White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA:
29W) (the "Company") is pleased to announce that infill
and extension soil sampling has refined and extended the newly
discovered gold-in-soil anomaly on its QV property to 2.2 km along
strike (Figure 1). The soil anomaly is located approximately 9 km
northwest of the VG deposit and appears to be similar in character
to the VG and Golden Saddle deposits 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 new results form part of the Company’s
2024 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 quite encouraged by these latest results
from this newly discovered target. Our early-season soil sampling
program has considerably extended the strike length of the target
by over 1 km to 2.2 km and provided even greater continuity of high
gold values. Furthermore, the size, tenor, geochemical and
geomagnetic characteristics of this target are also similar to our
flagship Golden Saddle and VG deposits and represents exciting
expansion potential with a maiden diamond drill program set to
commence in the coming weeks” stated David D’Onofrio, Chief
Executive Officer.
Shawn Ryan, Co-Founder and Chief Technical
Advisor stated, “This newly discovered soil anomaly on the QV
property is an interesting grass roots discovery for the Company as
it reminds me of the anomaly that led to the discovery of the
Golden Saddle and QV deposits which are close by and share a lot of
similarities. Soil sampling followed by our systematic evaluation
has proven very effective in our district and we are looking
forward to drilling this new target.”
Maps and images accompanying this news release
can be found at
http://whitegoldcorp.ca/investors/exploration-highlights/.
Highlights
- 2024 soil survey consisted of 787
samples (Figure 2).
- The surface expression of the
gold-in-soil anomaly strikes east-northeast, measures 350 m wide x
2.2 km long, and is open along strike to the west and east.
- Gold values range from < 0.5 ppb
Au to a maximum of 600 ppb Au, with 29 samples returning greater
than 80 ppb Au (approximately 99th percentile) in the range of 82.3
to 600 ppb Au.
- The gold anomaly is associated with
anomalous tellurium and low arsenic in soils, which represents a
geochemical signature similar to the VG and Golden Saddle deposits
which both form part of the Company’s flagship White Gold
Project.
- Magnetic and LiDAR data reveals
that the newly identified soil anomaly is hosted within a similar
structural environment as the VG and Golden Saddle deposits.
- 2D inversions of recently completed
VLF-EM survey lines indicate the gold-in-soil anomaly is associated
with a moderately north-dipping hanging wall – footwall contact
zone.
- A maiden diamond drill program is
currently being planned and expected to commence in the coming
days.
2024 Soil Sampling Program
The 2024 soil survey consisted of 787 samples
which included both infill and extension samples. The purpose of
this year’s sampling was to provide better resolution over the main
portion of the anomaly which was identified in 2023, and to extend
the anomaly along strike to the west and east. Infill soil samples
are spaced at 25 m on 50 spaced survey lines, and extension samples
are spaced at 50 m on 100 spaced survey lines. The company has
collected approximately 1,000 soil samples over the past two field
seasons in defining this new target. Gold values range from <
0.5 ppb Au to a maximum of 600 ppb Au, with 29 samples returning
greater than 80 ppb Au (approximately 99th percentile) in the range
of 82.3 to 600 ppb Au. The anomaly also has associated anomalous
tellurium. Arsenic in soil values is low, and overall, the
signature appears to be similar to the VG and Golden Saddle
deposits suggesting a similar style of mineralization. The surface
expression of the gold-in-soil anomaly strikes east-northeast,
measures 350 m wide x 2.2 km long, and is open along strike to the
west and east towards the previously known Korat Diego anomaly.
Magnetic data reveals that the newly identified
soil anomaly is situated near a mafic belt with a NNW-SSE
orientation, similar to the structural context of the VG, Golden
Saddle, and Ryan’s Surprise deposits located along strike
approximately 9 to 19 km to the SE and SSE. The highly magnetic
mafic belts are observed to occupy the hanging wall of E- to
ENE-dipping, district-scale thrust faults, with gold mineralization
at the VG, Golden Saddle, and Ryan's Surprise deposits occurring
where intersected by significant NE- or NW-trending faults. At the
newly identified soil anomaly, anomalous gold is localized at a
fault intersection of a similar structural and magnetic pattern to
those of the mentioned deposits and is associated with a
semi-circular magnetic high approximately 1 km in diameter.
2D inversions of recently completed VLF-EM
survey lines over the target indicate the gold-in-soil anomaly is
associated with a moderately north-dipping hanging wall – footwall
contact zone.
The Company is currently planning a maiden
diamond drill program on the target which will consist of a minimum
of 1200 m of drilling that will test up to 800 m of strike
length.
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 700 m
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 2024 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 2024 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 15,876 quartz claims across 26
properties covering approximately 315,000 hectares (3,150 km2)
representing approximately 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 Measured and Indicated Resources of 2.1 Moz at
1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t
gold(2), and Western Copper and Gold Corporation’s Casino project
which has Measured and Indicated Resources of 7.6 Blb copper and
14.5 Moz gold and Inferred Resources of 3.3 Blb copper and 6.6 Moz
gold(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
Form 10-K: Annual report for the year ending December 31, 2023, in
the Measured, Indicated, and Inferred Resources section, dated
February 29, 2024, 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/ac0d3255-8f52-45f1-a923-82ca73fb9c8b
https://www.globenewswire.com/NewsRoom/AttachmentNg/b4577a98-64b7-49c9-854b-e8870b141d70
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