White Gold Corp.
TSX VENTURE : WGO

White Gold Corp.

November 06, 2017 08:00 ET

White Gold Corp. Extends Gold Mineralization 125m Along Strike and Continues to Expand Mineralization Towards Surface and Down-Dip at Golden Saddle

TORONTO, ONTARIO--(Marketwired - Nov. 6, 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", "deposit" or "resource")(5) located on the White Gold Property, Yukon. The results reported herein further define the extension of the Golden Saddle Main Zone ("GS Main") towards surface and the significant extension of mineralization associated with the Footwall Zone to the west and down-dip in undrilled and coarsely drilled portions of the deposit. Additional drill results are pending from the Golden Saddle deposit and historical Arc deposit (the "Arc deposit")(5) as well as the newly defined Golden Saddle East and Ulli's targets and will be released in due course. Detailed maps related to the drilling and additional information can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

Highlights include:

  • WHTGS17RC-012 intercepted 5.24 g/t Au over 6.10m and 6.10 g/t Au over 4.57m within a broader intercept of 1.33 g/t Au over 109.73m from 39.62m depth, successfully extending the continuity and near surface projection of the GS Main Zone

  • WHTGS17DD-171 extended Footwall Zone mineralization by 50m to the west; intercepting 7.61 g/t Au over 2.0m from 222m depth and 3.45 g/t Au over 9.0m from 219m within a broader intercept of 1.19 g/t Au over 34m from 215m depth

  • WHTGS17DD-172 extended Footwall Zone mineralization by 125m to the west; intercepting 5.66 g/t Au over 1.0m within a broader intercept of 1.8 g/t Au over 7.0m from 205m depth

  • WHTGS17RC-016 extended Footwall Zone mineralization by 125m to the west and 75m up-dip; intercepting 1.44 g/t Au over 16.76m within a broader mineralized intercept from 134.11m depth

  • WHTGS17RC-011 intercepted 4.06 g/t Au over 65.53m from 48.768m depth within a broader intercept of 2.61 g/t Au over 111.25m from 47.24m depth

  • WHTGS17RC-009 extended Footwall Zone down-dip continuity 125m intercepting 5.37 g/t Au over 6.10m within a broader intercept of 1.31 g/t Au over 27.43m from 149.35m; and also extended GS Main Zone continuity 50m up-dip

  • Overall significant extension of the subparallel Footwall Zone beneath the GS Main Zone to the west, towards surface and down-dip; demonstrating the potential for additional near surface mineralization in undrilled and coarsely drilled portions of the deposit, as well as increased continuity of the GS Main Zone and extension toward surface

Golden Saddle Exploration Update

Diamond Drill Results

WHTGS17DD-171 ("DD-171") was drilled on a 160° azimuth and a -75° dip to a total depth of 393m. It is located at the same site as historic diamond hole WGGS10D0136(1); approximately 50m outside of the historic resource area. The purpose of this hole was to step out 50m to the west from the historic resource area and infill a 150m gap between significant Footwall Zone intercepts in historic holes WGGS10D0121(1) (2.10 g/t Au over 36m from 173m depth) and WGGS10D0136(1) (2.00 g/t Au over 29.8m from 274.16m depth; including 4.88 g/t Au over 6m from 284m depth). Results include 1.19 g/t Au over 34m from 215m depth; including 3.45 g/t Au over 9.0m from 219m depth and 7.61 g/t Au over 2.0m from 222m depth. The results confirm continuity of Footwall Zone mineralization between the historic holes and add 50m of strike length to near surface mineralization within the Footwall Zone beyond the limits of the historic resource calculations(5).

(1)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

WHTGS17DD-172 ("DD-172") was drilled on a 160° azimuth and a -45° dip to a total depth of 258m. It is located at the same site as historic diamond hole WGGS10D0153(1), approximately 110m to the NW of DD-171. The hole returned 1.8 g/t Au over 7.0m from 205m depth, including 5.66 g/t Au over 1.0m from 208m depth. On section, the intercept is a 75m extension of the mineralized Footwall Zone intercepted in DD-171 above; and extends mineralization 125m to the west of the historic resource area(5). Only results from the bottom of the hole have been received to date and results from the upper 184m of the hole are pending and will be reported in due course.

David D'Onofrio, Chief Executive Officer, commented: "We are very pleased to see that the results to date have successfully extended mineralization at the Golden Saddle and validate the Company's belief that the deposit remains open in multiple directions."

