Whitehorse Gold Corp. (TSX-V: WHG) (OTCQX: WHGDF) is pleased to announce that assay results of its first confirmation drill hole (DDH-SF-001) for the SF Tin Project, located in the Oruro Department, Bolivia. This is one of the two drill holes to confirm two historical holes reportedly drilled by Rio Tinto. The assay results for the second confirmation hole are pending.

Hole DDH-SF-001 was drilled at the same azimuth and dipping angle as (azimuth of 90° and -60° dip) as the historical hole ESF001 but was collared 15 meters apart (Figure 1). DDH-SF-001 intersected 200.7 meters grading 0.4% tin, 1.28% zinc, and 12 g/t silver from 139.2 m to 339.9 m (Table 1), comparing with the 200 m grading 0.44% tin, 1.22% zinc and 13 g/t silver for the historical hole ESF001. DDH-SF-001 intercept also includes a higher grade sub-interval of 68 m grading 0.62% tin, 1.69% zinc and 13 g/t silver; comparing with 68 m grading 0.49% tin, 1.22 zinc, and 9.3 g/t silver (Figure 1). In addition, DH-SF-001 has also intercepted a two-meter interval from 30.20 m to 32.20 m grading 79.8 g/t silver and 0.67% lead.

The company is satisfied that the hole DDH-SF-001 has confirmed the historical drill hole ESF001.

Gordon Neal, CEO & Director commented, “We are very encouraged by the close comparison between our first confirmation drill hole and the historical hole. This is an important step for us to proceed with the completion of our final acquisition of the SF Tin Project.”

Based on the option agreement signed (news release dated August 25, 2022), subject to satisfactory confirmation drill results, the company will proceed to acquire 100-per-cent interest in the SF Tin project by paying a total of $3.65 million (U.S.) over two years.

Table 1. Composite analytical results for hole DDH-SF-001

Notes:

1. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.

Mineralization intersected in hole DDH-SF-001 is hosted in fine to medium-grain sandstone of a blackish-gray color (greywacke) with clusters of multiple veins/veinlets (< 1cm thick, Figure 2) which contain pyrite, sphalerite, galena, cassiterite (SnO₂), and trace amount of stannite (Cu₂FeSnS₄).

Figure 1. Cross section (looking North), showing the historic hole ESF001 and the Company’s verification hole: DDH-SF-001.

Figure 2. Polymetallic mineralization in core hole DDH-SF-001, from 200.20 m to 207.10 m.

Quality Assurance and Quality Control

All SF core samples were collected by staff geologists and were shipped in securely sealed bags by Company staff in the Company’s vehicles, directly from the field to AHK Bolivia Ltd., in Oruro, Bolivia for preparation, and AHK Peru laboratory in Lima, Peru for geochemical analysis. AHK is an independent ISO/IEC 17025 and ISO 9001 accredited laboratory and also UKAS ACCREDITED TESTING LABORATORY 1543, 1765 and 8738. All samples are first analyzed by a multi-element ICP package and FUS/ICP (peroxide fusion) for tin. Two types of certified reference materials, coarse blank samples and duplicate samples are inserted to normal drill core sample sequences prior to delivery to the laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is minimum eight percent.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration of New Pacific Metals who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Resources. The qualified person has visited this property and has verified the scientific information disclosed herein and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

About Whitehorse Gold

Whitehorse Gold is a mineral exploration and development company focusing on tin projects in Bolivia and a gold project near Whitehorse, Yukon, Canada. The Company has recently signed agreement to acquire 100% the Porvenir Tin Project and SF Tin Project, which are 70 km southeast of Oruro, Bolivia. The Company 100% owned Skukum Gold Project is approximately 55 km from Whitehorse by road. A mineral resource estimate update is expected for the project based on drilling conducted in 2020 and 2021. From 1986 to 1988, the project produced approximately 80,000 ounces of gold.