Precious Metals

2020 Field Sampling Highlights Include[1]:

14.85 g/t Au and 98.2 g/t Ag chip sample over 0.5 metres at Charleston
40.2 g/t Au and 134 g/t Ag, grab sample at southeast Skukum Creek
48.3 g/t Au and 174 g/t Ag, grab sample at Lake Zone (Mt. Skukum Deposit)
39 g/t Au and 48.1 g/t Ag, grab sample on Brandy Vein (Mt. Skukum Deposit)

Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company") reports final results from its 2020 surface sampling and mapping program, and ongoing data compilation at its Skukum Gold Project (the "Project"), southern Yukon.

In addition to the 3 main gold deposits on the Company's wholly-owned 170 sq-km land package, there are numerous underexplored precious metal occurrences identified at the Project (see Figures 1 and 2). Whitehorse Gold completed field sampling and mapping programs in 2020 as part of its initial property scale review (the "2020 Program"), results of which are discussed below in the context of compiled historic data.

"Outside of our currently delineated gold deposits, the Project hosts a wealth of high-grade, precious metal occurrences that emphasize the significant exploration potential and sets us apart from many junior exploration companies," stated Kevin Weston, CEO of Whitehorse Gold. "Along with our Skukum Creek, Goddell and Mt. Skukum deposits, these other showings provide us with additional opportunity to grow the Skukum Gold Project in the years to come."

KEY OCCURRENCES:

Charleston

The most significant mineralization is found in the Charleston vein (Figure 3) where 2020 Program sampling results returned 14.85 g/t Au and 98.2 g/t Ag over 0.5 metres, and 8.79 g/t Au and 297 g/t Ag over 0.5 metres, and validated historic samples on the out-cropping high-grade, gold mineralized structure.

The vein was discovered in the early 1900's and a short adit (Figure 4) was advanced along the structure in 1921. The vein has been sampled by the various historic owners but has never been the subject of a concerted or sustained exploration program.

Southeast Skukum Creek

Surface grab samples1 of a mineralized occurrence situated 500 metres south-southeast of the Skukum Creek Deposit returned 40.2 g/t Au and 134 g/t Ag over 0.1 metres, and 30.9 g/t Au and 149 g/t Ag over 0.1 metres. These samples highlight the potential for sub-parallel structures in the hanging wall and footwall of the Skukum Creek deposit.

Lake Zone & Brandy Veins

In the vicinity of the past-producing Mt. Skukum deposit, surface grab sampling1 of the Lake Zone returned 48.3 g/t Au and 174 g/t Ag, and 22.9 g/t Au and 47.3 g/t Ag, and the Brandy Vein returned grades of 39 g/t Au and 48.1 g/t Ag.

Mt Skukum West

The Wanda, Marmot, Wolverine, Pika and Fox gold-mineralized vein structures occur west of the Mt. Skukum deposit (Figure 1). Data review of the past programs on this area has compiled surface chip sampling data, highlights of which include:

Selected Historical Surface Chip Sampling Highlights
VeinAu (g/t)Ag (g/t)Width (m)Discovery
Wanda Vein5.820.60.51988
Marmot Vein328.7377.10.21988
Wolverine Vein11.88.20.21988
Pika vein92.9220.10.91981
Fox veins24.317.80.41981

 

Most of these veins were discovered in 1988 as the Mt. Skukum mine was shutting down and the area was identified for follow-up work in the cancelled 1990 exploration field season. No significant exploration work has been completed on the occurrences since.

The Wanda, Marmot and Wolverine veins have not been drill tested and historic drilling completed on the Fox and Pika veins (approximately 14 holes) is of limited vertical and horizontal extent.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7553/80524_e698403ef4ed0933_004.jpg

Figure 1: Western portion of the Project with multiple identified gold mineralized occurrences (historical samples and 2020 Program samples).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7553/80524_e698403ef4ed0933_004full.jpg

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Figure 2: Eastern portion of the Project with multiple identified gold mineralized occurrences (historical samples).

To view an enhanced version of Figure 2, please visit:
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Figure 3: Charleston Vein sampling results (historical samples and 2020 Program samples)

To view an enhanced version of Figure 3, please visit:
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Figure 4: Outcrop of the Charleston Vein with a historic (early-1920s) portal, refurbished in 1989.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/7553/80524_wh2.jpg

Although the Company believes the source of the historical information to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data and other inherent limitations and uncertainties.

FUTURE WORK

As part of the upcoming 2021 field season, detailed mapping and sampling is planned for the majority of these targets. Geologic, geochemical and TerraSpec Halo alteration data, are expected to be combined with an airborne magnetic/radiometric survey to develop a ranked pipeline of targets. Results of the 2021 field work will guide work programs for 2022 and beyond.

