White Gold Makes New High-Grade Gold Discovery Along Trend with Golden Saddle Deposit Including 20.64 g/t Au Over 6.1m & 5.02 g/t Au Over 13.2m at Ryan’s Showing Target on White Gold Property, Yukon
TSX VENTURE: WGO
TORONTO, Sept. 06, 2018 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce that high-grade gold mineralization has been discovered at shallow depths on multiple drill holes on the Ryan’s Showing Target, located along trend with the Company’s flagship Golden Saddle deposit 2 KM to the west. The drill holes were completed using Reverse Circulation (“RC”) drilling which is used by the Company to drill shallow, sub-200m holes more cost efficiently than traditional exploration. The drilling was part of the Company’s 14,500m drill program focused on expansion of the existing gold resource on the White Gold property. This program includes expansion of the Golden Saddle deposit and exploration of nearby targets such as the Ryan’s Showing. A diamond drill will be moved to the discovery site to perform additional exploration. Images to accompany this news release can be found at: Click Here.
- Discovery hole WHTRYN18RC0001 intersected 20.64 g/t Au over 6.10m from 83.82m depth, with individual assays ranging from 7.07 g/t to 39.8 g/t Au.
- WHTRYN18RC0002 intersected 5.02 g/t Au over 13.17 from 121.92m depth, including 9.25 g/t Au over 4.57m from 123.44m depth 100m to the west of the discovery hole.
- Newly discovered mineralized zone is associated with an east-west oriented, north dipping, structure as shown in Lidar imagery, DIGHEM and IP-Resistivity, which remains open along strike and at depth, and demonstrates the potential for multiple mineralized structures.
- Discovery situated on 800m x 115m soil anomaly with values from trace up to 1576 ppb Au, on trend with the Golden Saddle with the area between Ryan Showing and Golden Saddle deposit historically unexplored.
- Historic drill hole(1) in the area (WGRS11D0003) which was drilled subparallel to the structural trend returned 6.34 g/t Au over 6.56m from 159.44m depth
- The Company continues to test similar targets as part of the program designed to expand the existing resource on the White Gold property.
“We are very excited about the discovery of a significant new high-grade gold zone 2 KM from the Golden Saddle. We have recognized the potential of satellite deposits near the Golden Saddle which would have the potential to greatly increase the size of the Company’s resource,” stated Jodie Gibson, VP Exploration of the Company. “This is one of many promising targets on the White Gold property tested this year and we are looking forward to the additional results in due course.”
Ryan’s Showing Target, White Gold Property
The Ryan’s Showing is located approximately 2km west of the Golden Saddle deposit on the White Gold property and consists of gold in soil anomalies (trace to 1576 ppb Au) associated with a distinct east-west oriented, north dipping, structure visible in Lidar imagery, DIGHEM, and IP-Resistivity. One historic drill hole(1) in the area (WGRS11D0003) was drilled subparallel to the structural trend approximately 200m north west of WHTRYN18RC0001 which returned 6.34 g/t Au over 6.56m from 159.44m depth; indicating the potential for high grade mineralization in the area which has been confirmed by holes WHTRYN18RC0001 and WHTRYN18RC0002. The area along trend from the Golden Saddle deposit to the Ryan Showing has been historically unexplored. In 2018, the Company has performed some additional exploration along trend and results will be released in due course.
Discovery Drill Holes
Four drill holes totalling 681.22m were completed on the Ryan’s Showing this year. WHTRYN18RC001 returned 6.10m of 20.64 g/t Au from 83.82m depth, with individual assays in the zone ranging from 7.07 to 39.8 g/t Au. WHTRYN18RC002 is located 100m west of WHTRYN18RC001 and returned 13.72m of 5.02 g/t Au from 121.92m depth; including 4.57m of 9.25 g/t Au from 123.44m depth. The current geologic interpretation indicates that neither WHTRYN18RC003 & 004, located approximately 150m to the west and northwest of WHTRYN18002, respectively, were drilled deep enough to intersect the mineralized structure(s). The reported RC holes were drilled at a 180o azimuth and -60o dip.
Follow-up diamond drilling is planned for the target and will be commenced during the 2018 season.
Significant drill results from the Ryan Showing are detailed in the table below.
|Hole ID||Target Area||From(m)||To(m)||Int(m)||Au(g/t)|
There is not currently enough information to estimate true thickness of the mineralization at this time.
The White Gold Property is located 95km south of Dawson City, Yukon. The property’s 1,792 claims totaling 34,951 hectares are 100% owned by the Company. The property has an airstrip, barge access, and a fully operational 100-person camp. The Yukon Resource Gateway Project funded by the federal and territorial governments will provide year-round road access to the property.
- Reported in 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.
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. 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 GT Probe, RAB, 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 further mineral resources 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.