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Vancouver, British Columbia–(Newsfile Corp. – August 31, 2022) – Whitehorse Gold Corp. (TSXV: WHG) (OTCQX: WHGDF) (“Whitehorse Gold” or the “Company”) announces that its wholly-owned subsidiary, Stannum Metals Corp. , on August 22, 2022, entered into an agreement to obtain a one hundred percent interest in a personal Bolivian mining company (the “Porvenir Tin Company”) from its 3 shareholders (the “Sellers”). The distributors are bolivian nationals and independent parties.
Porvenir Tin Company’s main asset is the Porvenir Tin-Zinc-Silver-Lead Polymetallic Ore Project (the “Property”), or ATE (Temporary Special Authorization), located in the Department of Oruro, Bolivia (see Figure 1 for location). assets have undergone historic small-scale mining and explored and drilled through the Japanese mining company Dowa Metals and Mining Company (“Dowa”) in 2005 (see Figure 2 for asset map and drilling locations). In total, Dowa completed 88 diamond drillings in approximately 25,000 meters (“m”) based on knowledge gained through the Company from an independent source.
A review of the effects of Dowa’s ancient drilling research shows that they had selectively sampled nuclei with seemingly large pyrite/sphalerite. Dowa knew more than 19 veins of zinc tin with a strength of up to 941 grams consistent with a ton of silver, 6. 34% lead, 28. 1% zinc, 10. 20% tin and 500 grams consistent with one ton of indium (see Figures 3 and 4 for two drilling sections).
The two drilling wells in history are the PV-41 well, which intercepted a constant depth of 15. 05 m (from 316 m to 331 m) with a grade of 2. 04% tin, 2. 4% zinc and 11 grams consistent per ton of silver (Figure 3), and PV-01 hollow, which intercepted a consistent diameter of 6. 05 m (191 m to 197 m) valuing 2. 27% tin, 3. 23% zinc and thirteen grams consistent with a ton of silver (Figure 4).
The Company’s geologists sampled a 0. 5 m long uncut Dowa core with alteration but no apparent sulfide and yielded 0. 56% tin and 0. 34% zinc, suggesting that Dowa may not have had periods of tin mineralization that are low in other sulfide mineralization (see Figure 5). After the completion of the acquisition and before the Bolivian government grants a drilling permit, the company plans to cut and resample Dowa’s historic drill cores stored at the site.
main agreement
The Company will pay a total amount of US$1. 75 million to acquire one hundred percent of Porvenir Tin Company in the following tranches:
Payment of USD 750,000 to dealers for 51% as an initial non-refundable deposit after signing the contract.
On the signing’s first anniversary, Whitehorse Gold will pay another US$750,000 to distributors for the remaining 49% of Tin Company.
At the time of the signing’s anniversary, another $250,000 will be paid to sellers.
There are no intermediary fees to be paid from this transaction.
The end of the transaction is subject to regulatory and other approval as set forth in the agreement.
Figure 1. Location of Porvenir in Bolivia
Location and history
At an altitude of about 4,100 m, the 11. 25 square kilometer (km²) assets are located in the Oruro Department of Bolivia (Figure 1), about 25 km southwest of the Huanuni mine, Bolivia’s largest tin mine. Access is easy with paved access from Oruro for 60 km and access by dirt road for 10 km from the city of Venta Y Media.
Geology and mineralization
The mineralization is enclosed in almost vertical structures oriented from NNO to NW that are discovered in clastic sediments of the Silurian age (423 – 419 Ma) comprising interspersed and stratified sets of sandstone and shale. Mineralization includes a stockwerk frame formed through a series of mineralized veins, < 1 cm, such as mineralized quartz veins ranging in thickness from 1 to 30 cm.
Tin is housed in cassiterite (SnO2), while sphalerite (ZnS) is the main zinc mineral, with silver housed in tetrahedrite. Quartz, pyrite, siderite, barite, and kaolinite account for most sets of bargain and weathering minerals.
Historical exploration
In 2005, Dowa carried out a diamond drilling program of 25,000 m and 88 wells (Figure 2) in Porvenir. Five groups of Dowa drilling wells (mineralized zones) were drilled through Dowa. Figure 2 the asset boundary highlighting the location of historic wells, mineralized zones, and the location of the two cross-sections included herein.
