Whitehorse Gold intersects 10.5 metres of 8.1 g/t Au and 175 g/t Ag, including 2.2 metres of 25.2 g/t Au and 636 g/t Ag, at Skukum Gold Project, Yukon
Whitehorse Gold intersects 10.5 metres of 8.1 g/t Au and 175 g/t Ag,
including 2.2 metres of 25.2 g/t Au and 636 g/t Ag, at Skukum Gold
Project, Yukon
WHG-NR-21-02 January 18, 2021
Vancouver, British Columbia: Whitehorse Gold Corp. (“Whitehorse Gold” or the “Company”)
(TSXV: WHG) reports additional results from the 2020 drill program at its Skukum Gold Project
(the “Project”) located in the Whitehorse Mining District, southern Yukon.
Drill hole SC20 -002 intersected 10.5 metres (6.3 metres true width) grading 8.1 g/t Au and 175 g/t Ag,
including 2.2 metres of 25.2 g/t Au and 636 g/t Ag, in the Rainbow Zone of the Skukum Creek deposit
(Table 1 and Figure 1). Results from the remaining two 2020 drillholes are pending.
Table 1: Assay results for SC20-001 and SC20-002
Hole ID From
(m) To (m) Interval
(m)1
Au
(g/t)
Ag
(g/t) Pb (%) Zn (%)
True
Width
(m)
Zone
SC20-001
(previously
released)
434.08 443.01 8.93 6.54 186.83 1.40 0.99 8.07
Rainbow
Zone
Incl. 437.60 439.76 2.16 7.80 306.05 1.79 0.96 1.94
Incl. 441.79 443.01 1.22 21.40 563.00 5.27 3.59 1.10
SC20-002
417.45 427.94 10.49 8.13 175.11 0.84 1.02 6.31
Incl. 417.45 419.39 2.24 25.24 636.47 2.53 3.19 1.35
Incl. 426.37 427.94 1.57 13.30 152.00 1.23 0.92 0.94
Notes:
1. Length and specific gravity weighted composites.
2. Drill location, azimuth and dip of drill holes provided in Table 4 below.
The 2020 drill program consisted of 4 drillholes designed to better define the deeper portion of the Skukum
Creek deposit, validate historic drill hole intercepts, and to test re-interpreted, potentially thicker, and higher-
grade portions of the deposit which remain open for expansion.
Kevin Weston, CEO of Whit ehorse Gold stated, “The results from our 2020 exploration continue to verify
both the depth potential and the high- grade tenor of the Skukum Creek gold deposit. We are encouraged
by the zone thickness and look forward to releasing the additional drill results as we are finalizing our 2021
drill campaign which is aimed at increasing the mineral resources at the Project.”
2020 Exploration Program - Skukum Creek Deposit
The Company’s inaugural exploration program was primarily focused on gaining geologic understanding of
the numerous exploration targets, completing historic data validation and collecting new data in support of
a resource expansion program planned for 2021. In detail t he 2020 exploration program consisted of
reconnaissance mapping, data compilation, re-interpretation of the Skukum Gold system and a 4-hole,
2,091-metre diamond drilling program on the Skukum Creek deposit (Figures 1 and 2).
Skukum Creek is the largest of the Project's three deposits currently defined with over 1 million indicated
tonnes grading 5.85 g/t Au and 166.4 g/t Ag and 537,000 inferred tonnes grading 4.99 g/t Au and 108.3 g/t
Ag (Table 2).
Whitehorse Gold Corp.
1750 - 1066 West Hastings Street
Vancouver, BC, Canada V6E 3X1
Telephone: (604) 336-5919
www.whitehorsegold.ca
Whitehorse Gold Corp. 2 January 18, 2021
NR-21-02 – Continued
Hole SC20-002 intersected mineralization in the Rainbow Zone at approximately 417 metres downhole and
returned 10.5 metres (6.3 metres true width) grading 8.1 g/t Au and 175 g/t Ag, including 2.4 metres of 25.2
g/t Au and 636 g/t Ag (Table 1 and Figures 2 and 3). This mineralized interval is comparable to the nearby
historic drill hole SC11-01, which returned 8.42 g/t Au and 82.63 g/t Ag over a true width of 5.82 metres
(Table 3 and Figures 2 and 3).
