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White Gold Corp
Symbol WGO
Shares Issued 60,725,986
Close 2017-01-23 C$ 1.18
Market Cap C$ 71,656,663
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White Gold assays up to 110 g/t gold in Yukon

2017-01-23 11:45 ET - News Release

Mr. David Schmidt reports

WHITE GOLD CORP. REPORTS 2016 EXPLORATION RESULTS: ASSAY RESULTS UP TO 110 G/T AU FROM GRAB SAMPLES ALONG LIRA TREND

White Gold Corp. has released the results from its 2016 exploration program in the White Gold district of the Yukon. The company has successfully defined drill-ready structurally controlled gold targets similar to Goldcorp Inc.'s Coffee deposit and Kinross Gold Corp.'s Golden Saddle deposit also located in the White Gold district. Furthermore, the company's 2016 exploration efforts have identified new prospects to add to its strong pipeline of projects for future exploration. The following news release is intended to orient readers on the scale and scope of the 2016 exploration program. More detailed information about each drill-ready project and an outline of the planned 2017 exploration program will follow.

Summary of highlights

  • 2016 results confirm drill-ready targets at the Nolan, Loonie, IND, Dime and Bonanza properties;
  • 110 grams per tonne (g/t) gold from rock grab sample along the Lira trend, Loonie property;
  • 11,620 soil samples taken on nine properties;
  • 2,456 quartz claims staked covering newly identified prospective areas;
  • The company is the largest landholder in the district with 14,648 claims (297,000 hectares);
  • Fully financed; recently completed an $18-million raise in December, 2016, including $14.5-million from Agnico Eagle Mines Ltd.;
  • Approximately $30-million in historical exploration expenditures has been incurred on the properties.

Summary

White Gold has recently acquired the largest land package in the prolific White Gold district of the Yukon and has also assembled a corporate team that has been directly involved with every major gold discovery in the White Gold district during this era. Preliminary exploration work on these properties has produced several highly prospective targets. Further to the historical work performed and the encouraging results of the 2016 work program as described below, the strategically located properties will undergo an extensive and fully financed exploration program over the following three years.

The 2016 exploration program, completed in the late fall, comprised 11,620 soil samples taken on nine of the company's 23 properties. These samples consisted of ridge and spur reconnaissance soils, as well as follow-up grids on known anomalies. Soil sampling is an ideal tool for exploration in the White Gold district, as the area has not been glaciated and there is a well-developed in-place soil profile. In addition to the soil sampling, drone and/or X-CAM aerial photographic surveys, resistivity geophysical surveys, detailed geologic mapping and prospecting, GT Probe bedrock sampling, and a compilation of historical work in the White Gold district were also completed.

Further to the work performed on the existing projects, the 2016 exploration program also led to new encouraging gold-in-soil results and associated pathfinder elements. Consequently, the company conducted a staking program to consolidate its land position around several of these key soil anomalies, as well as to add entirely new projects to the portfolio staking an additional 2,456 claims. The company now owns a total of 14,648 claims (297,000 hectares), making it the largest landholder in the White Gold district. These claims cover six project areas: Sixty Mile, Klondike, Money, White-Stewart, Coffee Trend and Beaver Creek, comprising 23 properties in total. With the December, 2016, financing of $18-million completed, the company sits in a unique position with its three-year exploration plan fully financed.

Shawn Ryan, director and chief technical adviser, stated: "Our soil sampling and prospecting program in 2016 significantly increased our understanding of the numerous gold targets across our property portfolio in the White Gold district. With this new information and the data from the approximately $30-million in past expenditures, the company looks forward to our 2017 program, where we will begin to systematically drill test several of these gold trends. We also made significant progress in defining new areas not previously known in the district."

The company encourages individuals interested in the company to visit its website to further understand the size and scope of the company's projects in the White Gold district.

2016 work program summary

Money claim area

Loonie property

The Loonie property is located 70 kilometres southwest of Dawson City, Yukon, adjacent to the Yukon River. Historical exploration work conducted on the Lira was by a private third party from 2011 to 2014 and was not previously publicly disclosed. The historical work included 6,913 soil samples, ground magnetic and IP (induced polarization)-resistivity surveys, drone aerial photography, trenching (1,925 metres over 17 trenches), and minor RAB (rotary air blast) drilling (612.65 metres over eight holes).

