(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 24, 2023 - Westward GoldInc. (CSE:WG ) ( OTC:WGLIF ) ( FSE:IM50) ( “Westward” or the “Company” ) is pleased to announce that it has completed anexpansive rock chip and soil sampling program at its Toiyabe,Turquoise Canyon and East Saddle Projects in Lander County, Nevada.The program was initially described in press releases dated September7 and October 10, 2023, and was led by Mr. Robert Edie, Westward’sVice President Exploration, over the course of several weeks in thefield.
A total of 353 surface rock chip samples were collected and visuallylogged, with locations mapped in Figure 1 below:
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Toiyabe Project: 29 samples collected
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Turquoise Canyon Project: 182 samples collected
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East Saddle Project: 142 samples collected
Figure 1: Location Distribution ofSurface Rock Chip Samples Collected in 2023
Note: Samples collected in the9-claim gap between Toiyabe and Turquoise Canyon (the “TCCGap” , 100% owned byWestward) have been included in Turquoise Canyon.
A total of 606 soil samples with 100-meter spacings were alsocollected at the East Saddle Project and southern extent of theToiyabe Project, covering the exposed lower-plate carbonate window(see Figure 2 below).
Figure 2: Location Distribution ofSoil Samples Collected in 2023
All rock chip and soil samples will be analyzed for gold andmulti-element pathfinders. Assay results received in conjunction withfield observations will be used to prioritize areas for future mappingwith detailed Anaconda-style folios. These folios will compliment theexisting Anaconda-style maps previously completed on high-priorityareas of the Toiyabe Project. Geochemical anomalies – in particulargold, arsenic, mercury, and antimony – will be plotted and analyzedto further vector in on zones with elemental signatures typicallyassociated with Carlin-type gold deposits.
Figure 3: Location of HighlightedRock Chip Samples from the Turquoise Canyon Project
Notable Turquoise Canyon rock chips include a sample of chrysocollaand lazurite taken from a historical turquoise prospect (Figure 4), astrongly-hematitic/oxidized sample taken near a fault in quartzite(Figure 5), brecciated, oxidized, kaolinite-bearing chert near theeastern property boundary (Figure 6), tectonic fault breccia withpervasive hematite and limonite + barite (Figure 7), and a hematiticbrecciated chert sample from a historical turquoise prospect (Figure8).
Figures 4 – 8: Notable Rock ChipSamples from the Turquoise Canyon Project
Robert Edie, Westward’s Vice President Exploration, noted: “I’mvery pleased to have discovered an array of specimens on the propertywhich exhibit features consistent with Carlin-type gold deposition.Strong, surface-level oxidation is an important characteristic ofthese deposits and relates to the abundance of pyrite formed, a keycomponent of gold-hosting systems. Tectonic breccia speaks to thestructural preparation of host rocks; the gold-bearing Carlin fluiduses these structural pathways to rise from depth where it interactswith the meteoric water table and geochemically precipitates gold –preferentially into carbonate rocks.”
Figure 9: Location of HighlightedRock Chip Samples from the East Saddle Project
Commenting on the East Saddle Project, Mr. Edie continued:“Decalcification and silicification of carbonate rocks is a distinctmarker of Carlin-type gold deposition. It occurs when gold-bearingCarlin fluid dissolves calcium carbonate from limestone host rocks anddeposits silica pervasively. In addition to silica, the process alsodeposits gold and other pathfinder elements. The discovery ofdecalcified, silicified limestone at East Saddle suggests that thearea has experienced a Carlin-type mineralizing event.”
Sampling Methodology & QualityAssurance / Quality Control (“QA/QC”)
The Company implemented a best-practices QA/QC programthroughout the duration of the field program. All rock chip sampleswere collected by VP Exploration Robert Edie, and all soil sampleswere collected by Robert Edie and one independent contractor underRobert Edie’s supervision. Coordinates for each collected samplewere recorded using Garmin GPS units in datum UTM NAD 83 Zone 11meters. A visual description of each rock chip sample was recorded inan Excel database along with the individual GPS coordinates. Rock chipsamples were transported from the field collection areas by RobertEdie to Bureau Veritas’ ( “BV” ) certified preparation facility inSparks, NV, where they were crushed and pulverized. Resulting samplepulps (30g sample size for gold and 500mg for multielement) will beanalyzed in Sparks, NV for gold using fire assay and Vancouver, BC,for multielement analysis. BV is independent of the Company. Soilsamples were transported from the field collection areas by RobertEdie to his home in Zephyr Cove, NV where they await submittal to alaboratory of the Company’s choosing.
Robert Edie was on-site throughout the field work campaign andtransported all samples personally. Certified reference materials( “CRM ”) purchased fromMoment Exploration Geology in Lamoille, NV were inserted into the rockchip sample stream at a frequency of one every 25 th sample (4%). Four CRMs wereinserted at random, three with known gold values, and one certifiedblank.
