Mr. David D'Onofrio reports

WHITE GOLD CORP. INTERSECTS BROAD ZONES OF NEAR SURFACE GOLD MINERALIZATION INCLUDING 55.2M OF 1.50 G/T GOLD EXTENDING MINERALIZATION ALONG STRIKE AT ITS BETTY FORD TARGET AND 27.4M OF 1.14 G/T GOLD AT THE MASCOT TARGET, YUKON, CANADA

White Gold Corp. has released positive initial assay results from the 2022 drill program at the Betty Ford and Mascot targets, situated six kilometres apart on its Betty property. The Betty property is contiguous to and approximately 40 km east of Newmont Corp.'s Coffee gold deposit (measured and indicated resources of 2.14 million ounces gold and inferred resources of 23,000 oz gold) and 15 km northeast of Western Copper and Gold Corp.'s Casino porphyry deposit (measured and indicated resources of 14.8 Moz gold and 7.6 billion pounds copper and inferred resources of 6.3 Moz gold and 3.1 Blb copper). These assays represent positive initial results from the company's 2022 fully financed $6-million exploration program on its extensive and underexplored 350,000-hectare land package in the emerging White Gold district, Yukon, supported by strategic partners Agnico Eagle Mines Ltd. and Kinross Gold Corp.

"We are pleased to have encountered additional broad zones of near-surface gold mineralization on the Betty property," stated David D'Onofrio, chief executive officer. "Drilling at the Betty Ford has considerably extended the recently discovered high-grade gold zone (3.46 grams per tonne over 50 metres) which remains open along strike. Maiden diamond drilling at the Mascot successfully encountered several gold and multielement mineralized zones and has improved our understanding of the structural geological controls of the system. We look forward to following up on these positive results and continuing to explore this prolific area which hosts large gold and copper-gold deposits."

Highlights:

• 2022 drilling at Betty Ford focused on testing the depth and strike extents of the gold mineralized zone identified in last season's maiden diamond drilling program, which included 3.46 g/t Au over 50 m in hole BETFD21D003 and 1.17 g/t Au over 48 m in BETFD21D001;
• Hole BETFD22D007 on the Betty Ford target intercepted 55.15 m of 1.50 g/t Au from 22.85 m, which has extended gold mineralization by 40 m along strike to the east and to 70 m at depth. Total strike length has been increased to 140 m and remains open;
• 2022 diamond drilling at Mascot represents maiden diamond drilling at this target and follows up on historical reverse circulation drilling carried out in 2012. Drilling focused on three known gold mineralized zones (Page, Boop and Davis), where historical RC drilling encountered significant gold plus or minus silver mineralization, including 2.62 g/t Au and 107 g/t Ag over 41.1 m in hole BETR12-022 at Page, 29.75 g/t Au over 3.1 m in BETR12-012 and 2.19 g/t Au over 10.7 m, including 6.05 g/t Au over 3.1 m in BETR12-014 at Boop, and 1.48 g/t Au over 21.3 m in BETR12-007 at Davis. Assays received from 2022 RC and diamond drilling at the Mascot target include:
  • Davis zone:
    • BETMAS22RC005: 1.14 g/t Au over 27.43 m from 6.10 m depth, including 8.74 g/t Au over 1.53 m;
    • BETMAS22RC004: 1.24 g/t Au over 3.05 m, 1.48 g/t Au over 9.14 m and 4.13 g/t Au over 7.62 m;
    • BETMAS22D008 included an upper zone grading 2.02 g/t Au over 8.60 m from 17.25 m and a lower zone which graded 1.25 g/t Au over 17.35 m from 68.50 m;
    • BETMAS22D007: 2.85 g/t Au over 3.95 m, 4.17 g/t Au over 1.25 m and 7.42 g/t Au over 1.60 m, including 23.7 g/t Au over 0.5 m;
    • BETMAS22D010: 1.11 g/t Au over 4.5 m, 8.94 g/t Au over 0.5 m, 1.29 g/t Au over 2.95 m, 4.54 g/t Au over 0.8 m and 3.41 g/t Au over 0.5 m;
  • Page zone:
    • BETMAS22D004: 1.44 g/t Au, 145.48 g/t Ag, 1.49 per cent Zn (zinc) and 0.86 per cent Pb (lead) over 3.25 m;
    • BETMAS22D006: 1.13 g/t Au, 33.71 g/t Ag, 0.37 per cent Zn and 0.20 per cent Pb over 14.80 m.
• Preliminary interpretation of results from Davis and Page suggests continuity of the zones along strike and vertically which remain open;
• Additional drill results from the Betty as well as the company's flagship White Gold project and regional exploration work will be announced in due course as results are received and interpreted. The 2022 program has been designed to advance prospective new targets on the Betty and other properties and to increase the company's significant gold resources on the White Gold property.

