White Gold Corp.
TSX VENTURE : WGO

White Gold Corp.

October 30, 2017 08:39 ET

White Gold Corp. Drills 4.57 g/t Au over 34m at Golden Saddle

Encounters Additional Near Surface Gold Mineralization and Continues to Successfully Extend the Width and Depth of the Golden Saddle Deposit

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2017) - White Gold Corp. (TSX VENTURE:WGO) (the "Company") is pleased to announce additional results from reverse circulation ("RC") and diamond drill ("DD") holes completed on the historical Golden Saddle deposit (the "Golden Saddle deposit")(7), White Gold Property, Yukon. The results received to date further define the Main Zone ("GS Main") and also significantly extend mineralization associated with the Footwall Zone at the Golden Saddle deposit. The 2017 drill program also targeted the historic Arc deposit (the "Arc deposit")(7) and the newly identified Golden Saddle East ("GS East") and Ulli's targets on trend with the Golden Saddle deposit, as highlighted in the Company's press release dated September 25, 2017. Detailed maps related to the drilling and additional information can be found at http://www.whitegoldcorp.ca/projects/white-gold-property/snapshot/.

Highlights include:

  • WHTGS17DD-0170 returned one of the strongest and most consistent mineralization intercepts drilled to date on the Golden Saddle deposit, returning 4.57 g/t Au over 34m from 155m depth; including 6.3 g/t Au over 21m from 163m depth and 12.25 g/t Au over 4m from 173m depth, and also included one of the strongest and most consistent intercepts of high-grade (>5 g/t Au) mineralization to date;
  • Hole WHTGS17RC-005, a 50m down-dip step-out along the GS Main Zone returned 1.42 g/t Au over 54.86m from 64.01m depth and included two higher-grade zones averaging 5.34 g/t Au over 7.62m from 65.53m depth and 5.03 g/t Au over 4.57m from 112.78m depth;
  • Drilling to date has continued the successful extension of the width and depth of the GS Main Zone, including identification of additional near surface mineralization;
  • Significant extension of the subparallel Footwall Zone, beneath the GS Main Zone; demonstrating the potential for additional near surface mineralization in undrilled and coarsely drilled portions of the deposit.

Golden Saddle Exploration Update

Diamond Drill Results

Hole WHTGS17DD-0169 was drilled at an azimuth of 160°, dip of -75°, and to a depth of 393m, and returned two significant intercepts. The first consists of 1.11 g/t Au over 18m from 89m depth; including 1.53m of 7.82 g/t Au from 98m depth. This intercept infilled a 70m gap within the GS Main Zone between historic holes WD-009(1) and WD-012(1). The second intercept consisted of 2.04 g/t Au over 12.84 m from 314m depth, including 6.04 g/t over 2m from 316m depth. This intercept corresponds with the Footwall Zone and extended it approximately 270m down-dip.

(1) Reported in Underworld Resources Inc. ("UW") news release UW2008 - NR#7 dated Aug. 27, 2008 and available on SEDAR.

Hole WHTGS17DD-0170 returned 4.57 g/t Au over 34m from 155m depth; including 6.3 g/t Au over 21m from 163m depth and 12.25 g/t Au over 4m from 173m depth. The intercept fills in a 95m gap in the GS Main Zone between historic holes WD-021(2) and WD-032(3), and included one of the strongest and most consistent intercepts of high-grade (>5 g/t Au) mineralization drilled on the Golden Saddle deposit to date. The hole was drilled at a at an azimuth of 160°, dip of -66°, and to a depth of 363m, and additional assays are pending from the top 113m and bottom 137m of the hole.

(2) Reported in Underworld Resources Inc. ("UW") news release UW2008 - NR#11 dated Oct. 15, 2008 and available on SEDAR.

(3) Reported in Underworld Resources Inc. ("UW") news release UW2009 - NR#11 dated June 23, 2009 and available on SEDAR.

RC Drill Results

Hole WHTGS17RC-003 returned 1.84 g/t Au over 15.24m from surface, including 3.1 g/t Au over 4.57m, and 1.04 g/t Au over 10.67m from 141.73m depth. The hole was drilled at an azimuth of 160°, dip of -65°, and to a depth of 201.17m, and is located adjacent to historic diamond holes WGGS10D0148(4); which returned 1.06 g/t Au over 16m from 3.05m depth. The purpose of the hole was to twin the historic hole for QA/QC purposes and test for Footwall Zone mineralization beneath the extent of the historic drill holes. The upper zone reported within hole WHTGS17RC-003 was within the GS Main Zone and was for QA/QC purposes. The intercept compared favorably with results from the historic diamond hole in the area and further validates RC as an effective drilling method on the Golden Saddle deposit. The lower zone was within a subparallel Footwall Zone beneath the GS Main; infilling a 215m, previously undrilled, portion of the Footwall Zone and demonstrating the potential for additional, near surface, mineralization in undrilled and coarsely drilled portions of the deposit.

