Mr. David D'Onofrio reports

WHITE GOLD CORP. INTERSECTS SIGNIFICANT ADDITIONAL GOLD MINERALIZATION INCLUDING 5.34 G/T GOLD OVER 10.85M FURTHER EXTENDING MINERALIZATION ALONG STRIKE AT THE RYAN'S SURPRISE TARGET ON ITS FLAGSHIP WHITE GOLD PROPERTY, YUKON, CANADA

White Gold Corp. has released positive assay results for its 2022 diamond drilling program on the Ryan's Surprise target, which is located approximately two kilometres west of its flagship Golden Saddle and Arc deposits, and 11 km south of the company's VG deposit on the Ryan's trend, a 6.5 km long by one km wide north-northwest trend of anomalous gold and arsenic in soils. Hole WHTRS22D029 encountered several zones of significant gold mineralization, including 5.34 grams per tonne (g/t) gold (Au) over 10.85 m, and represents a 50 m extension of mineralization along strike to the southeast. A mineralized footprint at the Ryan's Surprise target of approximately 450 m east-west by 450 m north-south and to a vertical depth of 450 m has been defined to date, which remains open in all directions. The Golden Saddle and Arc deposits have a combined 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, and the VG deposit hosts an inferred gold resource of 267,600 ounces at 1.62 g/t Au. These assays represent positive results from the company's $6-million 2022 exploration program on its extensive and underexplored 350,000-hectare land package in the emerging White Gold district, Yukon, supported by strategic partners including Agnico Eagle Mines Ltd. and Kinross Gold Corp.

"We are very pleased to have further expanded and infilled the large footprint of gold mineralization at the Ryan's Surprise. Mineralization remains open in all directions, with hole 29 this year ranking amongst the best holes drilled to date at this target. We believe that the Ryan's Surprise target has the ability to meaningfully increase the size of our significant gold resources, and look forward to conducting an initial resource estimate at this target which hosts high-grade and bulk-tonnage mineralization. We also look forward to the results from the drilling on several other prospective targets on the Ryan's trend to demonstrate additional gold mineralization along the trend and the potential for further expansion of our significant gold resources in this area," stated David D'Onofrio, chief executive officer.

Maps accompanying this news release can be found at the company's website.

Highlights:

• Drilling at the Ryan's Surprise target has now encountered gold mineralization over an area measuring approximately 450 m east-west by 450 m north-south and to a vertical depth of 450 m, and remains open in all directions;
• All 2022 diamond holes at Ryan's Surprise intersected gold mineralization with significant results including:
  • WHTRS22D029: a lower zone of 5.34 g/t Au over 10.85 m from 266.5 m depth including 37.7 g/t Au over 0.85 m, and multiple upper zones, including 1.26 g/t Au over 11.15 m from 99.85 m depth and 2.74 g/t Au over 4.5 m from 75 m depth;
  • WHTRS22D032: multiple zones, including 4.47 g/t Au over 1.4 m from 95.3 m depth, 0.58 g/t Au over 17.5 m from 179 m depth, 8.03 g/t Au over 0.55 m from 219.65 m depth and 0.69 g/t Au over 14.35 m from 315.25 m depth, including 2.88 g/t Au over 1.8 m.
• Drilling in 2022 at Ryan's Surprise followed up on drilling between 2018 and 2021 which identified significant zones of gold mineralization, with highlights including 20.64 g/t Au over 6.1 m in WHTRYN18RC0001, 2.1 g/t Au over 31.78 m in WHTRS19D012, 8.69 g/t Au over 12.3 m in WHTRS20D018 and 17.4 g/t Au over 3.47 m in WHTRS20D013;
• WHTRS22D029 extended mineralization by 50 m along strike to the southeast, which continues to remain open;
• Three-dimensional geological modelling of the mineralization for Ryan's Surprise is currently being updated in advance of an initial mineral resource estimate to be carried out in 2023;
• Additional exploration on the property in 2022 included diamond drilling at Ulli's Ridge, the gap area between Ulli's Ridge and Ryan's Surprise, and a focused prospecting program on other targets along the 6.5 km long Ryan's trend, including follow-up rotary air blast (RAB) drilling. Results from this part of the program will be announced in due course as results are received and interpreted.

Exploration program 2022

The 2022 diamond drilling program at Ryan's Surprise and Ulli's Ridge comprised nine holes totalling 2,685 m, which further tested three separate target areas with the following objectives:

1. Drilling at Ryan's Surprise to provide sufficient drill spacing to conduct an initial mineral resource estimate;
2. The gap area between the Ryan's Surprise and Ulli's Ridge targets to identify the possible continuation of mineralization at the Ryan's Surprise to the south, and if Ryan's Surprise and Ulli's Ridge may form part of the same mineralized zone;
3. The area around the newly discovered high-grade gold zone at Ulli's Ridge, where hole WHTULR21D004 intersected 6.94 g/t Au over 19.5 m, as well as an untested area of the soil anomaly 300 m northwest of the high-grade discovery.

