Mr. David D'Onofrio reports

WHITE GOLD CORP. MAKES NEW HIGH-GRADE DISCOVERY INTERSECTING 6.94 G/T GOLD OVER 19.50M AND 1.36 G/T GOLD OVER 18.50M AT THE ULLI'S RIDGE TARGET IN MAIDEN DIAMOND DRILL PROGRAM

White Gold Corp. has released assay results for the maiden diamond drilling program on its Ulli's Ridge target located approximately three kilometres southwest of the company's flagship Golden Saddle and Arc deposits and 11 km south of the company's VG deposit. The Golden Saddle and Arc deposits have a combined mineral resource of 1,139,900 ounces indicated at 2.28 grams pe tonne gold and 402,100 ounces inferred at 1.39 g/t Au, and the VG deposit hosts an inferred gold resource of 267,600 ounces at 1.62 g/t Au. This maiden diamond drilling was part of the company's fully financed 2021 exploration program backed by partners Agnico Eagle Mines Ltd. and Kinross Gold Corp. on its extensive 420,000-hectare land package in the emerging White Gold district, Yukon.

The Ulli's Ridge target is located immediately south of the Ryan's Surprise target, with both targets situated on a 6.5 km long by 1.0 km wide northwest-southeast trend of anomalous gold and arsenic in soils, which extends from the Ulli's Ridge target in the south to the Teacher showing in the north. The Ryan's Surprise target has been a focus of diamond drilling over the past two field seasons, and in 2021 drilling was expanded southward to the Ulli's Ridge target. The goal of these drill programs was to identify new zones of gold mineralization with the potential to increase the company's significant gold resources.

Highlights include:

• Two thousand twenty-one diamond drilling at the Ulli's Ridge target comprised seven holes totalling 1,408.7 m, which tested an approximately 550 m strike length where early season 2021 rotary air blast (RAB) drilling encountered encouraging gold mineralization including 4.67 g/t Au over 6.10 m and 1.35 g/t Au over 21.33 m.
• All holes intersected gold mineralization with significant results including:
  • WHTULR21D004: 6.94 g/t Au over 19.50 m, including 39.10 g/t Au over 1.50 m and 45.40 g/t Au over 0.83 m;
  • WHTULR11D005: 1.36 g/t Au over 18.50 m, including 5.19 g/t Au over 3.50 m;
  • WHTULR21D001: 2.04 g/t Au over 5.13 m;
  • WHTULR21D002: 1.03 g/t Au over 8.00 m and 2.44 g/t Au over 4.10 m;
  • WHTULR21D003: 1.91 g/t Au over 4.49 m;
  • WHTULR21D006: 4.26 g/t Au over 1.70 m;
  • WHTULR21D007: 1.81 g/t Au over 3.87 m and 2.50 g/t Au over 4.65 m.
• Drilling at Ulli's Ridge has now identified gold mineralization along an approximately 650 m strike length with mineralization remaining open along strike and at depth.
• All intercepts are at relatively shallow depths and when compared with the Ryan's Surprise target, which continues to intersect high-grade mineralization at greater depths, the Ulli's Ridge target has significant expansion potential.
• A video overview from management discussing these results in more detail can be found on YouTube.
• The company is currently planning its fully financed 2022 exploration program, with details to be released in due course.

Shawn Ryan, chief technical adviser, stated: "The significance of the high-grade gold found in hole 4, which is also associated with high arsenic values, and very similar to rocks found around the Teacher showing to the north, is that it introduces a new style of high-grade gold target to follow up on. Historically, gold-arsenic anomalies were classified as Arc style, which generally represented lower gold grade (less than two g/t Au) potential, and therefore have seen limited exploration. When we look at the 99 percentile arsenic soil anomalies (greater than 200 parts per million) we can clearly see a 6.5 km trend running in a north-northwest direction from Ulli's Ridge to the Teacher showing. Most of these gold-arsenic anomalies have never been prospected or looked at to date. This upcoming summer's prospecting work will directly target this arsenic trend, which hopefully leads to more new high-grade gold discoveries."

