High-grade Au-Ag veins in the Jarbidge
rhyolite NE of the Current Gravel Creek Deposit are targeted for
Resource Expansion Drilling
Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the
"Company" or "Western Exploration") is pleased to
announce details for our proposed 2024 resource expansion drilling,
targeting the Jarbidge rhyolite east of the Gravel Creek resource
area at the Company's wholly-owned Aura gold-silver project (the
"Aura Project"). Please see attached PowerPoint for the
noted Figures.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240509231359/en/
Focus for 2024 Drill Program
- Assay results in combination with oriented core structural
studies from 2023 drilling identified a significant North-South
trending/moderately west dipping zone with multiple high-grade
Au-Ag bearing quartz-pyrite-marcasite vein, stockwork and
hydrothermal breccias, located 140 meters to 250 meters
east/north-east of the Gravel Creek resource area (see Figure
1).
- Multiple +20.0 g/t AuEq intercepts in two parallel vein zones
and associated splay structures have been traced along a dip length
of over 200 meters, with drill widths ranging from 0.3 to 4.6
meters and grades up to 257.0 g/t Au and 1,655.0 g/t Ag.
- Major Drilling Group International Inc. ("Major
Drilling") has been contracted to supply two drills to complete
a 4,000-meter oriented core drill program. Drilling will focus on
bracketing the 2023 discovery section with 80-meter step out fence
drilling on strike to the north and south, as well as 80 meters up
dip. Site preparations will commence in mid-June with drilling
commencing shortly thereafter.
- With confirmation of grade and structural trends, the Company
anticipates that drilling can be expanded to link with other +5.0
g/t AuEq legacy drill intercepts within the Jarbidge rhyolite,
located in an open-ended area of 550 meters by 350 meters in
dimensions, covering a 615-m vertical range immediately
east-northeast of the of the current Gravel Creek resource.
Significance of Results for Resource Expansion
Potential
Western Exploration CEO Darcy Marud commented: "The structural
interpretation based on 2023 oriented core results has provided a
breakthrough that identifies significantly expanded resource
potential in the Jarbidge rhyolite to the east/north-east of the
current Gravel Creek resource area. The 2024 core drilling program
will focus on extending vein zones intersected on the 'Discovery
Section' with 80-meter step out holes, with the goal of expanding
the Gravel Creek resource base. Longer term, the Company
anticipates completing additional drilling to identify a link with
multiple legacy intercepts in the high-grade Au-Ag vein zones in
the Jarbidge rhyolite, which could significantly expand the Gravel
Creek resource base."
Structural trends Provide Focus for 2024 Oriented Core
Drilling
Analysis and interpretation of oriented core data collected in
2023 by Oriented Targeting Solutions identified a complex array of
intersecting veins, stockwork and hydrothermal breccias following
steep to shallow north-west to north-east trends that mimic the
known structural controls on mineralization. The strongest
correlation between 2023 holes WG456 and WG457 linked mineralized
structures to a north/north-west trending corridor, with moderate
dips west/south-west towards the main GC Fault zone. Multiple
legacy intercepts along two sub-parallel veins zones show grades of
over 20.0 g/t AuEq along a dip length of over 200 meters (Figure
1). The two main veins are defined by the following:
- Upper Vein (4 intercepts): 2.07-meter drill width at 28.05 g/t
AuEq
- Lower Vein (4 intercepts): 3.13-meter drill width at 25.26 g/t
AuEq
Initial drilling in 2024 will bracket the discovery section,
500N, Figure 2, with holes drilled along strike and up dip
on 80-meter step outs, Figure 3.