Qualified Persons

The technical information contained in this news release has been reviewed and approved by Tim Kingsley, Vice President of Exploration of Whitehorse Gold and Certified Professional Geologist (CPG-11538) with the American Institute of Professional Geologists, a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI 43-101"). The qualified person has verified the scientific information disclosed herein, including the sampling, preparation, security and analytical procedures underlying the 2020 Program, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

Quality Assurance and Quality Control

Drill core from the Company's 2020 Program was logged and sampled in a secure core storage facility located at the Project site. Core samples from the 2020 Program were cut in half, using a diamond cutting saw. Drill core and surface samples were sent to ALS Laboratories, which is independent of the Company. Sample preparation was performed at the ALS Laboratory in Whitehorse, YT, followed by analysis at the ALS Laboratory in North Vancouver. ALS is an accredited mineral analysis laboratory. All samples were analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Samples were also analyzed for a 48 multi-element geochemical suite by ICP-MS with a four-acid digestion. Certified gold reference standards, blanks, field duplicates and coarse reject duplicates were routinely inserted into the sample stream, as part of Whitehorse Gold's quality control/quality assurance program ("QA/QC").

Certain historic QA/QC data and methodology were reviewed and are summarized in the Technical Report entitled "Skukum Gold-Silver Project, NI 43-101 Technical Report, Whitehorse Mining District, Yukon Territory, Canada" dated effective October 1, 2020 and authored by Ronald G. Simpson, P.Geo. from GeoSim Services, Inc. filed on the Company's SEDAR profile (the "Technical Report"). The author of the Technical Report considered historical sample preparation, analysis, and security to have been generally performed in accordance with exploration best practices at the time of collection.

INVESTOR RELATIONS AND ADVERTISING AGREEMENTS

The Company announces that it has entered into two separate investor relations agreements.

The Company entered into an agreement with Red Cloud Securities Inc. and Red Cloud Financial Services Inc. (together "Red Cloud") to provide the Company with a range of corporate advisory services. Such services include organizing and administering "roadshows", drafting traditional marketing materials, managing the Company's social media and providing traditional media support and assistance in the creating of video content for exclusive use on "Red Cloud TV" and other services as required by the Company. As consideration, Red Cloud will be paid a fee of $10,000 (plus tax) per month for an initial six-month period. The agreement may be renewed on a month-to-month basis thereafter at the option of the Company. Red Cloud is a Toronto-based financial services company that provides assistance to mineral exploration and mining companies in accessing capital markets and enhancing their corporate profile. Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec. Alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC). To the Company's knowledge, Red Cloud does not have any direct interest in the Company or its securities. The engagement of Red Cloud is subject to TSX Venture Approval.

The Company has also entered into an agreement with Dig Media Inc. (dba Investing News Network) ("INN") pursuant to which INN provides certain advertising services to the Company. Such services include the creation of a profile for the Company, which will include publicly available interviews, videos and articles related to the Company. INN will provide such services until December 22, 2021. As consideration, the Company has agreed to pay INN a fee of $50,000 (plus tax). Based out of Vancouver, British Columbia, with officers around the globe, INN is an independent firm, which is dedicated to providing independent news and education to investors. To the Company's knowledge, INN does not have any direct interest in the Company or its securities.

ABOUT Whitehorse Gold CORP.

Whitehorse Gold is a responsible mineral exploration and development company focused on its 170-square-km Skukum Gold Project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Project hosts the advanced-stage Skukum Creek and Goddell deposits, and the formerly producing Mt. Skukum high-grade gold mine, all of which remain open for expansion, plus additional untested mineralized occurrences. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 4.8 kms of underground development, and a previously operating 300-tpd mill and associated support facilities. Underground operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold.

On Behalf of Whitehorse Gold Corp.
signed "Kevin Weston"
Kevin Weston, CEO & Director

For further information please contact:
Steve Stakiw, Vice President - Corporate Affairs
Phone: 1-604-336-5919
Email: info@whitehorsegold.ca
www.whitehorsegold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact included in this news release, including, without limitation, future plans with respect to the Project, including the 2021 work program and resource expansion; and other future plans, objectives or expectations of the Company are forward-looking statements. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates of management considered reasonable at the date the statements are made. The opinions, assumptions, factors and estimates which may prove to be incorrect, include, but are not limited to: that market fundamentals will result in sustained precious metals demand and prices; that there are no significant disruptions affecting operations, including labour disruptions, supply disruptions, power disruptions, security disruptions, damage to or loss of equipment, whether due to flooding, political changes, title issues, intervention by local landowners, environmental concerns, pandemics (including COVID-19) or otherwise; that the Company will be able to obtain and maintain governmental and regulatory approvals, permits and licenses in connection with its current and planned operations, development and exploration activities, including at the Project; that the Company will be able to complete the required upgrading and retrofitting of the Project infrastructure to be fit for the Company's planned mining activities; that the Company will be able to meet its current and future obligations; that the Company will be able to comply with environmental, health and safety laws; that the Company will be able to secure financing on suitable terms; and the assumptions underlying mineral resource estimates and the realization of such estimates.

