TORONTO, Feb. 20, 2019 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company) is pleased to announce additional drill results from its Golden Saddle deposit and the new Ryan’s Showing discovery on its White Gold property, Yukon, Canada. Drilling on the Golden Saddle identified new zones of high-grade gold mineralization in the Golden Saddle Upper Zone (“GS Upper Zone”) which is above the Golden Saddle Main Zone (“GS Main Zone”). The drilling also added additional continuity to the geological model, infilling gaps and significantly increasing the thickness of mineralization in the GS Main Zone in certain areas.
Follow up drilling on the newly discovered Ryan’s Showing mineralized zone further defined the geometry and orientation of the mineralization of the discovery and infilled a 105m gap between the initial discovery holes, demonstrating continuity and providing a better understanding of the structural controls, which remain open along strike and at depth.
The Company is currently in the process of finalizing its fully funded 2019 exploration plan with details to be released in due course.
Maps to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
- Drilling above the GS Main Zone demonstrates strong potential for a series of additional mineralized zones within the hanging wall (GS Upper Zone) that were not previously recognized as most of the historic drilling on the target was oriented sub-parallel to these zones.
- Golden Saddle hole WHTGS18D0196 returned two significant zones of mineralization: 2.39 g/t Au over 34m from 31m depth (GS Main Zone) and 1.62 g/t Au over 19m from 265m depth (GS Footwall Zone); expanding the width of the GS Main Zone by approximately 60% in this area and demonstrating additional downdip continuity along the GS Footwall Zone.
- Golden Saddle hole WHTGS18RC0022 returned 3.26 g/t Au over 35.05m from 160m ending in mineralization (GS Main Zone), including 5.69 g/t Au over 16.76m, expanding the width of the GS Main Zone by approximately 60% in this area.
- Additional drilling on the Golden Saddle infilled several historical gaps in the geological model and also expanded mineralization in the geological model in each location.
- Ryan’s Showing hole WHTRS18D0006returned two significant zones of mineralization: 4.52 g/t Au over 6.06m from 179m depth and 1.32 g/t Au over 10.00m from 200m depth, infilling a previous 105m gap between the initial discovery holes showing greater continuity.
- Drilling on Ryan’s Showing further defined the shape and orientation of mineralization, providing valuable information to define the geological model and direct follow-up drilling on the target, which remains open along strike and at depth.
“Our 2018 program on the Golden Saddle deposit focused on building ounces through expansion of the known deposit and the discovery of satellite deposits in the immediate vicinity. We are extremely pleased to have had considerable success on both fronts, expanding the footprint of the Golden Saddle, building the thickness and grade of mineralization within the resource boundary, as well as making the significant GS West and Ryan’s Showing discoveries along trend with Golden Saddle,” stated David D’Onofrio, Chief Executive Officer. “The proximity of the GS West to the Golden Saddle and high-grade results on the Ryan’s Showing make them both very compelling targets which warrant follow-up drilling. We believe that we are just beginning to define these satellites of the Golden Saddle deposit and are very optimistic for the prospects for these new discoveries to add ounces to our global resources, and for the potential of additional discoveries along trend and in close proximity to our Golden Saddle deposit.”
Golden Saddle Drilling Update
Results for an additional three diamond drill holes and five reverse circulation (“RC”) drill holes have been received for the Golden Saddle. Diamond drill holes WHTGS18D0195 & 196 and RC holes WHTGS18RC0020 – 0024 were drilled in fences across the Golden Saddle deposit area oriented to the SW; oblique to the primary trend of mineralization. The drilling was conducted to improve geologic modelling of the deposit and test for mineralization along lithologic contacts and/or structures perpendicular to the main body of mineralization; particularly in the hanging wall of the deposit (GS Upper Zone). Individual assays for the drilling range from trace up to 18 g/t Au.
The drilling at Golden Saddle successfully demonstrates strong potential for a series of shallow NW trending, steeply NE dipping zones of mineralization within the hanging wall of Golden Saddle, above the GS Main zone. These zones appear to be occurring along lithologic contacts oriented oblique to the primary trend (NE) and dip (~55°) of mineralization with the GS Main Zone, and were not previously recognized as most of the historic drilling on the target was oriented sub-parallel to these contacts. Geologic modelling of these additional zones is currently in progress to ensure they are adequately captured in future resource updates on the project.
Significant drill results from the Golden Saddle included in this release are detailed in the table below.
|Hole ID||Target Area||From(m)||To(m)||Int(m)||Au(g/t)|
|*Hole ended in mineralization|
The reported mineralized intercepts range from an estimated 65 – 95% true thickness.
WHTGS18D0195 (Az:225, Dip: -50, Depth: 441m)
WHTGS18D0195 was drilled 150m SW of previously announced hole WHTGS18D0193 (3.95 g/t Au over 68m from 210m depth, including 5.42 g/t Au over 47.3m from 225.7m). The hole returned mineralized intercepts of 5.29 g/t Au over 1.05m from 81.40m depth, and 1.44 g/t Au over 6.38m from 89m depth (GS Upper Zone); 18.85m of 1.99 g/t Au from 148m depth, including 5.85 g/t Au over 3m from 152m depth (GS Main Zone) and 3.82 g/t Au over 2.45m from 353.55m depth (GS Footwall Zone).
WHTGS18D0196 (Az:225, Dip: -50, Depth: 310m)
WHTGS18D0196 was drilled 130m SW of WHTGS18D0195 and returned 2.39 g/t Au over 34m from 31m depth; including 3.21 g/t Au over 24.47m from 37m depth and 7.37 g/t Au over 4.65m from 44.35m depth (GS Main Zone). An additional zone of 1.62 g/t Au over 19m from 265m depth was also intercepted (GS Footwall Zone). The hole infilled a 65m previous gap in the geological model between WD-092 & WD-009 and expanded the geologic model by 14m in the area.
