Mr. David D Onofrio reports

WHITE GOLD CORP. FURTHER OUTLINES TWO LARGE COPPER-MOLYBDENUM PORPHYRY TARGETS IN CLOSE PROXIMITY TO THE CASINO COPPER-GOLD PORPHYRY DEPOSIT

White Gold Corp. has released an exploration update on two large copper-molybdenum porphyry targets on its Pedlar and Hayes properties situated in the southern portion of its 350,000-hectare land package, located approximately 25 kilometres northeast and 30 km east of Western Copper and Gold Corp.'s Casino copper-gold porphyry deposit, respectively. The Casino deposit has measured and indicated resources of 7.6 Blb (billion pounds) copper and 14.8 Moz (million ounces) gold and inferred resources of 3.1 Blb copper and 6.3 Moz gold; it is contiguous to the company's Betty property. The company is primarily targeting similar Casino-style porphyry mineralization on these early-stage projects. These results form part of the company's 2022 $6-million exploration program on its extensive and underexplored land package in the emerging White Gold district, Yukon, supported by strategic partners including Agnico Eagle Mines Ltd. and Kinross Gold Corp.

Terry Brace, VP (vice-president) of exploration, stated: "Our primary exploration focus is discovering new orogenic gold deposits in the White Gold district and growing our existing gold resources. However, the Yukon is rich in various other metals which is also the case in our large land package. The Bridget porphyry target on the Pedlar property has been known for decades but has seen minimal exploration and no diamond drilling. The Hayes is a recently identified porphyry target and has seen only soil sampling and limited mapping and prospecting. The soil geochemistry anomalies at both targets have the earmarks of large porphyry systems, with apparent mineralization footprints in the order of several kilometres each, which, in combination to their proximity to the Casino deposit, make them very compelling targets warranting further exploration work."

"The Yukon is an area with vast mineral potential that remains largely underexplored. The recent investment in the Yukon, and in particular the White Gold district by numerous major mining companies further enhances our belief in the robust mineral potential. White Gold's large land package and unique exploration methodologies, which have led to several significant high-grade gold discoveries already, represents a truly unique district-scale opportunity in a premier underexplored district in a Tier 1 mining jurisdiction," stated David D'Onofrio, chief executive officer of the company.

Highlights

• The Bridget soil anomaly on the Pedlar property measures three km northwest-southeast by 3.5 km northeast-southwest and is interpreted to represent a copper-molybdenum porphyry target. It is geochemically zoned with a molybdenum-copper-bismuth core and a silver-zinc-lead-tungsten halo. Rock grab samples collected on the Pedlar property in 2022 included copper-gold-silver values up to 1,425 ppm (parts per million) Cu, 0.421 g/t (gram per tonne) gold and 5.588 g/t Ag which were returned from a sample located approximately three km east of the main Bridget target suggesting the potential for further expansion of the already-large footprint.
• The Hayes soil anomaly is a newly discovered target which measures two km east-west by 1.5 km north-south and is interpreted to represent a copper-molybdenum porphyry target. It is geochemically zoned with a bismuth-arsenic-copper-molybdenum core and a silver-zinc-lead halo. Rock grab samples collected at the Hayes target included 730.6 to 1,269.2 ppm Cu.
• The results on both targets and their proximity to other porphyry deposits validate their porphyry potential and warrants additional exploration, including induced polarization/resistivity surveys and initial diamond drilling to further evaluate their potential.
• The company also continues to work on its updated mineral resource estimate to incorporate the results from drilling at the Ryan's Surprise target into its flagship Golden Saddle, Arc & VG gold deposits; it aims to release the update in the near term.
• Details of the company's fully financed 2023 exploration program focused on new discovery follow-up, target evaluation and continued regional exploration to be announced in the coming weeks.

Overview

The Bridget and recently identified Hayes soil geochemical anomalies represent highly prospective early-stage porphyry targets in an area with several significant existing porphyry deposits that warrant additional exploration. The company's immediate goal is to develop a better understanding of the alteration and mineralization system at the targets, followed by diamond drill testing as warranted. Induced polarization/resistivity surveys are required to better define the character of the targets at depth. Additionally, the geochemistry of surface rock samples which were collected during the 2022 field season will be examined in detail, and the samples will be scanned with an ASD Terraspec mineral analyzer to aid in identifying associated alteration mineral assemblages.

