White Gold Corp (TSXV: WGO) is set to spin out non-core non-gold assets. The decision comes as the company looks to establish a new Yukon focused critical minerals exploration company.
The spun out company is expected to hold copper, molybdenum, tungsten and other critical mineral properties that are largely found in the west-central portion of the Yukon. Included within the spin out are the Bridget, Isaac, and Mascot targets, found within the Dawson Range near to the Casino deposit, the Minto Mine and the Carmacks project.
A total of six properties are set to be included within the spinout, which is said to amount to 15% of White Gold’s current claims in the area. Bridget is expected to be the flagship asset of the newly created company, at least initially. The project boasts a molybdenum-copper porphyry anomaly measuring three kilometres by three and a half kilometres.
“Over the past several years, White Gold has systematically built one of the most comprehensive regional geochemical and geological datasets in the Yukon, which has clearly highlighted the scale and quality of several copper and critical mineral targets within our portfolio in addition to our highly prospective gold projects,” commented Dylan Langille, VP of Exploration for White Gold.
“Spinning these assets into a dedicated vehicle allows them to be advanced more effectively with the technical focus and disciplined exploration strategy they warrant.”
Initial details on the spinout are slim, with the company indicating that shares will be distributed to shareholders, although no further information was provided. The company is expected to list on the TSX Venture once the spinout is complete.
White Gold moving forward meanwhile will continue to focus on the White Gold project, which hosts four near surface gold deposits and has nearly three million ounces of contained gold across all resource categories.
White Gold Corp last traded at $1.50 on the TSX Venture.
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