Mr. David D'Onofrio reports

WHITE GOLD CORP. ANNOUNCES FULLY FUNDED 2023 EXPLORATION PROGRAM ON DISTRICT SCALE LAND PACKAGE, YUKON, CANADA

White Gold Corp. has released its plans for its fully financed 2023 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 2023 program is designed to further evaluate targets on the Betty and JP Ross properties and to perform maiden diamond drilling on the Cali target located on the Nolan property. Other regional exploration work includes maiden rotary air blast (RAB) drilling on the Wolf and Toonie properties and a significant early-stage exploration program to identify and advance other targets on the company's extensive and underexplored land package in which the company has made several high-grade gold discoveries in addition to significantly increasing resources at the company's flagship White Gold project which comprises 16 million tonnes averaging 2.23 grams per tonne Au for 1,152,900 ounces 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 and remains open for expansion.

"We are excited to kick off our 2023 exploration programs in the White Gold district," stated Terry Brace, the company's vice-president of exploration. "Diamond drilling at Betty Ford is primarily designed to test the mineralized system at depth, essentially looking for evidence of an underlying porphyry as well as trying to identify the feeder to gold mineralization that occurs near surface. We have also reviewed the existing structural information at Vertigo, including borehole optical televiewer data and vein measurements recorded in trenches, and feel this year's drill orientation will more effectively test the multiple mineralized vein sets at Vertigo. The planned diamond drill holes at the Cali target are widely spaced holes designed to test this two-kilometre-long gold and multielement soil geochemical anomaly which occurs along a major regional structure, so we really like the apparent size and geological setting of Cali."

"We expect 2023 to be another exciting year for White Gold as we build on the success of our recent field seasons where we have made a very significant new high-grade gold discovery on our Betty property and continued to expand the large footprint of mineralization at our flagship White Gold project and significantly increasing resources. These results further demonstrate the expansiveness of gold mineralization in the White Gold district and the potential for continuing to make additional new discoveries as well as increase our significant gold resources. We have designed a very impactful program to further diamond drill test these recent high-grade gold discoveries, perform maiden diamond drilling on the Cali target, 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 exploration methodologies," stated David D'Onofrio, chief executive officer.

Highlights:

• Exploration diamond drilling totalling 3,200 metres planned on three targets -- Betty Ford, Vertigo and Cali;
  • Betty Ford -- testing for porphyry at depth beneath the mineralized breccia, plus potential feeder contact/structure identified through VLF-EM (very-low-frequency electromagnetic) ground geophysics. Recent drilling at Betty Ford intersected 3.46 g/t Au over 50 m in hole BETFD21D003 and 8.94 g/t gold over 18.29 m in hole BETFD22RC004;
  • Vertigo -- first drilling since 2019 with program designed to test a new structural interpretation which includes multiple mineralized vein sets not previously drill tested. Highlights from 2018 and 2019 drilling at Vertigo include 23.44 g/t Au over 24.38 m, 12.25 g/t Au over 15.24 m, 9.46 g/t Au over 22.86 m and 11.64 g/t Au over 5.34 m;
  • Cali -- maiden diamond drilling with widely spaced holes testing large (two km long) gold and multielement soil anomaly located along the regional Sixtymile-Pika fault.
• Maiden RAB drill programs totalling 800 m to test gold targets on the Wolf and Toonie properties;
• Induced polarization -- resistivity ground geophysical surveys over the large early-stage Bridget and Hayes copper-molybdenum porphyry targets located on the Pedlar and Hayes properties in close proximity to the large Casino porphyry deposit;
• Regional exploration on other properties includes geological mapping and prospecting, soil geochemistry surveys, and ground magnetics and VLF-EM surveys to generate new targets for future drill testing;
• Additional detail on the various components of the program to be released in due course;
• A corporate update webinar has been arranged for management to present additional detail on the company's fully financed 2023 exploration program. Event and registration details to be provided.

