White Gold starts drilling at Titan project, shares up

The Yukon territory, Canada. Image from White Gold.

White Gold (TSXV: WGO) announced on Monday that it has started drilling on its Titan Project as well as initiated ground surveys on other high priority targets in Canada's Yukon territory.

The 2020 exploration program is backed by partners Agnico Eagle and Kinross Gold and it has been designed to further test existing targets and recent new discoveries on the White Gold, Hen and JP Ross properties.

Company's stock jumped 12% on the TSXV

"The fully funded program is designed to be focused and impactful starting with drilling the Titan anomaly identified late last year and to follow up on some of our other highest priority projects," said chief executive David D'Onofrio in a media release.

The Titan project is located on the Hen property 25 kilometres northeast of the company's flagship Golden Saddle and Arc deposits, which host mineral resources of 1,039,600 ounces Indicated at 2.26 g/t gold and 508,700 ounces Inferred at 1.48 g/t gold.

Extensive exploration work programs are planned across the White Gold District properties this season, and include approximately 10,000 soil samples, 1,000 GT probe samples, 700 line kilometres of ground magnetics and VLF-EM surveying, and high-resolution drone surveys, the company said.

Earlier this month, White Gold closed a private placement of approximately 6.66 million common shares at C$0.90 per share for gross proceeds of C$6 million to be used to kickstart the 2020 exploration program.

Midday Monday, company's stock was up nearly 12% on the TSXV. The company has a C$135 million market capitalization.