White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA:
29W) (the "Company") is pleased to announce that
exploration diamond drilling has commenced at the Betty Ford target
on the Betty property located in the White Gold District,
west-central Yukon, Canada (Figure 1) approximately 65 km southeast
of the Company’s flagship White Gold Project which 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) which remains open for expansion. The Betty property is
located approximately 40 km east of Newmont Corporation’s Coffee
gold deposit (Indicated Resources of 2.14 Moz gold and Inferred
Resources of 0.23 Moz gold(2)) and 15 km northeast of Western
Copper and Gold Corporation’s Casino porphyry deposit (Measured
& Indicated Resources of 14.8 Moz gold & 7.6 Blbs copper
and Inferred Resources of 6.3 Moz gold and 3.1 Blb copper(3)).
Planned drilling at Betty Ford in 2023 will continue to evaluate
the zone of near-surface high-grade gold mineralization, which has
previously returned intersections of 3.46 g/t Au over 50.00 m
(BETFD21D003) and 1.17 g/t Au over 48.0 m (BETFD21D001) during
maiden drilling in 2021, and 8.94 g/t Au over 18.29 m
(BETFD22RC004) and 1.50 g/t Au over 55.20 m (BETFD22D007) in follow
up drilling in 2022. The focus of the 2023 drill program is to test
for a mineralized buried porphyry at depth and possible feeder
contact/structure for the near-surface gold mineralization. This
drill program forms part of the Company’s 2023 fully funded
exploration program on its extensive and underexplored 350,000
hectare land package in the emerging White Gold District, Yukon,
supported by strategic partners Agnico Eagle Mines Limited (TSX:
AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).
“We have continued to successfully intersect
high-grade gold mineralization extending over 175m since the
initial discovery diamond drill hole which returned significant
high grade gold mineralization of 3.46 g/t Au over 50m and we are
eager to continue to further evaluate the continuity and extensions
of the broad zone of near-surface gold mineralization at the Betty
Ford target this year. Our Betty property covers the eastern
extension of the Coffee Creek Fault which hosts Newmont’s Coffee
gold deposit and is also in close proximity to Western Copper &
Gold’s Casino copper/gold deposits, and it also hosts several other
targets in addition to Betty Ford. Our systematic exploration
approach continues to demonstrate the opportunity for discovering
mineralization at surface in this large, underexplored district in
a tier one mining jurisdiction, which in addition to our existing
large gold resources makes White Gold Corp. such a unique and
exciting company,” 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:
- The Betty
property is transected by the Coffee Creek Fault which exerts
important structural controls on Newmont’s Coffee gold deposit 40
km along strike to the west (Figure 2).
- Gold
mineralization at Betty Ford is hosted in a polylithic breccia unit
along an east-west striking splay structure (Figure 3) located
approximately 1.5 km south of and parallel to, the Coffee Creek
Fault.
- Drilling at
Betty Ford thus far has encountered broad zones of near-surface (≤
75m vertical) gold mineralization which has been traced for
approximately 175 m along strike.
- Previous
drilling highlights include 3.46 g/t Au over 50.0 m in BETFD21D003,
8.94 g/t Au over 18.29 m in BETFD22RC004, 1.50 g/t Au over 55.15 m
in BETFD22D007, and 1.17 g/t Au over 48.00 m in hole
BETFD21D001.
- Four holes
totalling 1,200 m (Figure 4) are planned to further evaluate the
zone of gold mineralization and also test for the presence of a
mineralized buried porphyry at depth, as well as a possible feeder
contact/structure for the near-surface gold mineralization.
Betty Ford Target
The Betty property is transected by the Coffee
Creek Fault which exerts important structural controls on Newmont’s
Coffee gold deposit 40 km along strike to the west. Gold
mineralization at the Betty Ford target is hosted in a polylithic
breccia unit along an east-west striking splay structure located
approximately 1.5 km south of and parallel to the Coffee Creek
Fault. The target, which forms an approximately 1 km long east-west
trending gold-in-soil anomaly with gold values ranging from trace
up to 1,961 ppb Au, was initially RAB drill tested by the Company
in 2018. RAB results were encouraging with hole BETFRDRAB18-002
intersecting near surface gold mineralization averaging 1.08 g/t Au
over 50.29 m from 4.57 m depth (see Table 1). During 2021 and 2022,
the Company completed 11 diamond drill holes totalling 2,297 m and
2 RC holes totalling 201 m to further test the target along an
approximately 250 m strike length. This drilling has continued to
intersect a broad zone of near-surface gold mineralization within a
polylithic breccia host unit that returned 1.17 g/t Au over 48.00 m
in hole BETFD21D001, 3.46 g/t Au over 50.0 m in BETFD21D003 (Figure
5), 1.50 g/t Au over 55.15 m in BETFD22D007 (Figure 6), and 8.94
g/t Au over 18.29 m in BETFD22RC004 including 21.73 g/t Au over
6.10 m. Thus far mineralization has been traced for approximately
175 m along strike and to a vertical depth of 75 m.
