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White Gold Corp. Reports 2016 Exploration Results: Assay Results up to 110 g/t Au from Grab Samples Along Lira Trend

January 23, 2017

White Gold Corp. (TSX.V: WGO) (the "Company") is pleased to provide results from its 2016 exploration program in the White Gold District of the Yukon Territory. The Company has successfully defined drill ready structurally controlled gold targets similar to Goldcorp Inc.’s Coffee deposit and Kinross Gold Corporation’s Golden Saddle deposit also located in the White Gold District of the Yukon. Furthermore, the Company’s 2016 exploration efforts have identified new prospects to add to its strong pipeline of projects for future exploration. The following news release is intended to orient readers on the scale and scope of the 2016 exploration program.  More detailed information about each drill ready project and an outline of the planned 2017 exploration program will follow.

Summary of Highlights

  • 2016 results confirm drill ready targets at Nolan, Loonie, IND, Dime, and Bonanza Properties
  • 110 g/t Gold from rock grab sample along Lira Trend, Loonie Property
  • 11,620 soil samples taken on nine properties
  • 2,456 quartz claims staked covering newly identified prospective areas
  • The Company is the largest land holder in the district with 14,648 claims (297,000 hectares)
  • Fully financed, recently completed a $18 million raise in December 2016, including $14.5 million from Agnico Eagle Mines Limited
  • Approximately $30 million in historic exploration expenditures have been incurred on the properties

Summary

White Gold Corp. has recently acquired the largest land package in the prolific White Gold District of the Yukon and has also assembled a corporate team which has been directly involved with every major gold discovery in the White Gold district during this era. Preliminary exploration work on these properties has produced several highly prospective targets. Further to the historic work performed and the encouraging results of the 2016 work program as described below, the strategically located properties will undergo an extensive and fully funded exploration program over the following 3 years.

The 2016 exploration program, completed in the late fall, was comprised of 11,620 soil samples taken on 9 of the Company’s 23 properties. These samples consisted of ridge and spur reconnaissance soils as well as follow up grids on known anomalies.  Soil sampling is an ideal tool for exploration in the White Gold District as the area has not been glaciated and there is a well-developed in place soil profile.  In addition to the soil sampling, Drone and/or X-CAM aerial photographic Surveys, Resistivity Geophysical Surveys, detailed geologic mapping and prospecting, GT Probe bedrock sampling, and a compilation of historic work in the White Gold District was also completed.

Further to the work performed on the existing projects, the 2016 exploration program also led to new encouraging gold-in-soil results and associated pathfinder elements. Consequently, the Company conducted a staking program to consolidate its land position around several of these key soil anomalies, as well as to add entirely new projects to the portfolio staking an additional 2,456 claims.  The Company now owns a total of 14,648 claims (297,000 hectares), making it the largest land holder in the White Gold District.  These claims cover 6 project areas: The Sixty Mile, Klondike, Money, White-Stewart, Coffee Trend and Beaver Creek, comprising 23 properties in total.   With the December 2016 financing of $18 million completed, the Company sits in a unique position with its three year exploration plan fully funded.

Shawn Ryan, Director and Chief Technical Advisor stated “Our soil sampling and prospecting program in 2016 significantly increased our understanding of the numerous gold targets across our property portfolio in the White Gold District.   With this new information and the data from the approximately $30 million in past expenditures, the company looks forward to our 2017 program where we will begin to systematically drill test several of these gold trends.  We also made significant progress in defining new areas not previously known in the District”

The Company encourages individuals interested in the company to visit its website (www.whitegoldcorp.ca) to further understand the size and scope of the Company’s projects in the White Gold District.

2016 Work Program Summary

Money Claim Area

Loonie Property

The Loonie property is located 70 kilometers South West of Dawson City, Yukon Territory adjacent to the Yukon River.  Historic exploration work conducted on the Lira was by a private 3rd party from 2011 - 2014 and was not previously publicly disclosed. The historic work included 6,913 soil samples; ground magnetic and IP-Resistivity surveys; drone aerial photography; trenching (1,925m over 17 trenches); and minor RAB drilling (612.65m over 8 holes).

