White Gold Corp. Announces Significant Increase in Mineral Resources to 1,203,000 oz Gold Indicated and 1,116,600 oz Gold Inferred at the White Gold Project, Yukon, Canada
November 19, 2024
White Gold Corp. Announces Significant Increase in Mineral Resources to
1,203,000 oz Gold Indicated and 1,116,600 oz Gold Inferred at the White
Gold Project, Yukon, Canada
TORONTO, November 19, 2024 – White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the "Company") is
pleased to announce an updated Mineral Resource Estimate (“MRE”) for its flagship White Gold project located
approximately 95 km south of Dawson City in west-central Yukon, Canada. The updated mineral resource includes a
significant increase in total gold ounces, including a 18.5% increase in inferred resources and an 4.3% increase in
indicated resources. The White Gold project now comprises 1,203,000 ounces of gold in the Indicated Resource
category (17.7 million tonnes averaging 2.12 g/t Au) and 1,116,600 ounces of gold in the Inferred Resource category
(24.5 million tonnes averaging 1.42 g/t Au ) at US$2,000/oz gold. The gold resources at the White Gold Project are
near surface, almost entirely captured within an open pit, and remain open for expansion in multiple directions with
additional opportunities to increase total resources via targets within close proximity. Additional increases to the
size of the resource may also be possible through an ongoing analysis of the resource block model and by capturing
additional ounces hosted within the Target for Further Exploration area which hosts an additional estimated 10 – 12
million tonnes grading between 1 – 2 g/t Au. These results form part of the Company’s work program supported by
strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX:
K, NYSE: KGC).
“We are very pleased to have further increased the size of our robust flagship deposit which is one of the highest-
grade open pit gold resources in Canada of this size or greater owned by an exploration company. Furthermore,
significant additional resource growth potential exists on the deposits themselves, as well as in the surrounding
areas which has seen only limited exploration and has strong prospectivity for new discoveries. We are also very
encouraged by the overall prospectivity of our district scale land package for additional gold and other mineral
resource discoveries as this area of Yukon continues to evolve as an emerging Canadian mining camp supported by
ongoing mine development efforts, infrastructure initiatives and other investment,” 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:
Updated MRE includes four gold deposits – Golden Saddle, Arc, Ryan’s Surprise and VG located within close proximity
and includes:
• 17.660 million tonnes of Indicated Resources averaging 2.12 grams per tonne gold for 1.203 million ounces
of gold, representing 52% of total resources.
• 24.472 million tonnes of Inferred Resources averaging 1.42 grams per tonne gold for 1.117 million ounces of
gold, representing 48% of total resources.
• Inferred and Indicated Mineral Resources have increased by 18.5% and 4.3% respectively, compared to the
previous 2023 MRE(1).
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• 97.5% of the resources are near surface and within an open-pit. Indicated Resources of 1.201 million ounces
of gold averaging 2.12 grams per tonne gold (an increase of 6.7%) and open-pit Inferred Resources of 1.061
million ounces of gold averaging 1.38 grams per tonne gold (an increase of 24.4%).
• Mineralization at the Golden Saddle, Arc, Ryan’s Surprise and VG deposits all remain open along strike and
down dip to further expand the deposits and in addition to multiple underexplored targets in close proximity.
• The project also hosts an additional estimated 10 – 12 million tonnes grading between 1 – 2 g/t Au of material
classified as a Target for Further Exploration which has not been included in the current resource which may
further increase the size of the resource and is currently being evaluated in this regard.
• The Company is also currently evaluating a dditional opportunities to further increase the size of the
resources by optimizing the block model and wireframes of the Golden Saddle and Arc deposits to add
additional tonnage.
• Additional results from the Company’s 2024 work program to be released in due course
Mineral Resource Estimate Details
Table 1. White Gold Project, Yukon Territory, Mineral Resource Statement, ACS October 28, 2024.
Area Type Classification Cut-off
(g/t)
Tonnes
(000's)
Grade
(g/t)
Contained
Gold (oz)
Golden
Saddle
Open Pit
Indicated
0.35
16,954 2.16 1,178,500
Inferred 5,396 1.45 250,900
Underground
Indicated
2.3
23 2.77 2,100
Inferred 382 3.06 37,500
Arc
Open Pit
Indicated
0.35
683 1.02 22,400
Inferred 6,781 1.09 236,700
Underground Inferred 2.3 47 3.00 4,600
Ryan
Open Pit Inferred 0.35 5,499 1.57 278,300
Underground Inferred 2.3 127 3.19 13,100
QV Open Pit Inferred 0.35 6,240 1.47 295,500
All Deposits Open Pit Indicated
0.35
17,637 2.12 1,200,900
All Deposits Open Pit Inferred 23,916 1.38 1,061,400
All Deposits Underground Indicated
2.3
23 2.84 2,100
All Deposits Underground Inferred 556 3.09 55,200
All Deposits Total Indicated 17,660 2.12 1,203,000
All Deposits Total Inferred 24,472 1.42 1,116,600
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio -political,
marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Reso urce and
must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource c ould be
upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), C IM
Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by the CIM Council.
