White Gold Corp. (TSX-V: WGO) (OTCQX: WHGOF) (FRA: 29W) is pleased to report additional assay results from its 2022 diamond drilling program on the Ryan’s Surprise and Ulli’s Ridge targets, as well as rotary air blast drilling results from previously undrilled targets along the Ryan’s Trend, a 6.5km long north-northwest striking zone of anomalous gold and arsenic in soils (Figure 1). The Ryan’s Surprise and Ulli’s Ridge targets are located approximately 2km west of the Company’s flagship Golden Saddle and Arc deposits and 11km south of the Company’s VG deposit. The Golden Saddle and Arc deposits have a combined mineral resource of 1,139,900 ounces Indicated at 2.28 g/t Au and 402,100 ounces Inferred at 1.39 g/t Au⁽¹⁾ and the VG deposit hosts an Inferred gold resource of 267,600 ounces at 1.62 g/t Au⁽²⁾. These assays represent additional positive results from the Company’s $6 million 2022 exploration program on its extensive and underexplored 350,000 hectare land package in the emerging White Gold District, Yukon, supported by strategic partners including Agnico Eagle Mines Limited and Kinross Gold Corporation.

“We are very pleased to see the significant extension of mineralization at the Ryan’s Surprise almost doubling its strike length as well as the discovery of gold mineralization at multiple other targets in first ever drilling along this underexplored trend which has now encountered gold mineralization over a length of 5.5km. The abundance of gold mineralization and its vicinity to our flagship gold deposits is very encouraging for the continued expansion of our significant gold resources in this area. Overall 2022 was an was a very successful year in which we continued to demonstrate the growth potential of our flagship project, which ranks amongst the largest high grade gold deposits in the Yukon, and also expand our exciting new high grade Betty discovery, contiguous to Newmont’s Coffee Project and Western Copper and Gold’s Casino project,” stated David D’Onofrio, CEO.

Maps accompanying this news release can be found at https://whitegoldcorp.ca/news/.

Highlights:

• All 2022 diamond holes at Ryan’s Surprise and the and widely spaced step out holes in the previously untested Gap area between Ryan’s Surprise and Ulli’s Ridge intersected gold mineralization.
• Maiden drilling in the Gap area between Ryan’s Surprise and Ulli’s Ridge intersected multiple zones of gold mineralization which appear consistent in tenor with the zones at Ryan’s Surprise, with significant results including:
  • WHTRS22D027: 1.43 g/t Au over 11.45m from 145.50m depth
  • WHTRS22D028: 6.01 g/t Au over 2.35m from 296.50 depth
• 2022 drilling at Ryan’s Surprise followed up on drilling between 2018 and 2021 that identified significant zones of gold mineralization, with highlights including 20.64g/t Au over 6.10m in WHTRYN18RC0001, 2.10 g/t Au over 31.78m in WHTRS19D012, 8.69 g/t Au over 12.30m in WHTRS20D018, and 17.40 g/t Au over 3.47m in WHTRS20D013.
• Following the success of the 2022 and previous diamond drill programs, a maiden resource estimate at Ryan’s Surprise zone is currently underway with details to be announced in the coming months.
• Hole WHTULR22D010 at Ulli’s Ridge testing a previously undrilled area collared in mineralization and intersected 1.49 g/t Au over 16.00 m from 6.00m.
• Maiden RAB drilling at the Teacher target at the northern limit of the Ryan’s Trend intersected multiple zones of near-surface gold mineralization with significant results including:
  • WHTTTC22RAB003: 3.40 g/t Au over 6.10m from 1.52m depth
  • WHTTTC22RAB004: 3.30 g/t Au over 4.57m from 24.38m depth
• Gold mineralization has now been encountered in drilling over a total strike length of 5.5km along the Ryan’s Trend which warrants follow up drill testing.

Figure 1: White Gold Property 2022 Ryan’s Trend Drilling accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/999b2a84-21e7-447d-8db2-88fb2e633e22

Figure 2: White Gold Property 2022 Diamond Drilling Overview accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/eba612a2-1522-4d35-9f71-5e672cb1a24a

Figure 3: Ryan’s Surprise and Ulli’s Ridge Conceptual Model accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/02afffce-12af-4d1b-999e-7d95098c6ed8

2022 Ryan’s Surprize & Ulli’s Ridge Exploration Program

Diamond Drilling

The 2022 diamond drilling program at Ryan’s Surprise and Ulli’s Ridge comprised 9 holes totalling 2,685m which further tested 3 separate target areas with the following objectives (Figure 2):

1. Drilling at Ryan’s Surprise to provide sufficient drill spacing to conduct an initial mineral resource estimate;
2. Drilling the Gap area between the Ryan’s Surprise and Ulli’s Ridge targets to identify the possible continuation of mineralization at the Ryan’s Surprise to the south and if Ryan’s Surprise and Ulli’s Ridge may form part of the same mineralized zone; and
3. Drilling around the newly discovered high-grade gold zone at Ulli’s Ridge, where hole WHTULR21D004 intersected 6.94 g/t Au over 19.5m as well as an untested area of the soil anomaly 300m northwest of the high-grade discovery.