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 differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others: social and economic impacts of COVID-19; actual exploration results; changes in project parameters as plans continue to be refined; results of future exploration activities and resource estimates; future metal prices; availability of capital and financing on acceptable terms; general economic, market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel, materials and equipment on a timely basis; accidents or equipment breakdowns; delays in receiving government and regulatory approvals; unanticipated environmental impacts on operations and costs to remedy same; and other exploration risks or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Technical Report. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Cautionary Note to US Investors

This news release has been prepared in accordance with the requirements of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.


[1]Readers are cautioned that the above-mentioned grab samples are selective and likely biased by nature and therefore are not necessarily representative of the overall grade and extent of any mineralization that could occur on the subject areas of the Project.

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Whitehorse Gold

Whitehorse Gold

Overview

Whitehorse Gold (TSXV:WHG) is one of Canada’s newest exploration and development companies, and it is focused on its Skukum gold project in the Southern Yukon that includes the past producing Mt. Skukum mine, which produced approximately 80,000 oz of gold from 1986-88 from 233,000 tons of ore mined. The company is also focused on its advanced-stage Skukum Creek and Goddell deposits. The company was recently spun out of New Pacific Metals (TSXV:NUAG,OTCQX:NUPMF) and is now a newly listed public company that has completed a C$6.8 million financing.

Company Highlights

  • Whitehorse Gold successfully spun out of New Pacific Metals and listed on the TSXV on November 25, 2020.
  • Whitehorse Gold successfully completed a C$6.8 million non-brokered financing.
  • The company wholly owns its Skukum gold project that contains three delineated high-grade gold deposits: Skukum Creek, Goddell and Mt. Skukum along with additional high-priority exploration targets. Historically, Mt. Skukum produced almost 80,000 oz of gold from 233,000 tons of ore mined over a two year period.
  • All three main deposits benefit from significant infrastructure and excellent access, including all-weather roads, a fifty-person camp, extensive underground workings, a mill that previously operated at 300 tonnes per day, service buildings, and a tailings management facility.
  • Whitehorse Gold has completed a National Instrument 43-101 independent resource estimate for its Skukum Creek, Mt. Skukum and Goddell deposits with total indicated resources of 1,331,000 tonnes containing 274,544 oz gold and 5,355,478 oz silver plus additional inferred resources of 1,111,000 tonnes containing 223,873 oz gold and 1,906,433 oz silver.

Key Projects

Skukum Lake Gold

The Skukum gold project includes the following high-grade gold deposits: Skukum Creek, Goddell and Mt. Skukum, along with additional high-priority exploration targets. Skukum Gold consists of 1,051 mineral claims—covering 170 square kilometers—roughly 55 kilometers south of Whitehorse, Yukon, in the Wheaton River Valley region. All three projects benefit from significant infrastructure and excellent access, including an extensive network of all-weather roads, a 50 person camp, 4.8 kilometers of underground workings, a mill that previously operated at 300 tonnes per day, service buildings and a tailings management facility.

Whitehorse Gold has completed a new National Instrument 43-101 independent resource estimate for its Skukum Creek, Mt. Skukum and Goddell deposits with total indicated resources of 1,331,000 tonnes containing 274,544 oz gold and 5,355,478 oz silver plus additional inferred resources of 1,111,000 tonnes containing 223,873 oz gold and 1,906,433 oz silver.

2020 Resource Estimate

Notes:

Mineral Resources are not mineral reserves and do not have demonstrated economic viability. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
A base case cut-off grade of 3.0 g/t Au represents an in-situ metal value of US$126 per tonne at a gold price of $1450/oz, silver price of $16.50/oz and a metal recovery of 90% for gold and silver, which is believed to provide a reasonable margin over operating and sustaining costs for narrow vein mining and processing.

Mineral resources are diluted to a minimum width of 1.5 metre.

Technical report filed on SEDAR on November 18, 2020. Ronald G. Simpson, P.Geo. from GeoSim Services, Inc. is the QP for this estimate.

