White Gold Corp. Discovers New High-Grade Parallel Structure 300m from Previous Drilling on Vertigo Target Intersecting 9.2 g/t Au over 9.14m, including 17.2 g/t Au over 4.6m and also Encounters Multiple High-Grade Surface Results up to 304 g/t Au
TSX VENTURE: WGO
TORONTO, Dec. 10, 2018 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company) is pleased to announce the discovery of additional high-grade gold mineralization outside of the previously drilled area on the Vertigo target at its JP Ross property, Yukon, Canada, stepping out as much as 300m in multiple directions. Additional surface samples have also identified new zones of high-grade gold mineralization in the areas surrounding the Vertigo target, further expanding the footprint of the high-grade mineralized system to 2,200m x 650m, as well as on other targets along the structural trend which has now been identified to extend 18km on the JP Ross Property. These results significantly increase the size and scale of the Company’s recent discovery on its JP Ross property, discovered through its systematic and data driven regional exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC).
Maps and images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
- JPRVERRC18-016 returned 9.19 g/t Au over 9.14m from 54.86m depth, including 17.2 g/t Au over 4.58m from 54.86m depth, and 31 g/t Au over 1.52m from 56.39m depth, ending in mineralization. These results identified a new parallel structure approximately 300m north of previous drilling with no other drill holes in the surrounding area.
- Additional surface samples returned results including 304.3 g/t Au, 156.2 g/t Au and 105.0 g/t Au with 7 samples grading over 50 g/t Au, 16 samples grading over 10 g/t Au and 29 samples grading over 2 g/t Au, amongst the highest ever encountered in the White Gold District.
- A new 180m wide undrilled area has been identified on the Vertigo target approximately 300m west of JPRVERRC18-009 (14.23 g/t Au over 6.10m from surface) consisting of 24 samples that returned values ranging from trace to 58.4 g/t Au, averaging 10.1 g/t Au, and includes 7 samples grading over 10 g/t Au. This area continues an additional 400m further west from where samples of similar material returned results from trace up to 8.10 g/t Au for a total length of 580m.
- Mineralization and alteration on Vertigo have now been expanded to a footprint of 2,200m x 650m, hosting at least 12 individual zones, and remains open in all directions with strongly anomalous gold mineralization defined over a strike length of 500m.
- High grade surface samples have also been encountered on multiple other undrilled target areas along the structural trend returning results up to 105 g/t Au; follow up work on these targets including GT Probe sampling, geophysical surveys and drilling to be conducted.
- Results to be released in due course for additional prospecting and soil sampling that has been conducted along the 18km structural trend that hosts the Vertigo discovery.
“These results expand the known gold mineralization on the Vertigo and significantly increases the footprint of the overall system. The structural zones that host high-grade mineralization on the Vertigo are showing strong continuity in both strike extent and mineral tenor, and highlight the potential for expansion of the known mineralization and additional new discoveries in the area,” stated Jodie Gibson, VP Exploration. “The prospecting results from Suspicion and Topaz are comparable to those originally found at Vertigo and we believe there is strong potential for these targets to host similar mineralization. The wide-spread distribution of high-grade material found in the area is among the most impressive in the Yukon and this is unfolding as a large-scale gold system which is just beginning to be uncovered. We look forward to receiving the remainder of the results from Vertigo and the surrounding targets and planning a comprehensive drill program to expand on this success.”
A total of 1,491m of RC drilling to a maximum hole depth of 100m has been completed over 21 holes with the goal of evaluating the geometry of the mineralized structures and stepping out along strike as well as on additional targets along trend.
Results for additional RC holes from the Vertigo target have been received and are discussed below. Individual assays for the reported holes range from trace to 31.0 g/t Au and trace to 46.5 g/t Ag. The most significant results were obtained from holes JPRVERRC18-14, JPRVERRC18-16, and JPRVERRC18-17.
Significant drill results from the Vertigo target included in this release are detailed in the table below.
|*Hole ends in mineralization|
Interpretation of the results is ongoing and there is not currently enough information to estimate true thickness of the mineralized zones.
JPRVERRC18-011/012 - Az: 000, Dip: -60o, Depth: 15.24m & 16.76m
JPRVERRC18-011/012 are located approximately 60m west of JPRVERRC18-010 and were targeting the projection of the same structural trend. Both holes failed at shallow depths due to poor ground conditions, however, strong alteration and anomalous mineralization were noted in both holes indicating continuation of the mineralized structure at depth.
JPRVERRC18-014 - Az: 000, Dip: -60o, Depth: 59.44m
JPRVERRC18-014 is located 140m to the NE of JPRVERRC18-013 and returned 1.52m of 18.6 g/t Au from 41.15m depth. Mineralization intersected in the hole is associated with a new, previously untested structure along the Vertigo Trend inferred from geologic mapping and geophysical surveys on the target.