Figure 2: Ownership boundary in Porvenir
Table 1: Historical interceptions of mineralized drilling, tin (Sn), zinc (Zn) and silver (Ag)
To see a preview of Table 1, visit: https://images. newsfilecorp. com/files/7553/135545_f962d69ae47cdb81_022full. jpg
Figures 3 and 4 show two NE-SW drilling cross-sections (A-B and C-D) of the ancient drilling effects (NW view). In cross-sections, Dowa drill core samples are marked in black and obviously show a selective sampling practice that may simply have missed the low-sulfide tin ranges.
Figure 3: Drilling Segment A-B For an advanced edition of Figure 3, visit: https://images. newsfilecorp. com/files/7553/135545_f962d69ae47cdb81_023full. jpg
Figure 4: C-D drilling cross-section.
Figure 5: A 0. 5 m long segment of the Dowa nucleus with alteration but no apparent sulfide and yielded 0. 56% tin and 0. 34% zinc from the WHG assays. For an advanced edition of Figure 5, visit: https://images . newsfilecorpArraycom/files/7553/135545_f962d69ae47cdb81_025full. jpg
Donald J. Birak, an independent consultant geologist and qualified user as explained in National Instrument 43-101, made a site stop for these assets and reviewed and approved the clinical and technical data contained in this press release. number of old cores and there are no analytical samples for inspection or resampling, the Qualified Person cannot validate the old drilling effects and the Qualified Person relies only on the old drilling effects to imply the taste of the mineralization in the assets.
About Whitehorse Gold
Whitehorse Gold is a mining exploration and progression corporation focused on tin allocations in Bolivia and a gold progression allocation in the Yukon. The company owns 51% of the Porvenir tin allowance 70 km southeast of Oruro in Bolivia, and the right to accumulate ownership for one hundred percent. The company is also entitled to obtain a one hundred percent stake in a moment tin allocation 65 km southeast of Oruro in Bolivia. The company also owns one hundred percent of the Skukum Gold allocation located in southern Yukon, approximately south-southwest of Whitehorse. The Skukum Gold assignment is home to the former Mount Skukum. The infrastructure of the assignment includes an all-weather access road, a camp for 50 people, approximately 6 km of underground advance and an operation in the past of three hundred tpd plant and related facilities. From 1986 to 1988, underground operations conducted through a former operator at Mount Skukum allowed 233,400 tons of ore to be mined and processed to recover approximately 79,750 ounces of gold (Total Energold Corporation, 1989).
On behalf of Whitehorse Gold Corp.
signed “Gordon Neal”
Gordon Neal, Executive Director and Director
For more information, please contact: Investor Relations, Whitehorse Gold Corp. , Phone: (604) 336-5919 Email: info@whitehorsegold. ca www. whitehorsegold. ca
Neither tsx Venture Exchange nor its Regulatory Service Provider (as that term is in TSX Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this press release.
CAUTIONARY NOTE REGARDING INFORMATION WITH FORWARD-LOOKING STATEMENTS
Certain of the emails and information contained in this news release constitutes “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any way that expresses or leads to discussions related to long-term predictions, expectations, beliefs, plans, assignments, goals, assumptions, or occasions or possibilities (often, but not always, using words or expressions such as “expects,” “is planned “, “anticipates”, “believes”, “plans”, “allocates”, “estimates”, “assumes”, “intends”, “strategies”, “goals”, “goals”, “forecasts”, “objectives” , “assumptions”, “deadlines”, “potentials” or diversifications thereof or indicating that certain actions, occasions or effects “may also just”, “may also just”, “would”, “may also just” or “could” be taken, come to pass, or be achieved, or the negative form of any of those similar terms and expressions) are not ancient facts and possibly would be forward-looking s or inshapeation Forward-looking s or inshapeation relate to, among other things: the schedule of invoices under the agreement, adding the acquisition of an initial 51% of Tin Company and the remaining 100%; that the task may also be just a fruitful exploration venture for the company and that the tin market will experience further growth; and the timing of receipt of required regulatory approvals under the agreement; the letter from a Bolivian drilling team; confirmation drilling finishing touch; the acquisition of Tin Company by the Company in accordance with the terms of the Agreement; and implementation of the drilling program in accordance with the most productive industry practice standards not unusual.