Mines and Money London

Company management will be attending the Mines and Money London conference from Nov. 29 to Dec. 1, 2022. Interested parties are encouraged to register and request one-on-one meetings. Full details are provided below.

Date: Tuesday, Nov. 29, to Thursday, Dec. 1, 2022

Time: Meetings available from 9 a.m. to 5 p.m. GMT

Register: Mines and Money London website

Overview of results

Betty Ford target

The Betty Ford target is located at the centre of the Betty property and forms an approximately one km long east-west-trending gold-in-soil anomaly with gold values ranging from trace up to 1,961 parts per billion Au. Bedrock exposure in this area is extremely limited and existing property-scale geology maps indicate the area is underlain predominately by metasedimentary rocks comprising quartzite and muscovite and/or biotite schists. The Betty property is strategically located on the eastern extension of the Coffee Creek fault, which hosts Newmont's Coffee deposit.

In 2018, a six-hole RAB (rotary air blast) drilling program by the company tested the central portion of the soil anomaly and three holes encountered gold mineralization, including 0.94 g/t Au over 24.39 m in BETFRDRAB18-001, 1.08 g/t Au over 50.29 m in BETFRDRAB18-002 and 0.75 g/t Au over 13.72 m in BETFRDRAB18-003. Maiden diamond drilling in 2021 intersected a newly identified polylithic breccia unit that hosts significant near-surface gold mineralization (see company news release dated Nov. 17, 2021, available on SEDAR). Hole BETFD21D001 intersected an upper zone of 9.03 g/t Au over one m from six m downhole and 1.17 g/t Au over 48 m from 19 m downhole, while hole BETFD21D003, located 100 m to the east, intersected 3.46 g/t Au over 50 m from 33 m downhole, including a higher-grade core of 4.47 g/t Au over 30 m from 44 m. The 2022 diamond drilling and RC drilling were designed to further evaluate the Betty Ford target to determine the extent and continuity of mineralization.

Betty Ford 2022 results

The 2022 Betty Ford drill program comprised five diamond drill holes totalling 933 m and two RC holes totalling 201.16 m. Assay results have only been received for diamond drill holes BETFD22D007, 008 and 009, while assays remain pending for holes BETFD22D010 and 011 and RC holes BETFD22RC004 and 005.

Hole BETFD22D007 was drilled from the same pad as BETFD21D003 (3.46 g/t Au over 50 m) at an azimuth of 135 degrees (southeast) to test the interpreted gold mineralized zone along strike to the east. Ground permafrost prevented drilling the zone at the optimal orientation directly on section 50 m to the east of BETFD21D003 as originally planned. Hole BETFD22D007 interested a broad zone of gold mineralization returning 1.50 g/t over 55.15 m from 22.85 m downhole. This extends the gold zone approximately 40 m to the east and remains open along strike.

Two holes, BETFD22D008 and 009, were drilled 100 m west of hole BETFD21D001 (1.17 g/t Au over 48 m). Hole BETFD22D009 intersected a broad fault zone, herein named the Betty Ford fault, which appears to truncate the near-surface oxidized and interpreted gold-bearing portion of the breccia unit. Hole BETFD21D004, which was previously drilled approximately 50 m behind hole BETFD22D009, intersected a broad interval of the breccia unit within the interpreted non-gold-bearing sulphide domain. The company's geological team is currently reviewing borehole optical televiewer data and structural information to understand the kinematics of this fault and identify where the near-surface gold-bearing oxide component of the breccia may have been offset.

The current interpretation suggests that the main zones of significant gold mineralization encountered in holes BETFD21D001, BETFD21D003 and BETFD22D007 are hosted in an upper oxidized and transition (oxide to sulphide) zone, which is underlain by a relatively unmineralized sulphide domain within the polylithic breccia unit.

Mascot target

The Mascot target is underlain by diorite to granodiorite intrusive rocks and covers a large cluster of gold soil geochemical anomalies measuring four km east-west by four km north-south. In 2012, previous operator Ethos Gold Corp. carried out an RC drilling program at Mascot, completing 61 holes totalling 7,132 m. Ethos's drilling targeted gold soil anomalies with 50 m sample spacings. In 2020, the company carried out infill soil sampling at 25 m spacings to better define the gold anomalies at the target. Additionally, a recent structural geological interpretation has improved the company's identification of the structural controls on gold mineralization (see company news release dated Aug. 11, 2021, available on SEDAR).

