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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  White Gold Corp.    WGO   CA9638101068


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White Gold Corp. Makes New High-Grade Gold Discovery Intersecting 72.81 gt Au over 6.09m from 10.67m Depth

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11/27/2019 | 09:30am EST

White Gold Corp. (TSX.V: WGO, OTC - Nasdaq Intl: WHGOF, FRA: 29W) (the 'Company') is pleased to announce the first ever drill results on the Titan target, Hen property, Yukon.

Rotary-Air-Blast ('RAB') drilling followed up on high-grade prospecting and GT Probe results and intercepted 72.81 g/t Au over 6.09m from 10.67m depth, including 136.36 g/t Au over 3.05m at 12.19m depth within a 32m zone of mineralization, one of the strongest drill holes ever in the White Gold District, Yukon, Canada. The Titan is the most recent high-grade near surface gold discovery generated by the Company's methodological data driven exploration strategy. The Titan is located on the road-accessible Hen property and consists of a 650m x 650m gold in soil anomaly with multiple other prospective targets that show similar geophysical characteristics to the mineralization encountered in these drill holes. The Company's previous exploration results on the Titan include grab samples of 605 g/t Au, 497 g/t Au, and 113 g/t Au and soil samples of up to 113 g/t Au, being the highest soil value ever recorded within the Company's White Gold District database of 400,000+ soil samples. White Gold Corp's fully-funded $13 million 2019 exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) includes diamond drilling on the Vertigo target (JP Ross property), Golden Saddle & Arc deposits (White Gold property) as well as soil sampling, prospecting, GT Probe, trenching and RAB/RC drilling on various other properties across the Company's expansive land package located in the prolific White Gold District, Yukon, Canada.

Highlights Include: First ever drilling on the Titan intersected 72.81 g/t Au over 6.09m from 10.67m depth, including 136.36 g/t Au over 3.05m, within a 32m zone of mineralization and remains open in all directions.

Previous Titan exploration results include grab samples of 605 g/t Au, 497 g/t Au, and 113 g/t Au with fine grained visible gold observed, and soil samples of up to 113 g/t Au, the highest ever in the Company's 400,000+ soil sample database.

The Titan target hosts multiple other untested targets across a 650m x 650m magnetic anomaly with similar geophysical characteristics to those of the drilled mineralization.

Titan is located on the road-accessible Hen property, contiguous to the JP Ross property, less than 15km from the Vertigo discovery and 25km from the Golden Saddle & Arc deposits.

'We are very excited about the drill results confirming the discovery of high-grade, near-surface gold mineralization. These results represent the first pass drilling on the new Titan discovery, and are another successful demonstration of our methodical data-based exploration strategy, including our step by step approach of a regional soil program, ground geophysical surveys, GT probing, trenching, geological mapping and other activities. The process led us to directly target this unique magnetite rich mineralization, and again demonstrate that the White Gold District is very prospective ground for various styles of gold mineralization. Follow up activity on the property will be very interesting as we have already identified multiple additional targets within 400 meters of the Titan discovery,' stated Shawn Ryan, Chief Technical Advisor.

Titan Discovery, Hen Property

The Titan discovery is located on the road-accessible Hen property, contiguous to the JP Ross property, approximately 15km north west of the Vertigo discovery and approximately 25km north east of the Golden Saddle & Arc deposits on the White Gold property. The Hen property is situated within a prolific placer mining camp where abundant, coarse placer gold has been recovered from creek gravels on North Henderson Creek immediately east of the Titan.

After soil samples collected on the target returned the highest grade ever noted in the Company's soil database with results up to 113 g/t Au, announced earlier this year, prospecting samples were collected across the Titan. Mineralized material consisted of strongly sheared and oxidized mafic rocks with disseminated to massive magnetite, fine grained visible gold and strong calc-silicate alteration in the surrounding alteration halo. Assays for the samples returned 78.3 g/t Au, 113 g/t Au, 497 g/t Au, and 605 g/t Au. All are associated with elevated Bi, Cu (up to 0.17%), Fe (up to 36.1%), P (up to >1%) and U.

These high-grade drill results, prospecting samples, soil samples and other positive exploration results are particularly significant as they are the first occurrence of mineralization ever discovered on the Hen property, which has previously seen only limited reconnaissance-stage ridge and spur soil sampling and no drilling. The Company continues to plan and perform follow-up work to obtain an initial estimate of the potential size, scale and number of mineralized gold structures. Based on these strong prospecting, GT Probe and soil results the RAB drilling on Titan was fast tracked in order to complete a preliminary program this field season and gain insight on the target to plan for a more comprehensive program in 2020.

Titan RAB Drill Results

Three RAB drill holes were placed on the Titan totalling 220.97m as an initial drill test and follow up to previously announced high-grade soil, GT Probe, and rock grab sample results. The first two holes were drilled to the north of the discovery pit and oriented due west at a dip of -60o beneath a northly trending magnetic high feature which is interpreted to be associated with gold mineralization on the target. The third was drilled immediately south of the discovery pit and drilled vertically. Individual assays for the drilling ranged from trace to 226 g/t Au. The individual drill sites will be discussed below with their location referenced to the discovery pit.

About White Gold Corp.

The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon'sWhite Gold District. The Company's flagship White Gold property has a mineral resource of 1,039,600 ounces Indicated at 2.26 g/t Au and 508,700 ounces Inferred at 1.48 g/t Au. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Goldcorp Corporation with a M&I gold resource(1) of 3.4M oz and Western Copper and Gold Corporation's Casino project which has P&P gold reserves(1) of 8.9M oz Au and 4.5B lb Cu.

Cautionary Note Regarding Forward Looking Information

This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'proposed', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company's objectives, goals and exploration activities conducted and proposed to be conducted at the Company's properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company's properties will be successful; exploration results and future exploration plans and costs and financing availability.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include:; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company's properties; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company's properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties and those factors described in the most recently filed management's discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.


David D'Onofrio

Tel: (647) 930-1880

Email: ir@whitegoldcorp.ca

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AGNICO EAGLE MINES LIMITED 0.00% 60.35 Delayed Quote.-2.05%
KINROSS GOLD CORPORATION 0.51% 5.92 Delayed Quote.-4.38%
WHITE GOLD CORP. 3.96% 1.05 Delayed Quote.-11.40%
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David M. D'Onofrio President, Chief Executive Officer & Director
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