Precious Metals

Whitehorse Gold Corp. (TSXV: WHG) (OTCQX: WHGDF) ("Whitehorse Gold" or the "Company") is pleased to announce that it has granted, subject to regulatory approval, an aggregate of 1,805,000 stock options to directors, officers, employees and consultants of the Company, pursuant to the terms of the Company's stock option plan. The options are exercisable for a period of 5 years from the date of grant at price of $0.50 per share, being the closing price of the common shares on the TSX Venture Exchange ("TSX-V") on April 6, 2022. The options vest in six equal tranches over a period of three years, and are subject to the provisions of the plan and the policies of the TSXV.

ABOUT Whitehorse Gold CORP.

Whitehorse Gold is a mineral exploration company focused on its 170 km2 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 6 km 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 (Total Energold Corporation, 1989). The company is also reviewing other mining assets in jurisdictions that provide year-round access.

On Behalf of Whitehorse Gold Corp.

signed"Gordon Neal"

Gordon Neal, CEO & Director

For further information please contact:
Investor Relations, Whitehorse Gold Corp.
Phone: 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119598

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WHG:CA
whitehorse gold corp

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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Total issued and outstanding Common Shares as at Record Date: 21,133,510
Total percentage of Common Shares voted: 39.78%

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