TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- 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.
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 ities); 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.
Chief Executive Officer
White Gold Corp.