5. Open pittable resources are constrained by GEOVIA Whittle optimized pit shells using a 0.35 g/t Au cut -of grade and are considered to
have reasonable prospects for eventual economic extraction, assuming a gold price of US$2,000 per ounce, a C$:US$ exchange rate of
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0.75. an open pit mining cost of CDN$3.25 per tonne, a processing and G&A cost of CDN$27.50 per tonne milled, and gold recove ries of
92% for Golden Saddle, and VG, along with 85% for Arc and Ryan’s Surprise. Underground resources assume a mining cost of
CDN$120/tonne.
6. The following bulk density values for mineralized material were used: Golden Saddle (2.62 – 2.65 t/m3), Arc (2.55 t/m3), Ryan’s Surprise
(2.63 t/m3) and VG (2.65 t/m3).
7. High-grade gold assay values have been capped as follows: Golden Saddle and Arc (8 – 18 g/t Au), Ryan’s Surprise (9 g/t Au) and VG (3
– 10 g/t Au).
8. The Statement of Estimates of Mineral Resources has been compiled by Mr. Gilles Arseneau, Ph.D.,P.Geo, of ARSENEAU Consulting
Services (“ACS”). Mr. Arseneau has sufficient experience that is relevant to the style of mineralization and type of deposit under
consideration and to the activity that he has undertaken to qualify as a Qualified Person as defined in the CIM Standards of Disclosure.
9. All numbers are rounded. Overall numbers may not be exact due to rounding.
The current MRE for the White Gold project was carried out by Arseneau Consulting Services (“ACS”) of Vancouver,
B.C. and is reported in accordance with the guidelines of the Canadian Securities Administrators National
Instrument 43-101 (“NI 43-101”) and has been estimated in conformity with generally accepted Canadian Institute
of Mining, Metallurgy and Petroleum (“CIM”) “Estimation and Mineral Resource and Mineral Reserve Best
Practices” guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The MRE presents updated estimates for the Golden Saddle, Arc, Ryan’s Surprise and VG deposits.
The updated MRE was prepared using a block model approach using ordinary kriging interpolation for the Golden
Saddle, Arc and VG deposits and inverse distance squared (“ID2”) interpolation for the Ryan’s Surprise deposit.
Block model sizes varied between d eposits as follows: Golden Saddle and Arc (10 m); Ryan’s Surprise (5 – 10 m);
and VG (10 – 20 m). GEMS 6.8.4 software was used for generating gold mineralization solids, a topography surface,
and resource estimation. Statistical analysis and resource valid ations were performed using non -commercial
software and with Sage2001. Near surface resources were constrained using GEOVIA Whittle pit optimization
software. Pit slopes in rock were assumed at 50° and the MRE assumes a long -term gold price of US$ 2,000 per
ounce. Gold recoveries used were 92% for the Golden Saddle and VG deposits, and 85% for the Arc and Ryan’s
Surprise deposits. Gold recoveries are based on metallurgical testwork results for the Golden Saddle and Arc
deposits and are assumed for the Ry an’s Surprise and VG deposits based on their close similarities to the Arc and
Golden Saddle deposits, respectively.
Mineralization on portions of both the Golden Saddle and Arc deposits is known to extend beyond the limits of the
current resource estimate, however, the mineralization in these areas did not meet the criteria to be classified as
Mineral Resources. Based on drilling at Golden Saddle and current geologic models, there is an estimated 10 – 12
million additional tonnes grading between 1 – 2 g/t Au of material classified as a Target for Further Exploration
(“TFFE”). The reader should be cautioned that the potential quantity and grade of the TFFE is conceptual in nature.
There has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result
in the target being advanced to a mineral resource . These zones form more continuous mineralized units at US$
2,000/oz gold and the Company plans to further evaluate this mineralization through re-modelling and optimization
of the block model and wire frames to determine if it can be incorporated in future resource estimates.