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

Golden Saddle - 2017 Diamond Drill Holes
Hole ID From (m) To (m) Interval (m) Au (g/t)
WHTGS17DD-171 215 249 34 1.19
Including 219 228 9 3.45
Including 222 224 2 7.61
WHTGS17DD-172 Results Pending 0 - 184m
And 205 212 7 1.8
Including 208 209 1 5.66
True thickness is estimated to be between 65 - 95% of the reported intercepts

RC Drill Results

WHTGS17RC-009 was drilled on a 160° azimuth and -55° dip to a total depth of 179.83m. The collar is located between historic diamond holes WD-020(2) & WD-092(3) and infills a 75m gap along the surface trace of the Golden Saddle Main zone between the historic holes and was extended to depth to test for continuity of the Footwall Zone to the east in an undrilled portion of the deposit. Three intercepts are noted in the hole and include 0.99 g/t Au over 7.62m from 12.192m depth and 1.12 g/t Au over 10.67m from 38.10m depth. Both intercepts are from the Golden Saddle Main Zone and add 50m of up-dip continuity from historic diamond hole WD-046(4). The third intercept consisted of a broader zone of alteration returning 1.31 g/t Au over 27.43m from 149.35m depth; including 5.37 g/t Au over 6.10m from 150.88m depth. The intercept was within and infilled a gap in the Footwall Zone, adding approximately 125m of down-dip continuity from surface, and demonstrates the potential for high grade (>5 g/t Au) mineralization within the Footwall Zone.

(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#13 dated July 14, 2009 and available on SEDAR.
(4)Reported in Underworld Resources Inc. ("UW") news release UW2009 - NR#14 dated August 6, 2009 and available on SEDAR.

WHTGS17RC-011 was drilled on a 160° azimuth and -72° dip to a total depth of 163.07m. The hole was drilled adjacent to historic diamond hole WD-043(4) for QAQC purposes related to future resource modelling. The drilling returned 2.61 g/t Au over 111.25m from 47.24m depth; including 4.06 g/t Au over 65.53m from 48.768m depth. The results compared favorably with the historic diamond hole which returned 2.29 g/t Au over 106m from 45m depth.

WHTGS17RC-012 was drilled on a 160° azimuth and -55° dip to a total depth of 169.21m. It was drilled from the same site as WHTGS17RC-011, and was designed to infill an approximately 65m gap between WD-043(4) and the surface projection of the GS Main. Results indicate a broad intercept of 1.33 g/t Au over 109.73 from 39.62m depth; including 5.24 g/t Au over 6.10m from 39.62m depth and 6.10 g/t Au over 4.57m from 74.68m depth.

WHTGS17RC-016 was drilled on a 160° azimuth and -75° dip to a total depth of 178.35m, and is located 155m to the SE of DD-172. Results include an intercept of 1.44 g/t Au over 16.76m from 134.11m within a broader intercept of 0.72 g/t Au over 38.1m from 134.11m depth. The intercept extends Footwall Zone mineralization approximately 75m up-dip from DD-172 reported above, and together extend mineralization 125m to the west of the historic resource area(5).

Golden Saddle - 2017 RC Drill Holes
Hole ID From (m) To (m) Interval (m) Au (g/t)
WHTGS17RC-007 Results Pending
WHTGS17RC-008 Results Pending
WHTGS17RC-009 12.192 19.812 7.62 0.99
And 32.004 48.768 16.764 0.82
Including 38.10 48.768 10.668 1.12
And 149.352 176.784 27.432 1.31
Including 150.876 156.972 6.096 5.37
WHTGS17RC-010 Results Pending
WHTGS17RC-011 47.244 158.496 111.252 2.61
Including 48.768 114.3 65.532 4.06
Including 73.152 88.868 13.716 6.07
Including 94.488 114.3 19.812 5.47
Including 99.06 106.68 7.62 9.65
WHTGS17RC-012 39.624 149.352 109.728 1.33
Including 39.624 79.248 39.624 2.12
Including 39.624 45.72 6.096 5.24
Including 74.676 79.248 4.572 6.10
WHTGS17RC-013 Results Pending
WHTGS17RC-014 Results Pending
WHTGS17RC-015 Results Pending
WHTGS17RC-016 134.112 172.212 38.1 0.72
Including 134.112 150.846 16.764 1.44

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

The 2017 drilling campaign on the White Gold Property represents the first drilling program on the property since the previous operator Kinross Gold Corp. 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 and newly identified Golden Saddle East and Ulli's target areas. Complete results have been reported for 10 of the RC holes and 2 diamond drill holes to date. Assays for the additional holes 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.

(5)Information Regarding Historical Resources/Deposits

All historical scientific and technical information relating to the White Gold Properties is based on and derived from 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 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 Technical Report. 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.

Contact Information