White Gold Corp. Commences Diamond Drilling on the Ryan’s Surprise Target Located 2 km West of its Flagship Golden Saddle Deposit

TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is pleased to announce it has commenced its diamond drilling program on the Ryan’s Surprise (“Ryan’s”) target located approximately 2 km west of the Company’s flagship Golden Saddle deposit and 11 km south of the Company’s VG deposit. The current drilling forms part of the Company’s fully funded 2020 exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) on its extensive 420,000 hectare land package in the prolific White Gold District, Yukon, Canada. Images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

The close proximity of Ryan’s to the Company’s existing mineral resources at Golden Saddle and Arc makes it a strategic target for these projects. The Golden Saddle and Arc deposits have a mineral resource of 1,139,900 ounces Indicated at 2.28 g/t gold and 402,100 ounces Inferred at 1.39 g/t gold and the VG deposit hosts a historic Inferred gold resource of 230,000 ounces at 1.65 g/t gold⁽¹⁾.

“We are excited to follow up on the successful drill results from 2019 on the Ryan’s Surprise Target. Its close proximity to our existing resources has an immediate potential to add additional `ounces, and continues to demonstrate the prospectively of the targets in this area,” stated David D’Onofrio, Chief Executive Officer.

The Ryan’s target is associated with a large (>500 m long) gold-in-soil anomaly with values ranging from trace to 1,576 ppb Au. The newly discovered mineralized zone is associated with an east-west orientated, steeply south dipping, structure which remains open along strike and at depth, demonstrating the potential for multiple mineralized zones.

Exploration drilling in this general area had previously been with holes drilled primarily to the south. A revised geological interpretation in 2019 indicated that the mineralized zone may strike west-southwest and dip steeply to the south-southeast, and the two diamond drill holes in 2019 drilled to the north to test this interpretation both intersected mineralization. Hole WHTRS19D012 intersected 2.85 g/t Au over 4.14 m from 142.22 m downhole and 2.07 g/t over 21.0 m from 154.00 m downhole, including 3.55 g/t Au over 8.42 m. This latter higher grade zone appears to correlate with a mineralized zone intersected by the Company in hole WHTRYN18RC0002 which returned 5.02 g/t Au over 13.72 m from 121.92m downhole, indicating a steep (70°) southerly dip. Hole WHTRS19D0012 also intersected a second mineralized zone higher up the hole in the hanging wall which returned 2.66 g/t Au over 11.00 m from 93.0 m downhole. This hanging wall mineralization may represent a subparallel zone which to date has only been tested by this single hole. Gold mineralization is hosted by banded quartzites in brecciated and fractured zones containing quartz veins and minor (generally < 1%) pyrite and anomalous arsenic. The current diamond drilling program totals 1,500 m in 5-6 holes which are designed to test the down-dip and strike extent of the mineralized zones.