TORONTO, Oct. 24, 2019 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce multiple high-grade grab samples including 605.0 g/t Au, 497.0 g/t Au, 113.0 g/t Au and 78.3 g/t Au and GT Probe samples up to 17.35 g/t Au at the site of the recent Titan discovery, located on the road accessible Hen property contiguous to the Company’s JP Ross property, less than 15km WNW from the Vertigo discovery, in Yukon, Canada. These results demonstrate an extension of the regional scale high-grade gold system encountered across the adjacent JP Ross Property, including the Vertigo and other recently discovered targets along the Vertigo trend. Exploration activities were conducted to follow up on positive soil sample results previously released, which included values up to 113 g/t (113,000 ppb) Au, the highest ever recorded in the Company’s extensive soil database(1). Follow up activities have included infill soils, ground geophysical surveys (VLF & magnetics), prospecting/geologic mapping, GT Probe and RAB drilling, with additional results to be released in due course. The Company’s fully-funded $13 million 2019 exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) includes diamond drilling on the Vertigo target (JP Ross property), Golden Saddle & Arc deposits (White Gold property) as well as soil sampling, prospecting, GT Probe, trenching and RAB/RC drilling on various other properties across the Company’s expansive land package located in the prolific White Gold District, Yukon, Canada.
- The recently discovered Titan target is located on the road accessible Hen property contiguous to the JP Ross property, less than 15km WNW from the Vertigo discovery.
- Latest results extend the footprint of the regional scale high grade mineralized gold system encountered across the adjacent JP Ross property onto the Hen property.
- Results include 15 prospecting samples, with assays including 605 g/t Au, 497 g/t Au, 113 g/t Au and 78.3 g/t Au.
- 208 GT Probe samples completed with assays up to 17.35 g/t Au; 3 samples returning >1 g/t Au, 5 samples returning >0.5 g/t Au, confirming initially noted mineralization along soil trends.
- 505 soil samples completed with results up to 6,124 ppb Au.
- This exploration activity was to follow up on prior soil sampling results which included a sample greater than 100,000 ppb Au (fire assay confirmed 113,000 ppb or 113 g/t Au), the highest ever recorded in company’s 400,000+ soil sample database.
Images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
"These positive results from our early stage exploration work on the Titan are very encouraging, and display the continued proliferation of high-grade gold mineralization across our vast portfolio of properties. Our model has always been to generate a pipeline of gold targets so that as we advance our mature stage assets, we have new discoveries to bring up the development ladder,” stated Shawn Ryan, Chief Technical Advisor. “Rock grab samples and other surface exploration identified the presence of visible gold, further highlighting the Titan as a very exciting target for further exploration activity. These significant results combined with Titan being located less than 15km west of the Vertigo, provides further evidence of the possible regional-scale gold system in the placer-rich Henderson Creek region.”
(1) See White Gold Corp News Release dated September 5, 2019, available on SEDAR.
See below for a summary of exploration activity completed on the Titan target and Hen property:
Titan Target (Hen Property)
The Titan target is located on the Hen property, adjacent to the JP Ross on the west, and approximately 15km to the WNW of the Vertigo. The Hen property is situated within a prolific placer mining camp. Abundant, coarse placer gold has been recovered from creek gravels on North Henderson Creek immediately east of the Titan target. Additionally, the structural and geologic setting of the Hen indicate mineralization in the area is congruent with mineralized structures identified by the Company on the adjacent JP Ross property.
These results are particularly significant as they are the first occurrence of mineralization ever discovered on the Hen property, which has previously only had limited reconnaissance-stage ridge and spur soil sampling conducted on it to date. The Company is performing follow-up work to obtain an initial estimate of the potential size, scale and number of mineralized gold structures. Based on the positive prospecting, GT Probe and soil results the RAB drilling on Titan was fast tracked in order to complete a preliminary program this field season, quickly receive insight on the target and plan for a comprehensive program in 2020.
Soil Sampling Results
A detailed soil grid consisting of 505 samples was collected on the Hen following up on the soil sampling results initially reported, which included a sample >100,000 ppb Au that returned a final value of 113 g/t Au on gravimetric fire assay. The detailed soil sampling was conducted on 50m spaced lines and 25m spaced samples and returned results ranging from trace to 6,124 ppb Au. The soils form two distinct trends originating from the area of the 113 g/t Au soil sample - one trending to the NNW and traceable for 545m, and the second trending ENE and traceable for 650m. Gold along both trends is coincident with elevated Bi & Cu in the soils, and the trends occur along the southern and western margins of a well-defined 650m x 650m magnetic low feature.
The results for 15 prospecting samples collected across the Titan have also been received, with four of the samples taken from a pit excavated over the 113 g/t Au soil sample site. Mineralized material in the pit consisted of strongly sheared and oxidized mafic rocks with disseminated to massive magnetite, fine grained visible gold and strong calc-silicate alteration in the surrounding alteration halo. Assays for the samples returned 78.3 g/t Au, 113 g/t Au, 497 g/t Au, and 605 g/t Au. All are associated with elevated Bi, Cu (up to 0.17%), Fe (up to 36.1%), P (up to >1%) and U. The remaining 11 samples from the area were collected from surface and returned values ranging from trace to 0.844 g/t Au.
GT Probe Results
A total of 208 GT Probe samples over 7 lines have been received across the Titan soil anomalies. The sampling returned results ranging from trace to 17.35 g/t Au, with 3 samples returning >1 g/t Au, 5 samples returning >0.5 g/t Au and 15 samples returning >0.1 g/t Au, confirming mineralization along the soil trends. All samples >1 g/t Au were within 50m of the 113 g/t Au soil site and are associated with strongly sheared and oxidized mafic rocks with disseminated to massive magnetite mineralization. The samples show a strong association of Au with elevated Bi, Cu (up to 0.22%), Fe (up to >50%), P (up to >1%), +/- U.
The most significant mineralization observed to date is focused at the apparent intersection of the two gold in soil trends, potentially indicating intersecting structures. Based on the shape of the anomalies, that they don’t appear to continue beyond the apparent intersection, and the interaction with topography, it is possible that the two anomalous trends represent the exposed edges of a single planar zone of mineralization dipping to the NNE. Limited structural measurements and shearing associated with the mineralization would also support this interpretation and RAB drilling on the target should assist in confirming this.
It is interpreted that the circular magnetic feature associated with gold mineralization represents a buried intrusion and is likely the source of hydrothermal fluids associated with observed mineralization, and these fluids likely took advantage of pre-existing structures within the host rock.
The analytical work for the 2019 drilling program will be performed by ALS 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 RC chip and diamond core samples will be prepared using procedure PREP-31H (crush 90% less than 2mm, riffle split off 500g, pulverize split to better than 85% passing 75 microns) and analyzed by method Au-AA23 (30g fire assay with AAS finish) and ME-ICP41 (0.5g, aqua regia digestion and ICP-AES analysis). Samples containing >10 g/t Au will be reanalyzed using method Au-GRAV21 (30g Fire Assay with gravimetric finish).
The reported work will be completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standard, blanks and duplicates into the sample stream.
About White Gold Corp.
The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 1,039,600 ounces Indicated at 2.26 g/t Au and 508,700 ounces Inferred at 1.48 g/t Au. 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 Newmont Goldcorp Corporation with a M&I gold resource(2) of 3.4M 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. 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.
Jodie Gibson, P.Geo., Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, 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, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.
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:; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any additional mineral resources or significant mineralization; 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 Company’s 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 and mineral exploration; 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 in the most recently filed management’s discussion and analysis of the Company. 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 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.
Chief Executive Officer
White Gold Corp.