A bulk of the historic work was focused on the Lira target which consists of an E-NE trending 75m wide x 740m long gold in soil anomaly with values ranging from trace to 3,700 ppb Au. The soil anomaly is associated with a 5 – 15m wide E-NE trending shear zone with strongly quartz-sericite-clay altered and brecciated felsic orthogenesis with quartz veining, disseminated pyrite, and, locally, visible gold that was traced for 400m of strike length by subsequent trenching and RAB drilling. Highlights of the historic work include 10m of 13.3 g/t Au from trench LOOTR12-15 and 12.2m of 4.93 g/t Au, including 1.52m of 20.7 g/t Au, from drill hole LOORAB14-01.

Table 1: Historic Loonie Property Trench Results*


Trench ID
Target From(m) To(m) Au
(g/t)
Length
LOOTR12-07 Lira No significant results
LOOTR12-08 Lira 20 30 1.13 10
LOOTR12-09 Lira 20 35 1.61 15
LOOTR12-10 Lira 30 35 3.34 5
LOOTR12-11 Lira No significant results
LOOTR12-12 Lira No significant results
LOOTR12-13 Lira 40 45 0.36 5
LOOTR12-14 Lira No significant results
LOOTR12-15 Lira 5 15 13.3 10
Including   5 10 25.2 5
LOOTR12-16 Lira No significant results
LOOTR12-17 Lira No significant results

Table 2: Historic Loonie Property RAB Drill Results*


Hole ID
From(m) To(m) Au (g/t) Length
LOORAB14-01 0 12.19 4.93 12.2
Including 7.62 9.14 20.7 1.52
LOORAB14-02 No significant results
LOORAB14-03 1.52 10.67 0.323 9.10
LOORAB14-04 24.38 36.58 0.353 12.2
LOORAB14-05 No significant results
LOORAB14-06 No significant results
LOORAB14-07 12.19 16.76 0.515 4.57
LOORAB14-08 7.62 24.38 0.899 16.76
Including 19.81 24.38 2.11 4.57

*The Company advises that the reported trenching and RAB drilling results are historic in nature and have not been verified.

The Companies 2016 exploration activities were focused on, and on trend to the south of, the Lira Zone with an emphasis on lithologic and structural mapping to help guide future drilling activities. A total of 10 rock grab & chip samples were collected with assays ranging from trace to 110 g/t Au. Two grab samples of strongly silicified and brecciated felsic gneiss with fine grained visible gold collected near trench LOOTR12-15 returned 99.2 g/t Au and 110.1 g/t Au and are associated with strongly elevated Ag (up to 36 ppm) and Te (up to 55 ppm). Based on the revised geologic interpretation for the Lira it appears that historic RAB drilling in the area was oriented subparallel to the mineralized zone, indicating that a significant number of the historic holes did not intercept, or just clipped, the mineralized structure. Additionally, there are indications in the geophysical data for additional, untested, parallel structures in the Lira area.

Dime Property

Activities in 2016 focused on the East Zone target area with an emphasis on lithologic and structural mapping to help guide RAB drilling activities planned for 2017.

Historic exploration results for the Dime Property are summarized in the “43-101 Technical Report on the Dime Project” dated February 9, 2012. Yukon Assessment report YEIP 2013-027.

Reba Property (New Property)

231 claims staked covering a new target area immediately to the Northwest of Kinross Gold Corporation’s JP Ross property.

For area maps and more information please visit: www.whitegoldcorp.ca/projects/money/snapshot/

Sixty Mile Claim Area

Nolan Property

The Nolan property is located approximately 50 km west of Dawson City, Yukon, along the Sixty Mile River, a road accessible area with considerable historic and on-going placer gold activity. The property covers multiple exploration targets that the Company consolidated into one large contiguous block of claims after a review of all known data in the area.  Historic work on the property was completed by various 3rd party companies and individuals and consisted of soil sampling (9,302 samples), rock grab and chip sampling (289 samples), and minor trenching (206m over 2 trenches).

A total of 1842 soil samples were collected in 2016 focusing on the Cali, Nine and Boucher target areas, plus additional ridge & spur reconnaissance samples. Assay values for the 2016 samples ranged from trace to 515.6 ppb Au.

The most significant anomaly on the Nolan property defined to date is the Cali target which consists of a 2.5 km long by 250 m wide zone of anomalous gold in soils open in both directions along strike.  Soil assay values from the Cali range from trace to 515.6 ppb gold and are associated with strongly anomalous As, Bi, Pb, Sb, Ag, Cu, and Zn.

Historic exploration results for the Nolan area are summarized in the “Geological, Geochemical, and Trenching Assessment Report of the Fifty Mile Project, Sixty Mile area, Yukon Territory” dated March 3, 2015.

