White Gold Drills 23.44 g/t Gold and 145 g/t Silver Over 24.38m from Surface Ending in Mineralization at Vertigo Discovery, including 59.3 g/t Gold and 388 g/t Silver over 3.05m and Also Encounters Additional High-Grade Grab Samples up to 257.3 g/t Gold
TSX VENTURE: WGO
Company to Hold Update Call Today at 11:30am EDT
TORONTO, Oct. 02, 2018 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce Rotary-Air-Blast (“RAB”) drill results from the Vertigo target on the JP Ross property, Yukon Canada. Assays for three additional RAB holes have been received, returning additional near surface, high grade mineralization, including some of the highest grades ever in the White Gold District, and also expanding the drilled strike length of mineralization to 235m. With multiples holes encountering high-grade gold intercepts and many ending in mineralization at relatively shallow depths, Reverse Circulation (“RC”) drilling has been initiated at JP Ross.
These results mark a significant discovery by the Company produced through its fully funded regional exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). Systematic exploration has also been conducted on 16 other properties with results to be released in due course. Maps further detailing drill hole and grab sample locations as well as results can be found at Click Here.
The Company will host a conference call at 11:30am EDT today, Tuesday, October 2, 2018 for management to provide additional context regarding these and other significant results encountered this year and answer questions. See below for call details.
- JPRVERRAB18-014 was drilled 160m east of JPRVERRAB18-001 and intersected 23.44 g/t Au over 24.38m from surface, including 59.3 g/t Au over 3.05m from surface, 39.4 g/t Au over 3.05m from 12.19m depth and 26.1 g/t Au over 4.572m from 19.81m depth, ending in mineralization. The hole has since been extended with an RC drill to 79.25 m, with results to be reported in due course.
- Additional surface grab samples encountered up to 257.3 g/t gold including 293 g/t silver encountered within a 1.1 km strongly mineralized trend. Samples are interpreted as being in-place and representative of the bedrock below due to the unglaciated nature of the area.
- At least 10 mineralized zones (V1 to V10) have been recognised over a 350m x 1,000m area, with individual zones having been traced up to 400m along strike with all zones open along strike and at depth.
- The JP Ross property is road accessible from Dawson City and the Vertigo Target is within 2km of the existing road.
- 17 RAB holes were completed on the Vertigo target with assay results for the final 3 RAB holes to be released in due course. All but two holes reported to date have encountered significant gold mineralization over a 235m strike length.
- RC drilling is progress at the Vertigo and Suspicion targets with assays pending. Additional exploration work including soil sampling, geologic mapping, prospecting, structural interpretation, IP-resistivity, magnetic surveys and LiDAR are also being performed this season.
- A Class 3 permit application is in progress to permit follow up diamond drilling in 2019.
Shawn Ryan, Chief Technical Advisor of the Company, stated, “This appears to potentially be one of the most significant and interesting discoveries in the White Gold District to date; it is the kind of mineralization that could have produced the local placer gold deposits found in the area. The high-grade nature found at such shallow depths and the fact that there appears to be multiple mineralized zones creates the perfect recipe to build economic ounces. The ability of our team to hit significant gold mineralization on almost every drill hole over 235m of strike on a new target is a true testament to the tenacity and effectiveness of our team and exploration methodology. With each new discovery we are gaining a better understanding of the regional and local geology. We now have increased confidence in the potential for further discoveries in this area as our exploration team continues to explore other targets on the JP Ross property on trend with Vertigo.”
Exploration Work on Vertigo Target
A total of 917.45m of RAB drilling over 17 holes was completed on the Vertigo target. Several of the RAB holes failed to reach full depth due to difficult ground conditions adjacent to or within the mineralized zones. The RAB was converted to an RC system to maximize recoveries and to date 1,224 m of RC has been drilled over 17 holes. This includes step-out drilling to test additional identified zones of mineralization (V1, V2, & V7 – V10), drilling along strike extensions of the V3 – V5 zones and initial drill testing on newly identified targets on trend through geologic mapping/prospecting including the recently announced Suspicion target, 4km to the southwest of Vertigo.
Additional work underway includes:
- Infill and new grid soil sampling along the 12km Vertigo Trend
- Detailed geologic mapping, prospecting and structural interpretation
- IP-Resistivity surveys with 2.08 line-km completed to date
- Ground magnetic surveys to complement existing airborne magnetic and DIGHEM surveys
- High resolution LiDAR surveys over the Vertigo and Suspicion areas to complement existing data
Results for 3 additional holes from the Vertigo have been received with individual assays ranging from trace to 60.4 g/t Au and are associated with strongly elevated Ag, Pb, Bi, +/- As. All reported holes were drilled either due north (000o) or due south (180o) at dips ranging from -55o to -60o. The most significant results were obtained from holes JPRVERRAB18-005 & JPRVERRAB18-014.
JPRVERRAB18-005 is located 50m to the southwest of JPRVERRAB18-001 at a due north azimuth and dip of 55o. The hole targeted the V3 zone and returned 1.49 g/t Au over 16.76m from 12.19m depth, including 9.37 g/t Au over 1.52m from 27.43m depth, where it ended in mineralization. The hole has subsequently been extended with an RC drill hole to test the mineralized zone to further depth. Results for the follow up RC hole are pending and will be reported in due course.