Forward-looking statements or data are subject to a variety of known and unknown risks, uncertainties and other issues that may cause actual events or effects to differ from those reflected in the forward-looking statements or data, including, but not limited to, dangers related to: regulatory approvals for the acquisition of Tin Company; the Company’s ability to finance the acquisition of Tin Company; the inability or failure of the Company and the Sellers to satisfy the situations to consummate the acquisition of Tin Company; the Company’s ability to integrate the Tinplate Company into the Company’s existing business; the determination of the mandatory control times and resources for the entire acquisition of Tin Company; the global progress of electrification with decarbonization; existing global currency situations the availability of a Bolivian drilling rig and the ability to conduct full confirmatory drilling within the time frame required by the agreement; the option that confirmation drilling and long-term exploration effects will not meet the Company’s expectations; the Company’s ability to offload required inputs and conduct confirmation drilling; operating in Bolivia, adding conceivable expropriations or nationalizations without good enough compensation, reconverting political and fiscal regimes and economic and regulatory tools, unforeseen adjustments in tax and royalty regulations, unreliable or underdeveloped infrastructure, social unrest and shortage of hard work, difficulties unloading key appliances and spare parts for appliances, import and export regulations and restrictions; high rates of inflation, excessive fluctuations in exchange rates and the imposition of exchange controls, imaginable unilateral cancellation or forced renegotiation of contracts, and uncertainty as to the application of infringement rights, inability to obtain a fair settlement of disputes or litigious decisions due to partiality, corruption or abuse of power, difficulties in enforcing judgments in general, and in particular those issued in Canadian courts against assets located outside those jurisdictions, difficulty in understanding and complying with the regulatory framework and law related to the ownership and maintenance of mining properties, mines and mining operations and, with respect to leases, local opposition to mining development projects, including prospective violence, property damage and frivolous or vexatious claims, violence and more widespread or more powerful organized criminal teams before; terrorism and hostage taking, military repression and increased likelihood of foreign confrontation or aggression, and increased public health concerns; fluctuating prices of raw materials; calculation of resources, reserves and mineralization and recovery of valuable and base metals; mineral resource interpretations and assumptions and mineral reserve estimates; exploration and progression programs; feasibility and engineering reports; name of the assets; asset interests; joint venture partners; the acquisition of commercially exploitable mining rights; economic points that affect the Company; timing, estimated quantity, capital and operating expenses, and long-term economic returns from production; competition; operations and political situations; environmental hazards; Sure; hazards and dangers of mining operations; key personnel; clashes of interests; and control dependency.
This list is not exhaustive of the points that may also be forward-looking statements or data of the Company. Forward-looking statements or data are statements about the long term and are inherently uncertain, and the Company’s actual achievements or other long-term occasions or situations may differ materially from those reflected in the forward-looking statements or data due to a variety of risks, uncertainties and other points, including, but not limited to, those discussed in the Company’s Annual Information Form for the year ended December 31, 2021 under the title “Risk Factors”. While the Company has attempted to identify vital points that may also cause actual effects to differ materially, other points would possibly cause the effects not to be those anticipated, estimated, described or anticipated. Accordingly, readers deserve not to place undue reliance on forward-looking statements or data.
The Company’s forward-looking statements and data are based on the assumptions, beliefs, expectations and control reviews as of the date of this press release and, as required by applicable securities laws, the Company assumes no legal responsibility to update: statements and data if the cases or assumptions, beliefs, Management’s expectations or revisions warrant changes, or adjustments at any other time that affect such statements or data. For the reasons set out above, investors deserve not to place undue reliance on statements and data.
WARNING TO U. S. INVESTORS
The technical and clinical data contained herein have been prepared in accordance with National Instrument 43-101, which differs from the criteria followed by the U. S. Securities and Exchange Commission. U. S. (the “SEC”). Accordingly, the technical and clinical data contained herein, adding any estimates of mineral reserves and mineral resources, would possibly not be comparable to the data disclosed through the topic of U. S. corporations. U. S. Disclosure Requirements from the SEC.
To view the original edition of this press release, visit https://www. newsfilecorp. com/release/135545