Betty Ford target

The Betty property is contiguous to and located approximately 40 km east of Newmont Corp.'s Coffee gold deposit (indicated resources of 2.14 million ounces gold and inferred resources of 230,000 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). The Betty Ford target is located at the centre of the Betty property on the eastern extension of the Coffee Creek fault, which hosts the Coffee deposit. The target, which 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, was initially RAB drill tested by the company in 2018. RAB results were encouraging with hole BETFRDRAB-002 intersecting near-surface gold mineralization averaging 1.08 g/t Au over 50.29 m from 4.57 m depth. During 2021 and 2022, the company drilled 11 diamond drill holes totalling 2,297 m and two RC holes totalling 201 m to further test the target along an approximately 250 m strike length. This drilling has continued to intersect a broad zone of near-surface, high-grade gold mineralization within a polylithic breccia host unit that returned 3.46 g/t Au over 50 m in hole BETFD21D003, 1.17 g/t Au over 48 m in hole BETF21D001, 1.50 g/t Au over 55.2 m in hole BETFD22D007 and 8.94 g/t Au over 18.29 m in BETFD22RC004.

The planned 2023 diamond drilling program on the Betty Ford target comprises four holes totalling 1,200 m that are designed to test: 1) the presence of a mineralized buried porphyry at depth beneath the polylithic breccia unit; 2) a possible feeder contact/structure identified from VLF-EM surveying; 3) a strong gold-in-soil anomaly in the area of a gully and interpreted fault structure; and 4) controls on higher-grade gold mineralization such as that intersected in hole BETFD22RC004.

Vertigo target

The road-accessible Vertigo target is located on the JP Ross property approximately 80 km south of Dawson City. Gold and silver mineralization at Vertigo is associated with quartz veining, brecciation and strong quartz-sericite altered structures containing disseminated to locally massive arsenopyrite, galena and pyrite, and locally fine-grained visible gold within a felsic gneiss host unit. Vuggy textures and iron oxides after pyrite, as well as an interpreted early phase of potassic alteration, are common.

Initial diamond drilling at Vertigo was carried out by Kinross in 2010 with the completion of four holes totalling 521.7 m. During 2018 and 2019, the company carried out RAB (25 holes, 1,448.9 m) and reverse circulation (RC) drilling (36 holes, 2,551.3 m), and in 2019 completed 46 diamond drill holes totalling 9,568.5 m. The 2018 RAB and RC holes drilled to the south (180-degree azimuth) and north (360-degree azimuth), whereas 2019 RAB, RC and diamond drill holes drilled to the north-northeast (020-degree azimuth) to test the interpreted primary west-northwest-striking and south-dipping mineralized structures. Although drilling produced some very encouraging results (such as 23.44 g/t Au and 144.75 g/t Ag over 24.38 m in hole JPRVERRAB18-014, 9.46 g/t Au and 36.68 g/t Ag over 22.86 m in hole JPRVERRC18-006, and 11.64 g/t Au and 32 g/t Ag over 5.34 m in hole JPRVER19D0015 -- see company news releases dated Dec. 6, 2018, and Aug. 8, 2019), the lateral and vertical extent of the mineralized structures appeared discontinuous.

However, the company has recently reviewed and interpreted available borehole optical televiewer and trench structural data. This analysis indicates that there are three mineralized vein sets at Vertigo: 1) the primary west-northwest-striking vein set which has been the focus of previous drilling; 2) a north-northeast-striking (022 degrees) secondary vein set which dips steeply to both the west and east; and 3) a set of narrow (up to 10 to 15 centimetres) sheeted quartz veins that strike east-northeast (070 degrees) and dip moderately at 55 degrees north. These latter quartz veins were exposed during mechanical trenching during the 2019 field season, and vein samples returned encouraging gold assays in the range of 1.5 g/t Au to 17.3 g/t Au. The 2019 diamond drill holes were largely blind to this vein set due to the orientation of drilling.

The planned 2023 diamond drill program at Vertigo comprises five holes totalling 1,100 m that will test the mineralized zone near the historical trenching, as well as adjacent gold-in-soil anomalies located 250 to 300 m to the east-northeast, southwest and south. All holes will be collared at a dip of minus 50 degrees and drill at an azimuth of 155 degrees (south-southeast). This drill orientation is designed to intersect all three vein sets noted above and test the potential for bulk-tonnage gold mineralization.