Whitehorse Gold received a Class 1 exploration permit in July 2020, which allowed the company to undertake their initial exploration program on the Skukum gold project, which is now wrapped up for the year. The program included mapping, sampling and diamond drill campaigns. Outside of its three main gold deposits (Skukum Creek, Goddell and Mt. Skukum), the company has identified additional opportunities for new discoveries in its nearby Charleston, Raca, Chieftain Hill and Antimony Creek targets.

Skukum Creek Deposit

The Skukum Creek property includes an advanced gold deposit with underground development. A network of quartz sulphide veins hosts high-grade gold mineralization. Two primary veins have been identified: the Kuhn Vein and the Rainbow Vein. A National Instrument 43-101 estimate has delineated 1 million tonnes at 5.8 g/t gold and 166 g/t silver (for 7.8 g/t AuEq) in the Indicated category and 537,000 tonnes at 5.0 g/t gold and 108 g/t silver (for 6.2 g/t AuEq) in the Inferred category.

Past metallurgical flotation testing yielded over 95 percent gold and silver recovery.

Mt. Skukum Deposit

The Mt. Skukum mine operated from 1986 to 1988, producing approximately 79,750 oz gold from 233,400 tons of ore mined and processed. The Mt. Skukum deposit hosts a National Instrument 43-101 estimate found 90,100 tonnes at 9.3 g/t gold and 12.9 g/t silver (for 9.4 g/t AuEq) in the Inferred category.

Whitehorse Gold intends to target veins adjacent to sites of historical production, including a highly prospective network of auferous quartz-calcite-adularia veins. The last exploration program undertaken on the project (in 2011) included 2,482 meters of surface drilling over 16 holes.

Goddell Deposit

The Goddell property includes a 5 kilometer structure in which gold is hosted in fine disseminated sulphides. Over 1,900 meters of surface drilling was undertaken on the project in 2011. The current National Instrument 43-101 resource estimate for the deposit stands at 329,700 tonnes at 8.1 g/t gold in the Indicated category and 483,900 tonnes at 7.1 gold g/t in the Inferred category.

Management Team

Gordon Neal - CEO and Director

Mr. Neal has extensive experience in the metals and mining sector, capital markets, and government communications. He was most recently the president of New Pacific Metals Corp., and was the former vice-president corporate development at Silvercorp Metals Inc. Prior to that, he held the vice-president corporate development position at Mag Silver Corp. Mr. Neal's career also saw him working in the office of the Prime Minister of Canada as a senior communications adviser.

Steve Stakiw - Vice President of Corporate Affairs

Steve Stakiw is a geologist with over 30 years of resource sector investor relations, mineral exploration, research and finance/equity market experience. He has held senior executive roles with a mid-tier, TSX-listed base metals production company, a junior stage gold exploration company as well as at a leading mining research and investment publication.

Jean Zhang - CFO and Corporate Secretary

Jean Zhang possesses accounting management experience at a major silver producer, an international property development company and a Big Four accounting organization (Deloitte).

Tim Kingsley - Vice President of Exploration

Tim Kingsley is an engaged, relationship-oriented leader of lean, high-performing exploration teams. He has a strong technical background with a track record of discovery and project development and proven success in managing complex technical projects. Kingsley is an exploration geologist with more than 15 years of experience and underground experience at multiple operations in the Americas (Peru, Canada, Alaska).

Wanjin Yang - Senior Geologist

Wanjin Yang is an exploration geologist with over 25 years of experience. He served as the chief geologist at Ivanhoe Mines for eight years and has worked on several projects in Yukon and Northern British Columbia.

Ms. Bhakti Pavani - Independent Director

Ms. Pavani has over 10 years of experience in the financial industry working for several U.S. based investment banks. A majority of her career has been spent working as an equity research analyst covering the precious metals sector. During her time as an analyst, she has covered a range of exploration and development stage companies through to established producers. Ms. Pavani has an MBA degree from California State University and is completing her CFA charter.

Alex Zhang - Director

Alex Zhang is a Professional Geoscientist registered with Engineers and Geoscientists BC (EGBC) with more than 30 years of experience in mineral exploration and has worked with Eldorado Gold Corporation, Afcan Mining Corp., Sino Gold Mining Ltd., Silvercorp Metals Inc. and most recently New Pacific Metals Corp. He supervised exploration activities of multiple major gold projects and silver-lead-zinc polymetallic projects in China, Canada and Bolivia at various stages from exploration through development to production with roles as senior exploration geologist, senior resource geologist, exploration manager, chief geologist and vice president of exploration. Mr. Zhang brings a full range of technical and managerial skills related to mineral exploration and mining projects. Mr. Zhang received his Master's Degree of Engineering in mineral exploration from China University of Mining and Technology, and received his Master's Degree of Science in mineral exploration from Queen's University in Ontario, Canada.

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