White Gold Corp. Makes New High-Grade Gold Discovery 15km West of Vertigo; Ongoing Regional Exploration Program Identifies Multiple Additional High-Priority Targets
TORONTO, Sept. 05, 2019 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce results from its 2019 regional soil sampling program which identified multiple new high-priority gold targets, including a new high-grade gold discovery, the Titan target. The Titan is located on the road accessible Hen property, contiguous to the Company’s JP Ross property, less than 15km WNW from the Vertigo discovery, Yukon, Canada. Exploration results on the Titan include soil samples of up to >100,000 ppb Au, the highest soil value ever recorded within the Company’s White Gold District soil database comprised of 400,000+ soil samples. These soil samples are interpreted as being in-place and representative of the bedrock below due to the unglaciated nature of the area, indicating high priority targets for upcoming follow up activity including probe, trenching and RAB/RC drilling. The Company’s regional exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) is ongoing on several high-priority gold targets, with activity including GT Probe sampling, geophysical surveys, trenching, geologic mapping, prospecting and RAB drilling, with related results to be released in due course.
Highlights Include:
- New high-grade gold discovery on Titan target, Hen property. Results exceed 100,000 ppb Au, highest ever in company’s 400,000+ soil sample database; located less than 15km WNW from Vertigo discovery.
- Preliminary follow up exploration encountered fine-grained visible gold in the subcrop of strongly quartz-sericite altered mafic gneiss with up to 5% disseminated magnetite.
- Multiple new high priority targets identified. Soil sample results include; Nolan property up to 525.3 ppb Au, Wolf Property up to 247.2 ppb Au, among others.
- Over 13,300 soil samples have been collected on 12 of the Company’s regional properties this season.
- Follow up work on the Titan and other regional targets is in progress; activity includes trenching, GT Probe sampling and RAB drilling, with results to be released in due course.
- Diamond drill results on Golden Saddle, Arc, Ryan’s Surprise and Vertigo targets as well as RC drill results on the VG Zone, to be released in coming weeks.
- Management to present at upcoming Beaver Creek Precious Metals Summit and Denver Gold Forum.
Images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
"Our soil sampling program has continued to successfully identify new gold zones and lead to significant discoveries across our vast portfolio of properties,” stated Jodie Gibson, VP of Exploration. “The Titan gold in soil grade at Hen is the highest we have ever recorded in the White Gold District. Ongoing follow-up activities which have also identified the presence of visual gold make the Titan a very exciting and highly prospective drill target. Located 15km from the Vertigo, this discovery is further evidence of a potential major gold system in the placer-rich Henderson Creek region that we are starting to tap into.”
Titan Discovery:
The Titan target is located on the Hen property, adjacent to the JP Ross on the west, and approximately 15km to the WNW of the Vertigo. A N-S oriented soil grid was placed over the area (100m spaced lines x 50m spaced samples) to follow up on historic soils in the area with anomalous gold (>100 ppb Au) & copper values.
Sampling returned values ranging from trace to >100,000 ppb Au (>100 g/t Au); the highest soil value within the Company’s soil database for the White Gold District comprised of over 400,000 samples. A follow up fire assay on the >100,000 ppb Au sample and rock samples collected from the area are in progress and the results are pending. The anomalous gold in soils form an approximate 500m N-S trending target and occurs within a circular magnetic low feature covering a 750m x 750m area and may indicate a buried intrusion with potential for porphyry and/or skarn style mineralization. A broad zone of anomalous Cu in soils (>100 ppm Cu; up to 1,395 ppm Cu) is also coincident with the magnetic feature, which appears to occur near the intersection of N-S and NE trending faults.
