White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA:
29W) (the “Company”) is pleased to announce that surface
rock sampling has encountered gold with associated anomalous silver
and tellurium in altered and mineralized intrusive rocks over a
1.25 km section of the 2.2 km Chris Creek target, a recently
discovered gold-in-soil anomaly on its QV property. The Chris Creek
target is located approximately 9 km northwest of the VG deposit
and appears to be similar in character to the VG and Golden Saddle
deposits which form part of the Company’s flagship White Gold
Project (Figure 1). The White Gold Project is located in
west-central Yukon, Canada, and 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).
These new results form part of the Company’s 2024 exploration
program on its extensive and underexplored land package in the
emerging White Gold District, Yukon, supported by strategic
partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM)
and Kinross Gold Corporation (TSX: K, NYSE: KGC).
“These gold in rock sample results over such a
long distance further support the Chris Creek target as an exciting
new target on our QV property and another example on the
effectiveness of our data-driven exploration protocol to be able to
discover a target and quickly advance to maiden diamond drilling.
This large target in such close proximity to our flagship deposit
remains open for expansion with the highest gold-in-soil values to
date encountered right on the western edge. It also forms part of a
larger 5.2km mineralized trend which hosts other interesting
targets that have seen minimal exploration and no drilling to date.
We look forward to continuing to advance this underexplored and
prospective area and to further demonstrate the expansiveness of
gold mineralization within our district-scale land package in a
tier 1 mining jurisdiction,” stated David D’Onofrio, CEO.
Maps and images accompanying this news release
can be found at
http://whitegoldcorp.ca/investors/exploration-highlights/.
Highlights
- The surface expression of the Chris
Creek gold-in-soil anomaly strikes east-northeast, measures 350 m
wide x 2.2 km long (see Company Press Release dated August 1,
2024), and is open along strike to the west and to the east and
includes some of the highest gold in soil values encountered to
date.
- The anomaly displays clear
multi-element geochemical zonation, with gold (Au), tellurium (Te),
and silver (Ag).
- Gold within favourably altered and
mineralized intrusive rocks was encountered in multiple samples
along the Chris Creek target.
- All surface rock samples returned
anomalous gold including up to 1.06 and 1.09 g/t Au over a 1.25 km
section of the gold-in-soil anomaly.
- Rock samples collected suggest
strong continuity of the Chris Creek soil anomaly which appears to
be underlain by a broad, gold bearing variably altered, brittle
fractured, silica flooded monzogranite.
- The Chris Creek target forms part
of a larger property-scale mineralized system on the QV property
which measures 5.2km in strike, with multiple other prospective
targets which have not been drill tested.
- A maiden diamond drilling program
at the target has been executed, testing an approximately 400 m
strike length of the target with results to be released in due
course.
2024 Exploration Program
Exploration work completed on the Chris Creek
target in 2024 (Figure 2) included 787 infill and extension soil
samples, 5 lines of VLF-EM surveying totalling 6.35-line km plus 2D
inversions, 14 rock samples, and maiden diamond drilling.
Results of the soil sampling and VLF-EM surveys
were previously announced on August 1, 2024. Gold-In-soil values
range from < 0.5 ppb Au to a maximum of 600 ppb Au, with 29
samples returning greater than 80 ppb Au (approximately 99th
percentile) in the range of 82.3 to 600 ppb Au which represents
some of the highest gold values to date (Figure 3). The anomaly
also has associated anomalous silver and tellurium. Arsenic in soil
values is low, and overall, the signature appears to be similar to
the VG and Golden Saddle deposits suggesting a similar style of
mineralization. The surface expression of the gold-in-soil anomaly
strikes east-northeast, measures 350 m wide x 2.2 km long, and is
open along strike to the west and east towards the Company’s Diego
and Tetra targets (Figure 4).
