Westward Gold
Announces Expansion of Nevada Land Package
Vancouver, British Columbia, December 21, 2021 --
InvestorsHub NewsWire -- Westward Gold Inc. (CSE: WG, FSE: IM50) ("Westward" or the
"Company") is pleased
to announce that it has expanded its fully-contiguous land package
in Nevada, through the staking of an additional 101 unpatented
mining claims (the "New
Claims"). The New Claims are adjacent to, and
immediate south of, the Company's Toiyabe Gold Project and
Turquoise Canyon Project ("Toiyabe" and "Turquoise Canyon", respectively).
The combined landholdings of Westward along the Battle Mountain -
Eureka Trend now total approximately 3,830 hectares, representing
an increase of
~27%.
The New Claims are divided into two separate blocks: (i) 83
claims to be added to Toiyabe (the "Toiyabe Expansion"), and (ii) the
remaining 18 claims to form their own claim block (the
"Westward Claims").
Further information related to the separation of the two blocks is
detailed in the section below titled "Toiyabe Option
Amendment".
Figure 1:
Westward's New Consolidated Nevada Properties
The property package is located in one of the most prolific
gold mining districts in the state, and sits a short distance away
from major deposits and operating mines, including Pipeline, Cortez
Hills, and Goldrush. With the addition of the New Claims, the
Company also now borders the past-producing Toiyabe-Saddle Mine
(controlled by Barrick Gold) to the east and north. In the
immediate area, Westward is now a significant landholder, as seen
in Figure 2 below.
Land Expansion: Strategic
Rationale
The addition of the New Claims was identified as a strategic
priority by the Company's Technical Advisory Committee, and was
based on:
-
Takeaways from the ongoing review
of new and historical technical information related to the nature
of the mineralizing structures and geological features in the
area
-
Recommendations following a
multi-day site visit conducted in October of 2021 by Dave Browning
(VP Exploration), David Kelley (Board Member), Steven Koehler
(Technical Advisor), and Richard Bedell (Technical
Advisor)
-
Active monitoring of land status
/ claim availability in the vicinity of Toiyabe and Turquoise
Canyon
The area of expansion includes lower plate carbonate rocks,
thrust faults and high-angle normal faults that are present at
Toiyabe, and in the adjacent Toiyabe - Saddle Mine open pits (see
Figure 3 below). The carbonate rocks are known gold hosts at
Toiyabe (with its 173koz historical gold
resource(1))
in addition to major deposits in the area such as Pipeline and
Cortez Hills(2).
Figure 2:
Neighbouring Properties
Figure 3:
New Claims - Lithology and Structures
Dave Browning,
Westward's VP of Exploration, noted: "The thrust fault and exposed
limestones present on this new ground are compelling; we're in the
same structural and lithological environment responsible for
mineralization at adjacent deposits, and this adds further
prospectivity to our target-rich land package."
Colin Moore,
Westward President, added: "We're thrilled to have been able to
consolidate additional strategic ground around our existing
properties in a cost-effective manner, and I applaud our technical
team for identifying and executing on this opportunity."
(1) Source: NI 43-101 Technical
Report, American Consolidated Minerals Corporation, Prepared by
Paul D. Noland, P. Geo., May 27, 2009 (the "2009 Technical
Report"). A qualified person
has not done sufficient work to classify the historical estimate at
Toiyabe (the "Historical
Estimate") as current
mineral resources and Westward is not treating the Historical
Estimate on Toiyabe as a current mineral resource, as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI
43-101"). The Historical
Estimate was calculated using mining industry standard practices
for estimating Mineral Resource and Mineral Reserves (2005) which
was prior to the implementation of the current CIM standards for
mineral resource estimation (as defined by the CIM Definition
Standard on Mineral Resources and Ore Reserves dated May 10, 2014).
The key assumptions, parameters and methods used to prepare the
Historical Estimate on Toiyabe are described in the 2009 Technical
Report. While Westward considers the Historical Estimate on Toiyabe
disclosed in this news release to be relevant to investors, it
cautions readers that it should not be unduly relied upon in
drawing inferences on the mineralization on Toiyabe, as additional
work is required to upgrade or verify the Historical Estimate as a
current mineral resource. This additional work includes (but may
not be limited to): re-sampling and re-assaying of available core
and/or pulps, verification of assay certificates and digital assay
data, verification of select drill hole collars, review and
verification of drill hole geologic logs versus the preserved core
and RC cuttings, incorporation of AuCN assays to provide a general
understanding of metallurgical characteristics, review and
verification of mineralization controls and modelling
techniques.
