Mr. David D'Onofrio reports

WHITE GOLD CORP. COMMENCES MAIDEN RAB DRILL PROGRAM ON WOLF AND TOONIE PROPERTIES, YUKON, CANADA

White Gold Corp. has provided an update on regional components of the 2023 exploration program which are designed to test several of White Gold's most prospective, yet relatively untested soil geochemical targets which are sizable enough geochemical footprints that, if successful, could be capable of hosting significant deposits. As part of this regional program, the company designed maiden rotary air blast (RAB) drilling on the Wolf and Toonie properties to test large soil geochemistry anomalies on both properties, identified through the company's systematic exploration approach that has led to several other discoveries on its other properties. Maiden RAB drilling has commenced on the Wolf property on the Taurus target, a large approximately two-kilometre-long-by-0.5-kilometre-wide, northeast-trending gold-in-soil anomaly, with maximum values of 358 parts per billion gold and multiple anomalous GT probe sampling results. On the Toonie property, maiden RAB drilling is currently under way on the Deux target 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. This work forms part of the company's fully financed 2023 exploration program backed by strategic partners Agnico Eagle Mines Ltd. and Kinross Gold Corp. The company's land package represents over 40 per cent of the emerging White Gold district in Yukon, Canada, in which the company has made several high-grade gold discoveries such as Betty Ford, Ryan's Surprise and Vertigo, and has significantly increased resources at the company's flagship White Gold project which now 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.

"Our regional RAB drilling program will test multiple early-stage targets for White Gold. The Wolf and Toonie properties represent prospective targets where we are excited to commence maiden RAB drilling to test large soil anomalies on both properties. This regional component of the 2023 exploration program is vital to our exploration strategy in ensuring we can continue to advance early-stage targets through our exploration pipeline and to demonstrate the expansiveness and prospectivity of near-surface gold mineralization on our district-scale land package located in a Tier 1 jurisdiction," stated David D'Onofrio, chief executive officer.

Highlights:

• Maiden RAB drilling of 300 metres at the Wolf property on the Taurus target, where the four RAB holes were designed to test a large two km long by 0.5 km wide gold-in-soil anomaly, with maximum values of 358 ppb Au, along strike and the dip of the zone at depth.
• Maiden RAB drilling of 300 m at the Toonie property on the Deux target, which hosts a 1.5 km by 0.5 km multielement (Au-As-Tl-Ag) soil anomaly, including maximum values of 156 ppb Au, with holes placed to test the full 1.5 km strike length of the anomaly.
• All RAB holes are imaged with downhole optical televiewer, which provides optical records of the borehole wall, to allow for real-time detailed structural analysis and interpretation as drilling progresses.
• RAB drilling at both the Wolf and Toonie properties has been awarded Yukon mineral exploration program (YMEP) grants for target evaluation.
• Results on the company's 2023 exploration program, including the recently completed diamond drilling at the Betty Ford and Vertigo targets, will be announced in due course (see company news releases dated July 6, 2023, and June 21, 2023).
• Maiden diamond drilling on the Cali target located on the Nolan property to test a two km long gold and multielement soil anomaly is set to commence in coming weeks, with further details announced in due course.
• Other components of the regional exploration program include induced polarization-resistivity ground geophysical surveys over the large copper-molybdenum porphyry targets located on the Pedlar and Hayes properties, and additional work to generate new targets for future drill testing including geological mapping and prospecting, soil geochemistry surveys, and ground magnetics and VLF-EM (very-low-frequency electromagnetic) surveys with additional detail to be provided in the coming weeks.

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 1.224 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 IP 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 is now finished and saw the successful completion of four RAB holes at the Taurus target, totalling 300.3 m of drilling. Holes were generally drilled toward the southwest, with one hole drilled to the north to test the dip of the zone at depth. Each hole was between 50.3 m and 93 m in length and placed such that the full 1.5 km strike length of the anomaly was tested. All holes drilled at Wolf were successfully imaged with a downhole optical televiewer, which optically records the borehole wall, allowing for detailed structural analysis to be conducted and interpreted alongside the analytical results.

All assays from this program have now been submitted to the analytical laboratory and will be released in due course.

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 (Au-As-Tl-Ag) soil anomaly, including maximum values of 156 ppb Au. Follow-up GT probe sampling returned values of up to 0.258 g/t Au along with multiple samples greater than 0.10 g/t 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 is currently under way and 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. So far, two of the four planned RAB holes at the Deux target have been completed.

Yukon mineral exploration program

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.

Additional regional exploration

Additional regional exploration work includes induced polarization-resistivity ground geophysical surveys at the Pedlar and Hayes properties, both of which host large multielement soil anomalies with porphyry signatures and 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. Other components of the regional exploration program include soil sampling, VLF-EM and ground magnetics surveying, and regional-scale mapping and prospecting designed to continue to advance and define additional exploration targets within White Gold's district-scale portfolio. Further details on these components of this regional exploration work 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 oz 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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