Regional setting -- the Dawson range

The Dawson range forms an east-southeast trending mountain range which hosts several important mineral deposits and prospects, including the Casino porphyry copper-gold deposit in the west. In the southeast near the community of Carmacks, the Minto mine contains resources of 356 Mlb (million pounds) copper, 189,000 ounces gold and 1.7 Moz silver in indicated resources, and 370 Mlb copper, 207,000 ounces gold and 1.9 Moz silver in inferred resources (Minto Metals Corp.); the Carmacks Copper project hosts 652 Mlb copper, 302,000 ounces gold and 3.8 Moz silver in measured and indicated resources, and 38 Mlb copper, 13,000 ounces gold and 215,000 ounces silver in inferred resources (Granite Creek Copper Ltd.) -- both are interpreted to represent metamorphosed Cu-Au-Ag porphyry deposits. Porphyry deposits in the Dawson Range can be divided into two major ages, Late Triassic (Minto and Carmacks) and Late Cretaceous (Casino, Cash and Revenue). In addition to porphyry mineralization, epithermal, skarn and polymetallic to gold-dominant mineralized veins, breccias and fracture zones also occur throughout the Dawson range. In recent years, this area has drawn increased attention and investment from both junior and major mining companies due to its high mineral potential.

Pedlar property

The Pedlar property was first explored by Silver Standard Mines Ltd. and Asarco Exploration Company of Canada Ltd. in the early 1970s following the discovery of the Casino porphyry deposit located 25 km to the southwest. A series of regional silt samples, soil sampling, and geophysical programs by Silver Standard in 1971 and 1972, led to the discovery of a significant copper-molybdenum geochemical anomaly now known as the Bridget target. Since its initial discovery, the Bridget target has seen intermittent exploration by various operators, including Shawn Ryan and Ethos Gold Corp. (now Prospector Metals Corp.). The limited exploration to date has continued to expand the anomaly's known footprint measuring three km northwest-southeast by 3.5 km northeast-southwest through soil geochemical sampling, prospecting, mapping and geophysical surveys. In 2016, White Gold Corp. acquired ownership of the property and has continued to advance the project through soil sampling, geological mapping and prospecting, and, in 2018, rotary air blast (RAB) drilling (10 holes totalling 548.6 m). The RAB holes were short testing to a maximum vertical depth of only 70 m. Hole PEDBRGRAB18-009 intersected two narrow intervals of molybdenum mineralization including 622.3 ppm Mo over 1.5 m from 12.2 m, and 631.9 ppm Mo over 1.5 m from 30.5 m.

Geological and structural mapping at the Bridget target in 2018 by consulting structural geologist Dr. Michael Cooley indicates that the bedrock geology is characterized by west-northwest-east-southeast-trending units. Hornblende gneiss dominates in the northern part of the area, with a narrow (300-metre) zone of felsic gneiss at the centre, and metasedimentary schist and gneiss in the southern half of the area that includes a distinctive megacrystic kyanite-andalusite bearing unit and marble units that are largely altered to calc-silicate skarn. At least two distinct generations of felsic dikes and sills that strike northwest-southeast to east-west were recognized: (1) quartz eye granite dikes/sills; and (2) aplite dikes/sills. Field evidence for a porphyry mineralization model includes shreddy biotite, local occurrences of magnetite alteration and potassic alteration where molybdenite was observed in quartz veinlets in float.

Analytical results for rock grab samples collected during the 2022 mapping and prospecting program at the Bridget target were generally consistent with the chemical zonation displayed in the soil geochemistry and complimented historical results on the property. The highest copper-gold-silver values (1,425 ppm Cu, 0.421 g/t Au and 5.588 g/t Ag) were returned from a sample located approximately three km east of the main Bridget target along a series of previously unmapped ridge and spur soil samples (13 samples, 600 m long, Cu values up to 465.5 ppm Cu) suggesting the potential for the further expansion of the already large footprint.