Prior to the Titan, the highest soil sample in the Company’s database was 9,019 ppb Au from the Donahue target on the White Gold property. The maximum soil values from other well-defined targets in the Company’s portfolio for comparison are present below:
| Property | Target | Max Soil Value - Au(ppb) | ||
| White Gold Property | Golden Saddle | 426 | ||
| White Gold Property | Arc | 1,241 | ||
| JP Ross Property | Vertigo | 3,167 | ||
| QV Property | VG | 1,277 | ||
| Hen Property | Titan | >100,000 |
The Hen property is situated within a prolific placer mining camp. Abundant, coarse placer gold has been recovered from creek gravels on North Henderson Creek immediately east of the Titan target. Additionally, the structural and geologic setting of the Hen indicate mineralization in the area is congruent with mineralized structures identified by the Company on the adjacent JP Ross property.
Preliminary follow up investigation of the highly anomalous gold in soil sample included the excavation of a pit overtop of the >100,000 ppb Au soil sample to an approximate depth of 90cm; the same depth as the soil sample. At that depth, subcrop of strongly quartz-sericite altered mafic gneiss with up to 5% disseminated magnetite and fine-grained specks of visible gold was encountered.
Additional ongoing follow up work on the target is ongoing and includes geologic mapping and prospecting, geophysical surveys and GT Probe sampling with a goal of defining drill locations on the target for later this season.
Table 1: Hen Property Soil Stats
| Hen Property 2019 Soil Stats | |||
| Total Samples | 801 | ||
| Range - Au(ppb) | Trace - >100,000 | ||
| Samples >100 ppb Au | 5 | ||
| Samples >50 ppb Au | 7 | ||
| Range - Cu(ppm) | 7.9 – 1,395 | ||
| Samples >500 ppm Cu | 9 | ||
| Samples >100 ppm Cu | 71 | ||
Regional Exploration Update:
A total of 13,302 soil samples have been collected on 12 of the Company’s regional properties. The sampling was conducted to follow up and/or expand upon previous known anomalous areas, evaluate new target areas, and/or for assessment purposes.
Multiple new trends and targets were defined from this soil sampling with follow up work ongoing, including GT Probe sampling, geophysical surveys, trenching, geologic mapping, prospecting, and RAB drilling, with related results to be released in due course.
A summary of the soils collected per property and range of assays returned to date are detailed in Table 1 below. Outside of the Hen, highlights include results from the Nolan, QV, and Wolf properties, with these discussed in more detail below.
Table 1 – Summary of Regional Soil Assays Received to Date
| Project | Total Samples | Range - Au (ppb) | ||
| Wolf | 666 | Tr - 247.2 | ||
| Wells | 319 | Pending | ||
| Hunker | 504 | Pending | ||
| Stewart | 513 | Tr - 34.6 | ||
| Pedlar | 1171 | Tr - 70.8 | ||
| Hen | 835 | Tr - >100,000 | ||
| Nolan | 3152 | Tr - 525.3 | ||
| Barker | 1742 | Tr - 63 | ||
| QV/Yellow | 1466 | Tr - 106.2 | ||
| Black Hills | 2650 | Tr - 82.3 | ||
| Dime | 284 | Tr - 233.3 |
Regional Target Highlights:
Nolan:
A total of 3,152 samples were collected on the Nolan over four grids. The best results were returned from two grids in the Mount Hart area on the southeastern end of the property. The northern grid extended a historic grid 1,500m to the east and returned clusters of anomalous results expanding known soil anomalies in the area. The southern grid expanded the historic grid 1,500m to the south and uncovered a new 550m NW trending zone of anomalous gold in soils ranging from trace to 525.3 ppb Au. All together, at least five distinct anomalous zones are currently recognised on the Hart and dominantly occur within felsic-mafic volcanic units adjacent to Cretaceous granitic intrusive:
Hart N1:
- Covers approx. 1,000m x 1,900m area
- Au ranges from trace to 534.2 ppb Au with coincident Bi-Pb-Te
Hart N2
- Covers approx. 700m x 300m NW trending area.