As detailed in the Company’s Technical Report (as defined below) , the three delineated deposits on the
Project (Skukum Creek, Goddell and Mt. Skukum) individually host the following mineral resources using a
3.0 g/t gold equivalent (AuEQ) cut-off grade.
Table 2: 2020 resource estimates for deposits on the Property using a 3.0 g/t AuEQ cut -off grade.
Class Tonnes Au (g/t) Ag (g/t) AuEQ
(g/t)
Contained
oz Au
Contained
oz Ag
Contained oz
AuEQ
Skukum
Creek
Indicated 1,001,300 5.85 166.4 7.75 188,334 5,355,478 249,401
Inferred 537,000 4.99 108.3 6.22 86,124 1,869,065 107,415
Goddell Indicated 329,700 8.13 - 8.13 86,210 - 86,210
Inferred 483,900 7.13 - 7.13 110,867 - 110,867
Mt
Skukum Inferred 90,100 9.28 12.9 9.43 26,882 37,368 27,308
Notes:
1. CIM Definition standards (2014) were used for reporting the Mineral Resources.
2. Mineral resource estimate prepared by GeoSim Services Inc. with an effective date of October 1, 2020.
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 are
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 a n 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 3.0 g/t Au represents an in-situ metal value of US$126 per tonne at a gold
price of $1450/oz, silver price of $16.50/oz and a metal recovery of 90% for gold and silver, which is
believed to provide a reasonable margin over operating and sustaining costs f or narrow vein mining
and processing.
5. See the Company’s Technical Report entitled “Skukum Gold-Silver Project, NI 43-101 Technical
Report, Whitehorse Mining District, Yukon Territory, Canada” dated effective October 1, 2020 and
authored by Ronald G. Simpson, P.Geo. from GeoSim Services, Inc. filed on the Company’s SEDAR
profile (the “Technical Report”).
6. Mineral resources are diluted to a minimum width of 1.5 metre. The gold equivalent formula used was
AuEQ = Au + Ag * 0.0114.
7. Totals may not sum due to rounding.
Whitehorse Gold Corp. 3 January 18, 2021
NR-21-02 – Continued
Figure 1: Bedrock geologic map of the Skukum Creek deposit showing traces of 2020 drill program.
Whitehorse Gold Corp. 4 January 18, 2021
NR-21-02 – Continued
Figure 2: Long section looking WNW, showing mineralized zones, underground workings, historic drilling,
2020 drill holes (blue) and location of Cross Section (Figure 3).
Table 3: Assay composites for historic drill holes presented in Figure 3.
Hole ID From (m) To (m) Interval
(m)1 Au (g/t) Ag (g/t)
True
Width
(m)
Zone
R96-211 56.00 66.30 10.30 17.66 170.67 7.56
Rainbow
Zone
R96-212 75.90 78.90 3.00 1.54 39.10 2.10
R96-213 128.80 154.15 25.35 23.08 259.03 7.16
SC02-18 118.50 124.94 6.44 6.11 122.85 3.91
SC11-01 368.30 380.40 12.10 8.42 82.63 5.82
Notes:
1. Length weighted composites, No SG data available.
2. Drill location, azimuth and dip of drill holes provided in Table 4 below.
Whitehorse Gold Corp. 5 January 18, 2021
NR-21-02 – Continued
Figure 3: 3a) Cross section through the Rainbow Zone showing gold grades for SC20-002 and historic drill
holes. 3b) same as 3a but showing silver grades. Section is approximately 25 metres thick
looking WSW (227°).
Whitehorse Gold Corp. 6 January 18, 2021
NR-21-02 – Continued
Table 4: Drill hole details for current and historic drill holes presented in this document.
Hole ID Northing Easting Elevation Total
Depth
Collar
Azimuth
Collar
Dip Year Type Operator
Whitehorse Gold Drill Holes
SC20-001 478101.1 6671141.2 1390.9 490.42 304.9 48.1 2020 SFC WHG
SC20-002 478101.8 6671140.7 1390.9 480.67 307.3 46.0 2020 SFC WHG
Historic Drill Holes
R96-213 477890.6 6671322.3 1221.0 164.29 325.0 82.0 1996 UG Omni1
SC02-18 477891.2 6671321.2 1222.2 146.91 317.5 77.4 2002 UG TLG2
SC11-01 477945.5 6671171.4 1444.6 412.83 327.0 63.5 2011 SFC NUAG3
R96-212 477890.6 6671322.3 1221.0 100.28 325.0 69.0 1996 UG Omni1
R96-211 477890.6 6671322.3 1222.0 72.85 325.0 55.0 1996 UG Omni1
Notes:
