Mr. David D'Onofrio reports

WHITE GOLD CORP. SIGNIFICANTLY INCREASES INFERRED RESOURCES BY 41% AT ITS FLAGSHIP WHITE GOLD PROJECT AND REPORTS 1,152,900 GOLD OUNCES IN INDICATED RESOURCES AND 942,400 GOLD OUNCES IN INFERRED RESOURCES, YUKON, CANADA

White Gold Corp. has released an updated mineral resource estimate (MRE) for its flagship White Gold project located approximately 95 kilometres south of Dawson City in west-central Yukon, Canada. The White Gold project now comprises 16 million tonnes (Mt) averaging 2.23 grams per tonne (g/t) gold (Au) for 1,152,900 ounces (oz) of gold in the indicated resource category and 19 million tonnes averaging 1.54 g/t Au for 942,400 ounces of gold in the inferred resource category. Exploration programs supporting the MRE have been backed by partners Agnico Eagle Mines Ltd. and Kinross Gold Corp.

Highlights:

• Updated MRE includes four gold deposits -- Golden Saddle, Arc, Ryan's Surprise and VG, within 12 km of each other, and comprises:
  • 16.11 million tonnes of indicated resources averaging 2.23 grams per tonne gold for 1.15 million ounces of gold, representing 55 per cent of total resources;
  • 18.99 million tonnes of inferred resources averaging 1.54 grams per tonne gold for 942,400 ounces of gold, representing 45 per cent of total resources.
• Updated MRE includes a maiden resource estimate for the Ryan's Surprise deposit with an inferred resource of 227,700 ounces of gold averaging 1.97 grams per tonne gold;
• The Ryan's Surprise deposit is located 1.5 km west of the Golden Saddle and Arc deposits, and along the Ryan's trend, a 6.5 km long gold-arsenic geochemical anomaly which hosts additional prospective gold targets;
• Inferred mineral resources have increased by 41 per cent compared with previous MREs for the Golden Saddle and Arc deposits in 2020, and the VG deposit in 2021;
• 94 per cent of the resources are near surface, with open-pittable indicated resources of 1.12 million ounces of gold averaging 2.2 grams per tonne gold and open-pittable inferred resources of 853,000 ounces of gold averaging 1.46 grams per tonne gold;
• Mineralization at the Golden Saddle, Arc, Ryan's Surprise and VG deposits all remain open along strike and down dip, with opportunities to further expand and upgrade resources in addition to multiple underexplored targets in close proximity to the deposits;
• The company is currently planning its fully financed 2023 exploration program, focusing on recent high-grade gold discoveries and undrilled targets, with details to be announced in due course.

"We are very pleased with the significant increase in our mineral resources. In a relatively short period of time, we have delineated a very large gold resource, with significant opportunity for continued expansion. The White Gold project now ranks amongst the largest primarily open-pit deposits at such high grades in Canada owned by an exploration company. The updated and increased resource is a testament to the success of our technical team, our systematic data-driven exploration methodologies and the expansiveness of gold mineralization in the White Gold district. The company's efficient and scalable exploration methodology clearly demonstrates the vast potential within the property and the district to efficiently add high-quality gold ounces. We would like to thank all our partners and stakeholders for their continued support in what we believe is the early days for the development of the White Gold district into a significant new Canadian mining camp," stated David D'Onofrio, chief executive officer.

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

Mineral resource estimate details

The current MRE for the White Gold project was carried out by Arseneau Consulting Services (ACS) of Vancouver, B.C., and is reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101, and has been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (CIM) estimation and mineral resource and mineral reserve best practices guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The MRE presents updated estimates for the Golden Saddle and Arc deposits and the VG deposit, and a maiden estimate for the Ryan's Surprise deposit. The MRE incorporates all diamond and reverse circulation (RC) drilling data completed by White Gold and previous property owners.

The updated MRE was prepared using a block model approach using ordinary kriging interpolation for the Golden Saddle, Arc and VG deposits, and inverse distance squared (ID2) interpolation for the Ryan's Surprise deposit. Block model sizes varied between deposits as follows: Golden Saddle and Arc (10 metres); Ryan's Surprise (five m to 10 m); and VG (10 m to 20 m). GEMS 6.8.4 software was used for generating gold mineralization solids, a topography surface and resource estimation. Statistical analysis and resource validations were performed using non-commercial software and with Sage2001. Near-surface resources were constrained using GEOVIA Whittle pit-optimization software. Pit slopes in rock were assumed at 50 degrees, and the MRE assumes a long-term gold price of $1,800 (U.S.) per ounce. Gold recoveries used were 92 per cent for the Golden Saddle and VG deposits, and 85 per cent for the Arc and Ryan's Surprise deposits. Gold recoveries are based on metallurgical testwork results for the Golden Saddle and Arc deposits, and are assumed for the Ryan's Surprise and VG deposits based on their close similarities to the Arc and Golden Saddle deposits, respectively.

