White Gold Jumps Over 20 Percent on Drill Results

Shares of junior miner White Gold (TSXV:WGO) surged 21 percent after the company uncovered multiple high-grade gold intercepts at its Vertigo target on the JP Ross property in the Yukon.

On Tuesday (October 2), the company said it had intersected 23.44 grams per tonne gold over 24.38 meters from surface, including 59.3 grams per tonne gold over 3.05 meters from surface, 39.4 grams per tonne over 3.05 meters from 12.19 meters depth and 26.1 grams per tonne gold over 4.572 meters from 19.81 meter depth from the JPRVERRAB18-014 hole.

“This appears to potentially be one of the most significant and interesting discoveries in the White Gold district to date,” stated Shawn Ryan, chief technical advisor.

“It is the kind of mineralization that could have produced the local placer gold deposits found in the area,” he added.

The impressive results were made possible through the company’s fully funded regional exploration program, which is backed by partners Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Kinross Gold (TSX:K,NYSE:KGC). 

Additional exploration has been conducted on 16 other properties with results to be released throughout 2018.

“With each new discovery we are gaining a better understanding of the regional and local geology. We now have increased confidence in the potential for further discoveries in this area as our exploration team continues to explore other targets on the JP Ross property on trend with Vertigo,” Ryan noted.

At the end of September, White Gold announced that it staked an additional 717 mining claims totaling 14,260 hectares at the company’s JP Ross, Hen and Stewarts properties, which expands the company’s presence in the White Gold district to 21,218 quartz claims, totaling over 423,000 hectares and representing over 40 percent of the area.

As of 11:34 a.m. EST on Wednesday (October 3), White Gold was trading at C$1.68.

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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.  

Editorial Disclosure: White Gold is a client of the Investing News Network. This article is not paid-for content.