4,000 m drill program will target and offset
the area of high-grade Au-Ag veins discovered in 2023
Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the
"Company" or "Western Exploration") is pleased to announce the
start of the 2024 drill program at the Company's wholly-owned Aura
gold-silver project (the "Aura Project") in Nevada. The drilling
will target the high-grade veins identified in the Jarbidge
rhyolite east of the Gravel Creek deposit. Major Drilling [Group
International Inc.] ("Major Drilling") has been contracted to
supply two core drills for the oriented core drill program.
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the full release here:
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Figure 1. Cross section through drill
holes WG456, WG457 and legacy holes showing continuity of +20 g/t
AuEq grades on a dip length of potentially +200 meters (AuEq
calculated at 85:1 Ag: Ag and assays are uncut). (Graphic: Business
Wire)
Focus for 2024 Drill Program
- 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 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 individual assay grades up to 257 g/t Au and 1,800 g/t Ag.
- Drilling will bracket the 2023 discovery section with an 80
meter step out drilling on strike to the north and south, as well
as 80 meters up dip.
Significance of Results for Resource Expansion
Potential
Western Exploration CEO, Darcy Marud, commented: "We are excited
for the 2024 Drill program at Aura. In 2023, we identified a
corridor of high-grade mineralization immediately adjacent to the
Gravel Creek resource. Since the discovery of Gravel Creek in 2013,
19 drill holes have intersected significant grades and widths of
this high-grade mineralization in the corridor. The 2024 drill
program will focus on connecting these drill hole intercepts with
sufficient drill density to add this new area to future Gravel
Creek resource updates.”
2024 Oriented Core Drilling will Follow up on Successful 2023
Drill Campaign
Oriented core data collected in 2023 identified an array of
intersecting veins, stockwork and hydrothermal breccias following
steep to shallow north-west to north-east trends that mimic the
known structural controls of 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 g/t AuEq along a dip length of over 200 meters (Figure 1).
Initial drilling in 2024 will bracket Discovery section 500N, with
holes drilled along strike and up dip on 80-meter step outs (Figure
2).
Peak Investor Marketing Update
The Company also wishes to clarify certain matters in the news
release disseminated by the Company on June 28, 2024 (the "News
Release") regarding its contracting of Peak Investor Marketing
Corp. ("Peak Investor"). The News Release stated that Peak Investor
had been contracted to provide certain market-making and investor
relations services, whereas Peak Investor was only contracted to
provided investor relations services (pursuant to the policies of
the TSXV Venture Exchange).
In addition, the Company wishes to disclose that, as of the date
of this news release, Scott Gibson and Nichola Vermiere, the
co-owners of Peak Investor, own or control, directly or indirectly,
835,443 variable voting shares of the Company plus 657,143 variable
voting share purchase warrants of the Company and 100,000 variable
voting shares of the Company plus 100,000 variable voting share
purchase warrants of the Company, respectively. Each variable
voting share purchase warrant allows the holder to purchase a
variable voting share for $1.00 per variable voting share until
March 28, 2027. Neither Peak Investor nor any related party of Peak
Investor (collectively, the "Peak Investor Parties") has any intent
to purchase additional securities of the Company, although Peak
Investor Parties may purchase securities of the Company in the open
market or future offerings, but they will be subject to blackout
schedules similar to management or directors of the Company.
The News Release also made reference to Peak Investors being
compensated by way of a future grant of 150,000 stock options of
the Company. These stock options of the Company will be granted on
or about the end of July 2024, under terms and exercise prices to
be determined by the board of directors of the Company in
compliance with the rules and policies of the TSX Venture Exchange.
The terms of these stock options will be disclosed in a subsequent
news release, disseminated at the time of the grant.
About Western Exploration
Western Exploration is focused on advancing the 100% owned
gold-silver Aura project, located approximately 120 kilometers/75
miles north of the city of Elko, Nevada. The project includes three
unique gold and silver deposits: Doby George, Gravel Creek, and
Wood Gulch and benefits from well-established infrastructure
including year-round access by highway and county-maintained road,
and nearby access to water and electricity.
Western Exploration is comprised of an experienced team of
precious metals experts that aim to lead the company to becoming
North America's premiere gold and silver development company.
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.
Please see below under the heading "Cautionary Note Regarding
Forward-Looking Information" for further details regarding the
risks facing Western Exploration.
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").
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/20240723012664/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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