Mineralization on portions of both the Golden Saddle and Arc deposits are known to extend beyond the limits of the current resource estimate, however, the mineralization in these areas does not currently meet the criteria to be classified as mineral resources. Based on drilling at Golden Saddle and current geologic models, there is an estimated 10 million to 12 million additional tonnes grading between one g/t and two g/t Au of material classified as a target for further exploration (TFFE). The reader should be cautioned that the potential quantity and grade of the TFFE is conceptual in nature. There has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being advanced to a mineral resource.

A technical report to support the MRE for the White Gold project, prepared in accordance with NI 43-101, will be filed on SEDAR and the company's website within 45 days of the issuance of this news release.

White Gold district

West-central Yukon is host to several highly prospective mineral districts, including the White Gold, Dawson Range, Klondike and Sixtymile districts. The Klondike was the epicentre of the historic Klondike gold rush in 1896, with over 20 million ounces of placer gold production having occurred in the region since that time. The company's property portfolio, which covers large portions of the White Gold district, was assembled by renowned prospector Shawn Ryan, and represents the largest claim package in the region, consisting of 17,584 claims across 30 properties, and covering approximately 350,000 hectares. Two significant advanced projects border the company's claims in the south, including the Coffee project owned by Newmont Corp. with indicated resources of 2.14 million ounces (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 billion pounds Cu (copper) and 14.5 Moz Au, and inferred resources of 3.3 billion pounds Cu and 6.6 Moz Au. The region has seen significant investment by various other major mining companies recently, and the Yukon is consistently ranked as a top 10 mining jurisdiction on the investment attractiveness index based on the Fraser Institute's annual survey of mining companies.

The Golden Saddle and Arc deposits were originally discovered by Underworld Resources Inc. and, shortly thereafter, acquired by Kinross in a deal valued at approximately $139-million. In mid-2017, the company acquired Kinross's Yukon gold properties (see company news release dated June 14, 2017) which included the Golden Saddle and Arc deposits, and has significantly increased the size of these deposits since that time, in addition to discovering and delineating new zones in close proximity, including the GS West and Ryan's Surprise. The company has advanced the Ryan's Surprise target since 2018, and the resource estimate reported herein represents the maiden MRE for this deposit. The VG deposit was discovered by Comstock Metals Ltd. in 2012, and in early-2019, the company acquired the property from Comstock given its close proximity and similarities to the Golden Saddle deposit. All four near-surface deposits are interpreted to represent structurally-controlled orogenic gold deposits, collectively form the company's gold resource base in the heart of its large land package, and remain open for expansion.

Golden Saddle deposit

The Golden Saddle deposit is located 95 km south of Dawson City on the company's White Gold property, which is supported by the fully operational Thistle exploration camp with airstrip and barge access, and up-to-100-person capacity. The deposit consists of the GS Main, GS Footwall and GS West zones and, together, the zones define mineralization over a 1,500 m strike length and up to 725 m down dip. Currently, the GS Main is the most significant zone in terms of estimated ounces and overall grade, containing approximately 95 per cent of the indicated ounces within the overall Golden Saddle deposit.

Gold mineralization at the Golden Saddle deposit is hosted in a meta-volcanic and meta-intrusive assemblage broadly consisting of felsic orthogneiss, amphibolite and ultramafic units. Gold generally occurs as micron-scale blebs along fractures or encapsulated by pyrite, and as visible gold (less than five millimetres in size) located as free grains in quartz. Mineralization is present in quartz veins and stockwork or breccia with disseminated pyrite. Drill hole intersected gold mineralization is spatially co-incident with structures, and structures or faults which are interpreted to be the primary conduits for hydrothermal fluids responsible for gold deposition. The thicknesses of the mineralization and breccia zones are variable from five m to over 50 m, and they pinch and swell along strike. A consistent higher-grade core (over three g/t Au) occurs within the main zone at Golden Saddle. Gold mineralization at the Golden Saddle deposit remains open in all directions and is known to extend beyond the limits of the current resource estimate, however, the mineralization in these areas does not currently meet the criteria to be classified as mineral resources.

