highlights
- 2023 soil sampling survey on the QV
property focused on two grids located east and west of Chris Creek
(East and West grid) and approximately 9 km northwest of the VG
deposit, which hosts an open pittable Inferred resource of 287,100
oz gold at 1.53 g/t(1) and remains open along strike and at
depth.
- The soil sampling program consisted
of approximately 200 samples collected at 50 m sample spacings on
100 m-spaced survey lines.
- Gold values range from < 0.5 ppb
Au to a maximum of 496.7 ppb Au, with 10 samples on the East Grid
returning greater than 50 ppb Au in the range of 51.1 to 327 ppb
Au.
- The gold anomaly is associated with
anomalous tellurium and low arsenic in soils, which represents a
surface geochemical signature similar to the VG and Golden Saddle
deposits.
- The newly identified east-west
trending soil anomaly on the East Grid measures approximately 1 km
in length and is open along strike to the east and west beyond the
limits of current soil sampling.
- Magnetic data indicates that the
newly identified gold soil anomalies occur in a NNW-SSE trending
mafic belt.
- Infill and extension soil sampling,
GT-probe bedrock sampling, and ground magnetics and VLF-EM
geophysical surveys are recommended to further advance this new
target to drill-ready status in 2024.
PDAC 2024The Company will be
exhibiting at PDAC 2024 at the Investors Exchange, with full
details below. Conference attendees are invited to visit the
Company booth to learn more and ask any questions they may have.
Management is also participating in the PDAC One on One Meeting
Program. Interested parties are encouraged to book a meeting
through the conference website.
Booth Number:
2312Dates: March 3rd to 6th,
2024Exhibition Hours: 10 a.m. to 5 p.m.
ETOne on One Meetings:
https://www.precioussummit.com/event/pdac-2024-one-on-one-meeting-program/
2023 Soil Sampling Program – QV
Property
The 2023 soil survey comprised approximately 200
samples on two grids located east (East Grid) and west (West Grid)
of Chris Creek (Figure 3). Soil samples were collected at 50 m
sample spacings on 100 m-spaced survey lines. Gold values range
from less than detection limit (< 0.5 ppb Au) to a maximum of
496.7 ppb Au. The new soil anomaly on the East Grid generally
strikes east-west and appears to display a sinistral offset of
approximately 250 m part way along its length. Ten (10) samples
from the anomaly returned greater than 50 ppb Au in the range of
51.1 to 327 ppb Au. The anomaly also has associated anomalous
tellurium. Arsenic in soil values is low, and overall, the
signature of the anomaly appears to be similar to the VG deposit
and the Golden Saddle deposit suggesting a similar style of
mineralization. The strike length of the new soil anomaly is
generally comparable to that of the VG deposit anomaly, which
remains open along strike to the east and west.
The maximum gold value from the 2023 soil
sampling of 496.7 ppb Au is located on the westernmost survey line
on the West Grid. No sampling has been conducted west of this
sample and the significance and strike extent of this anomaly is
currently unknown.
Magnetic data reveal that the newly identified
soil anomaly is situated near a mafic belt with a NNW-SSE
orientation, similar to the structural context of the Ryan’s
Surprise deposit located approximately 15 km to the SSE. This mafic
belt is interpreted to be positioned in the hanging wall of a
NNW-SSE-oriented, district-scale fault system, intersected by a
significant NE-trending fault, comparable to the structural array
at Ryan’s Surprise. The principal gold anomaly is localized at this
fault intersection, associated with a semi-circular magnetic high
approximately 1 km in diameter.
Next StepsThe Company is
encouraged by the size and continuity of the new gold-in-soil
anomaly, as well as its geochemical similarity to soil anomalies
associated with the VG and Golden Saddle deposits. Additional
infill soil sampling at 25 m spacings, extension soil sampling
along strike, GT-Probe bedrock interface sampling and ground
magnetics and VLF-EM geophysical surveying is being planned to
further advance and evaluate the target for drill testing.
About the QV Property
The QV property comprises 1003 quartz claims
which over an area of 19,671 hectares and hosts the VG deposit,
which hosts an open pittable Inferred resource of 287,100 oz gold
at 1.53 g/t(1) and forms part of the Company’s flagship White Gold
Project. The mineralization is hosted along a N-E trending, gently
south dipping structural zone that has been traced for over 700m at
surface and consists of disseminated to vein-controlled pyrite with
brecciation, stockwork quartz-carbonate veining, and sericite
alteration. The VG shares strong similarities to the Golden Saddle
deposit located 11 km south of the VG deposit on the White Gold
property both in structural setting as well as mineralization style
and is open along strike and at depth. The property also hosts
several other prospective targets which have received limited
exploration work and offer potential for additional
discoveries.
