Mr. Shawn Ryan reports

WHITE GOLD CORP. IDENTIFIES MULTIPLE PROSPECTIVE IP CHARGEABILITY ANOMALIES ON TWO LARGE MULTI-ELEMENT PORPHYRY TARGETS IN CLOSE PROXIMITY TO THE CASINO COPPER-GOLD PORPHYRY DEPOSIT, YUKON, CANADA

White Gold Corp. has provided an exploration update on the Bridget and Isaac porphyry targets located on the Pedlar and Hayes properties, respectively. Exploration work completed during 2023 included induced polarization (IP) chargeability and resistivity survey lines and hyperspectral analysis on 2022 prospecting rock samples. All data collected thus far on these large early-stage targets continue to support a porphyry deposit model.

The Pedlar and Hayes properties are situated in the southern part of the company's 315,000-hectare (3,150-square-kilometre) land package in the White Gold district, west-central Yukon. Western Copper and Gold Corp.'s Casino copper-gold-molybdenum porphyry deposit (measured and indicated resources of 7.6 billion pounds copper and 14.5 million ounces gold and inferred resources of 3.3 Blb copper and 6.6 Moz gold) sits approximately 30 km southwest and 40 km west of the Bridget and Isaac targets, respectively. Casino is one of the largest undeveloped copper-gold projects in Canada, and since 2021 has seen strategic investments by major partners, including Rio Tinto Canada Inc. and Mitsubishi Materials Corp. The Pedlar and Hayes properties are also located 40 km and 72 km southeast, respectively, of the company's flagship White Gold project, which contains an estimated 1,152,900 ounces of gold in indicated resources and 942,400 ounces of gold in inferred resources.

Terry Brace, vice-president of exploration, commented: "We are encouraged by results of the 2023 IP test lines at the Bridget and Isaac targets which identified new anomalies and structures that overall correlate well with the soil geochemistry anomalies and current structural interpretations. The new IP looked deeper than any previous geophysical surveys and demonstrates potential at depth beneath these large multielement soil anomalies. The test results warrant full IP survey coverage over the target areas which will aid in mapping these systems at depth in support of future diamond drill testing."

Shawn Ryan, co-founder, chief technical adviser and director, commented further: "The Bridget target has an interesting history as it was one of four top prospects that was first discovered back in 1972 when Silver Standard Mines conducted an extensive 14,000-plus regional silt survey looking for another Casino. During the large regional silt survey, Silver Standard also made the Minto copper discovery and eventually focused all their attention on that target. I staked the Bridget prospect back in 2004, and since then the property has seen extensive soil sampling programs, airborne radiometric surveys and shallow RAB drilling. The soil sampling program revealed a large copper, molybdenum and bismuth soil anomaly. The molybdenum anomaly (two to 322 ppm) measures four km by 1.7 km and coincides with a very discrete bismuth anomaly (two to 154 ppm) of three km by 1.4 km and a copper core anomaly (50 to 711 ppm) measuring 2.8 km by 1.3 km. A deep-penetrating dipole-dipole IP survey was undertaken in summer 2023 with one line over the core of the soil anomaly and the results clearly show a textbook porphyry geophysical signature of resistivity lows and chargeability high anomalies sitting below the anomalous soils. It's now recommended to follow up with more IP survey lines to cover this large developing porphyry target. I look forward to first diamond drill holes into this exciting target."

An overview of the Pedlar and Hayes properties, including the Bridget and Isaac targets, was provided previously in a news release dated April 5, 2023, which is available on the company's website and on SEDAR+.

Highlights:

• The Bridget and Isaac targets represent large, early-stage, multielement porphyry targets that have never been diamond drill tested.
• Deep-penetrating test IP survey lines conducted over existing soil geochemistry anomalies have identified a total of 13 chargeability anomalies, five at Bridget and eight at Isaac.
• 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.
• At Bridget, one first-priority and four second-priority chargeability anomalies were identified, with target depths ranging from 40 to 330 m. The chargeability anomalies underlie a large molybdenum-copper soil anomaly, and a zone of moderate to strong chargeability to the southwest appears to mark a controlling west-northwest-striking (290-degree) fault which correlates with anomalous lead-zinc-arsenic in soils.
• The Isaac soil anomaly on the Hayes property is a recently 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 core and a silver-zinc-lead halo.
• At Isaac, four first-priority, three second-priority and one third-priority chargeability anomalies were identified, with target depths ranging from 50 to 550 m. The bismuth and copper core of the soil anomaly is underlain by multiple chargeability anomalies (S1, S2, M1 and W1 on line 1E) which sit above a resistivity low. Anomalous lead, zinc and silver, which form a halo around the core, are coincident with fault structures on the south side and north side of the survey area which trend northeast (065 degrees) and west (290 degrees), respectively.
• Two thousand twenty-two prospecting rock samples from both the Bridget and Isaac targets show anomalous trace element enrichments, including copper, molybdenum and silver, consistent with proximal porphyry copper-style mineralization.
• Hyperspectral analysis results for the prospecting rock samples at both Bridget and Isaac show alteration mineralogy consistent with a porphyry deposit model. The company is currently planning its fully financed 2024 exploration program, focusing on its existing significant gold resources, new high-grade gold discoveries, and other high-priority gold and multielement targets.
• The company will arrange a webinar to provide a more detailed overview of the 2023 exploration results and plans for 2024 at that time. Details to be announced in due course.

