White Gold Corp. Commences 17,000m Diamond Drill Program on the JP Ross and White Gold Properties
TORONTO, June 19, 2019 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") is pleased to announce it has commenced its 2019 diamond drill program on two of its highest priority properties: the JP Ross and White Gold properties. The diamond drill program is a central component of the Company’s $13 million fully funded 2019 exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). Highlights Include:
Images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/. “We are very excited to have initiated our 2019 diamond drilling program on some of our highest priority targets, including the Vertigo, White Gold and VG to follow up on our success in 2018,” stated David D’Onofrio, Chief Executive Officer. “The goal of this diamond drill program is threefold: to continue to expand Golden Saddle/Arc’s established resources, to follow up on JP Ross’s exciting high grade Vertigo discovery last season and to grow the recently acquired and underexplored VG Deposit. We have also commenced the regional exploration program across our extensive land package, focused on generating a strong pipeline of discoveries and resource growth.” JP Ross Property – Vertigo Target The Vertigo target on the JP Ross property is comprised of 2,850 quartz claims covering over 57,000 hectares with at least 14 defined target areas and numerous placer gold bearing creeks. Previously announced drill results on the Vertigo target range from trace to 22.47 g/t Au over 30.46m from surface (JPRVERRAB18-014/JPRVERRC18-013), 56.25 g/t Au over 3.05m from 3.05m depth, within a broader intercept of 17.34 g/t Au over 10.67m, (JPRVERRAB18-001) and 45.00 g/t Au over 3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au over 15.24m (JPRVERRAB18-011). Additional exploration in the area also encountered multiple high-grade grab samples including 304.3 g/t, 156.2 g/t, 139.9 g/t, 135.6 g/t and 132.9g/t Au, defining a strike length of approximately 2.2km on the Vertigo target along a larger 18km mineralized trend. The Vertigo Target is located approximately 25km north of the Company’s flagship White Gold property and is within 2km of an existing road accessible from Dawson City. To date, at least 12 mineralized structures are recognized on the Vertigo target over a 2,200m x 650m area, and consist of W-NW trending, steeply dipping zones of quartz veining, brecciation, and fracture-controlled mineralization with disseminated to vein-controlled pyrite-arsenopyrite-galena and locally, visible gold mineralization. White Gold Property – Golden Saddle/GS West and Arc The White Gold Property is located 25km south of the JP Ross – Vertigo target and is host to the Golden Saddle and Arc deposits. The Company recently announced an updated mineral resource estimate(1) on the deposits consisting of an Indicated Mineral Resource of 1,039,600 gold ounces within 14,330,000 tonnes at 2.26 g/t gold and an Inferred Mineral Resource of 508,700 gold ounces within 10,696,000 tonnes at 1.48 g/t gold representing an increase of 25% based on 2018 exploration activity. Approximately 86% of the resource is within the Golden Saddle which consists of three NE trending, NW dipping, zones of mineralization (GS Main, GS Footwall, & GS West) occurring along faults, fractures, and breccia zones in an overall normal to strike-slip structural regime. Together, the zones define mineralization over 1,500m strike length and from surface up to 725m down dip. This includes a continuous high-grade core of mineralization >3 g/t Au on the GS Main that is up to 50m true-thickness and traceable over 500m of strike length and from surface up to 530m down-dip. The GS West, a new discovery in 2018 and contributing an estimated 62,500 oz Au (1,339,000 tonnes at 1.45 g/t Au) to the resource, is located approximately 750m west of the GS Main and is interpreted as a western continuation of the Golden Saddle structural system. The Arc is located approximately 400m south of the Golden Saddle and consists of two zones, the Arc Main and Arc Footwall zones. Both zones trend E-NE and dip to the north at approximately 50 degrees. Mineralization at the Arc has been defined, through limited drilling, over 1,200m in strike length and up to 450m down dip with mineralization open along strike and down dip. (1) See Company news release dated June 10, 2019, available on SEDAR. QV Property – VG Zone Large portions of the property remain unexplored, which leaves a strong potential for the discovery of additional zones of structurally-controlled and/or intrusion-related mineralization, with several currently unexplored known targets with similar characteristics to the Golden Saddle and Vertigo. Approximately 4,300m of diamond drilling over 23 holes has been conducted on the VG to date. Of these, only 17 diamond drill holes formed the basis of a 2014 maiden resource estimate(2) of 230,000 oz of gold (4.4 million tonnes grading 1.65 g/t Au) in the Inferred category at a cut-off of 0.5 g/t Au. The VG resource is open along strike and at depth, and has similar mineralization and structural control to the nearby Golden Saddle deposit. The QV property is 16,335 hectares (40,000 acres) and contiguous to the Company's White Gold property which hosts its Golden Saddle and Arc deposits, 20 km southwest of the Vertigo discovery on its JP Ross property and 44 km northwest of Newmont Goldcorp Corporation's Coffee project. The resource and property were acquired by White Gold Corp from Comstock Metals in early 2019. (2) See Comstock Metals Ltd. technical report titled “NI 43-101 TECHNICAL REPORT on the QV PROJECT”, dated August 19, 2014, available on SEDAR. QA/QC 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. (3) 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: A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ab2d8ea2-31c9-4e14-9411-bbe49db8485f
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