|TORONTO, August 15, 2023 – White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the “Company”) is pleased to announce the commencement of its maiden diamond drilling program at the Cali target on the Nolan property, in the White Gold District, situated in the west-central region of the Yukon, Canada (Figure 1). The Cali target is located approximately 77 km west from Dawson City via the Top of the World Highway, connecting Dawson City to Alaksa, and is perched in the hills surrounding the Sixty Mile River. Historically, the Sixty-Mile River has produced significant amounts of placer gold since the late 19th century, however the area has received minimal modern hard rock exploration. Planned maiden diamond drilling at Cali in 2023 (Figure 2) is designed to test for gold mineralization along a continuous 2 km long multi-element soil anomaly coincident with the Sixtymile-Pika Fault, a large regional structure which bisects the property. The Cali target represents one of the Company’s several compelling grassroot projects in the underexplored White Gold District which provide the opportunity for new discoveries in addition to the Company’s recently announced gold discoveries and its flagship White Gold Project which comprises 16 million tonnes averaging 2.23 g/t 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(1) which remains open for expansion. This drill program forms part of the Company’s 2023 fully funded program on its extensive 350,000 hectare land package in the emerging White Gold District, Yukon, supported by strategic partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC). Cam Norton, Exploration Manager for White Gold states “The maiden diamond drilling of the Cali target represents an exciting opportunity for White Gold. We have always been impressed with the scale of the Cali soil anomaly, the favourable geological setting, and the convenient road accessibility from Dawson City”. Maps and images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/. Highlights: Maiden diamond drilling at Cali comprises three holes totalling approximately 900 m which are planned to test gold mineralization at the target and the Sixtymile-Pika Fault along an approximately 1.1 km strike length.The Cali target forms a large 2 km long x 250 m wide northeast-trending multi-element (Au-As-Sb-Bi-Cu-Pb-Zn) soil anomaly, including maximum values of 515 ppb Au, 1436 ppm As, 2184 ppm Cu, 1225 ppm Pb, and 2670 ppm Zn.The Sixtymile-Pika Fault is a major regional 150 km long northeast trending strike-slip sinistral-normal fault that extends westward into Alaska and is known to control several styles of mineralization.Results on the Company’s 2023 recently completed diamond drilling at the Betty Ford and Vertigo targets, and the regional exploration program will be announced in due course (see Company News Releases dated July 20, 2023, July 6, 2023 and June 21, 2023).
|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 property is accessible from the Top of the World Highway which extends westwards from Dawson City to Alaska, and local placer mining roads and trails. The Cali target forms a large 2 km long x 250 m wide northeast-trending multi-element (Au-As-Sb-Bi-Cu-Pb-Zn) soil anomaly, including maximum values of 515 ppb Au, 1436 ppm As, 2184 ppm Cu, 1225 ppm Pb and 2670 ppm Zn. The strongest base metal values appear to occur in sub-zones 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 hanging wall metaquartzites. In 2017 the Company drilled 22 short (< 100 m) RAB holes on the Cali target, with several holes intersecting anomalous gold, silver and copper mineralization which warranted follow up exploration. The planned maiden 2023 diamond drilling program on the Cali target comprises 3 holes totalling approximately 900 m. Each planned hole is 300 m in length and will drill at a dip of -50° to the northwest (320° azimuth), testing approximately 1 km of its 2 km strike length.
|Nolan Property The Nolan property is comprised of 2,219 claims across 43,778 hectares covering a large area measuring 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 westwards from Dawson City to Alaska, and local placer mining roads and trails. The property hosts several identified gold exploration targets including the Cali, Nine, Nine Southeast, Boucher and Mount Hart targets. The Nolan property is underlain primarily by Late Devonian to Early Carboniferous (Mississippian) rocks of the Simpson Range and Finlayson Assemblage. The Simpson Range comprises meta-intrusive (diorite, granodiorite and tonalite) orthogneisses and is most widespread in the eastern and central areas of the property. The northern and western portions of the property are underlain by the Finlayson Assemblage. In the north, Finlayson rocks consist of dark grey to black carbonaceous metasedimentary rocks including metaquartzite, and in the central- to southwestern part of the property the Finlayson comprises intermediate to mafic volcanic and volcaniclastic rocks. These units are overlain by younger Late Cretaceous volcanic rocks of the Carmacks Group, which comprises basalt, breccia, andesite, porphyry, dacite and trachyte. On the Nolan property, the Carmacks Group is restricted to the Mount Hart area in the south, where a conglomerate unit forms its base. More extensive areas of the Carmacks Group occur immediately west of the property, as well as to the east and southeast. Late Cretaceous intrusive rocks of the Prospector Mountain Suite, comprising granite, granodiorite, diorite and monzonite, form a series of east-west trending plutons extending westwards from Mount Hart. The most prominent fault structure recognized on the Nolan property is an interpreted extension or splay of the Sixtymile-Pika Fault, a regional 150 km long northeast trending strike-slip sinistral-normal fault that extends westward into Alaska. The Sixtymile-Pika Fault is an important structure, having controlled Late Cretaceous porphyry, skarn and epithermal style mineralization. The Cali target located in the north-central part of the property lies directly on or adjacent to the Sixtymile-Pika Fault, as do several other gold occurrences (e.g. Glasmacher and Per) located west of the property.