WHG:CC - Whitehorse Gold Intersects 7.7-metre Interval Grading 15.7 Grams per Tonne Gold at Mt. Skukum Deposit Yukon

Vancouver, British Columbia--(Newsfile Corp. - April 1, 2022) -  Whitehorse Gold Corp. (TSXV: WHG) (OTCQX: WHGDF) ("Whitehorse Gold" or the "Company") reports assay results of the remaining 30 drill holes from the 2021 drill program at its wholly-owned Skukum Gold Project (the "Project"), in southern Yukon.

The 30 drill holes were infill and step-out drill holes from the Skukum Creek, Mt. Skukum and Goddell deposits, which have further confirmed and expanded gold-silver mineralization on the Project. With all drill results now received (see Table 1), the Company is evaluating its exploration plans for the 2022 program.

Highlights of the drilling results:

• Hole MS21-003 at the Mt. Skukum deposit intersected a 7.7 metre ("m") interval (from 82.0 to 89.7 m) grading 15.68 grams per tonne ("g/t") gold ("Au") in the Lake 1 Zone (see Figures 1 and 2). This is an infill hole and mineralization occurs within a series of chalcedonic quartz-calcite veins and veinlets.
  
  
• Hole SC21-027 at the Skukum Creek deposit intersected a 14.0 m interval (from 473.7 to 487.7 m) grading 6.05 g/t Au and 106 g/t silver ("Ag"), including two separate intervals of 2.13 m grading 12.85 g/t Au and 203 g/t Ag, and 3.90 m grading 9.18 g/t Au and 183 g/t Ag, in the Rainbow Zone (see Figures 3 and 4). This is an infill/resource upgrade hole with gold-silver mineralization associated with a quartz vein breccia within a rhyolite dyke host emplaced in shear zone within granodiorites.
  
  
• Hole RACA21-003 on the RACA zone (see Figures 5 and 6), adjacent to and east of the Skukum Creek deposit, intersected a 3.2 m interval (from 356.9 to 360.1 m) grading 0.76 g/t Au and 581 g/t Ag. An additional deeper interval of 2.65 m (from 425.5 to 428.2 m) graded 489 g/t Ag including a 0.3 m interval of 3,740 g/t Ag. This hole tests a new zone that encountered multiple narrow silver-rich quartz sulfide veins.

Table 1: Summary of All 2021 Drill Results at Skukum Gold Project (includes previously released results)

Notes:

1. Drill location, elevation, azimuth, and dip of drill holes are provided in Table 2 below.
2. Composites are length weighted.
3. True width is estimated at 50-70% of drill intercepts.
4. Calculation for gold equivalent ("AuEq") (g/t) = Au (g/t) + [Ag (g/t) x 0.0141] is based on the long-term median of the August 2021 Street Consensus Commodity Price Forecasts by BMO, which are US$1,600/oz for Au, US$22.50/oz for Ag. Au:Ag ratio is 1:71.
5. Assumptions: AuEq calculation utilizes in situ contained Au and Ag and assumes 100% recovery.

Figure 1: Plan view of the Mt. Skukum deposit showing main zones, drill hole traces and drill hole collar locations.

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Figure 2: Mt. Skukum deposit - Lake Zone 1 section showing 2021 drill intercepts and select historic drill intervals.

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Figure 3: Plan view of the Skukum Creek deposit showing main zones, drill hole traces and drill hole collar locations.

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Figure 4: Skukum Creek deposit - Rainbow Zone section showing 2021 drill intercepts and select historic drill intervals.

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Figure 5: Plan view of the RACA Zone drill hole traces and drill hole collar locations.

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Figure 6: RACA Zone section G-H showing drill hole RACA21-003 mineralized intervals.

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Table 2: Drill hole details for current and historic holes presented in Table 1 and Figures 1 to 6.

Quality Assurance and Quality Control

Drill core from the Company's 2021 exploration program was logged and sampled in a secure core storage facility located at the Project site. Core samples from the 2021 program were cut in half, using a diamond cutting saw. Drill core and surface samples were sent to ALS Laboratories which are independent of the Company. Sample preparation was performed at the ALS Laboratory in Whitehorse, Yukon, followed by analysis at the ALS Laboratory in North Vancouver, British Columbia. ALS is an accredited mineral analysis laboratory. All samples were analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Samples were also analyzed for a 48 multielement geochemical suite by ICP-MS with a four-acid digestion. Certified gold reference standards, blanks, field duplicates and coarse reject duplicates were routinely inserted into the sample stream, as part of Whitehorse Gold's quality control/quality assurance program.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., who is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, 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. Alex Zhang is the Vice President, Exploration of New Pacific Metals Corp..

ABOUT WHITEHORSE GOLD CORP.

Whitehorse Gold is a responsible mineral exploration and development company focused on its 170-square-km Project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Project hosts the advanced-stage Skukum Creek and Goddell deposits, and the formerly producing Mt. Skukum high-grade gold mine, all of which remain open for expansion, plus additional untested mineralized occurrences. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 6 kms of underground development, and a previously operating 300-tpd mill and associated support facilities. Underground operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold (Total Energold Corporation, 1989). The company is also reviewing other mining assets in jurisdictions that provide year-round access.

On Behalf of Whitehorse Gold Corp.
signed "Gordon Neal"
Gordon Neal, CEO & Director

For further information please contact:
Investor Relations, Whitehorse Gold Corp.
Phone: 604-336-5919
Email: info@whitehorsegold.ca
www.whitehorsegold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact included in this news release, including, without limitation, future plans with respect to the Project, including the 2022 exploration and resource upgrade and expansion plans, the success of exploration activities, development potential and plans at the Project, the future economics of the Project, future exploration and drill results from the Project and other future plans, objectives or expectations of the Company are forward-looking statements. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates considered reasonable at the date the statements are made. The opinions, assumptions, factors and estimates which may prove to be incorrect, include, but are not limited to: that the Company will be able to carry on current and future operations as planned; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; that market fundamentals will result in sustained precious metals demand and prices; that there are no significant disruptions affecting operations, including labour disruptions, supply disruptions, power disruptions, security disruptions, damage to or loss of equipment, whether due to flooding, political changes, title issues, intervention by local landowners, environmental concerns, pandemics (including COVID-19) or otherwise; that the Company will be able to obtain and maintain governmental and regulatory approvals, permits and licenses in connection with its current and planned operations, development and exploration activities; that the Company will be able to obtain / maintain social licence at the Project; that the Company will be able to meet its current and future obligations; that the Company will be able to comply with environmental, health and safety laws; that the Company will be able to secure financing on suitable terms; the assumptions underlying mineral resource estimates and the realization of such estimates; and other assumptions and factors generally associated with the mining industry.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others: social and economic impacts of COVID-19; actual exploration results; changes in project parameters and outcomes as plans continue to be refined; results of future exploration activities and resource estimates; future metal prices; availability of capital and financing on acceptable terms; general economic, market or business conditions; risks associated with community relations and corporate social responsibility; uninsured risks; regulatory changes; defects in title; availability of personnel, materials and equipment on a timely basis; accidents or equipment breakdowns; delays in receiving government and regulatory approvals; unanticipated environmental impacts on operations and costs to remedy same; and other exploration risks or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Cautionary Note to US Investors

The disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "proven mineral reserve", "probable mineral reserve" and "mineral reserves" used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "Inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to corresponding definitions under the CIM Definition Standards. During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

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