Whitehorse Gold Corp. (TSX-V: WHG) announces initial 2021 drill program results from its wholly-owned Skukum Gold Project located in southern Yukon.

Drill Hole Highlights:

• Initial drilling on the Skukum Creek deposit has returned up to 6.2 metres of 8.6 g/t AuEQ (2.5 g/t Au and 431.8 g/t Ag), including 2.2 metres of 22.1 g/t AuEQ (6.1 g/t Au and 1,142.0 g/t Ag), in hole SC21-008
• Hole SC21-005 intersected 5.5 metres of 8.3 g/t AuEQ (4.3 g/t Au and 279.9 g/t Ag), including 3.5 metres of 11.0 g/t AuEQ (5.7 g/t Au and 381.9 g/t Ag)
• Hole SC21-009 intersected 2.3 metres of 16.5 g/t AuEQ (4.3 g/t Au and 864.4 g/t Ag), including 1.31 metres of 27.1 g/t AuEQ (7.1 g/t Au and 1,420.0 g/t Ag)
• Three drill rigs are currently testing Skukum Creek and Mt. Skukum deposits

These drill holes (Table 1) focused on filling gaps larger than approximately 50-60 metres between historical drill hole intercepts on the Rainbow Zone (Figure 1) at the Skukum Creek deposit. The results demonstrate continuity of the higher-grade gold and silver mineralization and will be used to upgrade resources.

“Our first 2021 drill results successfully confirmed continuity of the gold mineralization in the upper portion of the Rainbow gold zone along with substantial silver grades, which greatly improves our confidence in the resource and expected future economics of the Project,” stated Kevin Weston, CEO of Whitehorse Gold. “With the three drill rigs testing our Skukum Creek, Goddell and Mt. Skukum deposits, we anticipate a continual flow of results throughout the rest of this year and are excited at the potential to advance the Project towards a development path.”

Table 1: Assay results

Notes:

1. Drill location, elevation, azimuth and dip of drill holes provided in Table 2 below.
2. Length and specific gravity weighted composites.
3. True drill interval lengths are estimated at 70-90% of drilled intervals.
4. Formula for AuEQ calculation = Au+(Ag x 0.0141); based on a Long-term Au consensus median price of US$1,600/oz, a Long-term Ag consensus median price of US$22.50/oz and Au:Ag ratio of 71.11.
5. Assumptions: AuEQ calculation utilizes contained Au and Ag and assumes 100% recovery. Long-term street consensus commodity prices compiled by BMO Capital Markets.

Whitehorse Gold intends on releasing additional exploration drill results over the forthcoming months.

Table 2: Drill hole details (location, elevation, azimuth and dip) for holes presented in Table 1.

Target Generation

The Company has completed a 1,900-line-km airborne geophysical survey (comprised of magnetic, radiometric, and Very Low Frequency surveys) over the entire 170-square-km Project (see Figure 2). Results of the geophysics is currently undergoing interpretation and is expected to provide data for new target generation.

The 2021 surface exploration, mapping and sampling program has also been completed and successfully identified new zones and occurrences of gold mineralization. Results are forthcoming and will be released once received from the assay lab.

Geologic, geochemical and alteration data when combined with the airborne magnetic/radiometric/VLF survey is expected to develop a ranked pipeline of targets. Results of the 2021 field work will guide exploration programs at the Project for 2022 and beyond.

Figure 1: Skukum Creek Deposit long section looking NW (330) showing drill hole traces and intercepts.

Figure 2: Project overview map highlighting the three main deposits and the camp-mill facility

Quality Assurance and Quality Control

Drill core from the Company’s 2021 exploration program was logged and sampled in a secure core storage facility located at the Project site. Core samples from the 2021 program were cut in half, using a diamond cutting saw. Drill core and surface samples were sent to ALS Laboratories, which is independent of the Company. Sample preparation was performed at the ALS Laboratory in Whitehorse, YT, followed by analysis at the ALS Laboratory in North Vancouver, BC. ALS is an accredited mineral analysis laboratory. All samples were analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Samples were also analyzed for a 48 multielement geochemical suite by ICP-MS with a four-acid digestion. Certified gold reference standards, blanks, field duplicates and coarse reject duplicates were routinely inserted into the sample stream, as part of Whitehorse Gold’s quality control/quality assurance program.

Qualified Persons

The technical information contained in this news release has been reviewed and approved by Tim Kingsley, Vice President of Exploration of Whitehorse Gold and Certified Professional Geologist (CPG-11538) with the American Institute of Professional Geologists, a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure of Mineral Projects.

ABOUT WHITEHORSE GOLD CORP.

Whitehorse Gold is a responsible mineral exploration and development company focused on its 170-square-km Project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Project hosts the advanced-stage Skukum Creek and Goddell deposits, and the formerly producing Mt. Skukum high-grade gold mine, all of which remain open for expansion, plus additional untested mineralized occurrences. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 6 kms of underground development, and a previously operating 300-tpd mill and associated support facilities. Underground operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold.