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White Gold Corp. (TSXV:WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company) is pleased to announce additional Rotary-Air-Blast (“RAB”) and Reverse Circulation (“RC”) drill results from the Vertigo target on the JP Ross property, Yukon, Canada.
White Gold Corp. (TSXV:WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company) is pleased to announce additional Rotary-Air-Blast (“RAB”) and Reverse Circulation (“RC”) drill results from the Vertigo target on the JP Ross property, Yukon, Canada. Assays for 3 additional RAB holes and 11 additional RC holes have been received, returning additional high-grade mineralization in multiple zones. The RC drilling further validated the previously announced RAB drill results and identified new zones of high-grade gold mineralization along strike and at depth, which remain open in all directions. Drilling and other geological testing has also been conducted along the 14km structural trend that hosts the Vertigo and other similar targets.
Maps to accompany this news release can be found at https://whitegoldcorp.ca/investors/exploration-highlights/.
Highlights Include:
- JPRVERRC18-006 returned 3.21 g/t Au over 82.3m, including 31.4 g/t Au over 6.1m, including 103.9 g/t Au and 400.0 g/t Ag over 1.52m from surface and three deeper mineralized zones including 4.92 g/t Au over 6.1m from 36.58m.
- JPRVERRC18-009 returned 14.23 g/t Au over 6.1m, including 38.56 g/t Au over 3.05m from surface and 6.1 g/t Au over 4.57m from 41.5m. This is the most eastern drill intercept of the gold zones on the Vertigo target and mineralization remains open along strike and at depth.
- JPRVERRC18-003 returned 30.7 g/t Au over 1.52m from surface and 3.98 g/t Au over 7.62m, including 7.14 g/t Au over 3.05m from 65.53m.
- A total of 17 RAB holes and 21 RC holes have been drilled on the Vertigo target, increasing strike length of high-grade mineralization to over 305m x 250m. Additional assay results are pending for RC holes within and beyond this strike length, within the newly expanded target area.
- The target area of mineralization and alteration has been expanded to a footprint of 1,500m x 650m, hosting at least 12 individual zones and remains open in all directions.
- Additional prospecting and geological evaluation have been conducted along the 14km trend which hosts the Vertigo discovery with the goal of identifying similar gold zones nearby. Assays are pending and will be released in due course.
“We are continuing to encounter high-grade gold mineralization at or near surface on the Vertigo target and have now encountered multiple additional high-grade zones at depth and along strike,” stated Jodie Gibson, VP Exploration. “These new results have provided further understanding of the geological model and show the potential for a large high-grade mineralized system.”
Drill Results
A total of 917.45m of RAB drilling over 17 holes was completed on the Vertigo target. 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 converted to an RC system to maximize recoveries and 1,491 m of RC has been drilled over 21 holes. Some of the RC holes are within close proximity to previously reported RAB holes to test for mineralization at depth beyond the limits of the RAB drilling, up to 100m depth, and to evaluate the geometry of the mineralized structures. The remainder step out along strike and on additional structures along the Vertigo target.
Results for 3 additional RAB holes and 11 RC holes from the Vertigo target have been received and are discussed below. Individual assays for the reported holes range from trace to 103.9 g/t Au and trace to 400.0 g/t Ag; with significant zones of alteration and anomalous mineralization noted in all holes except one. The most significant results were obtained from holes JPRVERRC18-001, JPRVERRC18-003, JPRVERRC18-06, JPRVERRC18-07 & JPRVERRC18-09.
Significant drill results from the Vertigo target included in this release are detailed in the table below.
Interpretation of the results is ongoing and there is not currently enough information to estimate true thickness of the mineralized zones.
JPRVERRC18-001 – Az: 000, Dip: -60°, Depth: 76.2m
JPRVERRC18-001 is located 109m to the SE of RAB hole JPRVERRAB-014. The hole returned a 15.24m intercept of 1.01 g/t Au from 39.62m depth. Anomalous (>100 ppb Au) zones of mineralization occur above and below the reported intercept. Additionally, this is the western most hole received to date and expands the drilled footprint of mineralization to 305m strike length.