(4) Reported in an Independent technical report for the White Gold Project, Dawson Range, Yukon, Canada by Gilles Arseneau, P.Geo. dated Sept. 15, 2017 and available on SEDAR.

Hole WHTGS17RC-004 returned 1.57 g/t Au over 10.67m from 173.74m depth. The hole was drilled at an azimuth of 160°, dip of -70°, and to a depth of 201.17m, and is located adjacent to historic diamond hole WD-085(5). The historic diamond hole was only drilled to a depth of 131.06m and was terminated before reaching the downdip projection of the GS Main Zone based on 3D modelling. WHTGS17RC-004 intercepted the GS Main Zone at 173.74m depth, below the historic diamond hole, and infilled a previously undrilled portion of the deposit, extending the GS Main Zone 75m down dip in the area.

(5) Reported in Underworld Resources Inc. ("UW") news release UW2009 - NR#17 dated Sept. 28, 2009 and available on SEDAR.

Hole WHTGS17RC-005 returned 1.42 g/t Au over 54.86m from 64.01m depth and included two higher-grade zones averaging 5.34 g/t Au over 7.62m from 65.53m depth and 5.03 g/t Au over 4.57m from 112.78m depth. The hole was drilled 50m to the NW of WHTGS17RC-002 at a 160° azimuth, dip of -50°, and to a depth of 198.12m and is a 50m down-dip step-out along the GS Main Zone from mineralization previously reported by the Company in WHTGSRC17RC-002.

Hole WHTGS17RC-006 returned 1.87 g/t Au over 6.10m from 115.82m depth and occurs within a broad envelope of strongly sericite altered felsic gneiss that returned 0.41 g/t Au over 50.29m from 82.30m depth. The hole was drilled at an azimuth of 160°, dip of -80°, and to a depth of 201.17m, and is a 70m step-out to hole WHTGS17RC-001. It was designed to test the near surface projection of the Footwall Zone.

Jodie Gibson, VP Exploration of the Company, commented "We are pleased with the execution of the 2017 exploration program on the White Gold Property. The results received to date and revised geologic modelling from our 2017 field work indicate strong potential for additional mineralization along strike and within subparallel zones to both the Golden Saddle and Arc deposits. Additionally, numerous other exploration targets have been developed on the property that will require follow up work. I look forward to receiving the remainder of the 2017 drill results and planning a comprehensive follow up program on the property."

True thickness is estimated to be between 65 - 95% of the reported intercepts.

Significant results from the Golden Saddle 2017 drill program are detailed in the table below.

RC Drill Holes
Hole ID From (m) To (m) Interval (m) Au (g/t)
WHTGS17RC-001(6) 16.764 56.388 39.624 3.30
Including 19.812 51.816 32.004 3.98
Including 22.86 44.196 21.336 5.51
Including 27.432 36.576 9.144 8.23
And 115.824 118.872 3.048 1.29
WHTGS17RC-002(6) 13.716 39.624 25.908 2.24
Including 22.86 32.004 9.144 5.36
And 120.396 144.78 24.384 0.513
Including 137.16 144.78 7.62 1.24
WHTGS17RC-003 0 15.24 15.24 1.84
Including 4.572 9.144 4.572 3.1
And 141.732 152.40 10.668 1.04
WHTGS17RC-004 173.736 184.404 10.668 1.57
Including 173.736 175.26 1.524 4.60
WHTGS17RC-005 64.008 118.872 54.864 1.42
Including 64.008 80.772 16.764 2.77
Including 65.532 73.152 7.62 5.34
Including 112.776 117.348 4.572 5.03
WHTGS17RC-006 82.296 132.588 50.292 0.41
Including 115.824 132.588 16.764 0.837
Including 115.824 121.92 6.096 1.87
Diamond Drill Holes
Hole ID From (m) To (m) Interval (m) Au (g/t)
WHTGS17DD-169 89 107 18 1.11
Including 98 107 9 1.97
Including 98 99.53 1.53 7.82
And 314 326.84 12.84 2.04
Including 316 318 2 6.04
WHTGS17DD-170 155 189 34 4.57
Including 163 184 21 6.3
Including 173 180 7 9.83
Including 173 177 4 12.25

(6) Reported in the Company's news release dated September 25, 2017 and available on SEDAR.

