Mr. David D'Onofrio reports

WHITE GOLD CORP. IDENTIFIES SIGNIFICANT COPPER, GOLD & OTHER MULTI-ELEMENT SOIL GEOCHEMICAL ANOMALIES ON ITS HAYES AND PILOT PROPERTIES, YUKON, CANADA

Soil geochemistry surveys carried out during the 2021 field season on White Gold Corp.'s Hayes and Pilot properties have identified significant copper, gold and other multielement soil anomalies. The Hayes and Pilot properties are located within the southern portion of the company's land package. The Hayes property is contiguous with the company's Betty property and is located approximately 40 kilometres east of Western Copper and Gold Corp.'s Casino copper-gold porphyry deposit (measured and indicated resources of 14.5 million ounces gold and 7.6 billion pounds copper, and inferred resources of 6.6 million ounces gold and 3.3 billion pounds copper). The Pilot property is located 55 kilometres south-southwest of Newmont Corp.'s Coffee gold deposit (measured and indicated resources of 2.17 million ounces gold and inferred resources of 500,000 ounces gold).

This regional exploration work 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 land package in the emerging White Gold district, Yukon.

Highlights include:

• Significant new soil anomaly identified on Hayes property. Geochemical zonation and elemental distributions indicate the anomaly may represent the surface expression of a copper-molybdenum porphyry core surrounded by epithermal-style silver-lead-zinc mineralization. The anomaly is characterized by a bismuth-arsenic core with localized anomalous copper-molybdenum, and surrounding silver-lead-zinc halo;
• The core of the Hayes anomaly covers a large area of 750 metres by 1,000 metres, and remains open to the west and north;
• Three large and geochemically distinct zones have been detailed on Pilot by new infill soil sampling, including a 1,000-metre gold-arsenic zone, a 2,000-metre copper zone and a gold-bismuth-molybdenum zone;
• The Hayes and Pilot soil anomalies have not seen detailed exploration, trenching or drill testing. Follow-up work is currently being planned;
• Details of the company's fully financed 2022 exploration program focused on new discovery follow-up and continued regional evaluation to be announced in the coming weeks.

Terry Brace, vice-president of exploration, stated: "Our regional exploration program normally constitutes a significant portion of our annual exploration budget and has continued to identify prospective new targets across our large district-scale land package. Given the lack of rock outcrop and the unglaciated terrane in this part of the Yukon, soil sampling has proven to be an extremely effective early-stage exploration tool as demonstrated by these latest results. Our goal is to continually add new targets to our exploration pipeline and advance those of merit to the drill-ready stage."

"All of the significant grassroots discoveries in the White Gold district were initially identified through soil sampling. The discovery of these and other soil anomalies through our regional exploration program continues to highlight the prospectively of this underexplored district. We are encouraged by these results, especially with respect to their proximity to other significant deposits and new discoveries, and are eager to follow up," stated David D'Onofrio, chief executive officer.

Summary of results

Hayes property

The Hayes property is contiguous with, and is located immediately east of, the company's Betty property, where 2021 maiden diamond drilling at the Betty Ford target intersected significant near-surface gold mineralization, including 3.46 grams per tonne gold over 50 metres (see company news release dated Nov. 17, 2021). Newmont's Coffee gold deposit (measured and indicated resources of 2.17 million ounces at 1.46 g/t Au, and inferred resources of 500,000 ounces at 1.32 g/t Au) lies approximately 65 km to the west-northwest, Western Copper and Gold's Casino copper-gold porphyry deposit (measured and indicated resources of 14.5 million ounces Au and 7.6 billion pounds Cu, and inferred resources of 6.6 million ounces Au and 3.3 billion pounds Cu) is 40 km to the west, and C2C Gold Corp.'s Sonora Gulch project lies immediately south of the Hayes property.

