White Rock Minerals : High-Grade Gold Prospects Staked in Alaska

ASX ANNOUNCEMENT

11 April 2022

High-Grade Gold Prospects Staked in Alaska

Key Highlights

• • White Rock has been able to stake a contiguous block of new tenements in a new high-grade gold project, the White Gold Project, identified within the Tintina Gold Province, Alaska, host to giant gold deposits including Donlin Creek (45 Moz Au), Pogo (10 Moz Au) and Fort Knox (13.5 Moz Au).

• • The White Gold Project encompasses 8 mineralised prospects connected by a 16-kilometre network of northeast trending geological structures. Historic surface geochemistry and core drilling completed by two previous explorers highlights the potential of the district, with White Rock staking 38 contiguous mining claims over 24km² (5,900 acres).

• • Highlights from historic exploration include:

  • ➢ Goldberg Prospect

    • • 18.0m @ 9.1g/t gold including 4.0m @ 33.8g/t gold in surface trenching

  • ➢ Shalosky Prospect

    • • 19.0m @ 4.0g/t gold including 2.6m @ 11.2/t gold in surface trenching

    • • 27.1m @ 3.1g/t gold from 88.3m including 1.2m @ 23.1g/t gold (WG11-02)

  • ➢ Low Prospect

    • • 9.8m @ 8.6g/t gold including 3.8m @ 14.3g/t gold in surface trenching

    • • 20.0m @ 2.5g/t gold from 34.4m including 2.2m @ 17.4g/t gold (WG11-05)

  • ➢ Hunter Prospect

    • • 28.0m @ 3.0g/t gold including 3.3m @ 16.4g/t gold in surface trenching

• • The mineralised prospects appear to be controlled by a series of northeast trending structures within an orogenic setting that is distal to the Cretaceous granitic intrusions linked to mineralisation in the Tintina Gold Province. Within orogenic gold systems, fault-controlled mineralisation often persists for extensive strike lengths and depths.

White Rock's Managing Director & CEO Mr Matt Gill commented:-

"White Rock is committed to building a quality portfolio of high-grade precious metal assets in the world class Tintina Gold Province, to stand alongside our high-grade zinc-silver rich VMS deposit at Red Mountain, now measuring over 21 million tonnes at 8.5% Zinc Equivalent or 393 g/t Silver Equivalent grades1.

"Generative exploration work by our first-class team in-country is continuing to highlight significant prospectivity where limited historic exploration has been undertaken when compared with similarly endowed terrains on a global scale. In this instance, White Rock has been able to stake a contiguous block of new tenements over 8 quality high-grade gold mineralised prospects that are structurally linked.

"I and the Team remain impressed and encouraged by the rich mineral endowment and high exploration prospectivity that the geology of Alaska offers. Overlaid by this geological prospectivity is the fact that Alaska is ranked by the Fraser Institute in the Top 5 jurisdictions in the world for overall Investment Attractiveness, which takes both mineral and policy perception into consideration.

1 Refer ASX Announcement 17th February 2022 "Significant Increase in Zinc-Silver Resource, Red Mountain VMS Project, Alaska."

ASX: WRM OTCQX: WRMCF

• •www.whiterockminerals.com.au •

[e-mail]

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"This project is at the early stages of discovery with several >10g/t gold intercepts across this sparsely drilled property offering tantalising upside potential."

Figure 1: Map of prospect locations of prospects and surface exploration highlights on geology.

THE WHITE GOLD PROJECT

The White Gold project (the "Project") is located in central Alaska, 265km southwest of Fairbanks and only 25km south of the Alaska Highway. The Project is approximately 150km south- east of White Rock's district-scale Red Mountain VMS and Last Chance IRGS Gold Project. The tenement package comprises 38 State of Alaska mining claims over a total area of ~24km², covering eight early-stage high-grade gold prospects: Shalosky, Kokanee, Hunter, HD Saddle, Goldberg, Low, Flicka and OTG.

Geology

The Property is located within the Delta Schist Belt, a sequence of Devonian-Mississippian metavolcanic and metasedimentary phyllite and schist, with quartzite, marble, hornfels and cataclasite rocks, that have undergone middle to upper greenschist facies metamorphism. The Delta Schist Belt is intruded by a suite of mid‐Triassic gabbroic sills and then early Tertiary mafic dykes. Cretaceous‐age felsic intrusive rocks are also evident in the district.

On the Property the Delta Schist Belt rocks are mostly pelitic metasediments (quartz‐sericite‐chlorite schists), with some intrusive gabbroic sills as well as evidence of mafic dykes that appear to intrude along some of the mineralised structures.

Historical Work Programs

The gold prospects were originally discovered in the mid-1990's while Inco was exploring for base metal mineralisation through their subsidiary American Copper & Nickel Company ("ACNC"). Little follow-up work on the gold prospectivity proceeded until Grayd Resource Corporation ("Grayd") controlled the project (1999-2001). Surface exploration including soils, rock chip sampling and trenching was followed by a single drilling campaign funded by Placer Dome in 2001. A total of 11 diamond drill holes for over 1,700 metres was completed at 5 prospects: Shalosky, Kokanee, Hunter, HD Saddle and Goldberg.

