White Gold Corp. Commences Maiden Diamond Drilling at Cali Target on Nolan Property, Yukon, Canada

TORONTO, Aug. 15, 2023 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the "Company") is pleased to announce the commencement of its maiden diamond drilling program at the Cali target on the Nolan property, in the White Gold District, situated in the west-central region of the Yukon, Canada (Figure 1). The Cali target is located approximately 77 km west from Dawson City via the Top of the World Highway, connecting Dawson City to Alaksa, and is perched in the hills surrounding the Sixty Mile River. Historically, the Sixty-Mile River has produced significant amounts of placer gold since the late 19^th century, however the area has received minimal modern hard rock exploration. Planned maiden diamond drilling at Cali in 2023 (Figure 2) is designed to test for gold mineralization along a continuous 2 km long multi-element soil anomaly coincident with the Sixtymile-Pika Fault, a large regional structure which bisects the property. The Cali target represents one of the Company’s several compelling grassroot projects in the underexplored White Gold District which provide the opportunity for new discoveries in addition to the Company’s recently announced gold discoveries and its flagship White Gold Project which comprises 16 million tonnes averaging 2.23 g/t Au for 1,152,900 ounces of gold in the Indicated Resource category and 19 million tonnes averaging 1.54 g/t Au for 942,400 ounces of gold in the Inferred Resource category⁽¹⁾ which remains open for expansion. This drill program forms part of the Company’s 2023 fully funded program on its extensive 350,000 hectare land package in the emerging White Gold District, Yukon, supported by strategic partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).

Cam Norton, Exploration Manager for White Gold states, “The maiden diamond drilling of the Cali target represents an exciting opportunity for White Gold. We have always been impressed with the scale of the Cali soil anomaly, the favourable geological setting, and the convenient road accessibility from Dawson City.”

Maps and images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

Highlights:

• Maiden diamond drilling at Cali comprises three holes totalling approximately 900 m which are planned to test gold mineralization at the target and the Sixtymile-Pika Fault along an approximately 1.1 km strike length.
• The Cali target forms a large 2 km long x 250 m wide northeast-trending multi-element (Au-As-Sb-Bi-Cu-Pb-Zn) soil anomaly, including maximum values of 515 ppb Au, 1436 ppm As, 2184 ppm Cu, 1225 ppm Pb, and 2670 ppm Zn.
• The Sixtymile-Pika Fault is a major regional 150 km long northeast trending strike-slip sinistral-normal fault that extends westward into Alaska and is known to control several styles of mineralization.
• Results on the Company’s 2023 recently completed diamond drilling at the Betty Ford and Vertigo targets, and the regional exploration program will be announced in due course (see Company News Releases dated July 20, 2023, July 6, 2023 and June 21, 2023).

Cali Target