White Gold Corp Drills 6.9g/t Au over 32.0m, 4.6g/t Au over 44.9m, Encounters Additional Near Surface Gold Mineralization on Golden Saddle and Provides Update on 2018 Exploration Program
TSX VENTURE: WGO
TORONTO, Aug. 09, 2018 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to provide an update on its fully funded $9 million exploration program and announce initial diamond drilling results. The 2018 program is designed to expand on and discover new resources on its flagship White Gold property as well as test several regional targets on its extensive land package representing approximately 40% of the White Gold District in Yukon, Canada. The initial phase of the diamond drilling program was designed to explore previously underexplored portions of the Golden Saddle deposit. Images to accompany this news release can be found at Click Here.
- Initial drill results have returned some of the strongest and most consistent mineralization intercepts drilled to date on the Golden Saddle deposit.
- Hole WHTGS18D0176 returned 6.89g/t Au over 32.0m from 171m depth, including 11.08g/t Au over 18.4m from 188m depth.
- Hole WHTGS18D0175 returned 4.6g/t Au over 44.9m from 218m depth, including 8.57g/t Au over 17m from 223m depth.
- Hole WHTGS18D0174 intersected an unexpected zone of 1.34 g/t Au over 8.0m located above the Golden Saddle Main Zone from 47m depth, demonstrating the presence of mineralization above the previously defined mineral resource. It also returned 3.69 g/t Au over 40m; including 5.58 g/t Au over 24.4m from 139m depth.
- Over 10,000m of diamond drilling and 2,300m of RC drilling has been completed to date on the White Gold property.
- 70 RAB drill holes, 1,383 GT Probe samples and 10,130 soil samples have been completed to date across 9 properties.
David D’Onofrio, Chief Executive Officer stated, “Our 2018 drill program is off to an excellent start with overall production ahead of schedule and all drill crews operating extremely efficiently. The initial assay results are very encouraging, showing strong continuity of the high-grade deposit. We are looking forward to receiving assays from the rest of the drilling at the Golden Saddle and on our regional exploration targets in due course.”
White Property Exploration Update
To date, a total of 31 diamond drill holes (10,300m) and 14 RC drill holes (2,300m) have been completed on the White Gold property. Priority targets have included infill and deep drilling on the Golden Saddle and Arc deposits designed to expand the mineralization and gather metallurgical information as well as to explore various near surface gold targets along trend of the Golden Saddle. Results will be released in due course.
The initial diamond drill holes tested underexplored portions of the Golden Saddle & Arc deposits where there are gaps in the current resource block-model. Each drill hole intersected zones of gold mineralization with grades that exceed the grade seen in nearest historic drill holes. Assay values for the drill holes ranged from trace to 27.5 g/t Au and true widths estimated to range from 70 – 95% of the reported intercepts. Significant results are detailed below.
Hole WHTGS18D0174 infilled a 100m gap between historic holes WD-091(1) (3.68 g/t Au over 91.28m; including 4.95 g/t Au over 45.25m) and WD-070(2) (3.5 g/t Au over 50.5m; including 4.32 g/t Au over 29m). The Golden Saddle Main zone was intersected at 139m depth and returned 3.69 g/t Au over 40m; including 5.58 g/t Au over 24.4m. The hole also intersected a zone of 1.34 g/t Au over 8.0m located above the GS Main at 47m depth. The upper zone was unexpected and indicates the potential for a previously unrecognized new zones of mineralization above the Main Zone.
(1) See Underworld Resources News Release UW2009-NR19 dated Oct. 19, 2009 and available on SEDAR
(2) See Underworld Resources News Release UW2009-NR15 dated Sept. 10, 2009 and available on SEDAR
Hole WHTGS18D0175 was drilled from the same pad as WHTGS18D0174 at a dip of -89o and infills an 80m gap between holes WD-070(2) (3.5 g/t Au over 50.5m; including 4.32 g/t Au over 29m) and WD-071(2) (0.71 g/t over 25m). The hole returned an upper intercept of 1.05 g/t Au over 30.94m from 179.06m depth and a lower intercept of 4.6 g/t Au over 44.9m from 218m depth; including 8.57 g/t Au over 17m from 223m depth.