For area maps and more information please visit: www.whitegoldcorp.ca/projects/sixty-mile/snapshot/

Klondike Claim Area

IND property

The IND property is located thirty kilometers south of Dawson City, Yukon territory and is road accessible. Historic work on the IND included 2,542 soil samples; airborne magnetic and radiometric surveys; 3,127m of trenching over 20 trenches, and 1316.73m of diamond drilling over 7 holes (see Aldrin Resource Corp. NR’s dated July 6, 2009, Nov. 4, 2010, and Oct. 27, 2011 for summaries of historic exploration results).

Work on the property in 2016 included the collection of 194 GT Probe bedrock interface samples over 11 lines; covering a 130 m by 260 m area. Assay values range from trace to 2.61 g/t Au and are associated with strongly elevated As. The samples were taken within the center of a 170m x 1km Au-As soil anomaly (from trace to 1273 ppb Au) and mineralization is associated with sheeted – stockwork quartz veining and up to 1% disseminated pyrite-arsenopyrite in strongly sericite altered granite. The GT Probe results confirm the presence of in situ mineralization beneath the soil anomaly and the observed geological, geophysical and geochemical results indicate the mineralization is occurring along an E-NE trending structural corridor that was untested by historic exploration on the property.

For area maps and more information please visit: www.whitegoldcorp.ca/projects/klondike/snapshot/

White-Stewart Claim Area

The Company has nine properties in this area covering an 80 km trend adjacent to Kinross Gold Corporation’s Golden Saddle Deposit and JP Ross property.

Hen Property

A total of 660 soil samples were collected and consisted of reconnaissance lines with assay results ranging from trace up to 199.4 ppb gold. The strongest gold assay (199.4 ppb) occurs 50m north of a 195 ppb Au sample and both are associated with strongly anomalous Cu (up to 1191 ppm). There is no geologic information for this area and it will require follow up work in 2017 including grid soil sampling and prospecting.

Historic exploration results on the Wolf Property are summarized in “Prospecting, soil geochemistry, airborne and radiometric surveying, and air photo-orthophoto surveying on the Hen project, White Gold district, Yukon Territory, Canada” dated January 29, 2013. Yukon Assessment Report #096305.  

Black Hills Property

A total of 2,267 soil samples were collected and consisted dominantly of infill grid sample on the Glen Breton, Bushmills, Bowmore, Ben Nevis and CC target areas. The purpose of the sampling was to infill and confirm historic gold in soil anomalies in the target areas previously reported by Smash Minerals in 2011*. Assay results from the 2016 sampling ranged from trace up to 1594 ppb Au.

The most significant results were returned from the Bowmore zone which consists of a 200m x 2.3km zone, NW trending zone of anomalous gold in soils (up to 1594 ppb Au). Based on previous geologic mapping in the area, the soil anomaly is coincident with a zone(s) of quartz veining and quartz-feldspar porphyry dikes within a meta-gabbro.

Historic exploration results on the Black Hills Property are summarized in “43-101 Technical Report on the Whiskey Property, Yukon Territory, Canada for Smash Minerals Corp” dated Dec. 12, 2011.

CLW Property

A total of 306 soil samples were collected. Assay values range from trace up to 261.8 ppb Au. This property is contiguous to the North boundary of Kinross Gold Corporation’s White Gold property.

Barker Property

A total of 2,509 soil samples were collected consisting of reconnaissance sampling and minor follow up sampling to existing gold + multi-element anomalies. Assay results ranged from trace to 26.4 ppb Au. Localized samples also contained elevated As (Cu (up to 618.5 ppm), Pb (up to 1720 ppm), & Zn (up to 1269 ppm).

Historic exploration results on the Barker Property are summarized in “43-101 Technical Report on the Whiskey Property, Yukon Territory, Canada for Smash Minerals Corp” dated Dec. 12, 2011

Pedlar Property

A total of 2,563 soil samples were collected consisting of reconnaissance samples and minor follow up sampling to existing gold + multi-element anomalies. Assay values ranged from trace to 288 ppb Au. Multiple anomalous gold in soil samples (>50 ppb) were identified in the area and require follow up work in 2017 including grid soil sampling and prospecting.

Historic exploration results on the Pedlar Property are summarized in “Prospecting, soil geochemistry, airborne and radiometric surveying on the Bridget project, White Gold district, Yukon Territory, Canada” dated January 29, 2013. Yukon Assessment report #096304.

