White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W)
(the “
Company”) is pleased to announce it has
commenced drilling on its Titan Project as well as initiated ground
surveys on other high priority targets based on the Company’s
systematic data-based exploration strategy, including detailed soil
sampling, ground geophysical surveys, GT probing, mechanical
trenching and detailed geological and structural mapping. This
activity marks the initiation of the Company’s fully funded 2020
exploration program backed by partners Agnico Eagle Mines Limited
(TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) on
its extensive 420,000 hectare land package in the emerging White
Gold District, Yukon, Canada.
The 2020 exploration program has been designed
to further test existing targets and recent new discoveries on the
Company’s White Gold, Hen and JP Ross properties, as well as to
identify and advance other targets on its regional land
package. A video presentation providing an overview of the
Company, its unique district scale opportunities and a detailed
overview of the 2020 work program can be found on the Company’s
website at https://www.whitegoldcorp.ca/media/videos/.
“We are very excited to kick off our 2020
exploration program. The fully funded program is designed to be
focused and impactful starting with drilling the Titan anomaly
identified late last year and to follow up on some of our other
highest priority projects. The quick and accurate delineation
of these targets through our disciplined and systematic exploration
methodologies is a testament to our scientific and data driven
approach and provides additional confidence in the prospectivity of
these and our other targets,” stated David D’Onofrio, Chief
Executive Officer.
The Company is also pleased to announce that it
will be participating in the upcoming MINES & MONEY ONLINE
CONNECT, EMEA Virtual Conference June 30 to July 2, 2020 where
the Company will be presenting to select institutional investors
based in Europe, the Middle East and Africa. Interested parties are
invited to visit the Mines and Money event website at
https://minesandmoney.com/online/ for more details or to register
to arrange a meeting.
Titan Project, Hen Property
The Titan project is located on the Hen property
approximately 70 km south of Dawson City and 25 km northeast of the
Company’s flagship Golden Saddle and Arc deposits which host
mineral resources of 1,039,600 ounces Indicated at 2.26 g/t gold
and 508,700 ounces Inferred at 1.48 g/t gold(1). The property is
situated within a prolific placer mining camp where abundant coarse
placer gold has been recovered from creek gravels on North
Henderson Creek immediately east of the Titan.
The Titan shows two distinct gold-in-soil
anomaly trends along the western (NNW trend) and southern (NE
trend) margins of a circular magnetic low with a diameter of
approximately 600m. Six discrete magnetic high features measuring
from 100m to 325m long lie within the magnetic low. In 2019 soil
sampling in the southwestern part of the target area returned
encouraging gold values and rock grab samples from shallow pits in
the same area comprising sheared ultramafics and massive magnetite
contained fine-grained visible gold. Ground geophysical surveys
show that the mineralization is associated with a resistivity low,
chargeability high, and magnetic high. In late 2019, the Company
drilled 3 RAB holes totalling 221m to test this surface
mineralization which also provided encouraging results to be
followed up in 2020. More information on the Titan project can be
found in a corporate video presentation at
https://www.whitegoldcorp.ca/media/videos/ and in the Company’s
press release dated November 26, 2019 available on SEDAR.
The first phase of the drill program consists of
RC and RAB drilling to better determine the width and grade of the
gold mineralized zone and to test a combination of magnetic highs
similar to the one which hosts the gold at the Titan, and to
also test soil geochemistry anomalies on the NE trend along the
southern edge of the magnetic low feature.
The RC and RAB drilling will be followed up in
August with a diamond drilling program at Titan, which will
primarily focus on testing the NNW trend which extends from the
encouraging intercept in hole HENTTN19RAB-002, as well as any new
targets generated from the current RAB drilling.
(1) See 2019 Mineral Resource Update for
the White Gold Project, Dawson Range, Yukon, Canada, Prepared by:
Dr. Gilles Arseneau, P.Geo., Effective Date: June 10, 2019 Report
Date: July 15, 2019 available on SEDAR
Regional Explorational
Activity
Other field work which has also been initiated
includes geological mapping and prospecting on select targets and
soil geochemistry sampling on the JP Ross property, GT probe
sampling on the Hen property and ground magnetics and VLF-EM
surveys on the Bonanza property.
Extensive exploration work programs are planned
across the Company’s White Gold District properties this season,
and include approximately 10,000 soil samples, 1,000 GT probe
samples, 700 line kms of ground magnetics and VLF-EM surveying, and
high resolution drone LiDAR surveys. Focused work programs on
specific targets also include a significant mechanical trenching
program on the JP Ross property, RAB drilling on select targets of
each of the JP Ross and White Gold properties as well as follow up
diamond drilling the Ryan’s Surprise target, 2km west of the
Company’s flagship Golden Saddle deposit. Further detail on the
commencement of the respective activities on the Company’s other
properties will be provided in due course. Further information on
the Company’s regional program can be found in the Company’s press
release dated May 25, 2020 available on SEDAR.