Future Exploration Targets in the Jarbidge Rhyolite
Future work will focus on extending resource expansion drilling
NE of Gravel Creek into an area of multiple legacy intercepts
measuring 550-meter by 350-meter in size, covering a 615-m vertical
range. As an example, the long section in Figure 4 shows
that multiple high-grade Au-Ag intercepts are present in the
rhyolite at the current northeast limit of drilling, including
3.04m @ 53.50 g/t AuEq, 0.3m @ 60.05 g/t AuEq and
1.95m @ 21.96 g/t AuEq (85:1 Ag: Au ratio). These present
drill-ready priority exploration targets.
Correction to MI 43-101 Disclosure in News Release dated
March 28, 2024
The Company wishes to clarify the participation of certain
insiders of the Company in the private placement offering of units
of the Company (the "Units") that closed on March 28, 2024.
In the news release of the Company dated March 28, 2024, the number
of Units reported to have been purchased by Mr. Gerard Munera and
Mr. Nicolas Schlumberger were switched. The correct participation
of said insiders is as follows:
Insider
Insider Relationship
Units Purchased (#)
Subscription Amount
($)
Agnico Eagle Mines Limited
10% Securityholder
857,143
$600,000.10
Gerard Munera(1)
Director of Western
Exploration
178,571
$124,999.70
Nicolas Schlumberger
Director of Western
Exploration
71,429
$50,000.30
Note (1): Gerard Munera acquired the Units indirectly through
Synergex Group LLC.
ABOUT THE AURA PROJECT
In addition to an established mineral resource estimate (as
determined in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101")),
the Aura Project has well established infrastructure including
year-round accessibility by highway and county-maintained road and
nearby access to water and electricity (see
www.westernexploration.com) Western Exploration has exploration,
development, and mining rights on 930 hectares of privately owned
fee lands through a mineral lease agreement with a local landowner
and may purchase those fee lands at any time for the development of
Doby George.
The 6,000-hectare Aura Project is unique in the junior mining
space, as resources have been identified in three different
deposits (Doby George, Gravel Creek and Wood Gulch), as supported
by the Technical Report (see www.westernexploration.com).
The mineral resource estimate for the Aura project is disclosed
in the Company's technical report, prepared in accordance with the
requirements of NI 43-101, entitled "2021 Updated Resource
Estimates and Technical Report for the Aura Gold-Silver Project,
Elko County, Nevada" dated October 20, 2021 (with an effective date
of October 14, 2021) that was prepared for the Company by Mine
Development Associates (the "Technical Report").
About Western Exploration
Born from a 25-year history of advancing exploration projects in
Nevada as a private company, today Western Exploration is composed
of an experienced team of precious metals experts that aims to lead
Western Exploration to becoming a premier gold and silver
development company in North America. The Company's principal asset
is the 100% owned Aura gold-silver project, located approximately
120 kilometers/75 miles north of the city of Elko, Nevada, and
includes three unique gold and silver deposits: Doby George, Gravel
Creek, and Wood Gulch. Additional information regarding Western
Exploration and the Aura Project can be found on the Company's
website and on SEDAR+ (www.sedarplus.ca) under the Company's issuer
profile.
Qualified Person Approval
The scientific and technical content in this news release has
been reviewed and approved by Mark Hawksworth, General Manager of
the Western Exploration's Aura Project, who is a "qualified person"
within the meaning of NI 43-101.
Quality Assurance – Quality Control
Drill program design, Quality Assurance/Quality Control
("QA/QC") and the interpretation of results is performed by
qualified persons employing a QA/QC program consistent with NI
43-101 and industry best practices.
Drill core samples were delivered by Major Drilling to Western
Exploration's secure warehouse/logging facility in Mountain City
and washed, photographed and logged by company geologists. Sample
intervals were marked and recorded. Quality control (QC) samples
were inserted at regular intervals in the sample stream with all
sample shipments, including blanks, core duplicates and reference
materials, to monitor laboratory performance.
