Mr. David D'Onofrio reports

WHITE GOLD CORP. ANNOUNCES 16% INCREASE TO INFERRED RESOURCES AT ITS VG DEPOSIT LOCATED 11 KM NORTH OF ITS FLAGSHIP GOLDEN SADDLE AND ARC DEPOSITS, YUKON, CANADA

White Gold Corp. has released an updated mineral resource estimate for the VG deposit on its QV project which is located approximately 85 kilometres south of Dawson City and 11 km north of the company's flagship Golden Saddle and Arc deposits which contain a combined mineral resource of 1,139,900 ounces indicated at 2.28 grams per tonne gold and 402,100 ounces inferred at 1.39 g/t Au in west-central Yukon, Canada. This work forms part of the company's fully financed 2021 exploration program backed by partners Agnico Eagle Mines Ltd. and Kinross Gold Corp. on its extensive 420,000-hectare land package in the emerging White Gold district, Yukon.

Highlights include:

• The updated mineral resource for the VG deposit comprises near-surface inferred resources of 267,600 ounces of gold (5,264,000 tonnes at an average grade of 1.62 g/t gold), representing a 16-per-cent increase in inferred resources compared with a historical 2014 resource estimate which remains open in multiple directions;
• Gold mineralization at the VG deposit appears very similar to that at the company's Golden Saddle deposit;
• Opportunities exist at the VG deposit to quickly upgrade a significant portion of inferred resources to indicated, as well as for expansion of mineralization at depth and along strike;
• Several other prospective targets on the property have received limited exploration work and offer potential for additional discoveries;
• The 2021 work program continues to demonstrate extensive gold mineralization in the White Gold district and the potential for new discoveries and continuing to increase the company's significant defined resource base;
• Results from diamond drilling on the Betty and Ulli's Ridge targets and other exploration activities will be forthcoming in due course;
• The company is pleased to announce its attendance at the Mines and Money London conference from Dec. 1 to 2, 2021, and invites interested parties to register to learn more about the company's unique district-scale gold exploration opportunity with significant defined resources, recent discoveries and new discovery potential in the prolific White Gold district, Yukon, Canada.

"When we strategically acquired the QV project in 2019 we believed that there was a significant opportunity to increase the size of the resource in addition to the immediate increase of our total resource base in the area, and were very interested in the prospectively of several untested targets on the property. We are very pleased to have already increased the resources at the VG deposit with very limited drilling and feel confident that excellent opportunities exist to quickly upgrade and further expand the resources, further increasing our already significant defined resource base," stated David D'Onofrio, chief executive officer.

Resource estimate details

The current resource estimate for the VG deposit was carried out by Arseneau Consulting Services (ACS) 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 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 current resource estimate incorporates assay results from 23 diamond drill holes (4,324 m) and eight reverse circulation (RC) drill holes (870 m). An additional 24 rotary air blast (RAB) drill holes totalling 1,758 m were utilized to assist modelling the mineralized zones, but were not used in grade estimation. All drilling except for the eight RC holes drilled by the company in 2019 was completed between 2012 and 2017 by the previous owner, Comstock Metals Ltd. This compares with 16 diamond drill holes (3,278 m) having been used for the historical 2014 resource estimate.

The mineral resource estimate for the VG deposit, with an effective date of Oct. 15, 2021, is summarized in the attached table. The resources are situated near surface and are potentially amenable to open-pit mining methods. The company's updated total mineral resources for its Yukon projects is summarized in the attached table.

The mineral resource estimate is based on the combination of geological modelling, geostatistics and conventional block modelling using the ordinary kriging method of grade interpolation in Geovia GEMS software. Four mineralization solids were created to outline mineralization domains greater than 0.5 g/t Au. The solids constrained drill hole intercepts were composited into two m lengths with all unsampled values assigned zero grade. Gold grades for the model were estimated in three successive passes. The first pass used a search ellipse with dimensions of 95 m by 30 m by nine m in the X, Y and Z directions respectively which represents 80 per cent of the correlogram ranges. Pass two used the full correlogram range of 120 m by 37 m by 11 m in the X, Y and Z directions respectively. The third pass search ellipse doubled the correlogram range in the Y and Z directions. For all three passes a minimum of six and maximum of 20 composites were required to generate a resource block, with no more than five composite allowed from any one drill hole. Resources were estimated into non-rotated blocks with dimensions of 20 m by 20 m by 10 m in the X, Y and Z dimensions respectively. Top cuts to each of the estimated zones were applied with capping values ranging from three g/t to 10 g/t Au.