Magnetic data reveals that the newly identified
soil anomaly is situated near a mafic belt with a NNW-SSE
orientation, similar to the structural context of the VG, Golden
Saddle, and Ryan’s Surprise deposits located along strike
approximately 9 to 19 km to the SE and SSE. The highly magnetic
mafic belts are observed to occupy the hanging wall of E- to
ENE-dipping, district-scale thrust faults, with gold mineralization
at the VG, Golden Saddle, and Ryan’s Surprise deposits occurring
where intersected by significant NE- or NW-trending faults. At the
newly identified soil anomaly, anomalous gold is localized at a
fault intersection of a similar structural and magnetic pattern to
those of the mentioned deposits and is associated with a
semi-circular magnetic high approximately 1 km in diameter.
2D inversions of recently completed VLF-EM
survey lines over the target indicate the gold-in-soil anomaly is
associated with a moderately north-dipping hanging wall – footwall
contact zone.
A total of 14 rock samples were collected along
a 1.25 km length of the gold-in-soil anomaly. Samples were
collected at various depths up to 1 m from hand dug pits and
representative composite samples were submitted for analysis. The
sampling demonstrated the presence of gold with associated silver
and tellurium in rock samples directly overlying the Chris Creek
target. Of the 14 samples collected, all samples returned anomalous
gold values with including 2 samples that returned 1.06 and 1.09
g/t Au, 1 sample returned 0.46 g/t Au, 5 samples returned between
0.1 to 0.2 g/t Au, and up to 13.66 g/t Ag including 3.318 g/t Ag,
and 2.99 g/t Ag. The continuity of rock samples and gold-in-soil
values collected suggest the presence of a large mineralized system
at the target that remains open and unexplored.
A maiden diamond drill program was recently
executed testing an approximately 400 m strike length of the
target. All holes were drilled to the south (160°-180° azimuth) at
dips ranging from -50° to -75°, with hole ranging from 95.0 to
251.0 m. Drilling assay results are pending and will be announced
in due course.
Chris Creek Target
The Chris Creek target represents a prospective
new target within White Gold Corp’s portfolio, located
approximately 9 km northwest of the VG deposit. 2024 soil
geochemical sampling at the target returned values as high as 600
ppb Au, including 418.6 ppb Au, 244.6 ppb Au, 237.3 ppb Au, 218.1
ppb Au, and 200.6 ppb Au. These results further define the core of
the anomaly and expand the gold-in-soil trend eastward toward the
Diego trend. This connection forms an overall gold trend measuring
roughly 2.7 km along strike and up to 250 m in width.
The geological features of Chris Creek closely
resemble those of the Golden Saddle and VG deposits (Figure 5), all
of which remain open for expansion. At Golden Saddle and VG, gold
is hosted within brittle-ductile fault zones, quartz vein breccias,
and stockwork veining, similar to the structures seen at Chris
Creek. Initial rock sampling results suggest Chris Creek shares
many of the same features as the Golden Saddle and VG deposits. The
strong similarities between Chris Creek, which remains
underexplored and open for expansion, and the established Golden
Saddle and VG deposits, represent substantial potential for future
discoveries within the Chris Creek system. With multiple
mineralization styles (Au-Te-Ag, As-Sb, Mo-bearing quartz-carbonate
veins, and skarn) across a large structural corridor, there is
significant opportunity for continued geophysical surveys,
trenching, and drilling to further define and expand the
mineralized zones.
QV Property Prospectivity
The QV property comprises 1003 quartz claims
which over an area of 19,671 hectares and hosts the VG deposit,
which hosts an open pittable Inferred resource of 287,100 oz gold
at 1.53 g/t(1) and forms part of the Company’s flagship White Gold
Project. The mineralization is hosted along a N-E trending, gently
south dipping structural zone that has been traced for over 700 m
at surface and consists of disseminated to vein-controlled pyrite
with brecciation, stockwork quartz-carbonate veining, and sericite
alteration. The VG shares strong similarities to the Golden Saddle
deposit located 11 km south of the VG deposit on the White Gold
property both in structural setting as well as mineralization style
and is open along strike and at depth.
The presently defined Chris Creek target sits in
the western region of a broader trend (The Chris Creek Trend) that
extends 5.2 km east-northeast, beginning at Chris Creek and passing
through the Diego target towards the Tetra target. Claims to the
east of Diego target were strategically staked in 2023 due to its
representation as a continuation and extension of the Chris Creek
and Diego anomalies, providing continuity of the trend to the
Company. The geochemical anomaly at Tetra is primarily Mo-Au and is
bisected by a major west-northwest trending magnetic low, which
runs subparallel to a large, mapped occurrence of early
Jurassic-aged Long Lake Suite granodioritic intrusives. The entire
trend follows a major fault identified through Lidar and is
highlighted by anomalous mercury (Hg) along its length.
In addition to targets situated along the Chris
Creek trend, the property also hosts several other prospective
targets which have received limited exploration work and offer
potential for additional discoveries including the Stewart and
Shadow targets which have seen limited exploration and no drilling
to date. The Stewart target occurs adjacent to a Jurassic intrusive
is located 5km N-NW of the VG deposit and consists of a 1.5km E-W
trending gold in soil anomaly, with values from trace to 274.1 ppb
Au and anomalous Bi-Ag-Te-Mo. The Shadow target is located 12 km
north of the VG zone and consists of multiple gold in soil
anomalies, ranging from trace to 514ppb Au and is 2.7km long with
association to a series of NW and ENE trending structures and
strongly anomalous Ag-Pb-Bi+/-As+/-Mo. The Tetra target occurs on
the Chris Creek Trend, along an interpreted E-W oriented fault and
is located 8km N of the VG, consists of a 1.5km E-W trending gold
in soil anomaly with values from trace to 151.5 ppb Au and remains
is open and unexplored to the west.
Rock Sampling Methods and
Analysis
The 2024 Chris Creek rock sampling program
involved digging hand pits above previously collected soil samples.
Holes were dug in 20-40 cm increments, and the dirt sieved to
collect rock fragments, retaining only those larger than 5 cm
diameter. Selected rocks were placed in pre-labeled poly sample
bags, indicating the soil sample station ID and depth fraction, and
returned to Thistle Camp at the end of the day. At camp, rocks from
each depth were washed, and sufficiently large samples were cut
with a saw to expose fresh surfaces. An onsite geologist logged the
rocks, noting consistent types and alterations across depth
partitions. A representative composite sample was collected from
each station for analysis.
Analysis work for the 2024 rock sampling program
was performed by Bureau Veritas, an internationally recognized
analytical services provider at its South Vancouver, British
Columbia laboratory. Sample preparation was carried out at its
Whitehorse, Yukon facility. All samples were prepared using the
PRP70-250 package, where samples were weighed, dried, and crushed
to greater than 70% passing a 2mm sieve, then pulverized to greater
than 85% passing 75 microns. Samples were then analyzed in
accordance with BV’s FA430 and MA250 packages, for both gold
analysis by fire assay (30g fire assay with AAS finish) and
ultra-trace multi-element ICP analysis (0.25 g, 4 acid digestion
and ICP-MS 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
1,152,900 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 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 project
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+.
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
Request Meeting:
https://calendly.com/meet-with-wgo/15min
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/d61eb9fb-9455-46be-9cac-3f78c03919f4https://www.globenewswire.com/NewsRoom/AttachmentNg/d0ca48ba-1c23-4433-9bc3-9df3e6bc88e6https://www.globenewswire.com/NewsRoom/AttachmentNg/56647ae4-09fc-4bb2-9867-21e30272ac6bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/1e8f8901-0a9e-43fe-9320-33fb1c68f214https://www.globenewswire.com/NewsRoom/AttachmentNg/9480ca7e-a639-4a62-9388-fb12cd34cf8e
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