Mr. David D'Onofrio reports

WHITE GOLD CORP. ANNOUNCES COMMENCEMENT OF DIAMOND DRILLING AT THE VERTIGO TARGET ON THE JP ROSS PROPERTY, WHITE GOLD DISTRICT, YUKON, CANADA

Exploration diamond drilling has commenced at the Vertigo target on White Gold Corp.'s JP Ross property located in the White Gold district, west-central Yukon, Canada. Vertigo is located approximately 30 kilometres northeast of 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. Drilling at Vertigo is planned to test a revised structural interpretation developed from a recent analysis of structural data which has identified multiple untested vein sets in the hangingwall. The presence of these vein sets can potentially improve the continuity of the gold mineralization, thereby increasing the chances of delineating a bulk-tonnage high-grade gold and silver deposit. Vertigo is road accessible which has provided the opportunity to commence work on this project as the company prepares for it coming diamond drilling on its Betty and Nolan properties. This drill program forms part of the company's 2023 fully financed 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 excited to kick off our 2023 exploration program with the commencement of diamond drilling at the Vertigo target. Past exploration work at the Vertigo has encountered some of the highest-grade gold and silver to date on our district-scale land package and we are eager to test the recently revised structural interpretation based on new structural data. With its very high gold and silver grades and its location in one of the most prolific placer camps in the Yukon, Vertigo is a very exciting target to be testing this year in addition to the high-grade Betty Ford target and the maiden diamond drill program on the Nolan property," stated David D'Onofrio, chief executive officer.

Highlights:

• Diamond drilling at Vertigo designed to test a revised structural interpretation, including identification of multiple untested vein sets and potential for high-grade bulk-tonnage gold and silver mineralization.
• Five holes totalling 1,100 metres planned to test the mineralized zone near previous trenching, as well as adjacent gold-in-soil anomalies located 250 to 300 m to the east-northeast, southwest and south.
• Previous exploration at Vertigo includes GT probe sampling (up to 29.1 g/t Au), surface rock grab sampling (up to 304.3 g/t Au, 257.3 g/t Au, 156.2 g/t Au and greater than 1,000 g/t Ag) and trenching (66.39 g/t Au over five m, 83.13 g/t Au over 2.2 m, 102.15 g/t Au over two m).
• Rotary air blast (RAB), reverse circulation (RC) and diamond drilling in 2018 and 2019 encountered encouraging high-grade gold mineralization, including 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.
• The footprint of surface mineralization at Vertigo measures approximately 1.5 kilometres long by 0.8 km wide, within a soil geochemical anomaly that extends beyond this footprint and remains untested.
• Mineralization in drilling has been encountered over an area measuring 0.5 km long by 0.5 km wide, and all drilling at Vertigo to date has been shallow with the longest hole being 280.5 m.
• The Vertigo target is located along a broader 12 km mineralized trend with several other prospective and underexplored targets, including Stage Fright, Sabotage, X-Man and others.
• Additional details on coming diamond drilling on the Betty property (Betty Ford target), Nolan property (Cali target) and other components of the 2023 exploration program will be released in the coming weeks.

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.

Gold mineralization at the Vertigo occurs at a principal fault intersection between a district-scale west-northwest-trending magnetite-destructive fault zone (Vertigo FZ) and a major northeast-trending magnetic and topographic (lidar) lineament. Gold mineralization occurs within an approximately two km by 0.8 km mag-destructive sigmoid, suggesting that a left-lateral pull-apart can be the principal controlling array. On a local scale, optical televiewer data and trench mapping confirmed that steep-dipping quartz veins predominantly follow a principal west-northwest trend and a subordinate northeast trend. Both vein systems crosscut at high angle to the host rock subhorizontal foliation, while the subordinate vein array occurs parallel to open folding of northeast axis. Over all, the geometry, magnetic character and scale of the west-northwest- and northeast-trending faults and quartz veins are encouraging, as they closely resemble the principal structures controlling gold mineralization at, respectively, the Golden Saddle and Ryan's Surprise deposits.

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 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. The drilling produced 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 -- company news releases dated Dec. 6, 2018, and Aug. 8, 2019) with significant associated silver values.

More recently the company has reviewed and interpreted available borehole optical televiewer and trench structural data which indicate 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; however, 2019 diamond drilling did not test this newly identified vein set due to the orientation of drilling.

The planned 2023 diamond drill program at Vertigo is designed to intersect all three vein sets noted above and test the potential for bulk-tonnage gold mineralization due to greater continuity. Planned drilling 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. Drill assay results will be announced in due course.

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 Corp. with indicated resources of 2.14 million ounces at 1.23 g/t Au, and inferred resources of 230,000 oz 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 Blb Cu and 6.6 Moz Au.

Qualified person

Cameron Norton, PGeo and exploration manager 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.

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