Rhyolite Resources staked the property in 2007 and following cursory due diligence sampling, undertook a second drilling campaign in 2011. A total of 14 diamond drill holes for over 2,200 metres was completed at three prospects: Hunter, Low and Shalosky.

Recent desktop work has compiled and validated all the historic surface sampling and drilling into a digital database. Drill highlights for each prospect are presented in Figure 2 and Table 1 & 3. Soil results are presented in Figure 3. Trench assay results are summarised in Table 2. Drill collar locations and mineralised intersections for all the drilling are presented in Table 4 and 5.

Figure 2:

Location of

prospects and

diamond core

drilling highlights.

Hole ID	From (m)	To (m)	Interval (m)	Gold g/t
PD-01	99.06	107.23	8.17	1.37
incl	105.61	106.68	1.07	5.27
PD-01	117.47	118.75	1.28	12.21
PD-02	95.65	113.08	17.43	1.20
WG-11-01	56.08	64.92	8.84	2.84
incl	56.85	59.05	2.20	8.44
WG-11-01	70.10	76.20	6.10	2.62
incl	70.10	71.48	1.38	8.12
WG-11-02	88.30	115.39	27.09	3.05
incl	98.15	99.37	1.22	23.10
WG-11-03	131.37	149.66	18.29	0.96
incl	142.34	148.29	5.95	2.05
WG-11-03	166.35	175.80	9.45	1.31
WG-11-03	191.11	210.77	19.66	1.73
WG-11-03	221.00	231.50	10.50	2.52
WG-11-04	82.40	99.06	16.66	1.79
incl	85.84	91.00	5.16	4.48
incl	85.84	86.93	1.09	13.70
WG-11-11	76.05	81.69	5.64	2.27
WG-11-12	106.55	185.62	79.07	1.50
incl	146.00	148.74	2.74	5.88
WG-11-13	177.39	192.63	15.24	1.48

Prospect	Trench ID	Interval (m)	Gold g/t
Shalosky	Shalosky1	19.0	4.01
incl	2.6	11.17
Shalosky	ShaloskyEast	9.5	0.99
Shalosky	Shalosky2	7.0	2.47
Low	Low1	9.8	8.61
incl	3.8	14.26
Goldberg	GoldbergRib2	18.0	9.11
incl	4.0	33.78
Hunter	Hunter1	28.0	2.98
incl	3.3	16.41
Kokanee	Kokanee64	4.5	0.86
Flicka	FlickaLower	6.0	0.63

Table 1: Assay highlights from historical drilling at the Shalosky Prospect

Table 2: Assay results from historical trenching (intercept cut-off grade of 0.2g/t Au; maximum internal dilution of 3m).

Mineralisation and Prospectivity

Gold mineralisation on the Property is largely controlled by fault structures and host rock lithology and is spatially associated with the intense zones of silicification and quartz vein development. The Shalosky and Kokanee prospects have extensive sericite and silica alteration envelopes associated with gold mineralisation in variably healed and reactivated fault zones. Mineralisation at Hunter and Low have strong gold and associated sulphide mineralisation distributed out into the sericite-altered carbonaceous schist host rocks. Relatively thin Tertiary mafic dykes are found along the Low and Goldberg mineralised structures.

Overall sulphide content varies from less than 1% to more than 10%. There is a strong correlation between gold, arsenic and antimony. Individual sample results show a strong gold‐arsenic association, but a weaker gold‐antimony correlation. Copper, lead, zinc, bismuth, mercury and tellurium values are all typically low and silver values are generally only weakly to moderately anomalous. The gold mineralisation is dominantly metasediment hosted and likely represents an orogenic gold system or possibly a distal end-member of the Intrusion Related Gold System ("IRGS") mineralisation classification of the major gold deposits in the Tintina Gold Province.

Shalosky Prospect

The Shalosky prospect is a 3km long altered and mineralised structure of which only a 600-metre section has been drilled to date (Figure 3). The original prospect consists of a bedrock exposure in a creek bank in which hand trenching returned 19.0m @ 4.0g/t gold including 2.6m @ 11.2/t gold. The structure is mostly covered by tundra, brush and talus accumulation from higher slopes and is only partially defined by anomalous soil sampling and very sporadic rock-float sampling. Most of the drilling has occurred within a 250-metre zone surrounding the original discovery trench. All drill holes intersected broad zones of mineralisation (Table 1) including WG11-02 which returned 27.1m @ 3.1g/t gold including 1.2m @ 23.1g/t gold (Figure 5). A further 350 metres east, another hand trench returned 9.3m @ 1.0g/t gold with a further two drill holes intersecting the mineralised structure, including WG11-13 which returned 15.2m @ 1.5g/t gold.

Mineralisation is hosted by a fault zone that cuts a quartz-chlorite schist. The fault contains quartz-sulphide veining within a zone of silicification and a thick chlorite-to-sericite alteration envelope. Fault gouge is present in places. Pyrite and arsenopyrite are the dominant sulphides with lesser stibnite.

An extensive soil survey over the Shalosky structure identifies additional strongly anomalous gold upslope and along a parallel trend to the Shalosky structure (Figure 3). This soil anomaly is coincident with a graphitic-schist and inferred thrust fault. Almost no work to date has been completed in exploring along this gold anomaly and coincident thrust fault, presenting a target for immediate follow-up.