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Press release from Marketwire

White Tiger Receives NI 43-101 Technical Report on Pridneprov Licence Area and Announces Positive Results from Second Phase Drilling Program at Drevniy

Monday, October 01, 2012

White Tiger Receives NI 43-101 Technical Report on Pridneprov Licence Area and Announces Positive Results from Second Phase Drilling Program at Drevniy09:29 EDT Monday, October 01, 2012TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) - White Tiger Gold Ltd. (TSX:WTG) ("White Tiger Gold" or the "Company") announces its receipt of a National Instrument 43-101-compliant technical report (the "Technical Report") on its Pridneprov licence area, as well as positive results from its second phase diamond drilling program on the Drevniy gold prospect. Drevniy is one of the six known gold prospects identified in the 760 km2 Pridneprov license area."The Magadan Region represents the western continuation of the Alaskan Gold Province which contains some notable world-class deposits," said Jim McBurney, CEO of White Tiger Gold. "This initial Technical Report highlights the promise of the Pridneprov license and the initial exploration on one of the six defined gold targets shows excellent potential for gold mineralization suitable for open pit mining. The higher grade mineralized core and positive initial metallurgical results support the Board's decision to extend the exploration program at Drevniy towards defining a resource, based on our belief there is a potential for a large bulk ore deposit suitable for open pit mining. We are very pleased with these results as they confirm our expectations for the significant potential of Pridneprov."Drilling Highlights:Phase 1 and 2 exploration programs have resulted in the discovery of a bulk tonnage, low-grade gold system, with a higher-grade core up to 500m long that might extend to depth based on the presence of sheeted veins in the trenches and drill core, that has good potential for expansion. Drilling and trenching has encountered a zone of gold mineralization ranging from 1.6 to 122.5 meters in width with grades ranging from 0.70 to 20.79 g/t gold, with a higher-grade mineralized core averaging 2.1-10.34 g/t of gold with a thickness of 16-122.5 meters. Modeling of the drill hole assay data indicate the potential for a 40 to 50 million tonne deposit grading between 1 and 2 g/t Au. The above-quoted figures are reported as an exploration target, based on reasonable assumptions made from compiled data. These figures should not be construed to reflect a calculated resource under standards of National Instrument 43-101 ("NI 43-101"). The potential quantities and grades reported above are conceptual in nature and there has been insufficient work to date to define a NI 43-101-compliant resource. Furthermore, it is uncertain if additional exploration will result in discovery of an economic mineral resource on the property. Preliminary metallurgical testing shows the gold is partially refractory. Gold is easily concentrated through gravity and flotation with extraction up to 92% of the assay grade of the bulk sample. Test work also demonstrates that gold recoveries into doré up to 81% can be achieved if the concentrate is roasted prior to cyanidation. The abundance of pyrite relative to arsenopyrite in the higher-grade core suggests that higher gold recoveries might be possible with additional metallurgical testing. A Phase 3 drilling program focused on the central block and comprised of 15 holes or 3,000 meters is planned for 2013.The Technical Report is expected to be made available for review on the Company's website at www.whitetigergold.com and at www.sedar.com by October 5, 2012.The Pridneprov license area is located in the Magadan Oblast of northeast Siberia, Russian Federation. The property can be accessed by paved and gravel roads from the capital city of Magadan, situated approximately 216 km south southwest of the Drevniy prospect. Magadan is the administrative centre of the Magadan Region. The Pridneprov licence area is located in the southern portion of Yana Kolyma Gold District, one of Russia's most prolific gold placer and bedrock mining areas.The Pridneprov mining and exploration license is 80% owned by White Tiger