White Gold Corp. Makes New Discovery on Betty Property Along the Extension of the Coffee Creek Fault
TSX VENTURE: WGO
TORONTO, Jan. 08, 2019 (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 its Betty property located in Yukon, Canada, with numerous drill holes across several target areas encountering near surface gold mineralization. The gold mineralization was encountered along the eastern extension of the Coffee Creek fault which hosts the adjacent Coffee deposit owned by Goldcorp Inc. (TSX: G, NYSE: GG) currently being developed as an open pit and heap leach gold mine with commercial production anticipated to begin in 2021. These results represent a new discovery on a previously undrilled target, discovered through the Company’s 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 to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
- At the Betty Ford target, BETFRDRAB18-002 returned 1.08 g/t Au over 50.29m from 4.57m depth, including 2.24 g/t Au over 9.41m from 19.81m depth with the top 25.91m of the hole showing oxidized mineralization and additional shallow mineralization encountered in other holes along trend.
- At Betty White target, gold mineralization was intersected in every hole with individual results ranging from trace to 3.61 g/t Au.
- Gold mineralization encountered across multiple target areas highlights the large-scale potential of the mineralized system, with additional targets remaining undrilled.
- The Betty property is contiguous to the Coffee project owned by Goldcorp and hosted in the same regional structure, with very limited drill testing performed on the Betty property to date.
- Additional results from the JP Ross and White Gold properties are in progress and will be announced in due course.
“The discovery on the Betty Ford target is a very significant finding, intersecting over 50 meters of near surface gold mineralization at grades comparable to the adjacent Coffee project, along trend and with structural similarities. We are also very encouraged with the discovery of gold mineralization encountered on other targets across the Betty property which indicates the presence of a broader gold system,” stated Jodie Gibson, VP Exploration. “The Betty property remains underexplored and we believe that this preliminary shallow drill program has just scratched the surface of the mineral potential along the very prospective Coffee Creek fault. Furthermore, this marks the fourth new discovery by our team this season, further increasing confidence in our exploration methodology and providing greater understanding of the regional geology and the prospects for additional discoveries. We look forward to applying our effective and efficient exploration techniques across our land package which now totals over a million acres in the White Gold District.”
The Betty Property is located 58km SW of the Golden Saddle deposit and 62km SSW of the Vertigo discovery along the continuation of the Coffee Creek fault. 145km SW of Dawson City, the property is contiguous to both Goldcorp’s Coffee and Western Copper and Gold’s Casino properties to the east. The property consists of a 12km trend of anomalous gold in soils (trace to 7,288 ppb Au) associated with both intrusion-related and structurally controlled style gold targets. Historic RC drilling from the property include results(1) of 7.1 g/t Au and 209 g/t Ag over 13.7m from hole BETR12-022, 29.8 g/t Au over 3.1m from hole BETR12-012, and 1.5 g/t Au over 21.3m from hole BETR12-007.
The 2018 drill program on the Betty property consisted of 1,827m drilled over 28 holes on 6 target areas. Additional exploration work included the collection of 916 soil samples, 103km2 of LiDAR surveys and geologic mapping and prospecting. Results ranged from trace to 4.59 g/t Au, with the most significant results encountered on the Ford and White target areas.
Significant drill results from the Betty property 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. Holes not listed above contained no significant values.
The Ford target is located in the centre of the Betty property, near the crest of an E-W oriented ridge and consists of a 950m x 200m zone of strongly anomalous gold in soils ranging from trace to 1,962 ppb Au. Drilling on the Ford target consisted of 504m of shallow (<100m) RAB drilling over 6 holes covering a 220m x 160m area within the central portion of the soil anomaly and was designed to follow up on a series of interpreted E-W trending structures in the area. The most significant results were returned from the southern end of the anomaly in drill holes BETFRDRAB18-001 to 003.
BETFRDRAB18-001 – Az: 180, Dip: -60o, Depth: 100.58m
BETFRDRAB18-001 was the eastern most hole drilled in the area and returned 24.39m of 0.94 g/t Au from 19.81m depth; including 10.67m of 1.26 g/t from 19.81m depth. The hole was drilled based on an interpreted E-W oriented structure in the area based on soil geochemistry and historic geophysical surveys.
BETFRDRAB18-002 – Az: 180, Dip: -60o, Depth: 100.58m
BETFRDRAB18-002 was drilled 103m to the west of BETFRDRAB18-001 and was targeting the same interpreted structure. The hole returned 50.29m of 1.08 g/t Au from 4.57m depth; including 19.81m of 1.63 g/t Au from 10.67m depth.
BETFRDRAB18-003 – Az: 000, Dip: -60o, Depth: 100.58m
BETFRDRAB18-003 was drilled to the north from the same drill site as BETFRDRAB18-002. The hole appears to have intersected the edge of the mineralized zone intersected in holes 001 & 002 above, returning 13.72m of 0.75 g/t Au from surface.
Mineralization in all three holes consists of strongly quartz-sericite altered biotite gneiss with quartz veining and is strongly oxidized to approximately 26m depth; transitioning to disseminated pyrite at depth. The mineralization is currently interpreted to occur along an E-SE trending, steeply dipping, structure that is open along strike in both directions and at depth. Individual assays from the Ford ranged from trace to 4.59 g/t Au, and is “gold only” with no significant geochemical associations.
The White target is located approximately 730m downhill to the south of the Ford target and consists of a 150m x 2,000m, NE trending zone of strongly anomalous gold in soils ranging from trace to 1,266 ppb Au. Drilling on the White target consisted of 605m of shallow (<100m) RAB drilling over 7 holes covering 670m of strike length within the central portion of the soil anomaly. Anomalous gold mineralization was intersected in every hole with individual results ranging from trace to 3.61 g/t Au.
The mineralization is hosted within quartz-biotite schist and is associated with a NE-SW trending, steeply south dipping, fault zone and adjacent fractures interpreted as a splay of the Coffee Creek Fault; located 800m to the north. Individual structures are associated with silicification, brecciation, and minor quartz veining within a broader halo of pervasive sericite alteration. The gold mineralization correlates with strongly elevated arsenic and antimony; has been traced from surface to 90m depth; and is open along strike and at depth. Strong oxidation is noted up to 50m depth, with partial oxidation extending to over 90m 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. with a M&I gold resource (2) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(2) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.
(1) See Ethos Gold Corp News Release dated June 26, 2012, available on SEDAR
(2) 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. 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) 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, Betty 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 Betty, White Gold and other properties; failure to expand or identify any additional mineral resources; the preliminary nature of metallurgical test results; uncertainties relating to future financing; fluctuations in securities and currency markets and commodity prices; 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 (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); employee and indigenous relations; availability of necessary licenses, permits and approvals; 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; 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 to be reasonable assumptions, 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. Accordingly, readers should not place undue reliance on forward-looking statements. 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.