The planned 2023 diamond drilling program on the
Betty Ford target comprises 4 holes totalling 1,200 m that are
designed to test: 1) the presence of a mineralized buried porphyry
at depth beneath the polylithic breccia unit; 2) a possible feeder
contact/structure identified from VLF-EM surveying; 3) a strong
gold-in-soil anomaly in the area of an eastern gully and
interpreted fault structure; and 4) controls on higher grade gold
mineralization such as that intersected in hole BETFD22RC004.
Table 1. Highlights of 2018-2022 Betty
Ford Drilling Assay Results, White Gold Corp.
Highlights of 2018-2022 Betty Ford Drilling Assay
Results |
Hole ID |
Type |
From (m) |
To (m) |
Length (m)* |
Au (g/t)** |
BETFD21D001 |
Diamond (Core) |
19.00 |
67.00 |
48.00 |
1.17 |
BETFD21D003 |
Diamond (Core) |
15.90 |
22.00 |
6.10 |
1.14 |
|
|
33.00 |
83.00 |
50.00 |
3.46 |
BETFD22D007 |
Diamond (Core) |
22.85 |
78.00 |
55.15 |
1.50 |
BETFD22RC004incl. |
RC |
35.05 |
53.34 |
18.29 |
8.94 |
45.72 |
51.82 |
6.10 |
21.73 |
BETFRDRAB18-001 |
RAB |
19.81 |
44.20 |
24.39 |
0.94 |
BETFRDRAB18-002 |
RAB |
4.57 |
54.86 |
50.29 |
1.08 |
Note: |
|
|
|
|
|
* All drill hole
intercepts reported herein are core lengths. Currently there is
insufficient data to estimate true thicknesses. |
** Gold and silver
assays are uncapped. |
|
|
|
|
Betty Ford Target
The Betty Ford target is located at the centre
of the Betty property and forms an approximately 1km long east-west
trending gold-in-soil anomaly with gold values ranging from trace
up to 1,961 ppb Au. Bedrock exposure in this area is extremely
limited and existing property-scale geology maps indicate the area
is underlain predominantly by metasedimentary rocks comprising
quartzite and muscovite and/or biotite schists. The Betty property
is strategically located on the eastern extension of the Coffee
Creek Fault, which hosts Newmont’s Coffee deposit.
In 2018 a 6-hole RAB drilling program by the
Company tested the central portion of the soil anomaly and 3 holes
encountered gold mineralization including 0.94 g/t Au over 24.39 m
in BETFRDRAB18-001, 1.08 g/t Au over 50.29 m in BETFRDRAB18-002,
and 0.75 g/t Au over 13.72 m in BETFRDRAB18-003. Maiden diamond
drilling in 2021 intersected a newly identified polylithic breccia
unit that hosts significant near-surface gold mineralization (see
Company news release dated Nov. 17, 2021, available on SEDAR). Hole
BETFD21D001 intersected an upper zone of 9.03 g/t Au over 1.0 m
from 6.0 m downhole and 1.17 g/t Au over 48.0 m from 19.0 m
downhole, while hole BETFD21D003, located 100 m to the east,
intersected 3.46 g/t Au over 50.0 m from 33.0 m downhole, including
a higher-grade core of 4.47 g/t Au over 30 m from 44.0 m. The 2022
diamond drilling and RC drilling was designed to further evaluate
the Betty Ford target to determine the extent and continuity of
mineralization.
The Betty PropertyThe Betty
property comprises 860 quartz claims which cover an area of 17,127
hectares and is strategically located contiguous to and 15 km
northeast of Western Copper and Gold Corporation’s Casino porphyry
deposit and 40 km east of Newmont Corporation’s Coffee Gold
deposit.