"We are very pleased with the results from our maiden drill diamond drill program at Ulli's Ridge as they continue to demonstrate the extensiveness of gold mineralization in this area. Ulli's is situated on a multikilometre gold-in-soil anomaly, which hosts several other prospective targets in close proximity to our flagship deposits," stated David D'Onofrio, chief executive officer. "Our 2021 program was very successful in identifying and expanding new areas of gold mineralization with the potential to increase White Gold's significant resource base. I congratulate our team on making another new discovery in this prolific and underexplored district and look forward to following up on these exciting results."

2021 diamond drilling program

The 2021 diamond drilling program at Ulli's Ridge comprised seven holes totalling 1,408.7 m with hole lengths ranging from 161.5 m to 265.0 m and was designed to test an approximately 550 m strike length where early season 2021 RAB drilling returned encouraging results including 4.67 g/t Au over 6.10 m from 6.10 m downhole in hole WHTULR21RAB006 and 1.35 g/t Au over 21.33 m from 67.06 m downhole in WHTULR21RAB005 (see company news release dated Nov. 1, 2021). All seven diamond drill holes were drilled to the north-northeast (25 degrees) at a dip of minus 50 degrees to test multiple interpreted northwest-striking and shallowly to moderately southwest-dipping (25 to 60 degrees) mineralized structures.

Results

The 2021 Ulli's Ridge diamond drilling program successfully encountered gold mineralization along a 550 m strike length at relatively shallow depths, to a maximum of 225 m below surface. Mineralization remains open along strike and at depth and recent drilling further demonstrates the exploration potential along the property-scale gold soil geochemical trend located west of the Golden Saddle deposit and east of the Yukon River.

The strongest drilling results were returned from the southeasternmost hole, WHTULR21D004, which was drilled to test beneath RAB hole WHTULR21RAB006 (4.67 g/t Au over 6.10 m). WHTULR21D004 intersected 6.94 g/t Au over 19.50 m from 64.50 m downhole, including high-grade subintervals of 39.10 g/t Au over 1.50 m and 45.40 g/t Au over 0.83 m. A narrow high-grade zone was also encountered higher in the hole, returning 10.30 g/t Au over 0.70 m from 35.20 m.

Hole WHTULR21D007 was drilled approximately 225 m northwest of WHTULR21D004 and intersected multiple zones of mineralization grading from 1.5 to 2.9 g/t Au over widths of 0.5 to 4.65 m. Narrow (0.5 to 1.0 m) higher-grade subintervals within these zones grade from 5.7 to 9.0 g/t Au.

The remainder of the drilling included a cluster of five drill holes that tested an approximately 225 m strike length, including holes WHTULR21D001, 002, 003, 005 and 006. Of these holes, WHTULR21D005 delivered the strongest results with a zone of 1.36 g/t Au over 18.50 m from 139.50 m, which included a higher-grade subinterval of 5.19 g/t Au over 3.50 m. Highlights from other holes included 2.04 g/t Au over 5.13 m from 9.00 m in WHTULR21D001, 2.44 g/t Au over 4.10 m from 125.50 m in WHTULR21D002, 1.91 g/t Au over 4.49 m from 53.86 m in WHTULR21D003, and 4.26 g/t Au over 1.70 m from 219.60 m in WHTULR21D006.

Interpretation

Each of the 2021 diamond drill holes was surveyed with a borehole optical televiewer (OTV), which provides high-resolution digital imagery of the hole walls and provides key structural orientation data on lithological contacts, foliations, fractures, shear zones and veins. These structural data were then integrated with drill core logs, digital core photos and analytical results to produce a working model.

The OTV data show that structures strike consistently to the north-northwest, but two dominant dips and dip directions are evident: set 1 foliations and certain parallel to subparallel veins, fractures and breccia/shear zones dip shallowly (10 to 30 degrees) to the east-northeast; and set 2 veins and fractures dip steeply (60 to 70 degrees) to the west-southwest. Although gold mineralization is associated with both sets of structures, gold grades may differ between the two sets. For example, the very high-grade gold intercepts in hole WHTULR21D004, which included 39.10 g/t Au over 1.50 m and 45.40 g/t Au over 0.83 m, are clearly associated with mineralized quartz veins and breccia/shear zones that dip shallowly to the east-northeast (set 1). Consequently, the significantly higher-grade gold intercept in this hole may be explained by having drilled partially oblique to several of these high-grade veins. Nevertheless, high gold grades are also sometimes associated with set 2 structures, as evidenced by a steeply west-southwest-dipping mineralized vein in hole WHTULR21D005 that graded 15 g/t Au over 1.00 m. More closely spaced drilling is required to better model these mineralized zones, determine gold grade variations and estimate true thicknesses.

