White Gold Corp. (TSXV: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is pleased to announce that it has reached agreement to acquire a 100% interest in a portfolio of mining claims comprising the Henderson, Flow/Work Creek and Birdman properties (collectively, the “Properties”) from Independence Gold Corp. (TSX.V: IGO) (“IGO”) in exchange for an aggregate cash payment of $35,000, 160,000 common shares in the capital of the Company (the “Shares”), and two 1% net smelter return (“NSR”) royalties on the Properties. The Properties are comprised of an aggregate of 920 claims representing approximately 18,000 hectares of land in the White Gold District. The Company has also staked 299 claims adjacent to the JP Ross and Hen properties (the “Staked Claims”). The acquisitions extend the Company’s land package immediately to the west and south of the Company’s JP Ross property in the area surrounding the recently announced discovery and increases the Company’s landholdings in the Yukon to 409,000 hectares. Maps further detailing the property locations can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/405e23c9-2c93-400f-94b4-430d34bf6a37
http://www.globenewswire.com/NewsRoom/AttachmentNg/417c2c63-8198-447c-a355-d3b99f1409f9
Under the terms of the agreements to acquire the Properties, IGO will maintain: (i) a 1.0% NSR royalty over the claims comprising the Henderson property, which can be purchased by the Company at any time for $2,000,000; and (ii) a 1.0% NSR royalty over the claims comprising the Flow/Work Creek property, which can be purchased by the Company at any time for $1,000,000. The Shares to be issued as partial consideration to IGO will be subject to a four month and one day regulatory hold period from the date of closing. The acquisition of the Properties is expected to close this week and remains subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “Exchange”).
David D’Onofrio, Chief Executive Officer of the Company, stated, “The acquisition of these properties and claims add substantially to our holdings surrounding the recent exciting discovery on JP Ross and further expands our dominant position in the White Gold District. We are looking forward to the additional results from the exploration conducted on JP Ross and our other targets to be released in due course.”
Newly Acquired and Staked Property Information
The acquisition of the Properties and the Staked Claims consolidates and expands the Company’s already substantial land position in the White Gold District and adds strategic land surrounding the site of the recent discovery at the Vertigo target.
The Henderson property is situated within a prolific placer mining camp. Abundant, coarse placer gold has been recovered from creek gravels that overlie inferred fault intersections at two places on North Henderson Creek. There are indications that known mineralized structures on the Companies JP Ross property continue onto the Henderson property.
The Staked Claims are immediately south of the Company’s JP Ross property in the area surrounding the Vertigo discovery. The Company staked 275 claims adjacent to the JP Ross property and 24 claims adjacent to the Company’s Hen property.
Included in the Properties are Flow/Work Creek and Birdman which are also contiguous to properties owned by the Company.
Upcoming Conferences
Management of the Company will be presenting at several upcoming conferences to provide a corporate update, answer questions and provide details on the recent discoveries and have also been selected for special group presentations as follows:
Precious Metals Summit
Beaver Creek, Colorado – September 20-22, 2018
Presentation: Thursday, September 20, 2018 at 3:30-3:45 PM in Room 1 – Heritage Hall, Ford Center
More Information: http://www.precioussummit.com/event/2018-summit-colorado/
Denver Gold Forum
Colorado Spring, Colorado – September 23-26, 2018
Presentation: Monday, September 24, 2018 at 4:45-5:00 PM in Broadmoor Hall F
More Information: https://www.denvergoldforum.org/
Please reach out to management if you would like to book a meeting at either of these conferences.
About White Gold Corp.
The Company owns a portfolio of 20,501 quartz claims across 30 properties covering over 409,000 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.
Qualified Person
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects(“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”, “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” …read more
From:: Investing News Network