A bulk of the historical work was focused on the Lira target, which consists of an east-northeast-trending, 75-metre-wide-by-740-metre-long gold-in-soil anomaly with values ranging from trace to 3,700 parts per billion gold. The soil anomaly is associated with a five-to-15-metre-wide, east-northeast-trending shear zone with strongly quartz-sericite-clay-altered-and-brecciated felsic orthogenesis with quartz veining, disseminated pyrite, and locally, visible gold that was traced for 400 metres of strike length by subsequent trenching and RAB drilling. Highlights of the historical work include 10 metres of 13.3 grams per tonne (g/t) gold from trench LOOTR12-15 and 12.2 metres of 4.93 g/t gold, including 1.52 metres of 20.7 g/t gold, from drill hole LOORAB14-01.

      HISTORICAL LOONIE PROPERTY TRENCH RESULTS*

Trench ID      Target      From     To      Au   Length
                             (m)    (m)   (g/t)
           
LOOTR12-07       Lira            No significant results    
LOOTR12-08       Lira        20     30    1.13       10
LOOTR12-09       Lira        20     35    1.61       15
LOOTR12-10       Lira        30     35    3.34        5
LOOTR12-11       Lira            No significant results    
LOOTR12-12       Lira            No significant results    
LOOTR12-13       Lira        40     45    0.36        5
LOOTR12-14       Lira            No significant results    
LOOTR12-15       Lira         5     15    13.3       10
Including                     5     10    25.2        5
LOOTR12-16       Lira            No significant results    
LOOTR12-17       Lira            No significant results  

       HISTORICAL LOONIE PROPERTY RAB DRILL RESULTS*

Hole ID            From         To        Au     Length
                     (m)        (m)     (g/t)

LOORAB14-01           0      12.19      4.93       12.2
Including          7.62       9.14      20.7       1.52
LOORAB14-02                      No significant results    
LOORAB14-03        1.52      10.67     0.323       9.10
LOORAB14-04       24.38      36.58     0.353       12.2
LOORAB14-05                      No significant results    
LOORAB14-06                      No significant results    
LOORAB14-07       12.19      16.76     0.515       4.57
LOORAB14-08        7.62      24.38     0.899      16.76
Including         19.81      24.38      2.11       4.57

* The company advises that the reported trenching and 
  RAB drilling results are historical in nature and 
  have not been verified.

The company's 2016 exploration activities were focused on, and on trend to the south of, the Lira zone, with an emphasis on lithologic and structural mapping to help guide future drilling activities. A total of 10 rock grab and chip samples were collected, with assays ranging from trace to 110 g/t gold. Two grab samples of strongly silicified and brecciated felsic gneiss with fine-grained visible gold collected near trench LOOTR12-15 returned 99.2 g/t gold and 110.1 g/t gold, and are associated with strongly elevated silver (up to 36 parts per million) and tellurium (up to 55 parts per million). Based on the revised geologic interpretation for the Lira, it appears that historical RAB drilling in the area was oriented subparallel to the mineralized zone, indicating that a significant number of the historical holes did not intercept, or just clipped, the mineralized structure. Additionally, there are indications in the geophysical data for additional, untested, parallel structures in the Lira area.

Dime property

Activities in 2016 focused on the East zone target area, with an emphasis on lithologic and structural mapping to help guide RAB drilling activities planned for 2017.

Historical exploration results for the Dime property are summarized in the National Instrument 43-101 technical report on the Dime project dated Feb. 9, 2012 (Yukon assessment report YEIP 2013-027).

Reba property (new property)

The property comprises 231 claims staked covering a new target area immediately to the northwest of Kinross Gold's JP Ross property.

Sixty Mile claim area

Nolan property

The Nolan property is located approximately 50 kilometres west of Dawson City, Yukon, along the Sixty Mile River, a road-accessible area with considerable historical and continuing placer gold activity. The property covers multiple exploration targets that the company consolidated into one large contiguous block of claims after a review of all known data in the area. Historical work on the property was completed by various third party companies and individuals, and consisted of soil sampling (9,302 samples), rock grab and chip sampling (289 samples), and minor trenching (206 metres over two trenches).

A total of 1,842 soil samples were collected in 2016 focusing on the Cali, Nine and Boucher target areas, plus additional ridge and spur reconnaissance samples. Assay values for the 2016 samples ranged from trace to 515.6 parts per billion gold.

