TORONTO, Sept. 17, 2018 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce initial drill results from the Vertigo target on the JP Ross property, Yukon. The Rotary-Air-Blast (“RAB”) drilling followed up on high-grade GT Probe results on the property announced on August 14, 2018. Results received to date include the first 10 of 17 RAB holes, with the balance expected in the near future. A Reverse Circulation (“RC”) drill is currently on site to further test the Vertigo target. Maps further detailing hole locations and results can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
Highlights Include:
- JPRVERRAB18-001 intersected 56.25 g/t Au over 3.05m from 3.05m depth, within a broader intercept of 17.34 g/t Au over 10.67m, which are amongst the highest grades ever encountered in the White Gold district.
- 75m to the west of JPRVERRAB18-001, JPRVERRAB18-011 intersected 45.00 g/t Au over 3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au over 15.24m.
- At least 10 individual mineralized zones (V1 to V10) have been recognised over a 350m x 1,000m area, with individual zones having been traced up to 400m along strike with all zones open along strike and at depth.
- The JP Ross property is road accessible from Dawson City and the Vertigo Target is within 2km of the existing road.
- 17 RAB holes have been completed on the Vertigo target and assay results for the remaining 7 RAB holes will be released in due course.
- An RC drill has been moved to the Vertigo target to further test the new discovery.
“We are very excited about the results from the Vertigo target confirming the discovery of multiple zones of high-grade, near-surface gold mineralization over 200m of strike length on the JP Ross property. These are very significant results for a first-round drill program and we are eagerly anticipating the additional results from the remaining holes on this new target,” stated Jodie Gibson, VP Exploration of the Company. “Our systematic approach to exploration has quickly advanced the Vertigo and we are looking forward to further exploring this exciting new discovery.”
Exploration Work on Vertigo Target
A total of 917.45m of RAB drilling over 17 holes was completed on the Vertigo target to follow up on previously announced GT Probe results from the area that yielded results ranging from trace to 29.1 g/t Au, including samples returning 6.5 g/t Au, 3.4 g/t Au and 3.3 g/t Au within 2m of surface on previously untested structures.
Several of the RAB holes failed to reach full depth due to difficult ground conditions adjacent to or within the mineralized zones. The RAB was therefore converted to an RC system to improve recoveries. To date 677.63m of RC has been completed over 8 holes and drilling is ongoing, with a focus on testing all the known zones of mineralization and follow up on areas of significant mineralization identified during the initial phase of RAB drilling.
Drill Results
Results for 10 of the initial 17 RAB holes from the Vertigo target have been received and are discussed below. Individual assays ranged from trace to 73.5 g/t Au and are associated with strongly elevated Ag, Pb, Bi, +/- As. All reported holes were drilled either due north (000o) or due south (180o) at dips ranging from -55o to -85o and cover a 200m strike extent along the western portion of the target area. A minimum of 3 of the known mineralized structures (V3 – V5) were tested by the reported drilling. The most significant results were obtained from holes JPRVERRAB18-001, 009, 010, & 011.
JPRVERRAB18-001
JPRVERRAB18-001 was drilled adjacent to historic trench JRVE10T0008(1) targeting a 5m section that averaged 4.28 g/t Au on the V4 zone. The hole was oriented to the south at a -60o dip, and intersected a 10.67m interval averaging 17.34 g/t Au from 3.05m depth; including a 3.05m interval averaging 56.25 g/t Au from 3.05m depth. The gold mineralization was also associated with 38.8 g/t Ag and 0.61% Pb over the upper 3.05m mineralized interval.
JPRVERRAB18-009 & 010
JPRVERRAB18-009 & 010 were drilled 115m to the E-SE and 135m to the NE of JPRVERRAB18-001 targeting the V3 and V5 structures respectively. JPRVERRAB18-009 was drilled to the north at a -60o dip and intersected 13.4 g/t Au over a 1.52m zone from 38.1m depth. JPRVERRAB18-010 was drilled to the south at a -65o dip and intersected 15.3 g/t Au over a 1.52m zone from 16.76m depth.
JPRVERRAB18-011
JPRVERRAB18-011 was drilled 75m to the west of JPRVERRAB18-001 along the western projection of the V3 zone. The hole was oriented to the south at a -65o dip and returned 15.24m of 9.65 g/t Au from 1.52m depth; including 3.05m of 45 g/t Au from 1.52m depth. The gold mineralization was also associated with 33.4 g/t Ag and 0.55% Pb over the upper 3.05m mineralized interval.
Interpretation of the results is ongoing, and there is not currently enough information to estimate true thickness of the mineralized zones.