Soil Sampling Methods and
Analysis
The 2023 QV property soil geochemistry survey
was contracted to GroundTruth Exploration Inc. of Dawson City,
Yukon. Field technicians navigated to pre-planned sample sites
using handheld GPS units and collected C-Horizon soil samples using
an Eijklcamp brand hand auger at a depth of between 20 cm and 110
cm. Typically, 400 to 500 g of soil is placed in a pre-labeled bag,
and a field duplicate sample is taken once every 25 samples. The
GPS location of the sample site is recorded with the GPS unit, and
the waypoint location is labeled with the project name and the
sample identification number. A weather-proof handheld device
equipped with a barcode scanner is used in the field to record the
descriptive attributes of the sample collected, including sample
identification number, soil colour, soil horizon, slope, sample
depth, ground and tree vegetation, sample quality, and any other
relevant information.
Analytical work for the 2023 soil geochemistry
surveys was carried out at Bureau Veritas (BV) Canada, with
preparation completed at their Whitehorse, YT facility and analysis
at their hub laboratory located in Vancouver, BC. All soil samples
were assayed for gold and a 37 multi-element suite using 0.25g
aqua-regia digestion and ICP-MS analysis (Code AQ201). BV is an ISO
9001:2008 accredited facility, certificate number FM63007.
About White Gold Corp.The
Company owns a portfolio of 15,830 quartz claims across 25
properties covering approximately 315,000 hectares representing
over 40% of the Yukon’s emerging White Gold District. The Company’s
flagship White Gold project hosts four near-surface gold deposits
which collectively contain an estimated 1,152,900 ounces of gold in
Indicated Resources and 942,400 ounces of gold in Inferred
Resources(1). Regional exploration work has also produced several
other new discoveries and prospective targets on the Company’s
claim packages which border sizable gold discoveries including the
Coffee project owned by Newmont Corporation with Indicated
Resources of 2.14 Moz at 1.23 g/t Au, and Inferred Resources of
0.23 Moz at 1.01 g/t Au(2), and Western Copper and Gold
Corporation’s Casino project which has Measured and Indicated
Resources of 7.6 Blb Cu and 14.5 Moz Au and Inferred Resources of
3.3 Blb Cu and 6.6 Moz Au(3). For more information visit
www.whitegoldcorp.ca.
(1) See White Gold Corp. technical report titled
“2023 Technical Report for the White Gold Project, Dawson Range,
Yukon, Canada”, Effective Date April 15, 2023, Report Date May 30,
2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles
Arseneau, P.Geo., available on SEDAR+.(2) See Newmont Corporation
10-K: Annual report for the year ending December 31, 2022, in the
Measured, Indicated, and Inferred Resources section, dated February
23, 2023, available on EDGAR. Reserves and resources disclosed in
this Form 10-K have been prepared in accordance with the Regulation
S-K 1300, and do not indicate NI43-101 compliance.(3) See Western
Copper and Gold Corporation technical report titled “Casino
project, Form 43-101F1 Technical Report Feasibility Study, Yukon
Canada”, Effective Date June 13, 2022, Issue Date August 8, 2022,
NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE,
P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M.
Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng.,
Scott Weston, P.Geo., available on SEDAR+.
Qualified PersonTerry Brace,
P.Geo. and Vice President of Exploration for the Company is a
“qualified person” as defined under National Instrument 43-101 –
Standards of Disclosure of Mineral Projects 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, the
Company’s objectives, goals and exploration activities conducted
and proposed to be conducted at the Company’s properties; future
growth potential of the Company, including whether any proposed
exploration programs at any of the Company’s properties will be
successful; exploration results; and future exploration plans and
costs and financing availability.
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 properties; the receipt
of all applicable regulatory approvals for the Offering; failure to
identify any additional mineral resources or significant
mineralization; 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 Company’s 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 and mineral exploration; 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; ongoing
uncertainties relating to the COVID-19 pandemic; and those factors
described under the heading “Risks Factors” in the Company’s annual
information form dated July 29, 2020 available on SEDAR+. 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 to
release publicly any revisions for updating any voluntary
forward-looking statements, except as required by applicable
securities law.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
news release.
For Further Information, Please
Contact:
Contact Information:David
D’OnofrioChief Executive OfficerWhite Gold Corp.(647) 930-1880
ir@whitegoldcorp.ca
Request Meeting:
https://calendly.com/meet-with-wgo/15min
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/fbe9ddbe-e7b3-4c61-9220-7cf8b1c6099ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/a6c90fc9-b689-41fc-bb96-326983a7846ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/9172991d-43ba-4fec-9157-525a91e3d40chttps://www.globenewswire.com/NewsRoom/AttachmentNg/4d82299d-37c2-4b10-b059-5387747e32bf
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