JPRVERRAB18-014 is located 160m east of previously reported hole JPRVERRAB18-001 and was drilled at a 180o azimuth and 60o dip. The hole was targeting strongly anomalous As-Pb-Bi (+/- Au-Ag) in XRF results from recent GT Probe sampling across the interpreted V6 zone and returned 23.44 g/t Au over 24.38m from surface (0.00m). This includes 3 subintervals consisting of 59.3 g/t Au over 3.05m from surface, 39.4 g/t Au over 3.05m from 12.19m depth and 26.1 g/t Au over 4.572m from 19.81m depth. The gold mineralization is associated with strongly elevated Ag – Pb (As-Bi) and averaged 145 g/t Ag and 0.54% Pb over the 24.38m interval. The hole ended in mineralization at 28.38m depth due to air loss in strongly fractured ground. The hole has been subsequently re-entered using RC equipment and extended to depth. The results of the additional drilling are in progress and will be presented in due course. Gold, silver, and lead assays for the individual 1.52m samples within the reported interval are presented below.
Interpretation of the results is ongoing and there is not currently enough information to estimate true thickness of the mineralized zones.
Significant drill results from the Vertigo target included in this release are detailed in the table below.
|*Hole ended in mineralization|
Previously announced RAB significant results from Vertigo are summarized below.
|*Hole ended in mineralization|
Assays for an additional grab samples from the Vertigo target area were received with results ranging from 0.03 g/t to 257.3 g/t gold and included 5 samples >1g/t Au and 2 samples >30 g/t Au, including 32 g/t Au & 257.3 g/t Au. The high grade 257.3 g/t Au sample was from the eastern end of the Vertigo along the projection of the V3 structure and consisted of a brecciated quartz vein with strong scorodite staining and visible gold. The sample also returned 291 g/t Ag and 2.65% Pb.
Rock grab sampling on the Vertigo target has defined strong mineralization over a 1.1km NW trend with 10 mineralized zones (V1 to V10), with individual zones having been traced up to 400m along strike with all currently open along strike and at depth. The samples are interpreted as being in-place and representative of the bedrock below due to the unglaciated nature of the area. Significant results are summarized below
|Sample||Target||Au (g/t)||Ag (g/t)|
Conference Call Details
David D’Onofrio (Chief Executive Officer), Shawn Ryan (Chief Technical Advisor), Rob Carpenter (Director) and Jodie Gibson (VP, Exploration) of the Company will host a conference call today to discuss the results in greater detail and answer questions. The call-in details are provided below and a recording will be available at the link below following the call.
|Date/Time||October 2, 2018 11:30AM EDT|
|Dial-In Numbers||Toll-Free: 877-407-8033
|Replay Numbers||Toll-Free: 877-481-4010
Replay Passcode: 37715
|Teleconference Replay Expiration||October 9, 2018 11:00AM EDT|
|Webcast Link||Click Here|
|Webcast Replay Expiration||January 2, 2019 11:00AM EDT|
JP Ross Property
The JP Ross property is comprised of 2,850 quartz claims covering over 57,000 hectares of exploration ground which currently has at least 14 known anomalous trends including the Vertigo and Suspicion and numerous placer gold bearing creeks. Preliminary drill results(1) on the Vertigo target ranged from trace to 56.25 g/t Au over 3.05m within a broader intercept of 17.34 g/t Au over 10.67m from 3.05m depth (JPRVERRAB18-001) and 45.00 g/t Au over 3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au over 15.24m (JPRVERRAB18-011). Additional exploration in the area also encountered multiple high-grade grab samples(2) including 139.9 g/t, 135.6 g/t and 132.9g/t Au defining a strike length of approximately 1.1km on the vertigo target along a 12km mineralized trend. The JP Ross property is road accessible from Dawson City and the Vertigo Target is within 2km of an existing road. Recently staked and acquired claims adjacent to the property are situated within a prolific placer mining camp where coarse placer gold is common.
The property is located 25km north of the Company’s flagship White Gold property which 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 and 55km north of the Coffee project owned by Goldcorp Inc. (TSX: G, NYSE: GG) with a M&I gold resource(3) of 4.1M oz. Historic exploration performed on the JP Ross property by Underworld Resources and Kinross Gold includes geochemical surveys, trenching, airborne magnetic and radiometric surveys, and 8,592m of diamond drilling over 64 holes. 14 target areas are currently known and large portions of the property are unexplored.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the JP Ross property to date and it is uncertain if further exploration will result in such target being delineated as a mineral resource.
(1) See Company News Release dated September 17, 2018, available on SEDAR
(2) See Company News Release dated September 26, 2018, available on SEDAR
(3) 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.
About White Gold Corp.
The Company owns a portfolio of 21,218 quartz claims across 34 properties covering over 423,000 hectares representing over 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 282,490 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. (TSX: G, NYSE:GG) with a M&I gold resource(3) of 4.1M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(3) of 8.9M oz Au and 4.5B lb Cu. The Company has outlined an aggressive exploration plan backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). 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). Samples containing >100 g/t Ag and/or >1% Pb were analyzed using method AQ374 (0.4g, aqua regia digestion and ICP-ES analysis).
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 National Instrument 43-101 (“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 JP Ross property; 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 JP Ross property; 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 JP Ross property 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.