The White Gold District lies within the Tintina Gold Belt (a 200-km-wide, 1,200-km-long arc extending from northern British Columbia into southwest Alaska) and is underlain by rocks of the Yukon-Tanana geologic terrane. This metallogical province has past production of 29.9 million ounces and 39.3 million ounces of resources for total gold resources of 69.2 million ounces. The Tintina Gold Belt includes such large gold deposits as Pogo (3.6 M ozs P & P reserves), Fort Knox (3.8 M ounces P & P reserves, 1.7 M ozs M & I resources), True North, Donlin Creek (29.3 M ozs Au Proven & Probable reserves, 6.0 M ozs Au Measured & Indicated resources) and Shotgun.
In May 2009 Underworld Resources Inc. announced a spectacular drill intersection of 3.4gpt over 104.0m on the Golden Saddle zone on the White Gold property located 75km south of Dawson City, Yukon. Underworld continued drilling through out the summer on Golden Saddle and a second zone called Arc. A short eight months later in January 2010, Underworld announced the initial resource estimation for the Golden Saddle and Arc deposits. The resource at Golden Saddle includes 1,004,570 indicated ounces at 3.2gpt Au, with an additional 407,413 inferred ounces at 2.5gpt Au. At Arc, the initial resource includes 170,470 inferred ounces at 1.2gpt Au.
Also in January 2010, Underworld announced that it had identified drill targets within a new 40km gold trend on the JP Ross & Maisy May project located northeast of the White Gold project. The JP Ross trend exhibits similar geologic and geochemical characteristics to the White Gold trend, which hosts the Golden Saddle and Arc deposits. Within the JP Ross trend, several targets show a "Golden Saddle" style geochemical signature that is underlain by similar host rocks.
This incredible success was bound to draw attention. In March 2010, Kinross Gold Corporation launched a friendly takeover bid for Underworld valued $139.2-million.
In May 2010, Kaminak's first drill hole on its 100% owned Coffee Project, located in the White Gold District, intersects 17.1 g/t Au Over 15.5m.
The significant gold intercepts such as the ones recently reported by Underworlds management in the White River/Yukon River junction area are to date the largest ever recorded in the Yukon. This is the same area where history lays claim to the fact that the "Mother Lode" of the original Klondike Gold Rush was never found. There are many historians, engineers and geologists who firmly believe that this is now the time where and that the true "mother-lode" waiting to be discovered. It has been quoted by several knowledgeable mining industry personalities that this latest discovery could very well be the best new gold discovery in Canada over the last several years.
Currently there are more than 20 publicly listed mining companies (including Kaminak Gold, Silver Quest Resources, Daulton Capital, Taku Gold...), staked claims in this area, many of which have been planning to start their exploration and drilling programs through the summer and early fall of 2010.