Given the encouraging results from the 2021 drill program, additional diamond drilling is warranted to further test the mineralized zones both along strike and at depth.

                  SUMMARY OF SIGNIFICANT 2021 DIAMOND DRILLING 
                 GOLD ASSAY RESULTS AT THE ULLI'S RIDGE TARGET
 
Hole ID                    From               To          Length*               Au
                            (m)              (m)              (m)            (g/t)

WHTULR21D001               9.00            14.13             5.13             2.04
incl.                      9.00            10.00             1.00             5.59
and                       13.20            14.13             0.93             3.70
                          39.15            42.20             3.05             1.02
incl.                     40.40            41.20             0.80             3.34
                          63.00            66.05             3.05             1.19
incl.                     64.00            65.08             1.08             2.63
WHTULR21D002              13.00            23.00            10.00             0.64
incl.                     13.00            15.00             2.00             1.15
                          47.00            49.00             2.00             2.46
                         111.00           119.00             8.00             1.03
                         125.50           129.60             4.10             2.44
WHTULR21D003              37.50            43.00             5.50             0.60
                          53.86            58.35             4.49             1.91
WHTULR21D004              35.20            35.90             0.70            10.30
                          64.50            84.00            19.50             6.94
incl.                     65.50            67.00             1.50            39.10
and                       74.25            79.55             5.30            10.52
incl.                     75.25            76.08             0.83            45.40
                          96.00            99.75             3.75             0.60
                         106.00           106.70             0.70             2.74
                         161.00           161.50             0.50             4.52
WHTULR21D005              55.45            61.85             6.40             1.17
incl.                     55.45            56.90             1.45             1.92
incl.                     60.05            61.85             1.80             2.10
                         139.50           158.00            18.50             1.36
incl.                    139.50           143.00             3.50             5.19
incl.                    140.50           141.50             1.00            15.00
                         183.05           184.60             1.55             1.61
                         264.30           265.00             0.70             3.33
WHTULR21D006              65.95            67.40             1.45             1.15
                         219.60           221.30             1.70             4.26
incl.                    220.80           221.30             0.50             7.00
WHTULR21D007              33.70            34.30             0.60             1.93
                          65.13            69.00             3.87             1.81
incl.                     68.00            69.00             1.00             6.16
                         117.40           118.55             1.15             2.89
incl.                    118.05           118.55             0.50             5.70
                         148.30           149.10             0.80             1.48
                         164.55           169.20             4.65             2.50
incl.                    166.05           166.55             0.50             8.99

* Note: All drill hole intercepts reported herein are core lengths. 
Currently there are insufficient data to estimate true thicknesses.
 
 

Quality assurance/quality control

Analytical work for the 2021 diamond drilling program was performed by ALS, an internationally recognized analytical services provider, at its North Vancouver, B.C., laboratory. Sample preparation was carried out at its Whitehorse, Yukon, facility. All diamond drill core samples were prepared using procedure PREP-31H (crush 70 per cent less than two millimetres, riffle split off 500 grams, pulverize split to better than 85 per cent passing 75 microns) and analyzed by method Au-AA23 (30-gram fire assay with atomic absorption spectroscopy finish) and ME-ICP41 (0.5 g, aqua regia digestion and inductively coupled plasma atomic emission spectroscopy analysis). Samples containing greater than 10 g/t Au were reanalyzed using method Au-GRAV21 (30g fire assay with gravimetric finish).

The reported work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the insertion of certified standards, blanks and duplicates into the sample stream.

About White Gold Corp.

The company owns a portfolio of 21,111 quartz claims across 31 properties covering over 420,000 hectares representing over 40 per cent of Yukon's emerging White Gold district. The company's flagship White Gold property hosts the company's Golden Saddle and Arc deposits which have a mineral resource of 1,139,900 ounces indicated at 2.28 g/t Au and 402,100 ounces inferred at 1.39 g/t Au. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. The company's recently acquired VG deposit also hosts a historic inferred gold resource of 230,000 ounces at 1.65 g/t Au.

Qualified person

Terry Brace, PGeo, and vice-president of exploration for the company, is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects and has reviewed and approved the content of this news release.

We seek Safe Harbor.