Whitehorse Gold Intersects 4.2 Metres of 32.0 Grams per Tonne Gold Equivalent Grade in a Step-Out Drill Hole at Skukum Gold Project in Yukon

Vancouver, October 5, 2021 - Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company") reports bonanza-grade grade gold and silver results from a step-out drill hole on its wholly-owned Skukum Gold Project (the "Project") located in southern Yukon.

Highlight of Drill Results:

• Drill hole SC21-015 intersected a 4.2 metre interval (from 239.34 to 243.58 metres) grading 27.1 g/t Au and 346.4 g/t Ag, or 32.0 g/t AuEQ, including a 3.2-metre interval from 239.71 m to 242.9 m of 33.4 g/t Au and 391.7 g/t Ag, or 38.9 g/t AuEQ, in the Rainbow 2 Zone
• The hole also intersected a 2.4-metre interval (from 226.4 to 228.1 metres) grading 10.34.3 g/t Au and 93.9 g/t Ag, or 11.6 g/t AuEQ

Hole SC21-015 is an approximately 150-metre step-out up dip from historic drill holes, representing a significant extension of the Rainbow 2 Zone (Figure 1), one of four zones that constitute the Skukum Creek Deposit (Figure 2).

"Hole SC21-015 has returned the highest-grade gold intervals to date from our drill program and shows potential for higher grades and resource expansion at the Skukum Gold Project," stated Kevin Weston, CEO of Whitehorse Gold. "With results now released for 7 drill holes, we look forward to announcing results from the remaining 37 holes over the coming months and are excited by the potential to advance the Project towards a development path."

Table 1: Assay results

Notes:

1. Drill location, elevation, azimuth and dip of drill holes provided in Table 2 below.
2. Length and specific gravity weighted composites.
3. True drill interval lengths are estimated at 50-70% of drilled intervals.
4. Formula for AuEQ calculation = Au+(Ag x 0.0141); based on a Long-term Au consensus median price of US$1,600/oz, a Long-term Ag consensus median price of US$22.50/oz and Au:Ag ratio of 71.11.
5. Assumptions: AuEQ calculation utilizes contained Au and Ag and assumes 100% recovery. Long-term street consensus commodity prices compiled by BMO Capital Markets.

Whitehorse Gold intends to release additional exploration drill results over the coming months, including additional results from hole SC21-015.

Figure 1: Long section of a portion of the Rainbow 2 Zone on the Skukum Creek Deposit (looking NE (060)) showing traces and mineralized intercepts of drill hole SC21-015 and past (2006) drills holes.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7553/98605_6b670937c414ba94_004full.jpg

Figure 2: Plan view of the Skukum Creek Deposit showing main zones, underground development, SC21-015 drill hole trace and drill hole collar locations.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7553/98605_6b670937c414ba94_005full.jpg

Table 2: Drill hole details for holes presented in Table 1 and Figure 1.

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 is independent of the Company. Sample preparation was performed at the ALS Laboratory in Whitehorse, YT, followed by analysis at the ALS Laboratory in North Vancouver, BC. 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 technical information contained in this news release has been reviewed and approved by Tim Kingsley, Vice President of Exploration of Whitehorse Gold and Certified Professional Geologist (CPG-11538) with the American Institute of Professional Geologists, a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure of Mineral Projects.

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).

On Behalf of Whitehorse Gold Corp.
signed "Kevin Weston"
Kevin Weston, CEO & Director

For further information please contact:
Steve Stakiw, Vice President - Corporate Affairs
Phone: 1-778-998-7356
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 2021 exploration program and resource upgrade and expansion plans, the success of exploration activities, development potential at the Project, the future economics of 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98605