Hole WHTGS18D0176 infills a 95m gap between holes WD-016(3) (3.38 g/t Au over 14.17m; including 5.97 g/t Au over 6.67m) and WD-052(4) (3.92 g/t Au over 38m; including 7.51 g/t Au over 17.5m). The hole returned 6.89 g/t over 32m from 171m depth; including 11.08 g/t Au over 18.42m and 20 g/t Au over 4m from 188.58m depth.
(3) See Underworld Resources News Release UW2008-NR9 dated Sept. 24, 2008 and available on SEDAR
(4) See Underworld Resources News Release UW2009-NR14 dated Aug. 6, 2009 and available on SEDAR
Hole WHTAR18D0027 infills a 75m gap between holes WD-057(2) (0.63 g/t Au over 15m) and WD-058(2) (1.04 g/t Au over 34.5m). The hole returned 1.61 g/t Au over 18.45m from 102.15m depth and a lower intercept of 1.14 g/t over 4m from 217m depth.
Hole WHTAR18D0028 infills a 90m gap between holes WD-017(3) (1.47 g/t Au over 29m) and WGAR11D0008(5) (1.08 g/t Au over 16.2m). The hole returned 1.74 g/t Au over 10m from 99m depth and a lower intercept of 2.73 g/t over 3m from 117m depth.
(5) See Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada by Gilles Arseneau, P.Geo. dated Sept. 15th, 2017 and available on SEDAR
Mineralization on the Golden Saddle associated with quartz veining, brecciation, and disseminated to fracture-controlled pyrite and, locally, visible gold within strongly quartz-sericite-illite altered felsic orthogneiss and amphibolite gneiss. Mineralization on the Arc consists of brecciation and quartz veining with fined grained, sooty, sulfide mineralization and graphite within quartzite.
|Hole ID||Target Area||From(m)||To(m)||Int(m)||Au(g/t)|
Regional Exploration Update
A total of 70 RAB drill holes, 1,383 GT Probe samples, 28.2 line-km of IP-Resistivity surveys, 2,112 line-km of airborne DIGHEM surveys, and 10,310 soil samples have been completed to date on the Betty, Hayes, JP Ross, Pedlar, Thor, Pilot, Wells and Black Hills properties. Analysis for the work is currently in progress and results will be presented in due course.
White Gold Property
The property has a current mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces Inferred at 1.70 g/t gold, with mineralization on both the Golden Saddle and Arc known to extend beyond the limits of the current resource estimate and remain open in multiple directions.
About White Gold Corp.
The Company owns a portfolio of 19,606 quartz claims across 30 properties covering over 390,000 hectares representing approximately 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Geologic models in this area conceptually include an estimated seven million to 10 million tonnes grading between one g/t to 1.5 g/t gold. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. (disclosed M&I gold resource of 4.1M oz) and Western Copper and Gold Corporation’s Casino project (disclosed P&P gold reserves of 8.9M oz Au and 4.5B lb Cu). The Company has outlined an aggressive exploration plan to further explore its properties. For more information visit www.whitegoldcorp.ca.
The analytical work for the 2018 program has been performed by Bureau Veritas Commodities Canada Ltd., an internationally recognized analytical services provider, at its Vancouver, British Columbia laboratory. Sample preparation was carried out at its Whitehorse, Yukon facility. All RC and diamond core samples were prepared using procedure PRP70-250 (crush, split and pulverize 250 g to 200 mesh) and analyzed by method FA430 (30g fire assay with AAS finish) and AQ200 (0.5g, aqua regia digestion and ICP-MS analysis). Samples containing >10g/t Au were reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Metallic-screen analysis may also be utilized if coarse gold mineralization is encounter (FS600).
The work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the regular insertion of certified standards and blanks into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under NI 43-101 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, to: the anticipated benefits to the Company and its shareholders respecting the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the White Gold properties; future growth potential of the Company, including whether any mineral resource will be established in accordance with NI 43-101 at any of the Company’s properties; exploration results; and future exploration plans.
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; failure to expand or identify any additional mineral resources; 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 White Gold properties and the Company’s other 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; 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 under the heading "Risks and Uncertainties" in the Company’s most recently filed management’s discussion and analysis. 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 any obligations 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.
Chief Executive Officer
White Gold Corp.