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 million lb copper, 189,000 ounces gold and 1.7 Moz silver in indicated resources, and 370 Mlb copper, 207,000 oz gold and 1.9 Moz silver in inferred resources, and the Carmacks copper project hosts 652 Mlb copper, 302,000 oz gold, 3.8 Moz silver in measured and indicated resources, and 38 Mlb copper, 13,000 oz gold and 215,000 oz silver in inferred resources (Granite Creek Copper Ltd.), both interpreted to represent metamorphosed copper-gold-silver porphyry deposits. Porphyry deposits in the Dawson Range can be divided into two major ages: Late Triassic (Minto, Carmacks) and Late Cretaceous (Casino, Cash, 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.

2023 IP surveys

In August, 2023, Simcoe Geoscience Ltd. carried out 7.2 line km of time domain induced polarization (IP) chargeability and resistivity surveying at the Bridget and Isaac targets using their wireless 2-D Alpha IP system (see about IP survey below). At Bridget, a single three km long IP test line (line 1N) oriented northeast-southwest was completed using a dipole-dipole configuration. At Isaac, two IP test lines totalling 4.2 km long were oriented perpendicular to each other at northeast-southwest (line 4N) and NW-SE (line 1E) using a dipole-pole-dipole configuration. Both configurations can detect anomalies up to 600 m depth.

IP results

At Bridget, five chargeability anomalies were identified on line 1N, including one first-priority anomaly (S1) and four second-priority anomalies (M1 to M4). Anomaly S1 has a target depth of 130 m and is characterized by strong chargeability and low resistivity. Target depths on the second-priority anomalies range from 40 m (M3, M4) to a maximum of 330 m (M1). These are characterized by moderate to high chargeability and low to high resistivity.

The chargeability anomalies generally correspond with a zone of low resistivity which underlie a large molybdenum-copper soil anomaly. A zone of moderate (M1) to strong (S1) chargeability in the southwest delineates a controlling west-northwest-striking (290-degree) fault structure, closely correlated with lead, zinc and arsenic soil anomalies. To the northeast, a similar west-northwest (295-degree) anomaly in lead, zinc and arsenic defines the boundary of this chargeability anomaly and coincides with a significant tungsten anomaly, positioned along the northeastern fringe of a molybdenum anomaly. It is worth noting that in 2018 the company drilled 10 short rotary air blast (RAB) drill holes totalling 548.6 m over the area between chargeability anomalies M2 and S1. However, these RAB holes were testing surface soil anomalies and drilled to a shallow maximum depth of only 70 m, hence the newly IP chargeability anomalies identified are completely untested.

At Isaac, eight chargeability anomalies were identified on lines 1E and 4N. Five anomalies occur on line 1E, including three first-priority anomalies (S1 to S3), one second-priority anomaly (M1) and one third-priority anomaly (W1). The first-priority anomalies are characterized by moderate chargeability and low to high resistivity. Target depths of the first-priority anomalies range from 70 m (S3) to 250 m (S2). An additional three anomalies occur on line 4N, including one first-priority anomaly (S1) and two second-priority anomalies (M1-M2). Target depths of these chargeability anomalies range from 220 to 550 m.

The bismuth anomaly appears to be controlled by faults interpreted from the IP resistivity data. The bismuth and copper core of the soil anomaly is underlain by multiple chargeability anomalies (S1, S2, M1 and W1) which sit above a resistivity low which is interpreted as a fault structure. Lead, zinc and silver, which form a halo around the core, are coincident with fault structures on the south side and north side of the survey area which trend northeast (065 degrees) and northwest (290 degrees) respectively. Isaac is a recently recognized (2021) target and has never been drilled tested.

2023 hyperspectral analysis and results

During 2023, crushed coarse rejects from 2022 prospecting rock samples from the Pedlar and Hayes properties were analyzed with an ASD TerraSpec 4 Hi-Res mineral spectrometer. Results were uploaded and processed using IMDEX's aiSIRIS cloud-based mineral interpretation artificial intelligence software to produce semi-quantitative, standardized mineral interpretations and analytics (see about hyperspectral analysis below).