WHTGS18RC0021 (Az:225, Dip: -60, Depth: 201.17m)
WHTGS18RC0021 was drilled 75m to the SW of WHTGS18RC0020. The hole cut three lithologic contacts down the hole and ended immediately above the GS Main Zone. Similar to WHTGS18RC0020, alteration and anomalous mineralization was noted at each contact, strengthening down the hole it approached the GS Main Zone. The most significant intercept consisted of 12.19m of 1.40 g/t Au from 161.54m depth within a broader interval of 35.05m of 0.73 g/t Au.
WHTGS18RC0022 (Az:225, Dip: -60, Depth: 195.07m)
WHTGS18RC0022 was drilled 75m to the SW of WHTGS18RC0021. The hole intersected the GS Main Zone at 160.02m depth and returned 35.05m of 3.26 g/t Au; including 16.76m of 5.69 g/t Au from 169.16m depth; ending in mineralization at 185.93m depth. The hole infilled a 55m previous gap in the geological model between WD-016 & WHTGS18D0176 and expanded the width of the geologic model by 15m in the area.
WHTGS18RC0024 (Az:225, Dip: -60, Depth: 201.17m)
WHTGS18RC0024 was drilled 75m to the SW of WHTGS18RC0023. The hole returned two significant intercepts including 0.99 g/t Au over 4.57m from 36.58m depth within the hanging wall above the GS Main Zone and 16.76m of 2.84 g/t Au from 102.11m depth; including 1.52m of 9.74 g/t Au; from the GS Main Zone. The hole infilled a 75m previous gap in the geological model between WD-036 & WHTGS17RC0005.
Ryan’s Showing Update
The Ryan’s Showing is located approximately 2km west of the Golden Saddle. It is a newly discovered mineralized zone associated with an east-west oriented, steeply south dipping, structure as shown in LiDAR imagery, DIGHEM and IP-Resistivity, which remains open along strike and at depth and demonstrates the potential for multiple mineralized structures. Five diamond drill holes were placed in the area to follow up on previously announced RC results which included 20.64 g/t Au over 6.10m on WHTRS18RC0001 and 5.02 g/t Au over 13.17m on WHTRS18RC0002. Individual assays ranged from trace up to 6.64 g/t Au.
Significant drill results from Ryan’s Showing are detailed in the table below.
|Hole ID||Target Area||From(m)||To(m)||Int(m)||Au(g/t)|
There is not currently enough information to estimate true thickness of the mineralization at this time.
WHTRS18D0006 (Az:180, Dip: -50, Depth: 257m)
WHTRS18D0006 was drilled between RC holes WHTRS18RC0001 and WHTRS18RC0002, infilling a 105m gap between the two holes. Five zones of strong brecciation and quartz veining were noted down the hole and ranged from 2 – 10m in width. All were associated with anomalous results. The two most significant zones returned 4.52 g/t Au over 6.06m from 178.94m depth and 1.32 g/t Au over 10.00m from 200m depth.
Holes WHTRS18D0007 – 0010 were all drilled to the north and east of WHTRS18D006. Each hole intersected zones of alteration, brecciation, and quartz veining but only returned anomalous results (up to 2.03 g/t Au over narrow widths). These holes were drilled based on the interpretation that the mineralization intersected within RC holes WHTRS18RC0001 and WHTRS18RC0002 had a NE trending strike and moderate dip to the NW; similar to Golden Saddle. However, geologic modelling of the zone intersected by the RC holes and WHTRS18D0006 are related to an east-west trending, steeply south dipping, structure that corresponds with anomalous gold in soils and lineaments visible in LiDAR data at surface, and that other zones of alteration and brecciation intersected in the drilling are potential subparallel faults or splays from the primary structure.
About White Gold Corp.
The Company owns a portfolio of 21,218 quartz claims across 34 properties covering over 423,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 282,490 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. 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 Goldcorp Inc. with a total gold resource (1) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(1) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.
(1) 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.
The analytical work for the 2018 program has been performed by Bureau Veritas Commodities 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 GT Probe, RAB, RC, and diamond core samples were prepared using procedure PRP70-250 (crush, split and pulverize 250 g to 200 mesh) and analyzed by method FA430 (30g fire assay with AAS finish) and AQ200 (0.5g, aqua regia digestion and ICP-MS analysis). Samples containing >10g/t Au were reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Metallic-screen analysis may also be utilized if coarse gold mineralization is encounter (FS600).
The work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the regular insertion of certified standards and blanks into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 (“NI 43-101”) 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. 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) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated benefits to the Company and its shareholders respecting the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the White Gold, Betty and other properties; future growth potential of the Company, including whether any further mineral resources will be established in accordance with NI 43-101 at any of the Company’s properties; exploration results; and future exploration plans.
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: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Betty, White Gold and other properties; failure to expand or identify any additional mineral resources; the preliminary nature of metallurgical test results; uncertainties relating to future financing; fluctuations in securities and currency markets and commodity prices; 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 (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); employee and indigenous relations; availability of necessary licenses, permits and approvals; 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; title to properties; and those factors described under the heading "Risks and Uncertainties" in the Company’s most recently filed management’s discussion and analysis. Although the forward-looking statements contained in this news release are based upon what management of the Company believes to be reasonable assumptions, t here 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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake any obligations 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.