A technical report to support the MRE for the White Gold project, prepared in accordance with NI 43 -101, will be
filed on SEDAR+ (https://www.sedarplus.ca/) and the Company’s website (https://www.whitegoldcorp.ca/) within
45 days of the issuance of this news release.
Resources & Opportunities in the White Gold District
West-central Yukon is host to several highly prospective mineral districts, including the White Gold, Dawson Range,
Klondike and Sixtymile districts. The Klondike was the epicentre of the historic Klondike Gold Rush in 1896 with
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over 20 million ounces of placer gold production having occurred in the region since that time. The Company’s
property portfolio (Figure 1) which covers large portions of the White Gold District, was assembled by renowned
prospector Shawn Ryan, and represents the largest claim package in the region, consisting of 15,876 claims across
26 properties and covering approximately 3 15,000 hectares. Two significant advanced projects border the
Company’s claims in the south including the Coffee project owned by Newmont Corporation (TSX: NGT, NYSE: NEM)
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 (TSX: WRN, NYSE: WRN) Casino project, which has Measured and Indicated
Resources of 7.6 billion lb Cu and 14.5 Moz Au and Inferred Resources of 3.3 billion lb Cu and 6.6 Moz Au (3). The
region has seen significant investment by various other major mining companies recently and the Yukon is
consistently ranked as a top 10 mi ning jurisdiction on the Investment Attractiveness Index based on the Fraser
Institute’s Annual Survey of Mining Companies.
All four of White Gold’s near-surface deposits are interpreted to represent structurally -controlled orogenic gold
deposits, collectively form the Company’s gold resource base in the heart of its large land package, and remain
open for expansion.
Golden Saddle Deposit
The Golden Saddle deposit is located 95 km south of Dawson City on the Company’s White Gold property (Figure
2), which is supported by the fully operational Thistle exploration camp with airstrip and barge access, and up to
100-person capacity. The deposit consists of the GS Main, GS Footwall and GS West zones and together the zones
define mineralization over a 1,500 m strike length and up to 725 m down dip. Currently, the GS Main is the most
significant zone in terms of estimated ounces and overall grade; containing approximately 95% of the Indicated
ounces within the overall Golden Saddle deposit. GS Main Zone contains a consistent high -grade core of 832,000
gold ounces at a grade of 2.96 g/t gold in the Indicated category and 107,000 gold ounces at a grade of 3.18 g/t
gold Inferred using a >1 g/t cut -off. Included in this high -grade core is 525,600 gold ounces at a grade of 4.68 g/t
gold in the Indicated category and 81,900 gold ounces at a grade of 4.74 g/t gold Inferred using a >3 g/t cut-off.
Gold mineralization at the Golden Saddle deposit (Figure 2 & 3) is hosted in a meta -volcanic and meta -intrusive
assemblage broadly consisting of felsic orthogneiss, amphibolite, and ultramafic units. Gold generally occurs as
micron-scale blebs along fractures or encapsulated by pyrite, and as visible gold (less than 5 mm in size) located as
free grains in quartz. Mineralization is present in quartz veins and stockwork or breccia with disseminated pyrite.
Drill hole intersected gold mineralization is spatially co-incident with structures, and structures or faults which are
interpreted to be the primary conduits for hydrothermal fluids responsible for gold deposition. The thicknesses of
the mineralization and breccia zones are variable from 5 m to over 50 m, a nd they pinch and swell along strike. A
consistent higher-grade core (> 3 g/t Au) occurs within the main zone at Golden Saddle. Gold mineralization at the
Golden Saddle deposit remains open in all directions and is known to extend beyond the limits of the current
resource estimate, however, the mineralization in these areas does not currently meet the criteria to be classified
as Mineral Resources.
Arc Deposit
The Arc deposit (Figures 2 & 3) is located approximately 400 m south of the Golden Saddle and consists of two
zones, the Arc Main and Arc Footwall zones, both trending E -NE and dipping to the north at approximately 50
degrees. Mineralization at the Arc has been defined over 1,200 m in s trike length and up to 450 m down dip with
mineralization open along strike and down dip. Gold mineralization at the Arc deposit is less well understood than
the Golden Saddle, which is partially a function of drilling at the Arc deposit being more widely spaced. Gold
mineralization is hosted within a meta -sedimentary sequence dominated by banded (graphitic) quartzite and
interbedded pelitic biotite schist that is cross-cut by numerous felsic to intermediate dikes and sills.