The hyperspectral analysis results for the prospecting rock samples show alteration mineralogy consistent with a porphyry deposit model.

A total of 17 prospecting rock samples were collected at the Bridget target and 19 samples at the Isaac target. Samples from both the Bridget and Isaac targets show anomalous trace element enrichments, including copper, molybdenum and silver, consistent with proximal porphyry copper-style mineralization. Hyperspectral data for the Isaac target samples provide evidence for phyllic alteration characterized by muscovite and potassic alteration, with evidence of propylitic alteration found only on the southern edge of the sampled area where significant chlorite is observed. The Bridget samples show no evidence of phyllic alteration; however, most samples show both geochemical and hyperspectral evidence for widespread propylitic alteration involving epidote, chlorite and albite, as well as minor potassic alteration.

Next steps

The company is encouraged by the success of the IP test lines in detecting chargeability and resistivity anomalies beneath the soil geochemistry anomalies at the Bridget and Isaac targets at depths from 40 m to 550 m below surface. These results warrant full IP survey coverage over the target areas which will aid in identifying targets at depth in support of future diamond drill testing.

About the Bridget target

The Bridget target area is located on the Pedlar property and 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 copper-gold-molybdenum porphyry deposit. A series of regional silt samples, soil sampling and geophysical surveys by Silver Standard in 1971 and 1972 led to the discovery of a significant molybdenum-copper geochemical anomaly, now known as the Bridget target. Historical exploration work between 2004 and 2016 included soil sampling, prospecting, geological mapping and geophysical surveys. In 2016 the company acquired ownership of the property and has continued to expand the large multielement (molybdenum, copper, bismuth, tungsten, lead, silver) soil geochemical anomaly that currently measures three km northwest-southeast by 4.3 km northeast-southwest. In 2018, a maiden rotary air blast (RAB) drilling program comprising 10 holes totalling 548.6 m was completed; however, the RAB holes were short testing to a maximum vertical depth of only 70 m, well short of potential porphyry mineralization at depth beneath the anomalous soils. Porphyry targets characterized by IP chargeability high anomalies remain completely untested.

About the Isaac target

The Isaac target is located on the Hayes property and was first recognized by the company as a prospective porphyry target in 2021 through soil sampling. Gridded soil sampling (50 m spaced samples on 100 m spaced survey lines) was conducted in an area located approximately five km south of the Yukon River where a 2017 reconnaissance soil survey identified several isolated anomalous ridge and spur soil samples. The 2021 sampling identified a new geochemically zoned multielement soil anomaly named the Isaac target, which measures approximately two km east-west by 1.5 km north-south. The anomaly has 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 distal or epithermal-style silver-lead-zinc mineralization. Follow-up geological mapping and prospecting in 2022 at the Isaac target area returned anomalous copper values from the core area of the soil anomaly, with three grab samples returning from 730.6 to 1,269.2 parts per million copper.

About hyperspectral analysis

Crushed coarse rejects from 2022 prospecting rock samples were analyzed with an ASD TerraSpec 4 Hi-Res mineral spectrometer by Bureau Veritas Commodities Canada Ltd. at its preparation laboratory in Whitehorse, Yukon. Results were uploaded and processed using IMDEX's aiSIRIS cloud-based mineral interpretation AI software to produce semi-quantitative, standardized mineral interpretations and analytics. TerraSpec and aiSIRIS data were reviewed and interpreted by Dr. Dennis Arne, a principal consulting geochemist with Telemark Geosciences Pty. Ltd., a geological consulting services company based in Victoria, Australia.

About IP survey

The 2023 IP surveys were completed by Simcoe using its wireless time domain 2D Alpha IP system. Survey data were recorded in a reverse and forward array configuration with readings taken every 100 m along the line. A dipole-dipole configuration was used at the Bridget target, and a dipole-pole-dipole configuration at the Isaac target. Once the IP data satisfied the quality assurance/quality control process, the entire survey line file was exported into UBC format to run the model 2-D inversions. Results were reviewed, interpreted and chargeability anomalies ranked by Simcoe's in-house geophysicist.

About White Gold Corp.

The company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000 hectares (3,150 square kilometres) 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 measured and indicated resources of 2.1 Moz at 1.28 g/t gold and inferred resources of 200,000 oz at one g/t gold, and Western Copper and Gold's Casino project which has measured and indicated resources of 7.6 Blb copper and 14.5 Moz gold and inferred resources of 3.3 Blb copper and 6.6 Moz gold.

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.

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