Gold's subsidiary, LLC Geozvetmet ("Geozvetmet"), and 20% by LLC Stannolite ("Stannolite") and is registered under license number MAG 04155BR that was issued on July 7, 2008. The license area is valid until July 1, 2028. The license has no depth limitations.The Drevniy prospect is similar to the Fort Knox gold mineralization and to the Lupin gold deposit in the Nunavut Territory, Canada. These similarities include granite porphyry and metasedimentary host rocks, the presence of abundant aplite and pegmatite dikes, low sulphide content for the ore and the geochemical abundance of Au-Bi-As. Fort Knox, however, contained coarse-grained gold, that formed an alluvial deposit downstream from the deposit. The Lupin deposit was similar in all respects except that the Au-As-Bi mineralization is associated with somewhat higher concentrations of sulphide minerals and is hosted in the iron formation portion of the Archean age Contwoyto metaturbidite Formation.An extensive amount of reconnaissance exploration work was conducted by Russian State-funded geological expeditions which resulted in the discovery of a large number of gold, silver and base metal targets prior to the acquisition of the mining and exploration licence by Geozvetmet in 2008.Work carried out by Geozvetmet since 2008 has focused on developing drill targets at Drevniy, Koldun, Uvalniy and Krasiviy. The first phase of drilling that was completed in August 2011 on Drevniy consisted of 1,953.6m in 6 holes, previously announced. The program identified a wide zone of gold‐arsenopyrite mineralization that was defined along the southern drill profile and hosted primarily by a granite porphyry dike. A second phase drill program was initiated in October 2011 and completed in April 2012 on Drevniy target to test the north and south extensions of the current zone of gold mineralization. This program consisted of 18 holes with a total length of 3,900 m and identified a higher‐grade core in the granite porphyry and nearby metaturbite rocks.The Drevniy gold prospect was evaluated using diamond drilling that was conducted on behalf of Geozvetmet by Stannolite. The drilling program utilized a Boart Longyear rig, model number LF-90. The core diameter was HQ (76 mm diameter) in the upper and middle portions of the holes and was reduced to NQ (63 mm diameter) in the lower part of a hole if drilling conditions deteriorated. Core recovery averaged more than 97% in both the mineralized zones and host rocks.The majority of the gold mineralization observed in the Pridneprov license area occurs in zones that trend northeasterly. This direction is a common fracture orientation observed in the Yana‐Kolyma district. Three styles of gold‐arsenic mineralization have been observed in the Pridneprov license area:1. Quartz‐carbonate‐arsenopyrite veining, sheeted in structure, typically hosted by hornfelsed metapelites.2. Quartz‐arsenopyrite stockwork veining, hosted by granite porphyry.3. Quartz‐carbonate‐arsenopyrite‐galena veins of a high grade, but narrow, hosted in fault and shear zones.The major sulphide minerals associated with the gold mineralization in decreasing order of abundance are: arsenopyrite, lollingite, pyrite, pyrrhotite and minor to rare, chalcopyrite, sphalerite, galena, bismuthinite, native bismuth, scheelite, tin and tellurobismuthite. The average sulphide content is low, ranging from 1% to 2% and locally over narrow intervals up to 10%. Magnetite is rarely observed because of the reduced nature of the gold mineralization. Oxide minerals that formed after sulphides are limited to scorodite, limonite and goethite and restricted to the thin oxide soil and rock profile.Gold occurs predominantly encapsulated in arsenopyrite as discreet blebs and in microfractures and is considered to be semi‐refractory. Most of the free gold observed in polished sections is fine‐grained and generally less than 10 μm in size although a few grains ranged up to 85 μm in size. Free gold is commonly hosted by quartz gangue and by scorodite. The silver content is low with a gold to silver ratio of approximately 10:1. Although the sulphide mineralization is variable in each prospect, arsenopyrite and lollingite are the dominant sulphide minerals making up 90 to 95% of the total sulphide content in most