Results from the Gap and Ulli's Ridge areas are pending and will be announced in due course as results are received and interpreted.

Ryan's Surprise target

Gold mineralization was initially discovered at Ryan's Surprise by Kinross in 2011 with diamond drill hole WGRS11D0003 returning 6.34 g/t Au over 6.56 m and 3.88 g/t Au over three m. Subsequent drilling by the company since 2018 has continued to encounter significant gold mineralization in multiple zones which remain open along strike and down-dip, with grades up to 20.64 g/t over 6.1 m (see company news release dated Sep. 6, 2018). In 2019, maiden diamond drilling at Ryan's Surprise intersected 2.1 g/t Au over 31.78 m in WHTRS19D012 (see company news release dated Sep. 25, 2019) and diamond drilling in 2020 returned several high-grade gold intercepts, including 17.40 g/t Au over 3.47 m in hole WHTRS20D013, 10.96 g/t Au over 3.76 m in hole WHTRS20D017 and 8.69 g/t Au over 12.3 m in hole WHTRS20D018 (see company news release dated Oct. 14, 2020). In 2021, diamond drilling further expanded gold mineralization and returned gold intercepts, including 10.36 g/t Au over 3.25 m in WHTRS21D026, 1.66 g/t Au over 25.5 m in WHTRSD020 and 1.88 g/t Au over 15 m in WHTRS21D019 (see company news release dated Nov. 8, 2021).

The geology of the Ryan's Surprise area consists of two primary lithological packages, an upper hanging wall mafic to ultramafic package comprising amphibolite and pyroxenite, and an underlying metasedimentary sequence of metaquartzite, biotite-quartz-feldspar gneiss and minor biotite schist. The contact between the two packages strikes northwest, is relatively flat lying and appears to be a possible thrust fault. Ryan's Surprise is located along the broader 6.5 km long north-northwest gold-arsenic geochemical trend. Gold mineralization at the Ryan's Surprise target is hosted within a series of subparallel, echelon-style vein-filled fractures and structures which range in width between 10 m, and dip steeply to the south-southwest. Located less than one km away and within the Ryan's trend, the Ulli's Ridge target may represent the continued extension of these vein sets observed at Ryan's Surprise. Additional extensional drilling in 2022 to test the continuity of the zone between the two targets was completed, and results of this drilling will be announced in due course.

Drilling at Ryan's Surprise target

Four holes were drilled at the Ryan's Surprise target to provide sufficient drill spacing required to carry out an initial mineral resource estimate. The highlight of this drilling was hole WHTRS22D029, which intersected an upper zone grading 1.26 g/t Au over 11.15 m from 99.85 m downhole and a lower main zone which returned 5.35 g/t Au over 10.85 m from 266.5 m downhole. Higher-grade subintervals within this latter zone included 37.7 g/t Au over 0.85 m and 21.30 g/t Au over 0.95 m. These zones remain open to the east and down-dip, and additional diamond drilling is recommended to further expand the mineralization. Hole WHTRS22D032, which was drilled in the central portion of Ryan's Surprise, intersected broad zones of mineralization, including 0.58 g/t Au over 17.5 m from 179 m downhole and 0.69 g/t Au over 14.35 m from 315.25 m. Higher-grade mineralization was also encountered, including 4.47 g/t over 1.4 m from 95.3 m and 8.03 g/t Au over 0.55 m from 219.65 m. The company is currently updating the mineralization model for Ryan's Surprise in preparation for an initial mineral resource estimate which is expected to be completed in 2023.

Quality assurance/quality control

Analytical work for the 2022 diamond drilling program was performed by Bureau Veritas (BV), 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-millimetre sieve, then pulverized to greater than 85 per cent passing 75 microns. Core was then analyzed in accordance with BV's FA430 and MA250 packages, for both gold analysis by fire assay (30-gram fire assay with AAS (atomic absorption spectroscopy) finish) and ultratrace multielement ICP (inductively coupled plasma) analysis (0.25 g, four-acid digestion and ICP-MS (inductively coupled plasma mass spectrometry) analysis).

The reported diamond drilling sampling program work was completed using industry standard procedures, including a QA/QC 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 Corp. with measured and indicated resources of 2.17 million ounces (Moz) at 1.46 g/t Au and inferred resources of 50,000 ounces at 1.32 g/t Au, and Western Copper and Gold Corp.'s Casino project which has measured and indicated resources of 14.8 Moz Au and 7.6 billion pounds (Blb) Cu, and inferred resources of 6.3 Moz Au and 3.1 Blb 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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