Mr. David D'Onofrio reports

WHITE GOLD CORP. ANNOUNCES FULLY FUNDED $6 MILLION 2022 EXPLORATION PROGRAM ON ITS DISTRICT SCALE LAND PACKAGE, YUKON, CANADA

White Gold Corp. is providing details of its plans for the 2022 exploration program on its district-scale 350,000-hectare land package, representing over 40 per cent of the emerging White Gold district in Yukon, Canada. The 2022 program is designed to further evaluate targets on the Betty and White Gold properties to follow up on 2021 exploration, which continued to produce very encouraging results, as well as to perform maiden drill testing on several other targets. A significant early-stage regional exploration program is also planned to identify and advance other targets on the company's extensive and underexplored land package. The 2022 $6-million program is fully financed and is scheduled to commence in the coming weeks, with additional detail on the various components of the program to be released in due course.

A district-scale map outlining the company's 2022 exploration work areas as well as more detailed figures of key work areas can be found on the company's website.

"We expect 2022 to be another exciting year for White Gold as we build on the success of our 2021 program, where we made a very significant new high-grade gold discovery on our Betty property and continued to expand the large footprint of mineralization at the Ryan's Surprise/Ulli's Ridge zones. These results further demonstrate the expansiveness of gold mineralization in the White Gold district and the potential for continuing to increase our significant defined gold resources. In 2022, we have designed a very impactful program to further diamond drill test these recent high-grade gold discoveries, as well as advance other high-priority targets across our expansive and underexplored land package. Extensive review and analysis performed in the off-season has also provided insightful new interpretations on several projects, which we are excited to integrate into our methodical program," stated David D'Onofrio, chief executive officer.

Highlights include:

• 7,500 metres of drilling, including 5,000 metres of diamond drilling, 1,000 metres of reverse circulation (RC) drilling and 1,500 metres of rotary air blast (RAB) drilling;
• Drilling at the Betty Ford target will test for extensions of the near-surface breccia-hosted high-grade gold zone, where 2021 maiden diamond drilling intersected 3.46 grams per tonne (g/t) gold (Au) over 50.0 metres in hole BETFD21D003 and 1.17 g/t Au over 48.0 metres in hole BETFD21D001;
• Maiden diamond drilling at the Mascot target, five kilometres east of the Betty Ford discovery to test mineralized zones identified in historical RC drilling, which included 2.62 g/t Au over 41.1 metres in hole BETR12-022 at the Page zone, 29.75 g/t Au over 3.10 metres in BETR12-012 and 2.19 g/t Au over 10.7 metres in BETR12-014 at the Boop zone, and 1.48 g/t Au over 21.3 metres in BETR12-007 at the Davis zone;
• Additional prospective targets at the Betty property will be tested with RC and RAB drilling;
• Diamond drilling on the White Gold property will be focused on the Ryan's Surprise and Ulli's Ridge target area. Drilling will be carried out to test the gap area between Ryan's Surprise and Ulli's Ridge to determine if they are part of the same mineralized zone and to further test the high-grade gold discovery at Ulli's Ridge, where 2021 maiden diamond drilling intersected 6.94 g/t Au over 19.5 metres in hole WHTULR21D004;
• Focused prospecting will be carried out along the 6.5-kilometre-long north-northwest gold and arsenic soil geochemical trend (Ryan's trend) located two kilometres west of Golden Saddle, with plans to test high-priority anomalies with RAB drilling;
• A regional early-stage exploration program based on the company's proven methodologies will include 10 properties with the goal of identifying and defining new targets;
• Further details on the 2022 drilling and other exploration programs will be announced in the coming weeks and months in respect of the different components of the programs.

2022 exploration program overview

Betty property

The Betty property is strategically located in the southern part of the company's land package, approximately 15 kilometres northeast of Western Copper and Gold Corp.'s Casino porphyry deposit (measured and indicated resources of 14.5 million ounces (oz) Au and 7.6 billion pounds (lb) copper (Cu), and inferred resources of 6.6 million oz Au and 3.3 billion lb Cu) and 40 kilometres east of Newmont Corp.'s Coffee gold deposit (measured and indicated resources of 2.14 million oz Au, and inferred resources of 230,000 oz Au). The property covers the eastern strike extension of the east-trending dextral strike-slip Coffee Creek fault, which exerts important structural controls on gold mineralization at the Coffee deposit.