- Au from trace to 620.6 ppb Au, gold only anomaly
Hart S1
- Approx. 1300m x 1000m, circular, anomaly
- Au from trace to 517.6 ppb Au with coincident Ag-As-Bi-Pb
Hart S2
- Linear 1,000m x 200m NE trending anomaly
- Au from trace to 645 ppb Au with coincident Cu
Hart S3
- New, approx. 550m x 100m NW trending anomaly
- Au from trace to 525.3 ppb Au, gold only anomaly
Wolf:
A total of 666 samples collected over 1 grid designed to expand grid coverage and known anomalies to the NE of the Wolf onto the Flow claims acquired from Independence Gold in 2018. The grid returned gold values ranging from trace to 247.2 ppb Au and expanded the zone of anomalous gold in soils in the area by approximately 1km. The anomaly occurs on the northern flank of Wolf Mt. and covers an approximate 1,400m x 300m E-W corridor associated with anomalous Ag, As, Bi, Pb +/- Cu and covers the contact of a Cretaceous granitic intrusive, adjacent gneiss/schist, and overlying felsic-intermediate volcanic units.
QV:
A total of 1,466 soil samples were collected over two grids on the QV and adjacent Yellow properties. The most significant results were from a previously unsampled area in the central portion of the QV property and included samples ranging from trace to 106.2 ppb Au. This includes expansion of the Tetra zone approximately 600m to the west, and the Tetra target now covers a 1,300m x 1,000m area and is associated with an E-W trending magnetic low interpreted as a potentially mineralized structure. The Tetra target is located approximately 8.5km north of the VG Zone, which hosts an Inferred Resource of 230,000 oz Au(1). A total of 8 RC holes for 855m were drilled on the VG deposit by the Company in 2019. Results for the RC drilling is expected to be released in the coming weeks.
(1) See White Gold Corp. news release dated March 1, 2019, available on SEDAR.
Upcoming Conferences
Management of the Company will be presenting at several upcoming conferences to provide a corporate update, answer questions and provide details on the recent discoveries and have also been selected for special group presentations as follows:
Precious Metals Summit Beaver Creek
Beaver Creek, Colorado - September 10-13, 2019
Presentation: Thursday, September 12, 2019 at1:45-2:00PM in Gerald R. Ford Conference Center, Lower (Main) Level, Room 2
More Information: https://www.precioussummit.com/event/2019-summit-colorado/
Denver Gold Forum
Denver, Colorado – September 15-18, 2019
Presentation: Tuesday, September 17, 2019 at 1:50-2:05PM in Hyatt Hotel, Room Centennial C (Explorer & Developer Forum)
More Information: https://www.goldforumamericas.com/
Please reach out to management if you would like to book a meeting at either of these conferences.
QA/QC
The analytical work for the 2019 program is being performed by ALS Canada Ltd. (ALS) and Bureau Veritas Commodities Canada Ltd. (BV), both internationally recognized analytical services provider, at their respective Vancouver, British Columbia laboratories. Sample preparation was carried out at their Whitehorse, Yukon facilities. All rock, GT Probe, RC chip, and diamond core samples were submitted to ALS and were prepared using procedure PREP-31H (crush 90% less than 2mm, riffle split off 500g, pulverize split to better than 85% passing 75 microns) and analyzed by method Au-AA23 (30g fire assay with AAS finish) and ME-ICP41 (0.5g, aqua regia digestion and ICP-AES analysis). Samples containing >10g/t Au are reanalyzed using method Au-GRAV21 (30g Fire Assay with gravimetric finish). All soil samples were submitted to BV and were prepared using procedure SS80 (dry at 60 C and sieve 100g at -80 mesh) and analyzed by method AQ201 (aqua regia digestion and ICP-MS analysis).
The reported work will be completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standard, blanks and duplicates into the sample stream.
About White Gold Corp.
The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 1,039,600 ounces Indicated at 2.26 g/t Au and 508,700 ounces Inferred at 1.48 g/t Au. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective discoveries and targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Goldcorp Corporation with a M&I gold resource(2) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(2) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.
(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
Jodie Gibson, P.Geo., Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 Standards of Disclosure for 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:; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company’s properties; 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; and those factors described in the most recently filed management’s discussion and analysis of the Company. 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 TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) 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
ir@whitegoldcorp.ca