JPRVERRC18-003 – Az: 000, Dip: -60°, Depth: 96.01m
JPRVERRC18-003 was drilled to the north from the same location as RAB hole’s JPRVERRAB18-001 & 002. The hole returned two significant intercepts including 1.52m of 30.7 g/t Au from 19.81m depth, and 7.62m of 3.98 g/t Au from 65.53m depth; including 3.05m of 7.14 g/t Au from 65.53m depth.
JPRVERRC18-006 – Az: 180, Dip: -60°, Depth: 86.87m
JPRVERRC18-006 was collared 5m to the south of JPRVERRAB18-014/RC-013 and intersected 4 zones of mineralization with additional mineralization distributed between the zones. This includes a 6.10m zone from surface averaging 31.4 g/t Au, including 1.52m of 103.9 g/t Au from surface; a 9.14m zone averaging 2.02 g/t Au from 13.72m depth; a 6.10m zone averaging 4.92 g/t Au from 36.58m depth, including 1.52m of 14.4 g/t Au from 39.62m depth; and a 3.05m zone averaging 2.92 g/t Au from 70.10m depth. Combined, the zones average 3.21 g/t Au over 82.30m from surface. Excluding the upper 1.52m of 103.9 g/t Au; the combined intercept averages 80.77m of 1.3 g/t Au from 1.52m depth.
JPRVERRC18-007 – Az: 180, Dip: -60°, Depth: 88.39m
JPRVERRC18-07 is located 23m to the north and drilled subparallel to JPRVERRAB18-014. The hole returned two significant intercepts including 1.52m of 6.88 g/t Au from 10.67m depth, and 1.52m of 9.40 g/t Au from 30.48m depth.
JPRVERRC18-009 – Az: 180, Dip: -60°, Depth: 91.44
JPRVERRC18-009 was drilled 8m to the NE of previously reported hole JPRVERRAB18-011 and was drilled to evaluate the area at depth. The hole returned 3 zones of mineralization with additional mineralization distributed between the zones. Results include a 6.10m zone of 14.23 g/t Au from surface, including 3.05m of 38.56 g/t Au from surface; a 3.05m zone of 2.11 g/t Au from 15.24m depth; and a 4.57m zone of 6.10 g/t Au from 41.15m depth, including 1.52m of 14.80 g/t Au from 41.15m depth. Combined, the zones average 2.70 g/t Au over 45.72m from surface.
Vertigo Target – JP Ross Property
The Vertigo Target is on the JP Ross property which is comprised of 2,850 quartz claims covering over 57,000 hectares with at least 14 known target areas and numerous placer gold bearing creeks. Previously announced drill results on the Vertigo target range from trace to 56.25 g/t Au over 3.05m within a broader intercept of 17.34 g/t Au over 10.67m from 3.05m depth (JPRVERRAB18-001); 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 (JPRVERRAB18-011); and 23.44 g/t Au over 24.37m (JPRVERRAB18-014). Additional exploration in the area also encountered multiple high-grade grab samples including 139.9 g/t, 135.6 g/t and 132.9g/t Au defining a strike length of approximately 1.5km on the Vertigo target along a 12km mineralized trend. The Vertigo Target is located approximately 25km north of the Company’s flagship White Gold property and is within 2km of an existing road accessible from Dawson City. Recently staked and acquired claims adjacent to the property are situated within a prolific placer mining camp where coarse placer gold is common.
To date, at least 12 mineralized structures are recognized on the Vertigo target over a 1500m x 650m area, and consist of W-NW trending, steeply dipping zones of quartz veining, brecciation, and fracture-controlled mineralization with disseminated to vein-controlled pyrite-arsenopyrite-galena and, locally, visible gold mineralization. Drill testing to date has validated the mineralization over 305m of strike length and it is open along strike and at depth.
About White Gold Corp.
The Company owns a portfolio of 21,218 quartz claims across 34 properties covering over 423,000 hectares representing over 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 282,490 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. (TSX: G, NYSE:GG) with a M&I gold resource(1) of 4.1M 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. For more information visit www.whitegoldcorp.ca.
(1) 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 encountered (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 and other 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 and other 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 mineral exploration and 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
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/133932b1-2ccf-40a1-87b9-64d70e278e0b
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba545391-b2e3-4e70-8445-3233550f0ce1
Source: globenewswire.com