Significant drill results from the Vertigo target are detailed in the table below.
| Hole ID | From(m) | To(m) | Interval(m) | Au(g/t) |
| JPRVERRAB18-001 | 3.05 | 13.72 | 10.67 | 17.34 |
| Including | 3.05 | 6.1 | 3.05 | 56.25 |
| JPRVERRAB18-003 | 32 | 35.03 | 3.05 | 3.11 |
| JPRVERRAB18-004 | 19.81 | 21.34 | 1.52 | 3.73 |
| JPRVERRAB18-005 | Assays In Progress | |||
| JPRVERRAB18-006 | 21.34 | 22.86 | 1.52 | 0.76 |
| JPRVERRAB18-007 | 12.19 | 13.72 | 1.52 | 2.37 |
| And | 44.2 | 45.72 | 1.52 | 1.85 |
| And | 82.3 | 83.82 | 1.52 | 4.83 |
| JPRVERRAB18-008 | 1.52 | 3.05 | 1.52 | 4.11 |
| And | 33.52 | 35.05 | 1.52 | 3.40 |
| JPRVERRAB18-009 | 38.1 | 39.62 | 1.52 | 13.40 |
| JPRVERRAB18-010 | 16.76 | 18.29 | 1.52 | 15.30 |
| And | 64.01 | 65.53 | 1.52 | 1.07 |
| JPRVERRAB18-011 | 1.52 | 16.76 | 15.24 | 9.65 |
| Including | 1.52 | 4.57 | 3.05 | 45.00 |
| JPRVERRAB18-012 | Assays In Progress | |||
| JPRVERRAB18-013 | Assays In Progress | |||
| JPRVERRAB18-014 | Assays In Progress | |||
| JPRVERRAB18-015 | Assays In Progress | |||
| JPRVERRAB18-016 | Assays In Progress | |||
| JPRVERRAB18-017 | Assays In Progress | |||
Vertigo Target, JP Ross Property
The Vertigo target is located on the Company’s JP Ross property, approximately 75km south of Dawson City, Yukon and 25km north of the Golden Saddle deposit. The JP Ross property is road accessible from Dawson City and the Vertigo Target is within 2km of an existing road.
Mineralization on the Vertigo consists of brecciation, quartz veining, and strong sericite alteration with disseminated to vein-controlled pyrite, arsenopyrite, galena, bismuthinite and locally visible gold. At least 10 individual zones (V1 to V10) are currently recognised over a 350m x 1000m area, with individual zones having been traced up to 400m along strike and all are currently open along strike and at depth. The mineralized zones are associated with a series of W-NW trending, steeply dipping structures and splays associated with a regional-scale fault system that has been traced over 12km. Four additional target areas are currently recognised along this trend and follow-up geologic mapping and prospecting is ongoing.
The JP Ross property is comprised of 2,251 quartz claims covering over 46,000 hectares of exploration ground which currently has at least 14 known anomalous trends including the Vertigo, and numerous placer gold bearing creeks. The property is located 25km north of the Company’s flagship White Gold property which has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces Inferred at 1.70 g/t gold. Historic exploration performed on the JP Ross property by Underworld Resources and Kinross Gold includes geochemical surveys, trenching, airborne magnetic and radiometric surveys, and 8,592m of diamond drilling over 64 holes. 14 target areas are currently known and large portions of the property are unexplored. Key areas identified as priorities in 2018 include the Vertigo, Rebecca and Sabotage Trends. Historic work on the Vertigo target work(1) performed in the area including trench results of 4.28 g/t Au over 5m within a broader sampling range of up to 1.05 g/t Au over 45m, and a historic drill hole which intersected 17.9 g/t Au over 1 m.
(1) Reported in Yukon Assessment Report #096205
About White Gold Corp.
The Company owns a portfolio of approximately 20,000 quartz claims across 30 properties covering over 390,000 hectares representing approximately 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. 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 Goldcorp Inc. with a M&I gold resource(2) of 4.1M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(2) of 8.9M oz Au and 4.5B lb Cu. The Company has outlined an aggressive exploration plan backed by partners Agnico Eagle Mines Limited and Kinross Gold Corp. For more information visit www.whitegoldcorp.ca.
(2) Noted mineralization is as disclosed by the owner of each property respectively and is not necessarily indicative of the mineralization hosted on the Company’s property.
QA/QC
The analytical work for the 2018 program has been performed by Bureau Veritas Commodities Canada Ltd., an internationally recognized analytical services provider, at its Vancouver, British Columbia laboratory. Sample preparation was carried out at its Whitehorse, Yukon facility. All GT Probe, RAB, RC, and diamond core samples were prepared using procedure PRP70-250 (crush, split and pulverize 250 g to 200 mesh) and analyzed by method FA430 (30g fire assay with AAS finish) and AQ200 (0.5g, aqua regia digestion and ICP-MS analysis). Samples containing >10g/t Au were reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Metallic-screen analysis may also be utilized if coarse gold mineralization is encounter (FS600).
The work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the regular insertion of certified standards and blanks into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.
Qualified Person
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the content of this news release.
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, to: the anticipated benefits to the Company and its shareholders respecting the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the White Gold properties; future growth potential of the Company, including whether any further mineral resources will be established in accordance with NI 43-101 at any of the Company’s properties; exploration results; and future exploration plans.
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; failure to expand or identify any additional mineral resources; 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 White Gold properties and the Company’s other 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; 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 under the heading "Risks and Uncertainties" in the Company’s most recently filed management’s discussion and analysis. 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 any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact Information:
David D’Onofrio
Chief Executive Officer
White Gold Corp.
(416) 643-3880
ddonofrio@whitegoldcorp.ca