Qualified persons, technical information and quality control

The mineral resource estimate for the QV project was prepared by Dr. Gilles Arseneau of ACS, an independent qualified person as defined under NI 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, and vice-president of exploration for the company who is also a QP as defined under NI 43-101 -- Standards of Disclosure of Mineral Projects.

A technical report to support the mineral resource estimate for the QV 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.

Quality assurance/quality control

All sample analytical work from the VG deposit diamond drilling (Comstock) and RC drilling (the company) programs was carried out at either ALS Global Laboratories of North Vancouver or Bureau Veritas Laboratories of Vancouver, B.C., both of which are fully accredited analytical facilities. All programs have been completed following CIM best practices including the implementation of QA/QC sampling protocols and the submission of standards, blanks and duplicate samples. All samples were assayed for gold via fire assay along with multielement ICP-MS (inductively coupled plasma mass spectrometry). Diamond drill core sampling protocols consisted of the collection of 0.5 to two m samples over the entire length of the drill hole with sample length varying based upon lithology and mineralization style. All drill core was cut in half with a diamond saw, with half of the core placed in sample bags and the remaining half securely retained in core boxes at the project's core storage yard. For RC holes, continuous samples were collected at 1.5 m intervals. Returned rock chips were run through a three-tiered riffle splitter and approximately one-eighth of the returned chips was collected for assay. For both RC and diamond drill core, all samples were organized into secure batches which included the insertion of standards, blanks and duplicate material. Samples were then delivered securely to the chosen laboratory by chartered flight or courier.

About the QV project

The QV project is located approximately 85 km south of Dawson City and 11 km north of the company's flagship Golden Saddle and Arc deposits in west-central Yukon, Canada. The company acquired the project in early 2019 through a purchase agreement with Comstock -- see company news release dated March 1, 2019, for details.

The VG deposit is underlain by a north-northwest-striking and east-northeast-dipping package of predominantly felsic (biotite-quartz-feldspar) gneiss, commonly interlayered with biotite schist and less abundant mafic gneiss. The VG deposit is interpreted to represent an orogenic gold deposit, with mineralization hosted along west-southwest-striking (250 degrees) and gently north-northwest-dipping (20 degrees) shear zones. Mineralization is hosted in quartz plus or minus carbonate veins, stockwork and breccia zones, as well as pyrite veinlets, including cubic pyrite and occasionally visible gold, associated with intense quartz-carbonate-sericite alteration.

The VG deposit was discovered by Comstock in 2012 through a program of mechanical trenching and subsequent diamond drill testing of a gold-in-soil anomaly. Drilling to date has outlined mineralization for a minimum of 450 m along strike and for 350 m down dip. Mineralization is divided into four separate subparallel zones with the bulk of the mineralization hosted in zone 2000. The current mineral resource comprises near-surface inferred resources of 267,600 ounces of gold contained in 5,264,000 tonnes at an average grade of 1.62 g/t gold.

In addition to the VG deposit, the QV property hosts several other prospective targets including, from southeast to northwest, the Stewart, Tetra and Shadow zones which have received limited exploration work and offer potential for future discoveries.

About White Gold Corp.

The company owns a portfolio of 21,111 quartz claims across 31 properties covering over 420,000 hectares representing over 40 per cent of the Yukon's emerging White Gold district. The company's flagship White Gold property hosts the company's Golden Saddle and Arc deposits which have a combined mineral resource of 1,139,900 ounces indicated at 2.28 g/t Au and 402,100 ounces inferred at 1.39 g/t Au. Mineralization at the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. The company's VG deposit acquired in March, 2019, hosts an inferred resource of 267,600 ounces of gold at 1.62 g/t Au (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 Corp. with measured and indicated resources of 2.14 million ounces at 1.20 g/t Au, and inferred resources of 230,000 oz at 1.07 g/t Au, and Western Copper and Gold Corp.'s Casino project which has measured and indicated resources of 14.5 million oz au and 7.6 billion pounds cu and inferred Resources of 6.6 million oz Au and 3.3 billion lb Cu.

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