Planned 2022 drilling at Betty includes a combination of diamond, RC and RAB drilling on several prospective targets, the most notable being the Betty Ford and Mascot targets.

At Betty Ford, maiden diamond drilling in 2021 intersected a newly identified polylithic breccia unit that hosts significant near-surface gold mineralization (see the company's news release dated Nov. 17, 2021, available on SEDAR). Hole BETFD21D001 intersected 1.17 g/t Au over 48.0 metres from 19.0 metres downhole and hole BETFD21D003, located 100 metres to the east, intersected 3.46 g/t Au over 50.0 metres from 33.0 metres downhole. This year, additional diamond drilling and RC drilling will further evaluate the Betty Ford target to determine the extent and continuity of mineralization.

A maiden diamond drilling program is also planned at the Mascot target, which is located approximately five kilometres east-southeast of Betty Ford. The Mascot area is underlain by intrusive rocks and covers a large cluster of gold soil geochemical anomalies measuring four kilometres east-west by four kilometres north-south. In 2012, previous operator Ethos Gold Corp. carried out an RC drilling program at Mascot, completing 61 holes totalling 7,132 metres. Ethos's drilling targeted gold soil anomalies with 50-metre sample spacings. In 2020, the company carried out infill soil sampling at 25-metre spacings to better define the anomalies. Additionally, a new structural geological interpretation has helped to better identify structural controls on gold mineralization (see the company's news release dated Aug. 11, 2021, available on SEDAR). The 2022 diamond drilling will test three of the highest-priority mineralized zones identified in the Ethos RC program, including the Page zone (2.62 g/t Au over 41.1 metres in hole BETR12-022), the Boop zone (29.75 g/t Au over 3.10 metres in BETR12-012 and 2.19 g/t Au over 10.7 metres in BETR12-014) and the Davis zone (1.48 g/t Au over 21.3 metres in BETR12-007).

A combination of RC and RAB drilling will also test several additional targets elsewhere on the property, including the Black Betty target, located directly on the Coffee Creek fault, approximately five kilometres west-northwest of Betty Ford, and the Betty Grable target, which may represent a strike extension of the Betty Ford 1.5 kilometres to the west.

White Gold property

The White Gold property hosts the company's flagship Golden Saddle and Arc deposits, which have a current combined mineral resource of 1,139,900 oz indicated at 2.28 g/t Au and 402,100 oz inferred at 1.39 g/t Au. Exploration drilling over the past two seasons has focused on identifying new zones of gold mineralization proximal to the deposits with potential to increase the total gold resource base of the project.

Planned 2022 diamond drilling will focus on the Ryan's Surprise and Ulli's Ridge targets, with drilling targeting three separate areas: (1) testing of the area between the Ryan's Surprise and Ulli's Ridge targets to determine if they are part of the same mineralized zone; (2) testing the strike and depth extents of high-grade gold encountered in the 2021 maiden diamond drilling program at Ulli's Ridge, highlighted by 6.94 g/t Au over 19.5 metres in hole WHTULR21D004; and (3) infill drilling at Ryan's Surprise to extend and/or connect zones previously identified.

A focused prospecting program is also planned to evaluate the 6.5-kilometre-long north-northwest gold and arsenic soil geochemical trend, referred to here as the Ryan's trend, which is located approximately two kilometres west of the Golden Saddle deposit, and which also hosts the Ryan's Surprise and Ulli's Ridge targets. Targets will be ranked based on prospecting results and will be RAB drill tested later in the field season. The company views this area as being highly prospective for new discoveries.

Regional program

A significant regional exploration program will also be carried out on 10 additional early-stage properties. Work will include geological mapping and prospecting, soil geochemical surveys, Lidar (light detection and ranging) surveys and drone-borne magnetic surveys. The goal of these programs is to identify new targets that will become the focus of follow-up exploration.

All drill hole intercepts reported in this news release are core and/or RC lengths. Currently, there is insufficient data to estimate true thickness.

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 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 oz indicated at 2.28 g/t Au and 402,100 oz 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 oz 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, with measured and indicated resources of 2.17 million oz at 1.46 g/t Au, and inferred resources of 500,000 oz at 1.32 g/t Au, and Western Copper's Casino project, which has measured and indicated resources of 14.5 million oz Au and 7.6 billion lb Cu, and inferred resources of 6.6 million oz Au and 3.3 billion lb 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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