White Gold Corp. Commences Diamond Drilling on the Ryan’s Surprise Target Located 2 km West of its Flagship Golden Saddle Deposit
White Gold Corp. Commences Diamond Drilling on the Ryan’s Surprise Target
Located 2 km West of its Flagship Golden Saddle Deposit
TORONTO, Aug. 06, 2020 -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is
pleased to announce it has commenced its diamond drilling program on the Ryan’s Surprise (“Ryan’s”) target located
approximately 2 km west of the Company’s flagship Golden Saddle deposit and 11 km south of the Company’s VG deposit.
The current drilling forms part 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 prolific White Gold District, Yukon, Canada. Images to accompany this news release can be found
at http://whitegoldcorp.ca/investors/exploration-highlights/.
The close proximity of Ryan’s to the Company’s existing mineral resources at Golden Saddle and Arc makes it a strategic
target for these projects. The Golden Saddle and Arc deposits have a mineral resource of 1,139,900 ounces Indicated at 2.28
g/t gold and 402,100 ounces Inferred at 1.39 g/t gold and the VG deposit hosts a historic Inferred gold resource of 230,000
ounces at 1.65 g/t gold (1).
“We are excited to follow up on the successful drill results from 2019 on the Ryan’s Surprise Target. Its close proximity to our
existing resources has an immediate potential to add additional `ounces, and continues to demonstrate the prospectively of
the targets in this area,” stated David D’Onofrio, Chief Executive Officer.
The Ryan’s target is associated with a large (>500 m long) gold-in-soil anomaly with values ranging from trace to 1,576 ppb
Au. The newly discovered mineralized zone is associated with an east-west orientated, steeply south dipping, structure which
remains open along strike and at depth, demonstrating the potential for multiple mineralized zones.
Exploration drilling in this general area had previously been with holes drilled primarily to the south. A revised geological
interpretation in 2019 indicated that the mineralized zone may strike west-southwest and dip steeply to the south-southeast,
and the two diamond drill holes in 2019 drilled to the north to test this interpretation both intersected mineralization. Hole
WHTRS19D012 intersected 2.85 g/t Au over 4.14 m from 142.22 m downhole and 2.07 g/t over 21.0 m from 154.00 m
downhole, including 3.55 g/t Au over 8.42 m. This latter higher grade zone appears to correlate with a mineralized zone
intersected by the Company in hole WHTRYN18RC0002 which returned 5.02 g/t Au over 13.72 m from 121.92m downhole,
indicating a steep (70°) southerly dip. Hole WHTRS19D0012 also intersected a second mineralized zone higher up the hole in
the hanging wall which returned 2.66 g/t Au over 11.00 m from 93.0 m downhole. This hanging wall mineralization may
represent a subparallel zone which to date has only been tested by this single hole. Gold mineralization is hosted by banded
quartzites in brecciated and fractured zones containing quartz veins and minor (generally < 1%) pyrite and anomalous arsenic.
The current diamond drilling program totals 1,500 m in 5-6 holes which are designed to test the down-dip and strike extent of
the mineralized zones.
Note: All assay intervals are reported as core widths. True widths are not known at this time.
About White Gold Corp.
The Company owns a portfolio of 21,207 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 1,139,900 ounces Indicated at 2.28 g/t gold and 402,100 ounces
Inferred at 1.39 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 (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 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 (2), and Western Copper and Gold Corporation’s Casino project which has Measured and Indicated Resources of 14.5
Moz Au and 7.6 Blb Cu and Inferred Resources of 6.6 Moz Au and 3.3 Blb Cu (2). For more information visit
www.whitegoldcorp.ca.
(1) See Comstock Metals Ltd. technical report titled “NI 43-101 TECHNICAL REPORT on the QV PROJECT”, dated August
19, 2014, available on SEDAR.
(2) 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 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 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.
Contact Information:
David D’Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880