The geology of the Hayes property is known mainly from regional-scale geological mapping by the Geological Survey of Canada and Yukon Geological Survey, aided by regional aeromagnetic interpretations. The oldest rocks occur in the southern part of the property and comprise metasedimentary rocks of the pre-Late Devonian-age Snowcap assemblage. These are thrust over felsic to mafic granitoids and orthogneiss of the Mississippian Simpson range suite along the Yukon River thrust and underlie the northern portion of the property. In the southwestern part of the property, the Snowcap assemblage is intruded by Middle Cretaceous granitoids of the Dawson Range batholith, and in the northern part of the property plugs of the Late Cretaceous Prospector Mountain suite intrude the Simpson range suite. The oldest known fault structure is the west to west-northwest-trending Yukon River thrust, which transects the central part of the property. Major east-west-striking faults, including an eastern extension of the dextral strike-slip Coffee Creek fault in the south, also cut through the property. The northwest-trending Big Creek fault, a relatively late major regional strike-slip fault, cuts the western part of the property and is recognized as a controlling structure to many important mineral deposits in the district.

The 2021 soil geochemistry program comprised sampling on three separate grid areas on the property, north, south and eastern grids. A total of 1,200 soil samples were collected at 50-metre sample intervals on 100-metre spaced survey lines. The most encouraging results were returned from the northern grid which measures two kilometres east-west by 1.5 km north-south and lies approximately five km south of the Yukon River. The area was selected for gridded soils to follow up on isolated anomalous ridge and spur soil samples that formed part of a 2017 reconnaissance survey by the company. The 2021 sampling identified a broad geochemically zoned multielement soil anomaly with a central core measuring from 750 m to 1,000 m in diameter and enriched in bismuth and arsenic, which is surrounded by a halo of anomalous silver, lead and zinc that is greater than 400 m wide. Anomalous copper occurs in the southern portion of the core, and a relatively small area of anomalous molybdenum occurs near the core's northern margin. Geologically, the soil anomaly is associated with a plug of Late Cretaceous Prospector Mountain suite, which is known to be prospective for porphyry copper-gold (molybdenum) and epithermal style mineralization. The soil anomaly overlies a magnetic high and, based on regional geological mapping and aeromagnetic results, similar intrusions occur in the immediate area and have not been covered by soil sampling. The anomaly remains completely open to the west, and currently additional soil sampling is being planned to outline the full extent of the anomaly. The geochemical zonation and elemental distributions indicate that the anomaly may represent the surface expression of a Cu-Mo porphyry core surrounded by epithermal-style silver-lead-zinc mineralization.

Pilot property

The Pilot property is located approximately 10 km west of the White River and 40 km northeast of Beaver Creek, a small town near the Yukon-Alaska border. The property comprises 260 quartz claims covering 5,435 hectares (54.35 square kilometres).

The geology of the Pilot property is known primarily from regional geological mapping by the Geological Survey of Canada and the Yukon Geological Survey. The western part of the property is underlain by the Late Devonian-age and older Scottie Creek formation, a metasedimentary sequence comprising mainly quartzites and psammitic schists. The eastern part of the property is underlain by the Late Cretaceous-age Katrina Creek suite, which comprises granodiorite and monzogranite. At the southeastern corner of the property, the Katrina Creek suite intrudes older meta-intrusive orthogneiss of the Late Devonian Mount Baker suite. Isolated units of the Upper Triassic Snag Creek suite, which comprises gabbro to diabase, occur within the Scottie Creek formation and Mount Baker suite.

A northern portion of the current Pilot property was originally staked in 2000 by Teck Cominco Ltd. (now Teck Resources Ltd.) based on anomalous gold-in-regional-stream-silt samples and follow-up reconnaissance soil sampling, which identified anomalous gold and arsenic values. Limited follow-up soil sampling (52 samples) by Teck in 2001 identified anomalous Au-As and Cu-Pb-Zn values, although anomalies were generally poorly defined due to the relatively small number of samples.

