On September 6, White Gold Corp. (V.WGO) put out a press release detailing the new discoveries at it’s “Ryan’s Showing” target. MotherlodeTV recently interviewed White Gold Corp. CEO, David D’Onofrio, about this satellite deposit in the White Gold District, Yukon.
Why is this Ryan’s Showing discovery so significant?
The high grades seen at the Ryan’s Showing are very exciting – the first hole intersected 20.64 g/t Au over 6.10m with individual assays ranging from 7.07 g/t to 39.8 g/t Au. This high grade combined with the fact that the mineralization is just 83.82m from surface and 2 km from our existing Golden Saddle deposit with a 1.2 M oz high-grade resource, makes this target very interesting. This is one of many targets on the White Gold property that has the potential to be a satellite deposit to the Golden Saddle deposit. As they say, the best place to find a deposit is near an existing deposit. Furthermore, the 2km of land on trend between the Golden Saddle and Ryan’s Showing has only had very limited historical exploration. We have identified several targets in this area and are testing some this year. Lidar imagery, DIGHEM and IP-Resistivity has shown this structure to be open along strike and at depth, and demonstrates the potential for multiple mineralized structures.
What is reverse circulation drilling and why do you use it to test new targets?
Reverse Circulation (RC) drilling is a fast, light-weight and cost-effective method of generating high quality samples which are eligible for inclusion of a resource calculation. RC drilling achieves better penetration than Rotary Air Blast (RAB) drilling, but is cheaper than diamond drilling, allowing us to complete more drill holes within a given time and monetary budget. Additionally, the environmental impacts of RC drilling are minimal as the drill is mounted on rubber tracks that do not disturb the ground.
How did you select “Ryan’s Showing” for drill testing. What features did it have before you brought in the drills? (And, yes, I did read the paragraph on Ryan’s Showing. Could we go even more basic?)
Rather than jump directly to costly drilling, our team uses a systematic approach to exploration. Given our massive land package this is critical; it’s simply not feasible to drill every target on each of our properties. Ryan’s Showing had all of the positive indicators, including geophysical structure as mapped with Lidar, geochemical soil anomalies and rock samples with high-grade gold. The presence of all of these characteristics made the Ryan’s Showing a viable drill target and the drill results confirmed this. This measured approach allows us to stretch exploration dollars further and test more targets each season.
In the release, Jodie (Jodie Gibson, P.Geo. and Vice President of Exploration) mentions “satellite deposits”. How many of these have you identified and, ballpark, what size are you looking for?
There is an old adage, “The best place to make a new discovery is near an existing discovery”. We have seen this proven to be true over and over again, and we believe this to be the case on our White Gold property. One of the key ways we’re working to grow our existing 1.25M oz gold resource is through the exploration of the land surrounding the Golden Saddle for satellite deposits. There are 5-6 targets we are actively exploring right now, with many more in the queue. With the planned infrastructure improvements, including roads built directly to the White Gold property, even deposits of 250k-500k ounces become viable that are not very close to our existing resource. There are also opportunities to share infrastructure with nearby mines, such as Goldcorp’s mine which is scheduled to be in production by 2021, making satellite deposits more economical.
At this point, are you viewing Ryan’s Showing as part of the Golden Saddle “system” or are you considering it a “stand-alone” occurrence?
Ryan’s Showing is located 2 km away from the Golden Saddle deposit but is along the same trend, and while we believe it to part of the same system, it is a completely new mineralized zone. Ryan’s Showing is characterized by particularly high grades from shallow depths, with the discovery hole returning grades ranging from 7.07 g/t to 39.8 g/t Au, some of the highest ever in the Yukon. What is also very exciting is that the system is wide open and only very limited historical work has been done between the Golden Saddle and the Ryan Showing before this year. Additional results from this year’s exploration are pending and will be released in due course.
How much longer will White Gold be able to continue with this season’s exploration program – weather? Daylight?
Drilling was well ahead of schedule which allowed us to expand our budget and get more exploration work done than originally planned. This is well timed as it will avoid scrambling to finish the program as the days get shorter and temperatures drop. Having achieved our exploration goals we are looking forward to taking the winter to digest this season’s results and sharper our plans for next season. With that said, however, we are set up to and will continue to work as long as it makes economic sense to do so as we are following up on a number of exciting opportunities.
About White Gold Corp.
The Company owns a portfolio of 19,606 quartz claims across 30 properties covering over 390,000 hectares representing approximately 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. (disclosed M&I gold resource of 4.1M oz) and Western Copper and Gold Corporation’s Casino project (disclosed P&P gold reserves of 8.9M oz Au and 4.5B lb Cu). The Company has outlined an aggressive exploration plan to further explore its properties. For more information visit www.whitegoldcorp.ca.
The analytical work for the 2018 program has been 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 GT Probe, RAB, RC, and diamond core 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). Metallic-screen analysis may also be utilized if coarse gold mineralization is encounter (FS600).
The work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the regular insertion of certified standards and blanks into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under NI 43-101 and has reviewed and approved the content of this news release.
Cautionary Note Regarding Forward Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", “proposed”, "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated benefits to the Company and its shareholders respecting the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the White Gold properties; future growth potential of the Company, including whether any further mineral resources will be established in accordance with NI 43-101 at any of the Company’s properties; exploration results; and future exploration plans.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; failure to expand or identify any additional mineral resources; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the White Gold properties and the Company’s other properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described under the heading "Risks and Uncertainties" in the Company’s most recently filed management’s discussion and analysis. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.