JP Ross Property
The road accessible JP Ross property is located
approximately 35 km northeast of the Golden Saddle & Arc
deposits and is contiguous to the Hen property where the Titan
project is located, and hosts multiple gold trends across several
targets covering an area measuring approximately 15 km x 15 km,
initially highlighted by the discovery on the Vertigo Target in
2018. During the Company’s 2019 exploration programs, RAB drilling
also intercepted gold on 5 newly identified drill targets located
within close proximity to the Company’s Vertigo and Titan
discoveries. These targets have unique geochemical signatures and
distinct geologic anomalies and include the Stage Fright, North
Frenzy, Sabotage, Vertigo and several others.
Specific trenching targets in 2020 include the
Sabotage, Stagefright, North Frenzy and Vertigo. The primary goal
of this work is to collect key structural data on mineralized
veins, shear zones, faults, etc. which will aid in ongoing detailed
interpretations and planning for follow up RAB drilling this
season.
Bonanza Property
The Bonanza property is located 10 km south of
Dawson City immediately east of Bonanza Creek, one of the most
productive placer gold creeks on record. The claims adjoin Klondike
Gold Corp.’s (TSX.V: KG) Eldorado property to the east and south. A
favourable geological contact between the Klondike Schist to the
north and the Snowcap Assemblage to the south extends through the
southern portion of the property and the geophysical surveys have
outlined a pronounced north-trending magnetic low lineament and
corresponding DIGHEM resistivity low which extends through the
property and may represent a fault structure. Several gold-in-soil
anomalies have also been identified in the southern and
northwestern portions of the property.
About RAB Drilling
The Company successfully utilizes rotary air
blast (RAB) drilling as an efficient and cost effective first-pass
exploration drilling technique on its White Gold District projects,
Yukon. The RAB drill rig is an ultra-portable, wireless
remote-controlled rubber tracked drill that uses compressed air to
actuate a downhole hammer and can drill holes at a wide range of
angles (50-90°) and to a length of approximately 100 meters. Rock
cuttings are returned to surface under pressure between the drill
pipe and wall of the open hole, so samples may under certain
circumstances incur cross contamination. Once completed each RAB
hole is surveyed with a borehole optical televiewer which provides
high-resolution digital imagery of the hole walls and key
structural orientation data on lithological contacts, fractures,
foliations, veins, etc. The Company views RAB drill results as an
indication of the presence and general grade of gold at a given
target, and encouraging results are followed up with either reverse
circulation (RC) or diamond drilling in order to quantify grades
and thicknesses of mineralized zones.
Other
Matters
Effective July 1st, 2020, Catherine Lathwell,
CPA, CGA will be appointed as Chief Financial Officer and Secretary
of the Company. Ms. Lathwell is a graduate of the University of
Toronto with distinction, has current experience as an independent
board and audit committee member for publicly listed companies and
has been a member of the Company’s accounting team since inception.
The Company would like to thank Matthew Bajurny, CPA for his
contributions to the Company.
About White Gold Corp.
The Company owns a portfolio of 21,111 quartz
claims across 33 properties covering over 420,000 hectares
representing over 40% of the Yukon’s prolific White Gold District.
The Company’s flagship White Gold property hosts the Company’s
Golden Saddle and Arc deposits which have a mineral resource of
1,039,600 ounces Indicated at 2.26 g/t gold and 508,700 ounces
Inferred at 1.48 g/t gold. Mineralization on the Golden Saddle and
Arc is also known to extend beyond the limits of the current
resource estimate. The Company’s recently acquired VG Deposit also
hosts a historic Inferred gold resource of 230,000 ounces at 1.65
g/t Au(2). 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 2.17 Moz at 1.46 g/t Au, and Inferred
Resources of 0.50 Moz at 1.32 g/t Au(3), and Western Copper and
Gold Corporation’s Casino project which has Proven and Probable
reserves of 8.9 Moz Au and 4.5 Blb Cu(2). For more information
visit www.whitegoldcorp.ca.
(2) See Comstock Metals Ltd. technical report
titled “NI 43-101 TECHNICAL REPORT on the QV PROJECT”, dated August
19, 2014, available on SEDAR. (3) 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.
Qualified Person
Terry 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 in the most recently filed management’s
discussion and analysis of the Company. 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.
Contact Information:David
D’Onofrio Chief Executive Officer White Gold Corp. (647) 930-1880
ir@whitegoldcorp.ca
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