Since acquiring the Pilot property in 2016, White Gold has significantly expanded the soil sampling coverage with a total of 8,434 samples collected by the company. This includes 1,015 infill soil samples taken in 2021 on two separate grids which covered known soil anomalies, a larger northern grid (1,800 m by 2,250 m) and a smaller grid (400 m by 900 m) located in the central part of the property. Previous soil sample coverage consisted of 50 m spaced samples on 100 m spaced survey lines, and the new infill sampling now provides much better resolution with 25 m sample spacings.

Soil sampling has identified three geochemically distinct zones: 1) gold-arsenic zone; 2) copper zone; and 3) gold-bismuth-molybdenum zone. The Au-As zone comprises several subparallel north-south-trending Au-As anomalies that appear to be structurally controlled, and individual anomalies can be traced for over one km along strike. The copper zone is located approximately one km west of the Au-As zone and consists of an arcuate-shaped two-kilometre-long Cu anomaly. This arcuate shape is also mirrored in the westernmost Au-As anomaly and indicates that similar structural and/or stratigraphic controls may be present. The gold-bismuth-molybdenum anomaly is located approximately two km to the south in the central portion of the property and is more circular in shape. The source of the soil anomalies is presently unknown due to a lack of detailed geological mapping and prospecting, and complete lack of trenching and/or drilling. Geologically, the Au-As anomalies are underlain by metasediments of the Scottie Creek formation. Although no major fault structures have been mapped in the immediate area of the property, aeromagnetic surveys over the northern half of the property indicate the presence of north-south-trending structures that may be controlling mineralization. Mapping and prospecting, and GT probe and/or mechanical trenching, are required to identify the bedrock source of the anomalies. If results of this work are encouraging, initial RAB drilling will test the anomalies to determine the general thickness and grade of mineralization.

The company is currently in the detailed planning stage of the 2022 exploration program, details of which will be announced in the coming weeks.

Sampling methods and analysis

All 2021 soil geochemistry surveys were contracted to GroundTruth Exploration Inc. of Dawson City, Yukon. Field technicians navigated to preplanned sample sites using hand-held GPS units and collected C-Horizon soil samples using an Eijklcamp-brand hand auger at a depth of between 20 centimetres and 110 centimetres. Typically, 400 to 500 grams of soil are placed in a prelabelled bag, and a field duplicate sample is taken once every 25 samples. The GPS location of the sample site is recorded with the GPS unit, and the waypoint location is labelled with the project name and the sample identification number. A weather-proof hand-held device equipped with a barcode scanner is used in the field to record the descriptive attributes of the sample collected, including sample identification number, soil colour, soil horizon, slope, sample depth, ground and tree vegetation, sample quality, and any other relevant information.

Analytical work for the 2021 soil geochemistry surveys was carried out at Bureau Veritas (BV) Canada, with preparation completed at its Whitehorse, Yukon, facility and analysis at its hub laboratory located in Vancouver, B.C. All soil samples were assayed for gold, and a 37-multielement suite using 0.25-gram aqua regia digestion and ICP-MS (inductively coupled plasma mass spectrometry) analysis (code AQ201). BV is an ISO (International Organization for Standardization) 9001:2008 accredited facility, certificate No. FM63007.

About White Gold Corp.

The company owns a portfolio of 17,584 quartz claims across 30 properties covering approximately 350,000 hectares representing over 40 per cent of the 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 grams per tonne gold, 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 an inferred gold resource of 267,600 ounces at 1.62 g/t Au. Regional exploration work has also produced several other new discoveries and prospective targets on the company's claim packages which border sizable gold discoveries, including the Coffee project owned by Newmont Corp., with measured and indicated resources of 2.17 million ounces at 1.46 g/t Au, and inferred resources of 500,000 ounces at 1.32 g/t Au, and Western Copper and Gold Corp.'s Casino project, which has measured and indicated resources of 14.5 million ounces Au and 7.6 billion pounds Cu, and inferred resources of 6.6 million ounces Au and 3.3 billion pounds Cu.

Qualified person

Terry Brace, PGeo, 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.

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