Drill core samples were transported by Neilsen Exploration to
ALS Chemex, located in Sparks, Nevada, for sample preparation and
analysis. Core was sawed at the ALS facility, with ½ prepared for
assay and ½ core preserved and returned to Western's Mountain City
facility. Samples were analyzed for gold using ALS CHEMEX fire
assay procedure Au-AA13, with over limits being analyzed by
Au_GRA21. Samples were analyzed for silver and a 40 element suite
using ALS Chemex procedure ME-ICP41, with over limits being
analyzed by Ag_GRA21.
Oriented core data was collected following methodology
established by Oriented Targeting Solutions. Oriented Targeting
Solutions compiled data in Access and completed the first pass
interpretation utilizing Leapfrog software.
Please see below under the heading "Cautionary Note Regarding
Forward-Looking Information" for further details regarding the
risks facing Western Exploration.
For additional information on the Aura Project, please see the
Technical Report, which has been prepared in accordance with the
requirements of NI 43-101, a copy of which is available on SEDAR+
(www.sedarplus.ca) under Western Exploration's issuer profile and
on Western Exploration's corporate website
(www.westernexploration.com).
Cautionary Note Regarding Forward-Looking Information
This news release may contain "forward-looking information" and
"forward-looking statements" within the meaning of the applicable
Canadian and United States securities legislation (collectively,
"forward-looking statements"). These forward-looking statements, by
their nature, require the Company to make certain assumptions and
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such forward-looking statements. Any statement that involves
predictions, expectations, interpretations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often, but not always, using phrases such as "expects," or "does
not expect," "is expected," "interpreted," "management's view,"
"anticipates" or "does not anticipate," "plans," "budget,"
"scheduled," "forecasts," "estimates," "potential," "feasibility,"
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could,"
"would," "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information. This news release contains the forward-looking
information pertaining to, among other things: the significance of
the results of the 2023 drill program; the accuracy of results from
prior exploration activities conducted at the Aura Project; the key
assumptions, parameters and methods used to estimate the mineral
resource estimate disclosed in this news release; the prospects, if
any, of the Doby George, Wood Gulch and Gravel Creek mineral
deposits; the potential to greatly expand resources within the
Gravel Creek mineralized system; future drilling at the Aura
Project; the significance of historic exploration activities and
results; the ability to expand the existing mineral resources at
the Aura Project. Such factors include, among others, risks
relating to the ability of exploration activities (including drill
results) to accurately predict mineralization; errors in
management's geological modelling; the ability of Western
Exploration to complete further exploration activities, including
drilling; property and royalty interests in respect of the Aura
Project; the ability of the Company to obtain required approvals;
the results of exploration activities; risks relating to mining
activities; the global economic climate; metal prices; dilution;
environmental risks; and community and non-governmental actions.
Although the forward-looking information contained in this news
release is based upon what management believes, or believed at the
time, to be reasonable assumptions, Western Exploration cannot
assure shareholders and prospective purchasers of securities of the
Company that actual results will be consistent with such
forward-looking information, as there may be other factors that
cause results not to be as anticipated, estimated or intended, and
neither Western Exploration nor any other person assumes
responsibility for the accuracy and completeness of any such
forward-looking information. Western Exploration does not
undertake, and assumes no obligation, to update or revise any such
forward-looking statements or forward-looking information contained
herein to reflect new events or circumstances, except as may be
required by law.
For additional information with respect to these and other
factors and assumptions underlying the forward‐looking statements
and forward-looking information made in this news release
concerning Western Exploration, see the management information
circular dated November 12, 2021, available electronically under
Western Exploration's issuer profile on SEDAR+ (www.sedarplus.ca).
The forward-looking statements set forth herein concerning Western
Exploration reflect management's expectations as at the date of
this news release and are subject to change after such date.
Western Exploration disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, other than as required
by law.
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. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509231359/en/
Darcy Marud Chief Executive Officer Telephone: (775) 329-8119
Email: dmarud@westernexploration.com
Nichole Cowles Investor Relations Telephone: 775-240-4172 Email:
nicholecowles@westernexploration.com
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