1. Omni Resources Inc.
2. Tagish Lake Gold Corp., prior to being acquired by Whitehorse Gold.
3. New Pacific Metals Corp.
Qualified Persons
The independent Qualified Person for the mineral resource estimate is Ronald G. Simpson, P.Geo. from
GeoSim Services, Inc. The technical information contained in this news release has been reviewed and
approved by Tim Kingsley, Vice President of Exploration of Whitehorse Gold and Certified Professional
Geologist (CPG-11538) with the American Institute of Profes sional Geologists, a Qualified Person for the
purposes of National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”).
Quality Assurance and Quality Control
Drill core from the Company’s 2020 exploration program was logged and sampled in a secure core storage
facility located at the Project site. Core samples from the program were cut in half, using a diamond cutting
saw. Drill core and surface samples were sent to ALS Laboratories, which is independent of the Company.
Sample preparation was performed at the ALS Laboratory in Whitehorse, YT, followed by analysis at the
ALS Laboratory in North Vancouver, ALS is an accredited mineral analysis laboratory. All samples were
analysed for gold using standard Fire Assay -AA techniques. Samples returning over 10.0 g/t gold were
analysed utilizing standard Fire Assay -Gravimetric methods. Samples were also analyzed for a 48 multi -
element geochemical suite by ICP -MS with a four -acid digestion. Certified gold reference standards,
blanks, field duplicates and coarse reject duplicates were routinely inserted into the sample stream, as part
of Whitehorse Gold’s quality control/quality assurance program (“QA/QC”).
Historic QA/QC data and methodology were reviewed and are summarized in the Technical Report. The
author of the Technical Report considered historical sample preparation, analysis, and security to have
been generally performed in accordance with exploration best practices at the time of collection.
ABOUT WHITEHORSE GOLD CORP.
Whitehorse Gold is focused on its wholly -owned Skukum Gold P roject (formerly named the Tagish Lake
Gold Project) located in the Whitehorse Mining District of the southern Yukon. The Project consists of 1,051
mineral claims covering an area of 170 square kilometres and is located approximately 55 kilometres south
of Whitehorse, Yukon, in the Wheaton River Valley region. The Project hosts the advanced-stage Skukum
Creek, Goddell and Mount Skukum high-grade gold deposits and multiple high-priority exploration targets.
The Project infrastructure includes an all -weather access road, an all -weather 50- person camp,
approximately 4.8 kilometres of underground workings, an extensive surface road network and a previously
operating 300-tpd mill along with a tailings management facility and service buildings. Over 140,000 metres
of drilling was completed on the Project by former operators. H istorical underground operations on the
Mount Skukum deposit from 1986 to 1988 saw a total of 233,400 tons of ore mined and processed in the
plant, recovering approximately 79,750 ounces of gold under a previous operator.
Whitehorse Gold Corp. 7 January 18, 2021
NR-21-02 – Continued
On Behalf of Whitehorse Gold Corp.
“Kevin Weston”
CEO & Director
For further information please contact:
Steve Stakiw, Vice President - Corporate Affairs
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 ly,
“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,
future plans with respect to the Project, including the 2021 work program and resource expansion; and
other future plans of Company , and objectives or expectations of the Company are forward- looking
statements. Estimates of mineral reserves and miner al resources are also forward- looking statements
because they incorporate estimates of future developments including future mineral prices, costs 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” be 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 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 Project; that the Company will be able to complete
the required upgrading and retrofitting of the Project infrastructure to be fit for the Company ’s planned
mining activities; 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; that the Company will be able to secure
financing on suitable terms; 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 statements. 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 future exploration activities
and 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 and 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 risks or other risks detailed herein and from time to time in the filings
made by the Company with securities regulators. All of the Company’s Canadian public disclosure filings
may be accessed via www.sedar.com and readers are urged to review these materials, including the
Technical Report. 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
Whitehorse Gold Corp. 8 January 18, 2021
NR-21-02 – Continued
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.
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
This news release has been prepared in accordance with the requirements of NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of
U.S. Securities laws. NI 43- 101 is a rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects.