Whitehorse Gold Announces Skukum Gold Project Mineral Resource Estimate Update
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Whitehorse Gold Announces Skukum Gold Project Mineral Resource
Estimate Update
WHG-NR-22-12 November 2, 2022
Vancouver, British Columbia – November 2, 2022 – Whitehorse Gold Corp. (“Whitehorse
Gold” or the “Company”) (TSXV: “WHG” ; OTCQX: “WHGDF”) is pleased to announce the
completion of an updated independent Mineral Resource Estimate for the Skukum Gold -Silver
Project (the “Skukum Gold Project”) prepared by P&E Mining Consultants Inc. in accordance of
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an
effective date of October 28, 2022 , a NI 43-101 Technical Report will be filed on SEDAR within
45 days of this news release. The independent Mineral Resource Estimate is based on analytical
data from 675 drill holes representing 111,556 metres ( “m”) of drilling and 2,925 underground
samples.
Highlights of the Skukum Gold Project include:
• Advanced gold camp in Yukon, a top-tier mineral exploration and mining jurisdiction.
• Historical production (1986-1988) of approximately 79,750 oz gold.
• A 300 tpd processing plant, tailings facilities, and a 50-person camp.
• 4,830 m of underground workings.
• Three gold deposits that remain open to expansion, in addition to multiple, under-explored
gold zones
• Project covers 170 square km, and is located 55 km south of Whitehorse with direct road
access
• 2020 Previous Mineral Resource Estimate*:
o Total Indicated Contained oz.- 336k oz AuEq
o Total Inferred Contained oz. – 246K oz AuEq
The Company’s Skukum Gold Project hosts the following total Mineral Resource:
Skukum Gold Project Total Mineral Resource (using a 2.0 g/t AuEq cut-off grade):
The three delineated gold-silver deposits on the Skukum Gold Project (Skukum Creek, Goddell
and Mt. Skukum) individually host the following Mineral Resource:
*See Whitehorse Gold News Release from November 25, 2020: https://whitehorsegold.ca/news-releases/whitehorse-gold-
announces-commencement-of-trading-on-tsx-venture-exchange-skukum-gold-project-resource-estimate-and-completion/
Class Tonnes (k) Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Contained
koz Au
Contained
koz Ag
Contained koz
AuEq
Indicated 1,594 6.79 114.5 8.16 348 5,868 418
Inferred 3,016 4.64 58.1 5.33 449 5,631 517
Whitehorse Gold Corp.
1750 - 1066 West Hastings Street
Vancouver, BC, Canada V6E 3X1
Telephone: (604) 336-5919
www.whitehorsegold.ca
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Skukum Creek Deposit Mineral Resource (using a 2.0 g/t AuEq cut-off grade):
Goddell Deposit Mineral Resource (using a 2.0 g/t AuEq cut-off grade):
Mt. Skukum Deposit Mineral Resource (using a 2.0 g/t AuEq cut-off grade):
Cost Assumptions Used in Cut-off Grade Determination:
Notes:
1. CIM Definition standards (2014) were used for reporting the Mineral Resources.
2. Mineral Resource Estimate prepared by P&E Mining Consultants Inc. with an effective date of October 28, 2022.
3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. An Inferred Mineral
Resource is that part of a mineral resource for which quantity and grade or quality is estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality
continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource
and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources
could be upgraded to Indicated Mineral Resources with continued exploration.
4. A base case cut-off grade of 2.0 g/t Au was calculated at a gold price of $US1,800/oz, silver price of US$23.00/oz and a
metal recovery of 95% for gold and 93% for silver, which is believed to provide a reasonable margin over operating and
sustaining costs for narrow vein mining and processing.
5. Mineral resources are diluted to a minimum width of 1.5 m.
6. Totals may not sum due to rounding.
Class Tonnes (k) Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Contained
koz Au
Contained
koz Ag
Contained koz
AuEq
Indicated 1,048 5.79 170.5 7.83 195 5,742 264
Inferred 1,680 4.49 101.3 5.70 242 5,471 308
Class Tonnes (k) Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Contained
koz Au
Contained
koz Ag
Contained koz
AuEq
Indicated 273 7.52 2.7 7.56 66 24 66
Inferred 1,134 4.61 3.1 4.64 168 112 169
Class Tonnes (k) Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Contained
koz Au
Contained
koz Ag
Contained koz
AuEq
Indicated 273 9.88 11.6 10.02 87 102 88
Inferred 201 6.05 7.3 6.14 39 47 40
Assumptions Value
Gold Price (US$ per oz) $1,800
Silver Price (US$ per oz) $23
CDN$/US$ 0.77
Gold Recovery 95%
Silver Recovery 93%
Underground Mining Cost (CDN$ per tonne processed) $100
Processing (CDN$ per tonne processed) $35
G&A Cost (CDN$ per tonne processed) $15
Total Operating Cost (CDN$ per tonne processed) $150
Cut-off Grade (g/t AuEq) 2.0
AuEq (Au/Ag) 80
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Qualified Persons
The Mineral Resource Estimate is prepared by Eugene Puritch, P.Eng, FEC, CET of P&E Mining
Consultants Inc., an independent Qualified Person in accordance with the requirements of NI 43-
101. The technical information contained in this news release has been reviewed and approved
by Mr. Puritch.
About Whitehorse Gold
Whitehorse Gold is a mineral exploration and development company focusing on tin projects in
Bolivia and a gold development project in the Yukon. The company owns 51% of the Porvenir tin
project 70 km southeast of Oruro Bolivia, and the right to increase o wnership to 100%. The
company also has the right to acquire a 100% interest in a second tin project 65 km southeast of
Oruro Bolivia. The company also owns 100% of the Skukum Gold Project located in southern
Yukon, approximately 55 km south-southwest of Whitehorse. The Skukum Gold Project hosts the
formerly producing Mt. Skukum high -grade gold mine. Project infrastructure includes an all -
weather access road, a 50-person camp, approximately 6 km of underground development, and
a previously operating 300 -tpd process plant and associated support facilities. Underground
operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tonnes of ore
mineralized material mined and processed to recover approximately 79,750 ounces of gold (Total
Energold Corporation, 1989).
On Behalf of Whitehorse Gold Corp.
signed “Gordon Neal”
Gordon Neal, CEO & Director
For further information please contact:
Investor Relations, Whitehorse Gold Corp.,
Phone: +1 (604)-336-5919
Email: [email protected]
www.whitehorsegold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward -looking statements and forward -looking information (collective,
“forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.
All statements, other than statements of historical fact included in this release, including, without limitation,
statements regarding future plans with respect to the Skukum Gold Project, including the proposed updated
NI 43-101 Technical Report and timing and the contents thereof, and other future plans of Company, and
objectives or expectations of the Company are forward-looking statements. Estimates of Mineral Reserves
and Mineral Resources are also forward -looking information because they incorporate estimates of future
developments including future mineral prices, cos ts and expenses and the amount of minerals that will be
encountered if a property is developed. Forward-looking statements are often, but not always, identified by
words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”,
“potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”,
“might” or “will” b e taken, occur or be achieved, or the negative of any of these terms and similar
expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates
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of management considered reasonable at the date the statements are made. The opinions, assumptions,
factors and estimates which may prove to be incorrect, include, but are not limited to: that market
fundamentals will result in sustained precious metals demand and prices; that there are no significant
disruptions affecting operations, including labour disruptions, supply disruptions, power disruptions, security
disruptions, damage to or loss of equipment, whether due to flooding, political changes, title issues,
intervention by local landowners, environmental concerns, pandemics (including COVID-19) or otherwise;
that the Company will be able to obtain and maintain governmental approvals, permits and licenses in
connection with its current and planned operations, development and exploration activities, including at the
Skukum Gold Project; that the Company will be able to meet its current and future obligations; that the
Company will be able to comply with environmental, health and safety laws; and the assumptions underlying
Mineral Resource Estimates and the realization of such estimates.
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 differ materially from any future
results, performance or achievements expressed or implied by the forward-looking information. Such risks
and other factors include, among others: social and economic impacts of COVID -19; actual exploration
results; changes in project parameters as plans continue to be refined; results of fut ure Mineral Resource
Estimates; future metal prices; availability of capital and financing on acceptable terms; general economic,
market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel,
materials an d equipment on a timely basis; accidents or equipment breakdowns; delays in receiving
government approvals; unanticipated environmental impacts on operations and costs to remedy same; and
other exploration or other risks detailed herein and from time to ti me in the filings made by the Company
with securities regulators. Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ from those described in forward -looking statements, there
may be other factors that cause such actions, events or results to differ materially from those anticipated.
There can be no assurance that forward -looking statements will prove to be accurate and accordingly
readers are cautioned not to place undue reliance on forward-looking statements.
Readers are cautioned not to place undue reliance on forward -looking statements. The Company
undertakes no obligation to update any of the forward -looking statements in this news release or
incorporated by reference herein, except as otherwise required by law.
Cautionary Note to US Investors
The technical and scientific information contained herein has been prepared in accordance with NI 43-101,
which differs from the standards adopted by the U.S. Securities and Exchange Commission (the “SEC”).
Accordingly, the technical and scientific informa tion contained herein, including any estimates of mineral
reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies
subject to the disclosure requirements of the SEC. Additional information relating to the Company, including
the Company’s Annual Information Form, can be obtained under the Company’s profile on SEDAR at
www.sedar.com, and on the Company’s website at www.whitehorsegold.ca.