The most significant anomaly on the Nolan property defined to date is the Cali target, which consists of a 2.5-kilometre-long-by-250-metre-wide zone of anomalous gold in soils open in both directions along strike. Soil assay values from the Cali range from trace to 515.6 parts per billion gold and are associated with strongly anomalous arsenic, bismuth, lead, antimony, silver, copper and zinc.

Historical exploration results for the Nolan area are summarized in the geological, geochemical and trenching assessment report of the Fifty Mile project, Sixty Mile area, Yukon, dated March 3, 2015.

Klondike claim area

IND property

The IND property is located 30 kilometres south of Dawson City, Yukon, and is road accessible. Historical work on the IND included 2,542 soil samples, airborne magnetic and radiometric surveys, 3,127 metres of trenching over 20 trenches, and 1,316.73 metres of diamond drilling over seven holes (see Aldrin Resource Corp.'s news releases dated July 6, 2009, Nov. 4, 2010, and Oct. 27, 2011, for summaries of historical exploration results).

Work on the property in 2016 included the collection of 194 GT Probe bedrock interface samples over 11 lines, covering a 130-metre-by-260-metre area. Assay values range from trace to 2.61 g/t gold and are associated with strongly elevated arsenic. The samples were taken within the centre of a 170-metre-by-one-kilometre gold-arsenic soil anomaly (from trace to 1,273 parts per billion gold), and mineralization is associated with sheeted-stockwork quartz veining and up to 1 per cent disseminated pyrite-arsenopyrite in strongly sericite-altered granite. The GT Probe results confirm the presence of in situ mineralization beneath the soil anomaly, and the observed geological, geophysical and geochemical results indicate the mineralization is occurring along an east-northeast-trending structural corridor that was untested by historical exploration on the property.

White-Stewart claim area

The company has nine properties in this area covering an 80-kilometre trend adjacent to Kinross Gold's Golden Saddle deposit and JP Ross property.

Hen property

A total of 660 soil samples were collected and consisted of reconnaissance lines with assay results ranging from trace up to 199.4 parts per billion gold. The strongest gold assay (199.4 parts per billion) occurs 50 metres north of a 195-part-per-billion gold sample, and both are associated with strongly anomalous copper (up to 1,191 parts per million). There is no geologic information for this area, and it will require follow-up work in 2017, including grid soil sampling and prospecting.

Historical exploration results on the Wolf property are summarized in "Prospecting, soil geochemistry, airborne and radiometric surveying, and air photo-orthophoto surveying on the Hen project, White Gold district, Yukon Territory, Canada" dated Jan. 29, 2013 (Yukon assessment report No. 096305).

Black Hills property

A total of 2,267 soil samples were collected and consisted dominantly of infill grid sample on the Glen Breton, Bushmills, Bowmore, Ben Nevis and CC target areas. The purpose of the sampling was to infill and confirm historical gold-in-soil anomalies in the target areas previously reported by Smash Minerals in 2011. Assay results from the 2016 sampling ranged from trace up to 1,594 parts per billion gold.

The most significant results were returned from the Bowmore zone, which consists of a 200-metre-by-2.3-kilometre zone, northwest-trending zone of anomalous gold in soils (up to 1,594 parts per billion gold). Based on previous geologic mapping in the area, the soil anomaly is coincident with a zone(s) of quartz veining and quartz-feldspar porphyry dikes within a meta-gabbro.

Historical exploration results on the Black Hills property are summarized in the National Instrument 43-101 technical report on the Whiskey property, Yukon, for Smash Minerals Corp. dated Dec. 12, 2011.

CLW property

A total of 306 soil samples were collected. Assay values range from trace up to 261.8 parts per billion gold. This property is contiguous to the North boundary of Kinross Gold's White Gold property.

Barker property

A total of 2,509 soil samples were collected consisting of reconnaissance sampling and minor follow-up sampling to existing gold-plus-multielement anomalies. Assay results ranged from trace to 26.4 parts per billion gold. Localized samples also contained elevated arsenic, as well as copper (up to 618.5 parts per million), lead (up to 1,720 parts per million) and zinc (up to 1,269 parts per million).

Historical exploration results on the Barker property are summarized in the National Instrument 43-101 technical report on the Whiskey property, Yukon, for Smash Minerals dated Dec. 12, 2011.