JPRVERRC18-016 – Az: 000, Dip: -60o, Depth: 64.01m
JPRVERRC18-016 is located 314m NNW of JPRVERRC18-013 and was targeting anomalous GT Probe results (5.01 g/t Au) associated with an interpreted E-W trending structure. The hole returned 9.14m of 9.2 g/t Au from 54.86m depth; including 4.57m of 17.2 g/t Au from 54.86m depth; and ended in mineralization. The mineralization intersected in this hole is associated with a new, previously untested parallel structure along the Vertigo trend and expands the footprint of mineralization on the target by over 300m.
JPRVERRC18-017 – Az: 000, Dip: - 60o, Depth: 57.91m
JPRVERRC18-017 is located 226m to the WNW of JPRVERRC8-016 and was targeting a series of anomalous GT Probe samples in the area (0.83 – 3.25 g/t Au). The hole returned a 1.52m intercept of 1.17 g/t Au from 3.05m depth and a 3.05m intercept of 1.60 g/t Au from 21.34m depth, with numerous anomalous (>0.1 g/t Au) samples in between. It is currently unclear if the mineralization in this area is associated with the same structural trend intersected in hole RC16 or if it represents a new structural trend.
Prospecting samples were collected along the 18km corridor defining the broader Vertigo Trend. The most significant results were obtained from the Vertigo and the newly defined Topaz and Suspicion targets and are discussed below.
Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
Results for additional prospecting samples have been received from the Vertigo target area with grades ranging from trace to 304.3 g/t Au and from trace to over 1,000 g/t Ag. The samples are interpreted as being “in-place” and representative of bedrock below due to the unglaciated nature of the area and has, locally, been confirmed through trenching and drilling activities on the target.
The most significant finding of the prospecting work on the Vertigo is a 180m, WNW, trend of samples located approximately 300m WNW of JPRVERRC18-011. The results from the area range from trace to 58.4 g/t Au and are associated with strong quartz veining, brecciation, sericite alteration, and elevated Ag – Pb – Bi (+/-As). This trend continues an additional 400m further west where samples of similar material returned up to 8.10 g/t Au; extending the trace of the mineralized system over 700m to the WNW. Additionally, individual samples up to 3.28 g/t Au were obtained a further 1.5km WNW of the Vertigo indicating potential for additional zones of mineralization in that direction.
Significant results from the Vertigo target are detailed in the table below:
|Sample||Au (g/t)||Ag (g/t)|
The Topaz target is located 1.1km south of the Vertigo and consists of a series of NE trending gold in soil anomalies (trace to 284ppb Au) associated with strongly elevated Pb-Bi. New prospecting samples from the area returned results from trace to 2.79 g/t Au and are associated with similar alteration and mineralization as the adjacent Vertigo target. Assessment of the results is ongoing and follow up work on this target including GT Probe sampling, geophysical surveys and RC drilling will be conducted in 2019.
The Suspicion target is located 4km SE of the Vertigo and consists of a series of NE trending gold in soil anomalies (trace to 4,263ppb Au). New prospecting samples from the area returned results from trace to 105 g/t Au, following up on previously announced results of up to 41.8 g/t Au. The most significant results were collected along the southern end of the Suspicion target, along a 250m zone of strongly sericite altered felsic gneiss with quartz veining, brecciation, and pyrite-galena (+/-visible gold). The samples from this area ranged from trace to 105 g/t Au, with 7 samples grading greater than 1 g/t Au, and are associated with strongly elevated Ag-Pb-Bi.
David Schmidt has withdrawn his name for re-election as a director of the Company at the Company’s upcoming annual shareholders’ meeting and resigned as Chief Financial Officer and Secretary. Matthew Bajurny CPA, who previously held the position of controller of the Company has been appointed as Chief Financial Officer and Secretary.
Vertigo Target - JP Ross Property
The Vertigo Target is on the JP Ross property which is comprised of 2,850 quartz claims covering over 57,000 hectares with at least 14 known target areas and numerous placer gold bearing creeks. Previously announced drill results on the Vertigo target range from trace to 22.47 g/t Au over 30.46m from surface (JPRVERRAB18-014/JPRVERRC18-013), 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 including 304.3 g/t, 156.2 g/t, 139.9 g/t, 135.6 g/t and 132.9g/t Au defining a strike length of approximately 2.2km on the Vertigo target along an 18km mineralized trend. The Vertigo Target is located approximately 25km north of the Company’s flagship White Gold property and is within 2km of an existing road accessible from Dawson City. Recently staked and acquired claims adjacent to the property are situated within a prolific placer mining camp where coarse placer gold is common.
To date, at least 12 mineralized structures are recognized on the Vertigo target over a 2,200m x 650m area, and consist of W-NW trending, steeply dipping zones of quartz veining, brecciation, and fracture-controlled mineralization with disseminated to vein-controlled pyrite-arsenopyrite-galena and, locally, visible gold mineralization. Drill testing to date has validated the mineralization over 500m of strike length which is open along strike and at depth.
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(1) of 3.35M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(1) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.
(1) 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.
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 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 White Gold and other 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 and other 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 mineral exploration and 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.