TORONTO, July 25, 2019 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce that further to its news release dated June 10, 2019, the Company has filed a National Instrument 43-101 ("NI 43-101") technical report outlining an increased Mineral Resource Estimate for the White Gold property located in Yukon, Canada. The update was performed based on the results of the Company’s 2018 exploration work on the Golden Saddle & Arc deposits. The Company’s 2019 fully funded $13 million program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) is underway and includes 17,000 metres of diamond drilling on the Vertigo target (JP Ross property), Golden Saddle & Arc deposits (White Gold property) and QV property.
Resource Highlights Include:
- Indicated Mineral Resource of 1,039,600 gold ounces within 14,330,000 tonnes at 2.26 g/t gold, and Inferred Mineral Resource of 508,700 gold ounces within 10,696,000 tonnes at 1.48 g/t gold, from the Golden Saddle (“GS”) and Arc deposits representing a 25% increase based on 2018 exploration work.
- 8% increase in Indicated Resources and 80% in Inferred Resources.
- Increase in the Golden Saddle driven by the 2018 GS West Zone discovery, expansion of the GS Main and Footwall Zones and expansion of potential underground ounces.
- Increases in the Arc driven by 2018 drilling and updated geologic modelling.
- GS & Arc mineralization remains open along strike and down dip/plunge. Significant ounces added with only 12,368m of drilling in 2018 on these zones.
- GS Main Zone contains a consistent high-grade core of 832,000 gold ounces at a grade of 2.96 g/t gold in the Indicated category and 107,000 gold ounces at a grade of 3.18 g/t gold Inferred using a >1 g/t cut-off. Included in this high-grade core is 525,600 gold ounces at a grade of 4.68 g/t gold in the Indicated category and 81,900 gold ounces at a grade of 4.74 g/t gold Inferred using a >3 g/t cut-off.
Images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
“We are very pleased with the significant increase in our mineral resource estimate. This expansion further demonstrates the continued success of our systematic data driven exploration methodologies and the value we are generating across our unique portfolio of properties. Continued expansion of the deposits is one important component of our 2019 exploration program, which has been designed to add additional near-surface ounces to the deposits and demonstrate the potential of the newly identified targets,” stated David D’Onofrio, Chief Executive Officer. “Drilling on the White Gold property is currently underway and we look forward to the upcoming results.”
The NI 43-101 technical report entitled "Independent Mineral Resource Estimate for the White Gold Project, Dawson Range, Yukon, Canada" was prepared by Canadian-based Arseneau Consulting Services Inc. The technical report is available for review on SEDAR at www.sedar.com on the Company's profile and on the Company’s website at www.whitegoldcorp.ca. The technical report supports the scientific and technical disclosure relating to the updated mineral resource estimate contained in the Company's news release dated June 10, 2019.
About White Gold Corp.
The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 1,039,600 ounces Indicated at 2.26 g/t Au and 508,700 ounces Inferred at 1.48 g/t Au. 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 Newmont Goldcorp Corporation with a M&I gold resource(1) of 3.4M 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.
- 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.
Jodie Gibson, P.Geo., Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, 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, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.
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:; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any additional mineral resources or significant mineralization; 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 Company’s 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 and mineral exploration; 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 in the most recently filed management’s discussion and analysis of the Company. 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 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.