A total of 4,432m over 31 RC holes and 1,295m over 4 diamond holes have been completed by the Company in 2017 on the White Gold property to date. This includes 4,151m of drilling on the Golden Saddle deposit with additional drilling on the Arc deposit, Ulli's target, and GS East target areas. Complete results have been reported for 5 of the RC holes and 1 diamond drill to date. Assays for the additional holes are in progress and will be reported in due course.

The Company encourages individuals interested in the Company to visit its website (www.whitegoldcorp.ca) to further understand the size and scope of the Company's projects in the White Gold District.

The analytical work for the 2017 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 soil samples were using procedure SS80 (dry at 60 C and sieve 100g at -80 mesh) and analyzed by method AQ201 (aqua regia digestion and ICP-MS analysis). All rock, 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).

Qualified Person

Jodie Gibson, PGeo, VP, Exploration of the Company is a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and has reviewed and approved the content of this news release. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on any of the Company's properties to date, and it is uncertain if further exploration will result in any such target being delineated as a mineral resource.

The reported work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the insertion of certified standards, blanks, and field duplicates into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.

(7) Information Regarding Historical Resources/Deposits

All historical scientific and technical information relating to the White Gold Properties is based on and derived from the Technical Report and other information available to the Company as referenced herein. The property was historically explored by Underworld Resources from 2007 - 2009 and included the discovery of the Golden Saddle and Arc deposits. In 2010, Underworld reported a resource estimate of 1,004,570 ounces contained in 9.80 Mt at a grade of 3.19 g/t Au in an Indicated category, with an additional 407,410 ounces contained in 5.02 Mt at a grade of 2.5 g/t Au in an Inferred category for the Golden Saddle deposit. At the Arc deposit, the initial resource included 170,470 ounces contained within 4.37 Mt at a grade of 1.21 g/t Au in the inferred category (reported in Underworld Resources New Release UW2010-NR#2 dated January 19, 2010 and the 43-101 report titled "White Gold Property Dawson Range Yukon, Canada" dated March 3, 2010, prepared by Lars Weiershäuser, P.Geo, Marek Nowak, P.Eng and Wayne Barnett, Pr.Sci.Nat. of SRK Consulting (Canada) Inc.) (the "Technical Report") available on Sedar. Kinross purchased Underworld shortly after the initial resource was released in 2010 and explored the property from 2010 - 2012. In 2013, Kinross released the results of a resource estimate for the Golden Saddle deposit and reported a resource of 840,000 ounces within 9.79 Mt at a grade of 2.67 g/t Au in an Indicated category, with an additional 125,000 ounces within 2.17 Mt at a grade of 1.8 g/t Au in an Inferred category (reported in Kinross Gold Corp.'s 2016 Mineral Reserves and Resource Statement).
Both Underworld's and Kinross' resource estimates are considered historical estimates and the Company is not treating them as current mineral resources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. In addition to the Golden Saddle and Arc deposits, there are numerous other targets known on the property that warrant follow-up work (for more information see Yukon Assessment Report #'s 095338, 096206, & 096207). The information contained herein is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full details of the Technical Report which may be obtained from the Company by contacting dschmidt@whitegoldcorp.ca. Disclosure of the historical estimates in this news release is derived from the Technical Report and other information as set forth above previous press releases of the company as available on Sedar and has been judged to be relevant and therefore suitable for disclosure, however should not be relied upon. There are numerous uncertainties inherent in the historical estimates, which are subject to all of the assumptions, parameters and methods used to prepare such historical estimates and reference is made to the full text of the Technical Report with respect thereto. The historic estimates of mineral resources were estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserve Best Practices" Guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There are no other recent estimates or data are available to the Company as at the date of this news release and a detailed exploration program is required to be conducted by the Company in order to verify or treat the historical estimate as a current mineral resource.
A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources.

About White Gold Corp.

The Company owns a portfolio of 19,438 quartz claims across 30 properties covering over 390,000 hectares representing approximately 40% of the Yukon's White Gold district. Preliminary exploration work has produced several prospective targets. The claim packages are bordered by sizable gold discoveries including the Coffee project owned by Goldcorp Inc., Western Copper and Gold Corporation's Casino project, and the Golden Saddle and Arc deposits acquired by the Company in June 2017 from Kinross Gold Corp. The Company has outlined an aggressive exploration plan to further explore its properties. For more information visit www.whitegoldcorp.ca.

Cautionary Note Regarding Forward Looking Information

This 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", "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 properties; future growth potential of the Company, including whether any mineral resource 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 properties; failure to identify 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 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.

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