places. The only exception to this generalization is in the core of the Drevniy prospect where pyrite abundance is equal to or greater than that of arsenopyrite.Gold mineralization was encountered in both porphyritic granite dikes cut by a stockwork of numerous sulphide-bearing quartz veinlets and in sheeted, quartz-sulphide veins hosted in the metaturbidites at the south end of the mineralized zone (near drill holes 100, 101 and 102). Higher gold values occur in the quartz-sulphide stockwork and the potassic altered granite porphyry dike. The dike dips southeast at -45° and gets thicker at depth. Strong alteration of the granite porphyry is indicated by the silica-Kspar-muscovite-sulphide mineral assemblage. Lower gold values are associated with the metaturbidite-hosted (shale and siltstone) sheeted, quartz-sulphide veins that occur in the hanging wall and to a lesser extent in the footwall rocks of the granite dike. The south end of the Drevniy mineralized zone increases in width with depth. Drill hole 102 has a 345.5 m intersection averaging 0.58 g/t Au. The main sulphide mineral arsenopyrite is accompanied by minor pyrite, sphalerite, galena, molybdenite and bismuthinite. The highest sulphide content occurs in the granite porphyry-hosted mineralization and ranges from 1% to 3%.Gold occurs in sheeted, quartz-sulphide veins hosted by silicified metasedimentary rocks at the north end of the Drevniy mineralized zone (around drill holes 103, 104 and 105). Alteration is well developed along narrow vein selvages and consists of silica-sericite- siderite-albite-sulphide that grades outward into silica-carbonate-chlorite. The main sulphide mineral arsenopyrite is found in veins and vein selvages and is accompanied by lesser amounts of pyrite and minor pyrrhotite. The overall sulphide content is low, ranging from 0.5 to 1%. Oxidation of the sulphides is poorly developed to only a few meters below surface and consists of scorodite, limonite and goethite that forms a thin veneer covering the surface of the sulphide minerals.The highest gold values (10.23 g/t over 16.0 m) were found in hole 114 associated with sheeted and stockwork quartz veins. This intersection and a similar one in hole 110 (3.0 g/t over 41.6 m) appear to indicate that there is a higher grade core in the Drevniy prospect that is on the order of 500 m long. The association of sheeted veins with the mineralization might indicate that it has great vertical continuity like that seen in mesothermal vein systems. Pyrite that accompanies gold is associated with minor arsenopyrite such that the pyrite to arsenopyrite ratio ranges from 100:1 in hole 114, to 2:1 in hole 110. These ratios suggest that new metallurgical tests of this mineralization might produce better total gold recoveries than obtained previously. A northeast-trending fault that traverses the higher-grade core might have cut it and produced two smaller zones. Intersections of 0.5 g/t and higher encountered in both recent drill programs are summarized in Table 1.0.Table 1.0: Assay Results Drevniy Prospect (cut-off 0.5 g/t Au)IDDepth (m)Azimuth (deg)Inclination (deg)From (m)To (m)Width* (m)Au (g/t)Ag (g/t)As (%)100141,0316,9-61,96,510,54,01,20,31,0018,787,068,30,80,40,5957,569,512,00,60,60,6491,5169,578,01,30,50,76101278,5315,3-62,2181,5187,56,00,50,30,32204,5210,05,50,70,30,64274,5278,54,00,70,30,42Including116,5118,52,03,41,61,50101278,5315,3-62,2127,5138,511,00,70,30,38102404,0326,1-62,4143,6262,8119,21,00,30,66Including167,5171,54,03,20,41,00279,5284,55,00,50,30,23102404,0326,1-62,4287,5290,53,00,60,30,17359,5362,53,00,50,30,09367,5390,523,00,70,30,083,011,08,00,60,30,20103300,8326,2-62,216,222,86,60,60,30,6379,884,85,00,60,30,1160,075,015,00,90,30,77106166,0323,0-60,783,087,04,01,81,20,90143,2150,67,41,30,30,1466,670,03,40,60,30,46107184,0325,0-60,2121,7125,43,70,70,30,46148,8155,97,10,70,30,51167,0173,96,91,00,60,8256,059,43,40,50,30,34124,0127,73,70,60,30,07149,7153,33,61,30,50,11108262,0325,0-61,1167,7181,714,00,90,30,11186,8190,84,00,50,30,09194,0207,213,21,10,30,14210,3262,051,71,00,30,23Including244,0246,22,23,30,30,4811,117,05,91,30,70,4610990,7325,0-60,321,630,79,11,60,30,1647,151,54,40,70,70,0859,876,316,50,90,30,09110254,5325,0-62,616,823,46,60,90,30,4527,031,74,71,40,30,58110254,5325,0-62,636,4188