(2) Source: NI 43-101 Technical
Report on the Cortez Joint Venture Operations, Lander and Eureka
Counties, State of Nevada U.S.A, Barrick Gold Corporation, Prepared
by Hugo Miranda, Kathleen Ann Altman, Phillip Geusebroek, Wayne W.
Valliant, and R. Dennis Bergen, March 22, 2019.
Toiyabe Option
Amendment
Pursuant to the original Toiyabe option agreement dated
January 23, 2005, under which Westward may acquire its interest in
Toiyabe (the "Toiyabe Option
Agreement") from Minquest Ltd. ("Minquest"), the project is subject
to a 2-mile area of interest clause (the "AOI"). Claims staked by Westward,
as optionee, within the AOI, prior to earning into a 100% ownership
interest in Toiyabe, become subject to the terms of the Toiyabe
Option Agreement.
The Toiyabe Expansion falls within the AOI, and the claims
will be added to Toiyabe in accordance with the terms of the
Toiyabe Option Agreement. Minquest management has been apprised of
the claims comprising the Toiyabe Expansion and has concurred with
the assessment of the total claims falling within the AOI. The
Toiyabe Expansion claims are expected to be registered under
Minquest ownership with the U.S. Bureau of Land Management, whereas
the Westward Claims (18 total) will be 100% owned by Westward and
registered under Turquoise Canyon Corp., a wholly-owned U.S.
subsidiary of the Company.
Remaining obligations under the Toiyabe Option Agreement
include (i) a cash payment of US$140,000 on or before October 15,
2022, and (ii) a cash payment of US$400,000 on or before October
15, 2023. All claims covered by the Toiyabe Option (including the
claims comprising the Toiyabe Expansion) will be subject to a 3%
Net Smelter Return Royalty, half of which (1.5%) can be bought back
by the Company for US$2,000,000 per 1.0%.
Qualified Person
The technical information contained in this news release was
reviewed and approved by Steven R. Koehler, Technical Advisor to
the Company, who is a Qualified Person under National Instrument
43-101 - Standards of
Disclosure for Mineral Projects.
About Westward Gold
Westward Gold is a mineral exploration company focused on
developing the Toiyabe and Turquoise Canyon Projects located in the
Cortez Hills area of Lander County, Nevada. From time to time, the
Company may also evaluate the acquisition of other mineral
exploration assets and opportunities.
For further information contact:
Raymond D.
Harari
Chief Executive Officer
Westward Gold Inc.
rdh@canaliscapital.com
Tel: +507-6675-2221
The Canadian Securities Exchange
has neither approved nor disapproved the contents of this news
release. The Canadian Securities Exchange does not accept
responsibility for the adequacy or accuracy of this news
release.
Forward-looking statements or
information are subject to a variety of known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ from those reflected in the forward-looking
statements or information, including, without limitation, the need
for additional capital by the Company through financings, and the
risk that such funds may not be raised; the speculative nature of
exploration and the stages of the Company's properties; the effect
of changes in commodity prices; regulatory risks that development
of the Company's material properties will not be acceptable for
social, environmental or other reasons, availability of equipment
(including drills) and personnel to carry out work programs, that
each stage of work will be completed within expected time frames,
that current geological models and interpretations prove correct,
the results of ongoing work programs may lead to a change of
exploration priorities, and the efforts and abilities of the senior
management team. This list is not exhaustive of the factors that
may affect any of the Company's forward-looking statements or
information. These and other factors may cause the Company to
change its exploration and work programs, not proceed with work
programs, or change the timing or order of planned work programs.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated,
estimated, described or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based
on the assumptions, beliefs, expectations and opinions of
management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume
any obligation to update forward-looking statements and information
if circumstances or management's assumptions, beliefs, expectations
or opinions should change, or changes in any other events affecting
such statements or information.