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

WHITE GOLD CORP.

(WGO)
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WHITE GOLD CORP. EXPANDS GOLD MINERALIZATION ON MULTIPLE TARGETS IN TRENCHING PROGRAM

10/23/2020 | 11:07am EST

White Gold Corp. (TSX.V: WGO, OTC: WHGOF, FRA: 29W) (the 'Company') is pleased to announce positive trench, GT probe and soil sample results which identified additional and widespread structurally controlled gold mineralization at multiple targets on its road accessible JP Ross ('JPR') property.

The primary goal of the trenching program was to test identified soil and GT probe geochemistry anomalies and obtain a better understanding of the structural controls on mineralization to aid in drill planning. The positive results from this program in conjunction with other exploration results warranted follow-up exploration, with a series of rotary air blast (RAB) holes recently drilled to further test these targets, and additional RAB and diamond drilling planned for 2021. These activities form an integral part of the Company's ongoing fully-funded $4 million exploration program backed by strategic partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC), which also includes diamond drilling at the Ryan's Surprise and Titan targets, RAB drilling at the Hen and JPR properties, and a significant regional program comprising soil and GT probe sampling and ground geophysical (magnetics and VLF-EM) surveys.

About White Gold Corp.

The Company owns a portfolio of 21,207 quartz claims across 33 properties covering over 420,000 hectares representing over 40% of the Yukon's prolific White Gold District. The Company's flagship White Gold property hosts the Company's Golden Saddle and Arc deposits which have a 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(1). Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. The Company's recently acquired VG Deposit also hosts a historic Inferred gold resource of 230,000 ounces at 1.65 g/t Au(2). 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 Corporation with Measured and Indicated Resources of 2.17 Moz at 1.46 g/t Au, and Inferred Resources of 0.50 Moz at 1.32 g/t Au(3), and Western Copper and Gold Corporation's Casino project which has Measured and Indicated Resources of 14.5 Moz Au and 7.6 Blb Cu and Inferred Resources of 6.6 Moz Au and 3.3 Blb Cu(3).

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: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; the receipt of all applicable regulatory approvals for the Offering; 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; ongoing uncertainties relating to the COVID-19 pandemic and those factors described under the heading 'Risks Factors' in the Company's annual information form dated July 29, 2020 available on SEDAR. 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.

Contact:

David D'Onofrio

Tel: (647) 930-1880

Email: ir@whitegoldcorp.ca

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AGNICO EAGLE MINES LIMITED 4.45% 68.8 Delayed Quote.6.91%
KINROSS GOLD CORPORATION 4.22% 9.64 Delayed Quote.51.46%
WHITE GOLD CORP. 1.35% 0.75 Delayed Quote.-33.33%
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Financials
Sales 2020 - - -
Net income 2020 - - -
Net cash 2020 21,0 M 16,2 M 16,2 M
P/E ratio 2020 -
Yield 2020 -
Capitalization 97,6 M 75,1 M 75,3 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 43,2%
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Mean consensus BUY
Number of Analysts 2
Average target price 2,95 CAD
Last Close Price 0,74 CAD
Spread / Highest target 332%
Spread / Average Target 299%
Spread / Lowest Target 265%
Managers
NameTitle
David M. D’Onofrio President, Chief Executive Officer & Director
Catherine Lathwell Chief Financial Officer & Secretary
Sean Bromley Independent Director
Marufur Raza Independent Director
Shawn Ryan Director & Chief Technical Advisor
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