White Gold Corp. [WGO-TSXV; WHGOF-OTC] has released impressive results from early stage exploration at its JP Ross property in the Canadian Yukon. The company said results from trenching and surface sampling on a number of targets further demonstrate the existence of regional-scale, high-grade gold mineralization across the entire JP Ross property.
â€œWe are extremely pleased with the continued ultra-high grade results on the Vertigo and newly discovered Sabotage, Topaz and North Frenzy targets on our JP Ross property, further validating that the abundant high-grade gold mineralization is part of a robust regional scale, structurally controlled system,â€ said White Gold CEO David Dâ€™Onofrio.
â€œTo date, at least ten gold targets have been identified on this property, supporting our theory that Vertigo is one of many potential deposits in the area,â€ Dâ€™Onofrio said.
â€œWe now have identified at least four distinct gold trends across a 15-kilometre by 15-kilometre area on the property, including the 1,500-metre Vertigo trend, which appears to be the source of the rich placer production in the area,â€ he said.
Headed by Shawn Ryan, the companyâ€™s technical advisor, White Gold is using exploration techniques developed by Ryanâ€™s company GroundTruth Exploration to speed up the process of finding gold-bearing anomalies.
The company is the largest land holder in the Yukonâ€™s White Gold District. It owns a portfolio of 22,040 quartz claims across 35 properties, covering 439,000 hectares. They include the flagship White Gold property, which covers 34,951 and is located 95 km south of Dawson City.
The companyâ€™s fully-funded $13 million 2019 exploration program is backed by Kinross Gold Corp. [K-TSX; KGC-NYSE] and Agnico Eagle Mines Ltd. [AEM-TSX, NYSE], each of which hold a 19.9% stake in White Gold.
The program includes diamond drilling on the Vertigo target, a new discovery on the JP Ross property which covers 57,000 hectares and contains at least 14 known target areas and numerous placer gold-bearing creeks. The program also includes drilling on the Golden Saddle and Arc deposits on the White Gold property as well as soil sampling, prospecting, GT Probe, trenching, and RAB/RC drilling on various other properties.
A total of 62 trenches/pits over 1,625 metres were placed on nine target areas across the road-accessible JP Ross property, the company said.
Vertigo and surrounding areas produced some of the highest-grade trench results to date with assays ranging from trace to 140 g/t gold. Vertigo trenches returned 24.86 g/t gold over 7.0 metres, including 53.3 g/t gold over 3.21 metres and 125.5 g/t gold over 1 metre. Vertigo trench results also included 30.86 g/t gold over 7.0 metres, including 102.15 g/t gold over 2.0 metres, and 83.13 g/t gold over 2.2 metres, including 120 g/t gold over 1.0 metre.
â€œThis program provided valuable insight into the orientation and geometry of the mineralized systems â€“ information that will be used as part of our scientific and data driven approach to identify drill targets to be followed up on in the current and future seasons,â€Â Dâ€™Onofrio said.
The results were released on October 17, 2019, when White gold jumped to $1.03 from 90 cents on October 16, 2019. On Friday, the shares gave back some of those gains, falling 2.9% or $0.03 to 99 cents.