Corporate Update
In addition to ongoing modeling work and new target delineationfollowing the 2023 field season, which is now coming to a close, theCompany continues to evaluate several external growth opportunitiesvia mergers and acquisitions. These opportunities may include bothasset-level and corporate-level transactions, with the goal ofdelivering long-term upside to shareholders.
Company representatives will also be in Sparks, Nevada for theupcoming American Exploration & Mining Association (“AEMA”)Annual Meeting, held at the Nugget Casino Resort from December 3 rd -8 th . Westward welcomes theopportunity to meet with shareholders and other companyrepresentatives – please contact Andrew@westwardgold.com if you would like toarrange a meeting.
Option & Restricted Share Unit Grant
In addition, the Company announces that its Compensation and CorporateGovernance Committee has approved and granted an aggregate of2,400,000 stock options (the “Options” ), and 2,200,000 restricted share units ( “RSUs” ) to Westward managementand its Board of Directors. The Options, which vest immediately, areexercisable at a price of C$0.15 per common share of the Company for aperiod of five (5) years from the date of grant, being November 24,2023. The RSUs granted will vest over a period of 24 months, with 50%vesting on November 24, 2024, and the remaining 50% vesting onNovember 24, 2025.
Qualified Person
The technical information contained in this news release was reviewedand approved by Robert Edie, Vice President Exploration of theCompany, who is a Qualified Person under National Instrument 43-101– Standards of Disclosure forMineral Projects. Mr. Edie is a Certified ProfessionalGeologist (CPG) through the American Institute of ProfessionalGeologists (AIPG).
About Westward Gold
Westward Gold is a mineral exploration company focused on developingthe Toiyabe, Turquoise Canyon, and East Saddle Projects located in theCortez Hills area of Lander County, Nevada, and the Coyote and RossiProjects located along the Carlin Trend in Elko County, Nevada. Fromtime to time, the Company may also evaluate the acquisition of othermineral exploration assets and opportunities.
For further information contact:
Colin Moore
President, CEO & Director
Westward Gold Inc.
colin@westwardgold.com
www.westwardgold.com
The Canadian Securities Exchange hasneither approved nor disapproved the contents of this news release.The Canadian Securities Exchange does not accept responsibility forthe adequacy or accuracy of this news release.
This news release contains orincorporates by reference “forward-looking statements” and“forward-looking information” as defined under applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, which address events, results, outcomes, ordevelopments that the Company expects to occur are, or may be deemed,to be, forward-looking statements. Forward-looking statements aregenerally, but not always, identified by the use of forward-lookingterminology such as "expect", "believe","anticipate", "intend", "estimate”,“potential”, “on track”, “forecast","budget", “target”, “outlook”, “continue”,“plan” or variations of such words and phrases and similarexpressions or statements that certain actions, events or results“may”, “could”, “would”, “might” or “will” betaken, occur or be achieved or the negative connotation of suchterms.
Such statements include, but may notbe limited to, information as to strategy, plans or future financialor operating performance, such as the Company’s expansion plans,project timelines, expected drilling targets, and other statementsthat express management’s expectations or estimates of future plansand performance.
Forward-looking statements orinformation are subject to a variety of known and unknown risks,uncertainties and other factors that could cause actual events orresults to differ from those reflected in the forward-lookingstatements or information, including, without limitation, the need foradditional capital by the Company through financings, and the riskthat such funds may not be raised; the speculative nature ofexploration and the stages of the Company’s properties; the effectof changes in commodity prices; regulatory risks that development ofthe Company’s material properties will not be acceptable for social,environmental or other reasons, availability of equipment (includingdrills) and personnel to carry out work programs, that each stage ofwork will be completed within expected time frames, that currentgeological models and interpretations prove correct, the results ofongoing work programs may lead to a change of exploration priorities,and the efforts and abilities of the senior management team. This listis not exhaustive of the factors that may affect any of theCompany’s forward-looking statements or information. These and otherfactors may cause the Company to change its exploration and workprograms, not proceed with work programs, or change the timing ororder of planned work programs. Additional risk factors and detailswith respect to risk factors that may affect the Company’s abilityto achieve the expectations set forth in the forward-lookingstatements contained in this news release are set out in theCompany’s latest management discussion and analysis under “Risksand Uncertainties”, which is available under the Company’s SEDARprofile at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual results to differmaterially, there may be other factors that cause results not to be asanticipated, estimated, described or intended. Accordingly, readersshould not place undue reliance on forward-looking statements orinformation. The Company’s forward-looking statements andinformation are based on the assumptions, beliefs, expectations, andopinions of management as of the date of this press release, and otherthan as required by applicable securities laws, the Company does notassume any obligation to update forward-looking statements andinformation if circumstances or management’s assumptions, beliefs,expectations or opinions should change, or changes in any other eventsaffecting such statements or information.
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