White Gold Corp. Announces Closing of Fully Subscribed C$6 Million Private Placement Led by Eric Sprott; Agnico Eagle and Kinross Maintain 17.1% Interest - Seite 2

 

Titan target: Diamond drill program to test the extents of high-grade mineralization encountered in 2019 rotary air blast (RAB) drilling which included 72.81 g/t Au over 6.09 m from 10.67 m depth, within a 32 m zone of mineralization plus additional RC or RAB drilling to test similar north-trending magnetic high features within the magnetic low, and a separate northeast-striking gold-in-soil anomaly along the southern margin of the magnetic low feature.
 

Other High Priority Targets: Approximately 25 RAB holes will be drilled to test high-priority targets on the White Gold, Hen and JP Ross properties.
 

JP Ross Property: Mechanical trenching will be carried out on a number of existing targets on the JP Ross property highlighted by 2019 results from soil geochemistry, GT probe samples, VLF surveys, RAB drilling and geological and structural interpretations, in order to collect key structural data to aid in ongoing interpretations and future drill planning.
 

Extensive regional exploration work on other properties will include geologic mapping and prospecting, soil sampling, GT probe sampling, ultra high-resolution drone imagery, and ground magnetics and VLF surveying on the Betty, Nolan, Bonanza and Tea properties.

A district scale map outlining the Company’s planned 2020 exploration work areas and other images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

The gross proceeds received from the sale of the FT Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) on the Company’s properties in the White Gold District of the Yukon Territory, and renounced to subscribers in the Offering effective December 31, 2020. Such Canadian exploration expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act. Participation by the Insiders in the Offering was considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders’ participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report was filed in connection with the participation of Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.