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Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal
alteration and sulphide mineralization. Drilling has defined an upper main zone as well as a lower footwall zone of
anomalous gold but of lesser tenure than the main upper zone. Mineralization remains open to the east, west and
at depth. The occurrence of gold at Arc is not well understood but appears to be associated with disseminated and
veined pyrite, arsenopyrite and graphite.
Ryan’s Surprise Deposit
Ryan’s Surprise (Figures 2 & 4) is located 1.5 km west of the Golden Saddle deposit, along a 6.5 km long x 1 km wide
north-northwest trend of anomalous gold and arsenic in soils (“Ryan’s Trend”), which also hosts several other
prospective early-stage targets in close proximity with significant surface gold mineralization and represent further
potential for expansion of this project. Gold mineralization at the Ryan’s Surprise deposit is primarily hosted within
a meta -sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist
cross-cut by numerous felsic – intermediate dikes and sills.
Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal
alteration and sulphide mineralization. Recent drilling has defined multiple subparallel zones that are host to gold-
bearing sulphide mineralization including arsenopyrite and pyrite, and range in true width from < 1 m to in some
instances, > 10 m. The mineralization footprint at the Ryan’s Surprise deposit measures approximately 550 m north-
south by 500 m east-west to a vertical depth of 650 m remains open along strike and at depth. Metallurgical work,
and gold characterization and deportment studies are required to further determine accurate gold recoveries.
However, host rocks, alteration and sulphide mineralization at Ryan’s Surprise display many similarities to the Arc
Deposit.
VG Deposit
The VG deposit (Figure 5) is located approximately 85km south of Dawson City and 11km north of the Golden Saddle
deposit. Gold mineralization at the VG deposit is hosted in quartz ± carbonate veins, stockwork and breccia zones,
and pyrite veinlets, including cubic pyrite and visib le gold, associated with intense -quartz-carbonate-sericite
alteration, pervasive K-spar and hematite emplaced along en -echelon faults or shear zones. Visually, the style of
gold mineralization and alteration appears identical to the Golden Saddle deposit, along with similar dominant host
rocks of biotite-feldspar (± augen)-quartz gneisses. To date, no metallurgical testwork has been performed on the
VG mineralization, however given its close similarities to Golden Saddle, gold recov eries are assumed to be
similar. Opportunities exist at the VG deposit to quickly upgrade a significant portion of Inferred Resources to
Indicated, as well as for expansion of gold mineralization at depth and along strike. There are also several other
prospective targets on the property which have received limited exploration work and offer potential for additional
discoveries.
Qualified Persons, Technical Information and Quality Control
The MRE for the White Gold Project was prepared by Dr. Gilles Arseneau of Arseneau Consulting Services (ACS), an
Independent Qualified Person (“QP”) as defined under NI 43-101, who has reviewed and approved the contents of
this news release. The technical content of this news release has also been reviewed and approved by Terry Brace,
P.Geo. and Vice President of Exploration for the Company who is also a QP as defined under NI 43-101 – Standards
of Disclosure of Mineral Projects.
QA/QC
White Gold’s drill core sampling consisted of collecting samples over 0.50 m to 2.50 m intervals (depending on
lithology and style of mineralization) over the entire hole length. RC samples were collected at continuous 1.5 m
intervals. All drill core was c ut in half using a diamond saw, with half of the core placed in sample bags and the
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other half returned to the core box. Standard, blank, and duplicate samples were inserted into both the drill core
and RC sample streams at regular intervals to meet a designated QA/QC sample insertion rate. All samples were
organized into batches, flown v ia fixed-wing aircraft from camp, and transported via courier to an ISO -certified
laboratory for analysis.
About White Gold Corp.
The Company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000
hectares (3,150 km2) representing approximately 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 1,203,000
ounces of gold in Indicated Resources and 1,116, 600 ounces of gold in Inferred Resources (this news release).
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 2.1 Moz at 1.28 g/t gold and Inferred Resources of 0.2 Moz
at 1.04 g/t gold (2), and Western Copper and Gold Corporation’s Casino projec t which has Measured and Indicated
Resources of 7.6 Blb copper and 14.5 Moz gold and Inferred Resources of 3.3 Blb copper and 6.6 Moz gold (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 Form 10 -K: Annual report for the year ending December 31, 2023, in the Measured, Indicated, and Inferred
Resources section, dated February 29, 2024, 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+.
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”, “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
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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 Comp any’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 min eral 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 mi nes; 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 dep osit; 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, exc ept 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’Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
Request Meeting: https://calendly.com/meet-with-wgo/15min