Arc deposit

The Arc deposit is located approximately 400 m south of the Golden Saddle and consists of two zones, the Arc Main and Arc Footwall zones, both trending east-northeast and dipping to the north at approximately 50 degrees. Mineralization at the Arc has been defined over 1,200 m in strike length and up to 450 m down dip, with mineralization open along strike and down dip. Gold mineralization at the Arc deposit is less well understood than the Golden Saddle, which is partially a function of drilling at the Arc deposit being more widely spaced. Gold mineralization is hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist that is cross-cut by numerous felsic to intermediate dikes and sills.

Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Drilling has defined an upper main zone as well as a lower footwall zone of anomalous gold but of lesser tenure than the main upper zone. Mineralization remains open to the east, west and at depth. The occurrence of gold at Arc is not well understood but appears to be associated with disseminated and veined pyrite, arsenopyrite and graphite.

Ryan's Surprise deposit

Ryan's Surprise is located 1.5 km west of the Golden Saddle deposit, along a 6.5 km long by one km wide north-northwest trend of anomalous gold and arsenic in soils (Ryan's trend), which also hosts several other prospective early-stage targets in close proximity with significant surface gold mineralization and represent further potential for expansion of this project. Gold mineralization at the Ryan's Surprise deposit is primarily hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist crosscut by numerous felsic to intermediate dikes and sills.

Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Recent drilling has defined multiple subparallel zones that are host to gold-bearing sulphide mineralization, including arsenopyrite and pyrite, and range in true width from less than one m to, in some instances, over 10 m. The mineralization footprint at the Ryan's Surprise deposit measures approximately 550 m north-south by 500 m east-west to a vertical depth of 650 m, remains open along strike and at depth. The occurrence of gold at Ryan's Surprise has not been evaluated, and no metallurgical testwork has been undertaken to understand the possible gold deportment. However, the host rocks, alteration and sulphide mineralization display many similarities to the Arc deposit.

VG deposit

The VG deposit is located approximately 85 km south of Dawson City and 11 km north of the Golden Saddle deposit. Gold mineralization at the VG deposit is hosted in quartz-plus-or-minus-carbonate veins, stockwork and breccia zones, and pyrite veinlets, including cubic pyrite and visible gold, associated with intense-quartz-carbonate-sericite alteration, pervasive K-spar and hematite emplaced along en-echelon faults or shear zones. Visually, the style of gold mineralization and alteration appears identical to the Golden Saddle deposit, along with similar dominant host rocks of biotite-feldspar-(plus or minus augen)-quartz gneisses. To date, no metallurgical testwork has been performed on the VG mineralization, however, given its close similarities to Golden Saddle, gold recoveries are assumed to be similar. Opportunities exist at the VG deposit to quickly upgrade a significant portion of inferred resources to indicated, as well as for expansion of gold mineralization at depth and along strike. There are also several other prospective targets on the property which have received limited exploration work and offer potential for additional discoveries.

Qualified persons, technical information and quality control

The MRE for the White Gold project was prepared by Dr. Gilles Arseneau of Arseneau Consulting Services (ACS), an independent qualified person as defined under National Instrument 43-101, who has reviewed and approved the contents of this news release. The technical content of this news release has also been reviewed and approved by Terry Brace, PGeo, vice-president of exploration for the company, who is also a QP as defined under NI 43-101 -- Standards of Disclosure of Mineral Projects.

Quality assurance/quality control

White Gold's drill core sampling consisted of collecting samples over 0.50 m to 2.50 m intervals (depending on lithology and style of mineralization) over the entire hole length. RC samples were collected at continuous 1.5 m intervals. All drill core was cut in half using a diamond saw, with half of the core placed in sample bags and the other half returned to the core box. Standard, blank and duplicate samples were inserted into both the drill core and RC sample streams at regular intervals to meet a designated QA/QC sample insertion rate. All samples were organized into batches, flown by fixed-wing aircraft from camp, and transported by courier to an ISO-certified laboratory for analysis.

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 project hosts four near-surface gold deposits which collectively contain an estimated 1,152,900 ounces of gold in indicated resources and 942,400 ounces of gold in inferred resources (this news release). 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 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 billion pounds Cu and 14.5 Moz Au and inferred resources of 3.3 billion pounds Cu and 6.6 Moz Au.

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