,0151,61,90,30,51Including48,550,11,65,80,70,27Including87,591,03,56,70,70,46Including97,0103,06,04,60,70,70Including105,0113,68,63,40,31,16Including133,0135,02,03,60,30,80193,0204,211,20,90,30,33110254,5325,0-62,6225,6237,411,80,62,00,49243,6246,63,00,80,80,5435,040,05,00,50,30,0750,057,07,00,50,30,09111239,0325,0-59,465,078,013,00,60,30,07120,0128,28,21,10,50,34135,0141,06,00,60,70,56167,7203,335,62,10,70,13Including173,0191,718,73,31,30,13112353,542,0-60,525,829,53,70,60,40,4534,244,09,80,70,30,3943,251,58,30,70,30,41113241,0325,0-60,391,094,03,00,90,30,22178,0184,06,02,20,30,24192,8210,217,41,80,30,38Including197,6203,55,93,70,30,57114237,5325,0-59,3143,4147,03,60,50,30,21159,0228,069,03,10,40,25Including187,0203,516,510,10,80,158,020,112,10,70,30,07115234,7325,1-59,824,931,36,40,70,30,0468,072,24,20,80,30,15122,8219,496,61,10,30,36Including156,9158,81,94,81,41,05Including190,7192,51,83,20,80,80116127,0325,1-59,920,327,97,60,80,30,97117126,825,1-59,95,130,024,90,70,50,8434,5106,371,81,21,10,75Including34,538,03,54,11,61,08Including84,091,07,03,10,40,896,211,04,80,70,30,9018,422,44,01,00,41,0011882,3325,2-59,932,937,24,31,02,20,4142,253,110,91,11,00,7656,782,325,62,80,50,86Including77,280,73,510,31,90,9611929,0325,0-60,01,910,68,70,50,40,8714,823,78,90,80,90,81120145,5325,4-59,837,349,612,30,71,41,00121145,5325,4-59,824,626,01,46,43,91,43*True thickness of the mineralized zone is unknown and is reported as drill hole lengthDrill core samples were processed in the Stannolite preparation facility located in Magadan. The drill core sample pulps were shipped to the Alex Stewart Group commercial laboratory facilities in Moscow where the samples were analyzed by two methods; (1) 30 gram Fire Assay with AAS finish for gold; and (2) a 0.2 gram sample split analyzed by ICP-AES for 40 elements. The Alex Stewart Group is an internationally accredited minerals laboratory with 14 offices worldwide including two in Russia and the company was recently acquired by ALS Global Laboratories that operate 300 offices in 50 countries. All ALS labs are ISO 9001:2008 certified or in the process of being certified for the analysis of geochemical samples.In 2011 initial metallurgical tests were completed on diamond drill material, and included the following tasks: phase analysis of the mineralized material; study of granulometric mineral composition and distribution of gold by size fraction; evaluation of the metallurgical characteristics of the gold mineralization; and evaluation of ore processing flow sheet for gold recovery.The highest gold extractions ranging from 92.35‐92.57% was achieved using flotation and a combination of gravity and flotation processing. However flotation concentrates are refractory and gold liberation through intense cyanidation is limited. The flotation concentrate treated by intense cyanidation results in low gold recoveries of 60.58%.In order to achieve higher gold recoveries, testwork showed it is necessary to roast the arsenic dominated sulphide floatation concentrate. If the floatation concentrate is roasted prior to cyanidation, the gold recovery into doré are improved significantly to 81.67%.Initial metallurgical testwork indicates that the Drevniy gold mineralization is semi-refractory and recovery will be optimized using a gravity-floatation-POX/Biox-intense cyanidation flow sheet. The discovery of a core of higher-grade, pyrite-rich mineralization in the Drevniy prospect indicates that additional metallurgical testing is required to characterize the recovery of gold in the higher-grade core of the deposit.Drevniy is one of six prospects within the Pridneprov license area, though limited information is available on the following other prospects.The Kuchakachan prospect has two styles of gold mineralization that have been identified including discrete veins and sub-parallel sheeted veins associated with silicification. Historic exploration in 1980 included trenching, channel sampling and 3 diamond drill holes, and defined a main vein that was traced over a strike length of 80 meters averaging 0.68 meters in width and at an average grade of 49.4 g/t. The drill results indicate that the vein system increases in thickness and frequency at depth with the same average grade. The Uvalniy prospect has trenching