Results for the Ryan’s Surprise drill holes (target area 1 above) were reported in a Company news release dated January 5^th, 2023. The current news release presents results for the gap area (area 2) and Ulli’s Ridge (area 3) target.

A summary of significant gold assay results is provided in Tables 1 & 2 and drill collar details are shown in Table 3. Results are discussed separately below for each target area.

Gap Area between Ryan’s Surprise & Ulli’s Ridge Targets

Two widely spaced holes were drilled to test the gap area between the Ryan’s Surprise and Ulli’s Ridge targets (Figure 3). Both Gap area holes are located approximately 200m southeast and 250m northwest of the limits of previous significant drilling gold assay results at Ryan’s Surprise and Ulli’s Ridge respectively and approximately 150m apart form each other. Structural features which control mineralization at both targets appear very similar, and the goal of the drilling was to test the presence of gold mineralization in this undrilled area and between the targets. The southernmost hole, WHTRS22D027 intersected 1.43 g/t Au over 11.45m from 145.50m downhole, and hole WHTRS22D028 drilled approximately 150m to the north-northeast of WHTRS22D027 intersected 6.01 g/t Au over 2.35m from 296.50m downhole as well as multiple other zones grading from 1.2 to 3.5 g/t Au over widths of 1.5m to 4.5m. The mineralization in hole WHTRS22D027 and the upper part of hole WHTRS22D028 is generally similar to hanging wall zones seen at Ryan’s Surprise, whereas the zone from 296.50-298.85m which graded 6.01 g/t Au over 2.35m is tentatively correlated with the main Ryan’s Surprise mineralized structure. More closely spaced drilling is required to properly correlate the intercepts from hole to hole.

The Company considers these results as very encouraging, and additional drilling in this area is warranted to further test the continuity, grade and further extension of gold mineralization in this area.

Table 1: Summary of Significant 2022 Diamond Drilling Results, Gap area.

Ulli’s Ridge Target

Three holes were drilled at the Ulli’s Ridge target. Hole WHTULR22D010, drilled approximately 300m to the northwest, collared in mineralization and intersected a broad zone of gold mineralization grading 1.49 g/t Au over 16.00m from 6.00m downhole. This mineralization is open along strike and down-dip. WHTULR22D010 was drilled to test a gold-in-soil anomaly that had previously been tested by a single RAB hole which, based on the current understanding of the target, was drilled at the wrong orientation and consequently did not return any significant gold values. This style of gold mineralization in terms of grade and thickness is quite common at Ryan’s Surprise and its encouraging to be encountering additional mineralization in this area. Holes WHTULR22D008 and WHTULR22D009 tested for extensions of the high-grade mineralization encountered in hole WHTULR21D004 which graded 6.94 g/t Au over 19.5m. Hole WHTULR22D008 was collared approximately 25m south of hole WHTULR21D004 and was designed to test the high-grade mineralization down-dip, while hole WHTULR22D009 was drilled to test along strike approximately 35m to the east. Both holes intersected gold mineralization including 0.92 g/t Au over 3.10m from 136.45m downhole in WHTULR22D008, and 1.77 g/t Au over 1.87m from 106.88m in WHTULR22D009. The high-grade mineralization encountered in WHTULR21D004 was not encountered.

Table 2: Summary of Significant 2022 Diamond Drilling Results, Ulli’s Ridge target.

Table 3: Collar details for 2022 Diamond Drilling at Ryan’s Surprise and Ulli’s Ridge targets.

Rotary Air Blast Drilling along Ryan’s Trend

The 2022 RAB drilling program along the Ryan’s Trend comprised 12 holes totalling 919m which tested four separate targets: 1) Teacher (4 holes, 361.2m); 2) Principal Ridge (4 holes, 175.3m); 3) Ryan’s Surprise North (2 holes, 201.2m,); and 4) Tween (2 holes, 181.4m). Gold mineralization hosted in metasedimentary units along the Ryan’s Trend shows a close association with anomalous arsenic, hence the RAB drilling focused on high arsenic targets identified through previous soil sampling and 2022 detailed prospecting. The 2022 RAB drilling program at Ryan’s Trend represent maiden drilling at each of the four targets tested.

All 2022 RAB holes were surveyed with a borehole optical televiewer, which provided continuous high resolution digital imagery of walls of the holes, allowing for the detailed structural interpretation of the zones. Interpretation of the zones intersected in the 2022 RAB drilling program is currently underway and will be used to guide any future proposed drilling campaigns.

Significant results and interpretations are discussed below and a summary of significant RAB gold assay results is provided in Table 4 and drill collar details are shown in Table 5.

Teacher Target

The Teacher target is located at the northernmost limit of the Ryan’s Trend on the eastern ridge of the Yukon River. In the late 1990’s, Teck Resources Limited conducted a reconnaissance program of prospecting, sampling and trenching in the Teacher area as they explored for Pogo-style gold mineralization. The trenching returned significant values up to 12.15 g/t Au, 13.0 g/t Ag, 275 ppm Sb and > 10,000 ppm (1%) As. Teck described the mineralization as being associated with silicified and brecciated metasedimentary rocks adjacent to the contact zones with granitic porphyry dykes. Subsequent sampling by the Company in 2017 also returned high-grade gold and silver values (up to 7.08 g/t Au and 137 g/t Ag) in grab samples.

In 2022 four RAB holes were drilled at the Teacher target all intersected gold mineralization. The best results were obtained from holes WHTTCS22RAB003 and WHTTCS22RAB004. Hole WHTTCS22RAB003 intersected 3.40 g/t Au over 6.10m from 1.52m depth and WHTTCS22RAB004 intersected 3.30 g/t Au over 4.57m from 24.38m depth. Holes WHTTCS22RAB001 and WHTTCS22RAB002 intersected additional gold mineralization, including 0.20 g/t Au over 4.57m from 1.52m depth in WHTTCS22RAB001 and 0.31 g/t Au over 16.76m from 3.05m depth in WHTTCS22RAB002.

Principal Ridge Target

The Principal Ridge target is located approximately 1.5km south of the Teacher target and forms a southern extension of the same gold in soil anomaly. Follow up historical exploration work has also returned significant gold values in trench samples up to 6.61 g/t Au and GT Probe samples up to 1.83 g/t Au.

In 2022 four RAB holes were drilled at the Principal Ridge target, with 3 of 4 holes (WHTPRR22RAB002 to 004) terminated early (18-37m depth) due to bad ground conditions and were unable to reach their targets. Nevertheless, hole WHTPRR22RAB003 encountered surface gold mineralization grading 1.20 g/t Au over 4.57m from 1.52m depth. Hole WHTPRR22RAB001 was drilled approximately 600m northwest of the other three holes and was successfully completed to 100m. The hole encountered several gold mineralized zones including 1.50 g/t Au over 4.57m from 25.91m depth and 0.65 g/t Au over 3.05m from 74.68m depth.

Table 4: Summary of Significant 2022 RAB Drilling Results, Ryan’s Trend.

Table 5: Collar details for 2022 RAB Drilling, Ryan’s Trend.

Other Matters

The Company announces that a total of 5,800,000 options to purchase common shares of the Company have been granted to directors, officers, employees and consultants at an exercise price of $0.38 per share, expiring on February 1, 2028. The grant is subject to regulatory approval.

QA/QC

Analytical work for the 2022 diamond drilling and RAB program was performed by Bureau Veritas, an internationally recognized analytical services provider, at its North Vancouver, British Columbia laboratory. Sample preparation was carried out at its Whitehorse, Yukon facility. Samples were prepared using the PRP70-250 package, where samples were weighed, dried, and crushed to greater than 70% passing a 2mm sieve, then pulverized to greater than 85% passing 75 microns). Samples were then analyzed in accordance with BV’s FA430 and MA250 packages, for both gold analysis by fire assay (30g fire assay with AAS finish) and ultra-trace multi-element ICP analysis (0.25 g, 4 acid digestion and ICP-MS analysis).

The reported diamond drilling and RAB sampling program work was completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of standards and blank samples into the sample stream. BV also runs a comprehensive QA/QC program of standards, duplicates, and blanks within each sample stream.

About White Gold Corp.

The Company owns a portfolio of 17,584 quartz claims across 30 properties covering approximately 350,000 hectares representing over 40% of the Yukon’s emerging White Gold District. The Company’s flagship White Gold property hosts the Company’s Golden Saddle and Arc deposits which have a mineral resource of 1,139,900 ounces Indicated at 2.28 g/t Au and 402,100 ounces Inferred at 1.39 g/t Au⁽¹⁾. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. The Company’s recently acquired VG Deposit also hosts an Inferred gold resource of 267,600 ounces at 1.62 g/t Au⁽²⁾. Regional exploration work has also produced several other new discoveries and prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated Resources of 2.17 Moz at 1.46 g/t Au, and Inferred Resources of 0.50 Moz at 1.32 g/t Au⁽³⁾, and Western Copper and Gold Corporation’s Casino project which has Measured and Indicated Resources of 14.8 Moz Au and 7.6 Blb Cu and Inferred Resources of 6.3 Moz Au and 3.1 Blb Cu⁽⁴⁾.

^{(1) See White Gold Corp. technical report titled “Technical Report for the White Gold Project, Dawson Range, Yukon Canada”, Effective Date May 15, 2020, Report Date July 10, 2020, prepared by Dr. Gilles Arseneau, P.Geo., and Andrew Hamilton, P.Geo., available on SEDAR.
(2) See White Gold Corp. technical report titled “Technical Report for the QV Project, Yukon, Canada”, Effective Date October 15, 2021, Report Date November 15, 2021, available on SEDAR.
(3) See Newmont Corporation news release titled “Newmont Reports 2021 Mineral Reserves of 93 Million Gold Ounces and 65 Million Gold Equivalent Ounces”, dated February 24, 2022: https://www.newmont.com/investors/news-release/default.aspx.
(4) See Western Copper and Gold Corporation technical report titled “Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada”, Effective Date June 13, 2022, Issue Date August 8, 2022, prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR.}

Qualified Person

Terry Brace, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure of Mineral Projects and has reviewed and approved the content of this news release.