The company was spun out of New Pacific Metals, which is focused on its silver assets in Bolivia.

Assays from the first of a four-hole programme at Skukum Creek returned 8.07m (true width) at 6.5g/t gold and 186.9g/t silver from 434.08m at the Rainbow zone.

Whitehorse said critically, while the precious metal grade was similar to historical drill holes, the true width of the interval was more than 2.5 times greater than previously modelled.

"This first hole from the 2020 exploration drilling confirmed the high-grade nature of the Rainbow zone and more importantly that thicker zones of mineralisation occur at depth," CEO Kevin Weston said.

Results from the other three holes are pending.

Skukum, previously known at Tagish Lake, has a total indicated 1.3 million tonne resource containing 335,611 ounces gold-equivalent and an inferred 1.1Mt for 245,590oz Au-eq, at the Skukum Creek and Goddell deposits and past-producing Mt Skukum gold mine.

Whitehorse started trading on the TSX Venture Exchange on November 25 after closing a C$6.79 million placement priced at 30c per share. 

Its shares (TSXV: WHG) have risen from 57c to $4.10 last week, before closing down about 36% yesterday to $2.10, capitalising it at $89.6 million (US$70.2 million).