For area maps and more information please visit: www.whitegoldcorp.ca/projects/white-stewart/snapshot/

Coffee Trend-West Claim Area

Wolf Property

The Wolf property is located 40 km west of Goldcorp’s Coffee project. A total of 333 soil samples were collected in 2016 and consisted of infill soil sampling on a historic grid. Assays ranged from trace to 253.6 ppb Au and define a 200m x 1.3 km, NE trending zone of anomalous gold in soils associated with elevated As, Bi, Cu, Mo, & Pb. This includes a 70m x 250m zone of samples in the center of the anomaly >50ppb Au. The soil anomaly appears to be associated with a strongly altered felsic volcanic unit with, locally, strongly disseminated pyrite (up to 5%).

Historic exploration results on the Wolf Property are summarized in “Prospecting, soil geochemistry, airborne and radiometric surveying, and air photo-orthophoto surveying on the Wolf project, White Gold district, Yukon Territory, Canada” dated December 24, 2012. Yukon Assessment Report #096157.

Rice Property (New Property)

52 claims staked covering new target approx. 35 km north west of the companies Wolf property.

For area maps and more information please visit: www.whitegoldcorp.ca/projects/coffee-trend-west/snapshot/

Beaver Creek Claim Area

Pilot Property

A total of 694 soil samples were collected and consist of reconnaissance samples and minor follow up sampling to existing gold + multi-element anomalies. Assay values ranged from trace up to 637.7 ppb gold and are associated with strong elevated As (+/-Sb). Combined with historic soils from the area they define a 500m x 1km anomaly that is open in all directions.

Historic exploration results on the Pilot Property are summarized in “Geochemical Report – Pilot 1 – 12 Claims” dated August 9, 2010.

Yukon Assessment report #095238

Wels Property

A total of 503 soil samples were collected and consists of reconnaissance samples and minor follow up sampling to existing gold + multi-element anomalies. Assay values ranged from trace to 59.2 ppb Au.

Historic exploration results on the Wels Property are summarized in “Geochemical Report – WELLS 1 – 301 Claims” dated January 19, 2014. Yukon Assessment report YEIP 2013-027.

For area maps and more information please visit: http://whitegoldcorp.ca/projects/beaver-creek/snapshot/

The company had also contracted CGG Canada Services Ltd to conduct helicopter-borne Digem survey on several properties. A total of 510 line kms over the Bonanza, Nolan, and Black Hills properties were flown. A total of 4,700 line kms covering 15 different geochemical targets was originally planned, but the surveys could not be completed due to poor weather conditions Despite the limited production, the surveys produced high quality data that will significantly aid in geological interpretation and exploration planning. The Company plans to fly the remaining surveys in the Spring of 2017.

Methodology and QA/QC

The analytical work reported on herein was 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 rock and GT Probe 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). All soil samples were prepared using procedure SS80 (dry at 60 C and sieve 100g at -80 mesh) and analyzed by method AQ201 (15g aqua regia digestion and ICP-MS analysis). Ground Truth Exploration Inc., Dawson City, YT, designed and managed all work for the Company.  The reported work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program. Standard, blank, and duplicate samples were inserted in the sample sequence for all soil, rock, and GT Probe samples sent in for analysis. The Qualified Person detected no significant QA/QC issues during review of the data.

Jodie Gibson, PGeo, of GroundTruth Exploration Inc., has acted as the qualified person under National Instrument 43-101, and has reviewed and approved the content of this news release.

About White Gold Corp.

White Gold Corp. owns a portfolio of 14,648 quartz claims across 23 properties covering approximately 297,000 hectares representing approximately 30% of the Yukon’s White Gold District. Preliminary exploration work has produced several highly prospective targets. The claim packages are bordered by sizable gold discoveries owned by majors including Kinross, Goldcorp and Western Copper & Gold. The Company has outlined an aggressive exploration plan to further explore its properties. For more information visit www.whitegoldcorp.ca.

This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, the date upon which the Company’s common shares commence trading under the symbol “WGO” on the TSX Venture Exchange and advancement of the Properties.  Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct.  All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading "Risks and Uncertainties" in the Company’s most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information
David Schmidt, Chief Financial Officer
White Gold Corp.
T: (604) 630-6889
Email: dschmidt@whitegoldcorp.ca

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