Additional fieldwork on the Pedlar property in 2022 approximately 15 km from the main Bridget target consisted of a soil geochemistry survey in the southeastern portion of the property and mapping and prospecting primarily in the Bridget target area. The soil survey was designed to follow up on previous reconnaissance ridge and spur soil sampling to identify new targets on the Pedlar property and comprised a total of 452 soil samples which were collected at 50 m sample intervals on 100-metre spaced survey lines. The soil grid covered an area measuring two km southeast-northwest by one km northeast-southwest over an area underlain by Minto suite intrusive rocks which are prospective for copper-gold-silver porphyry mineralization. The soil survey did not identify additional significant copper-gold-silver anomalies in this area of the property.

Hayes property

A soil geochemistry survey in 2021 identified a new multielement anomaly in the north-central part of the Hayes property located approximately five km south of the Yukon River (see the company's news release dated April 21, 2022). During the 2022 field season, additional soil sampling was carried out to extend coverage peripheral to the anomaly and extending several kilometres to the northwest to cover similar prospective geology.

The known soil anomaly measures approximately two km east-west by 1.5 km north-south and forms 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 geochemical zonation and elemental distributions indicate that the anomaly may represent the surface expression of a copper-molybdenum porphyry core surrounded by epithermal style silver-lead-zinc mineralization.

Follow-up geological mapping and prospecting in the Hayes soil anomaly area has returned anomalous copper values from the core area of the soil anomaly, with three grab samples returning from 730.6 to 1,269.2 ppm Cu.

The Prospector Mountain suite plug and associated Hayes soil anomaly are located in the hanging wall of the Yukon River thrust that thrusts rocks of the Simpson range suite over Snowcap assemblage. The anomaly appears to be confined to a single fault block between two major west-northwest-east-southeast-trending faults and two northwest-southeast-trending second order faults. The west-northwest-east-southeast faults are subparallel to the Yukon River thrust and Pyroxenite fault located 4.5 km and 1.5 km south, respectively, of the anomaly. The company considers the close proximity of the Hayes target to a possible crustal-scale fault as favourable for the development of hydrothermal and mineralizing systems.

Sampling methods and analysis

Soil samples

All 2022 soil geochemistry surveys were contracted to Groundtruth Exploration Inc. of Dawson City, Yukon. Field technicians navigated to preplanned sample sites using hand-held GPS (global positioning system) units and collected C-Horizon soil samples using an Eijklcamp brand hand auger at a depth of between 20 centimetres and 110 cm. 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 way point 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 2022 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 North 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 analysis (Code AQ201). BV is an ISO 9001:2008 accredited facility, certificate number FM63007.

Prospecting rock samples

All 2022 prospecting and mapping work was completed by White Gold Corp. field personnel. Geologists completed field mapping traverses over soil geochemical anomalies to locate, identify, and characterize the source of the targeted anomalies. Structural measurements were collected using a structural mapping compass, with field notes collected and recorded in a hand-held digital logging device. Rock samples selected for assay were placed in a poly sample bag with its corresponding sample tag and then sealed shut. The GPS location of the sample site is recorded with a GPS unit, and the way point location is labelled with the project name and the sample identification number. The weather-proof hand-held device equipped with a bar code scanner is used in the field to record the descriptive attributes of the sample. At the end of each day, all samples were transported back to a secure location, where they awaited transport to the laboratory.

Analytical work for all 2022 prospecting rock samples was performed by Bureau Veritas (BV) Canada, with preparation completed at its Whitehorse, Yukon, facility and analysis at its hub laboratory located in North Vancouver, B.C. All rock 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. Rock samples were analyzed in accordance with BV's FA430 and MA250 packages, for both gold analysis by fire assay (30g fire assay with AAS finish) and ultratrace multielement ICP analysis (0.25 g, four-acid digestion and ICP-MS analysis). BV runs a comprehensive QA/QC (quality assurance/quality control) program of standards, duplicates and blanks within each sample stream.

Qualified person

Mr. 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; he has reviewed and approved the content of this news release.

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 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 indicated resources of 2.14 Moz at 1.23 g/t Au, and inferred resources of 230,000 ounces at 1.01 g/t Au, and Western Copper and Gold Corp.'s Casino project, which has measured and indicated resources of 7.6 Blb Cu and 14.5 Moz Au, and inferred resources of 3.3 Blb Cu and 6.6 Moz Au.

We seek Safe Harbor.