and surface sampling conducted in 1990 that defined a northeast trending mineralized zone consisting of sheeted sulphide-quartz veins in the central part of the Uvalniy granite porphyry stock. The veins have variable widths ranging up to 4 cm and are associated with arsenopyrite that occurs as disseminations and veinlets. Outcrop sampling returned gold grades ranging from 0.34 to 0.49 g/t. A second program of chip sampling carried out in 2007 defined the zone of gold mineralization as up to 650 m in length and 300 m in width, with an average grade of 0.72 g/t Au. The Koldun prospect historic exploration results defined two strongly altered areas, containing sulphide-quartz veinlets. In the western tributary, a wide zone of silicified hornfels that contains pervasive sulphide- quartz veining ranges up to 250 m in width, and traced over a strike length in excess of 1.5 km. Selective sampling of quartz veins that contain disseminated arsenopyrite returned gold grades that range from 0.7 to 10.7 g/t. Trench sampling returned anomalous gold values that range from 0.2 to 0.4 g/t. In the northwestern tributary of Praviy Asan Creek, a second zone of quartz-sulphide veining that possibly has a northwest orientation, can be traced over a strike length of 500 to 600 m. Grab sampling of quartz veins containing disseminated arsenopyrite within the mineralized zone returned gold grades ranging from 2.3 to 20.6 g/t. The Shurik Prospect exploration has highlighted bedrock gold occurrences are confined to the quartz-sulphide veining and zones of fracture and shearing developed in the periphery of a gabbro-diorite stock. Chip samples produced gold grades that vary from trace to 0.4 g/t in quartz veins and 7.0 to 50.6 g/t in quartz-sulphide veins. Gold grades associated with the shear zones vary from 0.2 g/t to 2-4 g/t. Qualified PersonDr. E.H. van Hees, P.Geo., who by reason of education, experience and professional registration, fulfills the requirements of an independent Qualified Person (QP) as defined in NI 43-101, has reviewed and approved the scientific and technical information in this press release.About White Tiger GoldThe Company is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.Caution Concerning Forward-Looking InformationThis press release contains "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, White Tiger Gold's expectations, intentions and beliefs (including, without limitation, statements regarding the Pridneprov licence area (including the potential thereof), exploration and development plans (including the timing thereof), exploration results, future plans and objectives of White Tiger Gold and plans with respect to the filing of the Technical Report (including the timing thereof)). Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by management of White Tiger Gold in light of its experience, current conditions and its expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish mineral resources at the Pridneprov licence area; exploration costs varying significantly from estimates; delays in the exploration and development of the Pridneprov licence area; unexpected geological or hydrological conditions; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to White Tiger Gold of suitable financing alternatives; as well as other risks and uncertainties which are more fully described in White Tiger Gold's Annual Information Form dated April 5, 2012 and in other filings made by White Tiger Gold with Canadian securities regulatory authorities and available at www.sedar.com.Any forward-looking statement and information speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger Gold disclaims any intent or obligation to update any forward-looking statement and information, whether as a result of new information, future events or results or otherwise. Although White Tiger Gold believes that the assumptions inherent in the forward-looking statements and information are reasonable, forward-looking statements and information are not guarantees of future performance and accordingly undue reliance should not be put on such statements or information due to the inherent uncertainty therein.FOR FURTHER INFORMATION PLEASE CONTACT: James McBurneyWhite Tiger Gold Ltd.CEO & Directorinfo@whitetigergold.comwww.whitetigergold.com