Mascot 2022 results

The 2022 maiden diamond drilling at Mascot tested three of the highest-priority mineralized zones identified in Ethos's 2012 RC program, including the Page zone (2.62 g/t Au and 107 g/t Ag over 41.1 m in hole BETR12-022), the Boop zone (29.75 g/t Au over 3.10 m in BETR12-012 and 2.19 g/t Au over 10.7 m in BETR12-014) and the Davis zone (1.48 g/t Au over 21.3m in BETR12-007) (see Prospector Metals Corp. (formerly Ethos Gold) news release dated June 26, 2012, available on SEDAR).

Prior to initiating the 2022 diamond drilling program, five RC holes totalling 400.8 m were strategically drilled (one at the Page zone, and two holes each at the Boop and Davis zones) primarily to collect borehole optical televiewer data which provided key structural information and helped determine the orientation of structures and mineralized zones. These data were processed and interpreted in near real time and guided the placement and orientation of subsequent diamond drill holes. Consistent with Ethos's RC drilling, the multielement Page zone is enriched in silver, zinc and lead compared with the Boop and Davis zones, which are primarily gold only.

Diamond drill results

The primary goal of the 2022 maiden diamond drill program at Mascot (10 holes, 1,248.8 m) was to determine the nature of alteration and mineralization at the various zones, and to establish the orientation and continuity of the zones. Two holes were drilled at the Boop zone, and four were drilled at each of the Page and Davis zones. Assay results have been received for the Page and Davis zone holes, while results for the Boop holes remain pending.

Davis zone

At the Davis zone, holes BETMAS22D007 and BETMAS22D008 were drilled from the same pad as RC hole BETMASRC004 (1.48 g/t Au over 9.14 m and 4.13 g/t Au over 7.62 m). BETMAS22D007 intersected an upper zone grading 2.85 g/t Au over 3.95 m from 13.75 m downhole and a lower zone which returned 7.42 g/t Au over 1.60 m from 105.90 m downhole. BETMAS22D008 was the strongest hole diamond drilled at Davis and intersected an upper zone grading 2.02 g/t Au over 8.60 m from 17.25 m downhole and a lower zone which graded 1.25 g/t Au over 17.35 m from 68.50 m downhole.

Holes BETMASD009 and BETMAS22D010 were drilled from the same pad located approximately 50 m to the north to test for a strike extension of mineralization in that direction. BETMASD009 intersected 0.59 g/t Au over 16.75 m from 42.95 m downhole, while BETMASD010 intersected an upper zone grading 1.11 g/t Au over 4.50 m from 16.50 m downhole, as well as several additional narrow mineralized intervals.

Preliminary interpretation of Davis suggests that the Au-Ag-As (arsenic) mineralized zones observed in BETMASS22D007 to BETMASS22D010 are associated with corridors of millimetre- to centimetre-scale quartz-sulphide veining, often within or below shear structures. The upper structure in BETMASSD007 (13.75 m), BETMAS22D008 (17.25 m) and BETMAS22D010 (16.50 m) contains quartz vein fragments within strongly oxidized hem-scorodite-clay shears approximately trending north-northwest, dipping northeast. The mineralized intercepts lower in BETMAS22D008 and BETMAS22D009 are within weak to moderate argillic overprinted diorite with mm to cm scale quartz veins and stringer sulphide veinlets. These zones are often associated with local faulting and veining is categorized by quartz-arsenopyrite-pyrite and trace sphalerite. Alteration is limited to proximal to veining and to large-scale structures. The preliminary interpretation suggests continuity of the zones along strike and vertically which remain open.

Page zone

At the Page zone, holes BETMASD003 and BETMASD004 were drilled from the same pad and were collared approximately 10 m east of RC hole BETMASRC003 (0.43 g/t Au and 23.77 g/t Ag over 7.62 m). Hole BETMASD003 intersected 1.56 g/t Au, 60.65 g/t Ag, 1.13 per cent Zn and 0.53 per cent Pb over 2.05 m from 36.40 m downhole, and BETMASD004 intersected 1.44 g/t Au, 145.48 g/t Ag, 1.49 per cent Zn and 0.86 per cent Pb over 3.25 m from 48.95 m downhole. Holes BETMASD005 and BETMASD006 were also drilled from the same pad located approximately 50 m to the southeast to test for a strike extension of mineralization in that direction. Hole BETMASD005 intersected 1.51 g/t Au, 97.5 g/t Ag, 2.10 per cent Zn and 0.75 per cent Pb over 2.70 m from 53.80m downhole, while hole BETMASD006 returned the strongest results of the four holes with 1.13 g/t Au, 33.71 g/t Ag, 0.37 per cent Zn and 0.20 per cent Pb over 14.80 m from 86.50 m downhole.

