White Gold Corp. Increases Mineral Resource Estimate by 25% to 1,039,600 Indicated and 508,700 Inferred Ounces of Gold with 2018 Exploration on the White Gold Property, Yukon, Canada
TORONTO, June 10, 2019 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce an update to its Mineral Resource Estimate on the White Gold property located in Yukon, Canada. The update was performed based on the results of the Company’s 2018 exploration program exploration plan backed by our partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). Highlights Include:
Detailed images of the resource model and additional information can be found at http://whitegoldcorp.ca/investors/exploration-highlights/. “This expansion of the mineral resource estimate further demonstrates the continued success of our systematic data driven exploration methodologies and the value we are generating across our unique portfolio of assets. We are very pleased with the significant increase in the Golden Saddle & Arc in 2018 with the relatively limited amount of drilling performed. The growth in the Golden Saddle was primarily driven by the 2018 GS West Zone discovery and continued drilling of the GS Main Zone. The newly discovered GS West is part of the same mineralized system as the Golden Saddle, all of which we believe can be expanded with additional drilling,” stated David D’Onofrio, Chief Executive Officer. “Continuing to grow the Golden Saddle & Arc resource will be one element of our fully funded $13 million 2019 exploration program which also includes plans to expand our 230,000 ounce Inferred Resource on the recently acquired VG Zone, diamond drilling on the high-grade 2018 Vertigo discovery and the generation of additional grass root discoveries across our 1 million acre land package in Yukon’s prolific White Gold District. The exploration season is just getting underway and we are extremely excited for what lies ahead.” Resource Estimate Details Indicated and Inferred resources were categorized as potentially open pit or underground minable utilizing 10m x 10m x 10m blocks at 0.5 g/t Au and 3.0 g/t Au cut-off grades, respectively, and utilizing a Whittle shell model. The Grade Tonnage Report using an Ordinary Kriging Estimate is as follows (1-5): 2019 Golden Saddle and Arc Mineral Resource Statement
Comparison of 2018 to 2019 Mineral Resource Estimates
Wireframes for the Golden Saddle and Arc were constructed to enclose mineralized zones with composited assays greater than 0.3 g/t Au over 1.5m length. The Golden Saddle, including the GS West, was split into 8 domains (GS Main: 101, 102, 103, 104, & 110, GS Footwall/GS West: 201, 202, 203) with the 110 domain consisting of a “high-grade” core within the 101 domain that was modelled on 1.5m composites greater than 3 g/t Au. Arc and Arc Footwall were modelled as distinct domains. Capping was performed on the assays using the 97th or 98th percentile values based on assays within each zone. Within the GS Main, domains 101 – 104 were capped at 10 g/t Au and the 110 domain was capped at 18 g/t Au. All domains within the GS Footwall were capped at 7 g/t Au and the Arc was capped at 5 g/t Au. A block model encompassing all zones was constructed by ordinary kriging using Dassault Systems GEMS software. The model was estimated using 10m x 10m x 10m blocks and grades were estimated in three passes. Pass 1 and 2 were based on variography and had expanding ranges from 50-60m for pass 1 and 110 – 130m for pass 2. Pass 3 estimated blocks that had not been estimated during pass 1 or 2 but were pierced by drill holes. Any blocks estimated during pass 1 by at least three drill holes within a 50m radius were classified as Indicated and all other estimated blocked were classified as Inferred. Mineral Resources on both the Golden Saddle and Arc are potentially amenable to open pit mining methods. Any mineralized blocks that were not within the pit shells but at a >3g/t cut-off were considered potentially amenable to underground mining methods. All tonnage, grade, and contained metal content estimates have been rounded. Rounding may result in apparent summation difference between tonnage, grade, and contained metal content. Golden Saddle Deposit The current expansion of the Golden Saddle resource was driven by four primary factors:
It should also be noted that there was a significant conversion of Inferred to Indicated resources on the Golden Saddle with an estimated 6% (62,100 oz Au) increase in Indicated Resources on the deposit. Mineralization on the Golden Saddle is open along strike and down dip/plunge, and the 2019 exploration will focus on expanding the GW West zone; infill drilling on Golden Saddle to infill gaps within the current model; and step-out drilling between the GS Main/GS Footwall and GS West zones to asses for continuity of mineralization between the areas. Currently, the GS Main is the most significant zone in terms of estimated ounces and overall grade; containing approximately 95% of the Indicated ounces within the overall resource. Furthermore, the 101-110 domain is specifically important as it encompasses the core of mineralization within the GS Main; can be consistently be traced from surface to over 400m depth; defines an overall northly plunging ore body. This is highlighted by the grade sensitivity on the GS Main, where over 90% of the contained Indicated ounces are within a cut-off grade of >1 g/t and approximately 51% are within a cut-off grade of >3g/t Au.
Arc Deposit The current expansion of the Arc resource was driven by 2018 drilling on the deposit and subsequent revision of the geologic model, which increased total estimated blocks in the Arc by 10% and, of these, there was a 20% increase in blocks >0.5 g/t Au. This resulted in significant expansion of the Whittle shell model on the deposit and increasing the reportable resource by an estimated 16,600oz Au Indicated and 155,000 oz Au Inferred. The 2019 exploration program on the Arc will consist of step-out drilling along strike of the current resource area and infill drilling on higher grade (2 g/t Au) portions of the deposit. QA/QC The reported work was completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standards and blanks into the sample stream. Additionally, historic QA/QC data and methodology on the White Gold property were reviewed and are summarized in the “Independent Mineral Resource Estimate for the White Gold Project, Dawson Range, Yukon, Canada”, dated April 15, 2018, filed under the Company’s profile on SEDAR. The qualified persons detected no significant QA/QC issues during review of the data. About White Gold Corp. 6. 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. Qualified Person Cautionary Note Regarding Forward Looking Information 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. Contact Information: Images accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ed4279f5-4e72-4f63-9bf7-ebbf9b17f59b |
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