Cali target

The Cali target is located in the northern part of the Nolan property which covers a large area measuring approximately 30 km north-south by up to 22 km east-west. The northern portion of the property north of the Sixty Mile River is accessible from the Top of the World Highway which extends westward from Dawson City to Alaska, and local placer mining roads and trails. The Cali target forms a large 250 m by two km long northeast-trending multielement (gold-arsenic-antimony-bismuth-copper-lead-zinc) soil anomaly, including maximum values of 515 ppb Au, 1,436 parts per million As, 2,184 ppm Cu, 1,225 ppm Pb and 2,670 ppm Zn. The strongest base metal values appear to occur in subzones within the larger anomaly, which remains open along strike particularly to the southwest. The soil anomaly is located over footwall orthogneisses on the south side of the Sixtymile-Pika fault, and mineralization does not appear to extend into the hangingwall metaquartzites. In 2017 the company drilled 22 short (less than 100 m) RAB holes on the Cali target, with several holes intersecting anomalous gold, silver and copper warranting follow-up exploration.

The planned maiden 2023 diamond drilling program on the Cali target comprises three holes totalling 900 m. Each planned hole is 300 m in length and will drill at a dip of minus 50 degrees to the northwest (320-degree azimuth), testing the target and Sixtymile-Pika fault along an approximately 1.1 km strike length.

Wolf property

The Wolf property is located east on the White River, approximately 120 km south-southwest of Dawson City and 35 km west of the company's White Gold project. The Taurus target is located in the southwest region of the Wolf property. It is defined by an approximately two km long by 0.5 km wide, northeast-trending gold-in-soil anomaly, including maximum values of 358 ppb Au. Follow-up GT probe sampling returned values of up to 0.76 g/t Au along with multiple samples greater than 0.5 g/t Au. The arcuate-shaped gold-in-soil anomaly at the Taurus target appears to be coincident with a magnetic low, which from target-scale mapping correlates with a siliciclastic unit assigned to the Carmacks group. Subsequent induced polarization surveying conducted over this anomaly shows the presence of a subvertically dipping chargeability high directly underneath the gold-in-soil anomaly, suggesting the presence of a potential feeder structure.

The 2023 program at the Wolf property will see four RAB holes drilled at the Taurus target, totalling 400 m of drilling. Holes will generally be drilled toward the southwest, with one hole drilled to the north to test the dip of the zone at depth. Each hole will be 100 m long, with holes placed such that the full 1.5 km strike length of the anomaly is tested.

Toonie property

The Toonie property is located west of the Yukon River, approximately 45 km southwest of Dawson City. The Deux target is located in the northwestern region of the property and forms a 1.5 km by 0.5 km, east-west-trending multielement (gold-arsenic-thallium-silver) soil anomaly, including maximum values of 156 ppb Au. Property-scale airborne magnetic and electromagnetic surveying (DIGHEM survey) that was previously flown over the anomaly appears to show a prominent DIGHEM resistivity anomaly which flanks the soil geochemical anomaly on all sides. Subsequent target-scale geological mapping identified sericite and chlorite-altered mafic volcanic rocks with vein-controlled sulphide mineralization indicating the target is prospective for shear-hosted gold mineralization.

The 2023 program at the Toonie property will see four RAB holes drilled at the Deux target, totalling 400 m of drilling. Each hole will be drilled to the north at dips of minus 55 degrees, 100 m in length, and holes placed such that the full 1.5 km strike length of the anomaly is tested.

The company has been awarded Yukon Mineral Exploration Program (YMEP) grants for target evaluation at both the Wolf and Toonie properties. Under the YMEP the Yukon government provides successful applicants funding to support mineral exploration activities for 50 per cent of eligible expenditures up to a maximum of $50,000. The company wishes to acknowledge and thank the Yukon government for its continued support of its exploration programs in Yukon.

Pedlar and Hayes properties

The Pedlar and Hayes properties are located in the southern portion of the company's land package approximately 25 km northeast and 30 km east respectively of the Casino copper-gold porphyry deposit. Large multielement soil geochemical anomalies have been identified on both properties which indicate underlying porphyry plus or minus epithermal-style mineralization. The Bridget target on the Pedlar property measures three km northwest-southeast by 3.5 km northeast-southwest, and the newly named Isaac target on the Hayes property measures two km east-west by 1.5 km north-south (see company news release dated April 5, 2023). Induced polarization-resistivity ground geophysical surveys are planned at both the Bridget and Isaac targets to characterize the anomalies at depth and aid in future diamond drill planning.

Regional exploration

Regional exploration work including geological mapping and prospecting, soil sampling, and ground magnetics and VLF-EM surveying will be carried out on several properties with a goal of identifying new drill targets.

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 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. 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 oz at 1.01 g/t Au, and Western Copper and Gold'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.

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 for Mineral Projects and has reviewed and approved the content of this news release.

We seek Safe Harbor.