Mineralization in these zones is associated with polymetallic veins and moderately clay altered, weakly oxidized structures with gouge-hosted sulphides. Sphalerite, galena and pyrite are observed within this zone. Preliminary interpretation suggests that Au-Ag-Zn-Pb mineralization at Page is structurally controlled within one or more corridors and discreet hangingwall veins. The preliminary interpretation suggests continuity of the zone along strike and vertically which remains open.

About the Betty property

The Betty property comprises 860 quartz claims which cover an area of 17,127 hectares and is strategically located contiguous to and 15 km northeast of Western Copper and Gold's Casino porphyry deposit and 40 km east of Newmont's Coffee gold deposit.

The property hosts several early-stage exploration targets, including the Betty Ford, Betty White, Betty Grable, Betty Black and Mascot targets. The property was originally staked in 2010 and since that time has seen intermittent exploration. Early work from 2010 to 2013 was carried out by Ethos Gold which completed soil geochemistry surveys (coarse grid), airborne magnetic and radiometric surveys, the acquisition of high-resolution satellite imagery, trenching, and reverse circulation (RC) drilling. The majority of Ethos's work was focused in the Mascot target area, leaving large portions of the property underexplored. More recent work has included mapping and prospecting, infill soil geochemistry sampling, ground geophysical surveys (induced polarization-resistivity, and magnetics -- very-low-frequency electromagnetic), lidar surveys, GT probe sampling, and RAB drilling in 2018. Significant historical RC and RAB drilling results include 2.62 g/t Au over 41.1 m in hole BETR12-022, 29.75 g/t Au over 3.1 m in BETR12-012 and 2.19 g/t Au over 10.7 m in BETR12-014 in Ethos RC drilling at the Mascot target, and 1.08 g/t Au over 50.29 m in hole BETFRDRAB18-002 in 2018 RAB drilling by the company at the Betty Ford target.

The Betty property is underlain primarily by Late Devonian metasedimentary rocks of the Snowcap assemblage which have been intruded by the Middle Cretaceous Dawson Range granodiorite and diorite in the southern portion of the property. The structural geological setting of the property area is complex with four major fault arrays being recognized: 1) west-northwest-trending Yukon River shear zone (YRSZ); 2) east-west-trending Coffee Creek fault; 3) northwest-trending Big Creek fault; and 4) northeast-trending Dip Creek fault. The earliest faults are west- to west-northwest-trending, southerly verging thrust faults (later movement is dextral strike slip), including the Coffee Creek fault and Yukon River shear zone, and northwest-trending oblique second order faults. Later fault systems include the northwest-trending Big Creek fault and the northeast-trending Dip Creek fault. Additional second- and third-order faults also developed at this time, possibly in the Mid- to Late Cretaceous. The most important structures controlling gold mineralization as outlined by soil geochemistry appear to be second- and third-order northeast-trending and west-trending structures. These areas include the Betty Ford, Betty White, Betty Grable and Mascot zones. More rarely gold mineralization appears to be associated with regional-scale structures as is the case with the Betty Black zone on the Coffee Creek fault. Based on soil geochemistry and structural interpretations, the property is prospective for several styles of mineralization, including orogenic gold, intrusion-related gold and porphyry copper (gold/molybdenum) mineralization.

Quality assurance/quality control

Analytical work for the 2022 diamond drilling program was performed by Bureau Veritas, 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 the PRP70-250 package, where samples were weighed, dried and crushed to greater than 70 per cent passing a two mm sieve, then pulverized to greater than 85 per cent passing 75 microns. Core were then analyzed in accordance with BV's FA430 and MA250 packages, for both gold analysis by fire assay (30-gram fire assay with atomic absorption spectroscopy finish) and ultratrace multielement inductively coupled plasma analysis (0.25-gram, four-acid digestion and inductively coupled plasma mass spectrometry analysis).

The reported diamond drilling sampling program work was completed using industry-standard procedures, including a quality assurance/quality control program consisting of the insertion of standards and blank samples into the sample stream. BV also runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.

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 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 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 with measured and indicated resources of 2.17 Moz at 1.46 g/t Au and inferred resources of 50,000 oz at 1.32 g/t Au, and Western Copper and Gold's Casino project which has measured and indicated resources of 14.8 Moz Au and 7.6 Blb Cu and inferred resources of 6.3 Moz Au and 3.1 Blb Cu.

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.