The property hosts several early-stage
exploration targets including the Betty Ford, Betty White, Betty
Grable, Betty Black and Mascot targets. The property was originally
staked in 2010 and since that time has seen intermittent
exploration. Early work from 2010 to 2013 was carried out by Ethos
Gold Corp. (“Ethos”) which completed soil geochemistry surveys
(coarse grid), airborne magnetic and radiometric surveys, the
acquisition of high-resolution satellite imagery, trenching and
reverse circulation (RC) drilling. The majority of Ethos’s work was
focused on the Mascot target area leaving large portions of the
property underexplored. More recent work has included mapping and
prospecting, infill soil geochemistry sampling, ground geophysical
surveys (Induced Polarization-Resistivity, and Magnetics – VLF-EM),
LiDAR surveys, GT probe sampling and RAB drilling in 2018.
Significant historical RC & RAB drilling results include 2.62
g/t Au over 41.1 m in hole BETR12-022, 29.75 g/t Au over 3.1 m in
BETR12-012 and 2.19 g/t Au over 10.7 m in BETR12-014 in Ethos RC
drilling at the Mascot target, and 1.08 g/t Au over 50.29 m in hole
BETFRDRAB18-002 in 2018 RAB drilling by the Company at the Betty
Ford target. Follow-up exploration maiden diamond drilling in 2021
and 2022 at the Betty Ford target has intersected a broad zone of
near-surface gold mineralization within a polylithic breccia unit
that has been traced for approximately 175 m along strike and to a
vertical depth of 75 m. Drill results include 1.17 g/t Au over
48.00 m in hole BETFD21D001, 3.46 g/t Au over 50.0 m in
BETFD21D003, 1.50 g/t Au over 55.15 m in BETFD22D007, and 8.94 g/t
Au over 18.29 m in RC hole BETFD22RC004 including 21.73 g/t Au over
6.10 m. Maiden diamond drilling at the Mascot target in 2022 also
delivered encouraging results including 1.13 g/t Au over 14.80 m in
BETMAS22D006 at the Page zone and 2.02 g/t Au over 8.60 m and 1.25
g/t Au over 17.35 m in BETMAS22D008 at the Davis zone.
The Betty property is underlain primarily by
Late Devonian metasedimentary rocks of the Snowcap Assemblage which
have been intruded by the Middle Cretaceous Dawson Range
granodiorite and diorite in the southern portion of the property.
The structural geological setting of the property area is complex
with 4 major fault arrays being recognized: 1) WNW-trending Yukon
River Shear Zone (YRSZ); 2) E-W trending Coffee Creek fault; 3)
NW-trending Big Creek fault; and 4) NE-trending Dip Creek fault.
The earliest faults are W to WNW trending, southerly verging thrust
faults (later movement is dextral strike slip) including the Coffee
Creek Fault and Yukon River Shear Zone, and NW trending oblique
second order faults. Later fault systems include the NW-trending
Big Creek Fault and the NE-trending Dip Creek Fault. Additional
2nd and 3rd order faults also developed at this time, possibly
in the Mid to Late Cretaceous. The most important structures
controlling gold mineralization as outlined by soil geochemistry
appear to be 2nd and 3rd order NE trending and W trending
structures. These areas include the Betty Ford, Betty White, Betty
Grable and Mascot zones. More rarely gold mineralization appears to
be associated with regional scale structures as is the case with
the Betty Black zone on the Coffee Creek Fault. Based on soil
geochemistry and structural interpretations, the property is
prospective for several styles of mineralization including orogenic
gold, intrusion-related gold, and porphyry copper (Au/Mo)
mineralization.
About White Gold Corp.The
Company owns a portfolio of 17,584 quartz claims across 30
properties covering approximately 350,000 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
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/559822c3-6445-4f79-9201-fb85f0eb1c9a
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e697765-8d6b-4953-a5f9-9016ab562715
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f82b522-d6b4-47dd-b3b7-1671c9bcb8bf
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e20446c-f0f8-4405-bbdc-687b46358fbf
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d26c9cc-ac79-48db-b52e-c2d60b6c7991
https://www.globenewswire.com/NewsRoom/AttachmentNg/7599bd78-76ae-4e92-9829-34594356cc02
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