White Gold Corp. Outlines Significant Gold in Soil Anomalies and Completes Structural Geological Interpretation at the Bonanza Property, Yukon - Seite 2

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

Bonanza Property

The Bonanza property covers an area of 2,250 hectares located immediately east of Bonanza Creek and 5 km north-northwest of Klondike Gold Corp.’s Lone Star and Stander zones which are currently being advanced towards a maiden mineral resource estimate expected in 2022 (Figure 1). Bonanza Creek, and its main tributary Eldorado Creek to the south, were the most prolific placer gold producers in the historic Klondike Goldfields having collectively produced just over 25% (minimum 5.4 Moz) of the Klondike’s estimated 20 Moz of placer gold. Surprisingly, only limited exploration has been carried out on the Bonanza property in search of a potential bedrock source of the gold, or additional mineralization in the area.

The Bonanza property was originally staked in 2004 and since that time has seen intermittent exploration. From 2004 through 2019, exploration work included geological mapping and prospecting, soil geochemistry surveys (50m spaced samples on 100m spaced lines) and an airborne frequency domain EM and magnetic survey. More recent detailed exploration in 2017-2018 was restricted to short segments of anomalous gold in soil anomalies and included limited GT Probe soil-bedrock interface sampling (301 samples on 5 lines), IP-resistivity surveys (5 lines totalling 2 line km) and 5 rotary air blast (RAB) holes totaling 445m.

The geology of the Bonanza property is poorly known due to a lack of outcrop which is generally restricted to creeks and access roads. Based on current understanding, the northern and central portions of the property appear to be underlain by Late Permian quartz-feldspar augen schist, whereas the southern part of the property is dominated by rocks of the Klondike Schist. As described below, multiple interpreted faults are recognized on the property with steeply dipping WNW- and NW-trending faults being the most significant in terms of gold mineralization.

2020 Exploration Program

The 2020 exploration program included 159 line km of ground magnetics and VLF-EM surveys, and extensive infill soil geochemistry sampling at 25m spacings on 100m spaced survey lines, as well as extension of soil sampling in several other areas. A total of 3,645 soil samples were collected in 2020, bringing the total soil geochemistry database to 8,377 samples. This year’s results have outlined and significantly enhanced a number of WNW- to NW-trending gold ± arsenic soil anomalies as shown in Figures 2 and 3 respectively. Gold in soil background values are relatively low in the Bonanza area, and anomalies are generally defined by gold values greater than 12 ppb Au with a maximum of 373 ppb Au reported.