Pedlar property

A total of 2,563 soil samples were collected consisting of reconnaissance samples and minor follow-up sampling to existing gold-plus-multielement anomalies. Assay values ranged from trace to 288 parts per billion gold. Multiple anomalous gold-in-soil samples (over 50 parts per billion) were identified in the area and require follow-up work in 2017, including grid soil sampling and prospecting.

Historical exploration results on the Pedlar property are summarized in "Prospecting, soil geochemistry, airborne and radiometric surveying on the Bridget project, White Gold district, Yukon Territory, Canada" dated Jan. 29, 2013 (Yukon assessment report No. 096304).

Coffee Trend-West claim area

Wolf property

The Wolf property is located 40 kilometres west of Goldcorp's Coffee project. A total of 333 soil samples were collected in 2016 and consisted of infill soil sampling on a historical grid. Assays ranged from trace to 253.6 parts per billion gold and define a 200-metre-by-1.3-kilometre, northeast-trending zone of anomalous gold in soils associated with elevated arsenic, bismuth, copper, molybdenum and lead. This includes a 70-metre-by-250-metre zone of samples in the centre of the anomaly over 50 parts per billion gold. The soil anomaly appears to be associated with a strongly altered felsic volcanic unit with, locally, strongly disseminated pyrite (up to 5 per cent).

Historical exploration results on the Wolf property are summarized in "Prospecting, soil geochemistry, airborne and radiometric surveying, and air photo-orthophoto surveying on the Wolf project, White Gold district, Yukon Territory, Canada" dated Dec. 24, 2012 (Yukon assessment report No. 096157).

Rice property (new property)

The property comprises 52 claims staked covering new target approximately 35 kilometres northwest of the company's Wolf property.

Beaver Creek claim area

Pilot property

A total of 694 soil samples were collected and consist of reconnaissance samples and minor follow-up sampling to existing gold-plus-multielement anomalies. Assay values ranged from trace up to 637.7 parts per billion gold and are associated with strong elevated arsenic (plus or minus antimony). Combined with historical soils from the area, they define a 500-metre-by-one-kilometre anomaly that is open in all directions.

Historical exploration results on the Pilot property are summarized in "Geochemical report -- Pilot 1-12 claims" dated Aug. 9, 2010 (Yukon assessment report No. 095238).

Wels property

A total of 503 soil samples were collected and consists of reconnaissance samples and minor follow-up sampling to existing gold-plus-multielement anomalies. Assay values ranged from trace to 59.2 parts per billion gold.

Historical exploration results on the Wels property are summarized in "Geochemical report -- Wells 1-301 claims" dated Jan. 19, 2014 (Yukon assessment report YEIP 2013-027).

The company had also contracted CGG Canada Services Ltd. to conduct helicopter-borne Digem survey on several properties. A total of 510 line kilometres over the Bonanza, Nolan and Black Hills properties were flown. A total of 4,700 line kilometres covering 15 different geochemical targets were originally planned, but the surveys could not be completed due to poor weather conditions. Despite the limited production, the surveys produced high-quality data that will significantly aid in geological interpretation and exploration planning. The company plans to fly the remaining surveys in the spring of 2017.

Methodology and QA/QC

The analytical work reported on herein was performed by Bureau Veritas Commodities Canada Ltd., an internationally recognized analytical services provider, at its Vancouver, B.C., laboratory. Sample preparation was carried out at its Whitehorse, Yukon, facility. All rock and GT Probe samples were prepared using procedure PRP70-250 (crush, split and pulverize 250 grams to 200 mesh) and analyzed by method FA430 (30-gram fire assay with AAS finish) and AQ200 (0.5-gram aqua regia digestion and ICP-MS analysis). Samples containing less than 10 g/t gold were reanalyzed using method FA530 (30-gram fire assay with gravimetric finish). All soil samples were prepared using procedure SS80 (dry at 60 degrees and sieve 100 grams at minus-80 mesh) and analyzed by method AQ201 (15-gram aqua regia digestion and ICP-MS analysis). Ground Truth Exploration Inc., Dawson City, Yukon, designed and managed all work for the company. The reported work was completed using industry-standard procedures, including a quality assurance/quality control (QA/QC) program. Standard, blank and duplicate samples were inserted in the sample sequence for all soil, rock and GT Probe samples sent in for analysis. The qualified person detected no significant QA/QC issues during review of the data.

Jodie Gibson, PGeo, of Ground Truth Exploration, has acted as the qualified person under National Instrument 43-101, and has reviewed and approved the content of this news release.

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