(TheNewswire)
Vancouver, B C - TheNewswire - January 30, 2023 - Westward GoldInc. (CSE:WG ) ( OTC:WGLIF ) ( FSE:IM50) ( “Westward” or the “Company” ) is pleased toannounce that it has completed its final anniversary payment to FirstMining Gold Corp. ( “FirstMining” ) pursuant to the option agreement (the “Agreement” ) entered into byMomentum Minerals Ltd., a wholly-owned subsidiary of Westward, andFirst Mining. As a result, the Company has exercised its option toearn into a 100% ownership position in the Turquoise Canyon Project inLander County, Nevada ( “TurquoiseCanyon” ), based on the Agreement dated August 20, 2019, asamended on August 19, 2020.
As per the Agreement, Westward has elected to pay First MiningC$137,500 in shares, based on the trailing 30-day volume-weightedaverage price on the Canadian Securities Exchange, calculated as atmarket close on January 25, 2023. The Company has issued a total of1,701,732 shares at a deemed price of C$0.0808 per share; followingthe issuance, First Mining will own 4,457,565 shares of Westward,representing approximately 5.6% of the total issued and outstandingshares of the Company.
Ownership of the 188 unpatented mining claims which make up TurquoiseCanyon will be transferred to Turquoise Canyon Corp., a wholly-ownedWestward subsidiary incorporated in Nevada. First Mining will retain a2.0% Net Smelter Return Royalty, which can be reduced to 1.0% with aC$1,000,000 cash payment at any time prior to the first anniversary ofCommercial Production (as defined within the Agreement).
Figure 1: Westward’s Cortez TrendLand Package
Turquoise Canyon represents approximately 41% of the totalconsolidated land position that the Company has assembled along theCortez Trend, through a combination of corporate transactions andstaking. Westward also recently acquired 100% ownership of 111unpatented mining claims on the Carlin Trend to bolster its Nevadaexploration portfolio (see press releases dated October 11, 2022, andJanuary 18, 2023).
Colin Moore, Westward’s President & CEO, noted: “We’rethrilled to have exercised our option on Turquoise Canyon ahead ofschedule; this represents a significant milestone for our growingcompany. We’d like to thank First Mining for being a valued partnerover these last several years, and look forward to having them as oneof our largest shareholders moving forward.”
Dave Browning, Vice President of Exploration, added: “TurquoiseCanyon represents a massive opportunity for us, as evidenced by theextensive work completed to date, which includes soil sampling,gravity surveys, induced polarization, airborne hyperspectral surveys,and detailed geological mapping. Additionally, the 2022 field seasonhighlighted trends at Toiyabe which indicate the mineralizationvectors towards Turquoise Canyon, making it a highly-prospective,target-rich environment. With no historical drill holes on theproperty, we’re excited to continue advancing the project towardsits first-ever drilling campaign.”
Qualified Person
The technical information contained in this news release was reviewedand approved by Steven R. Koehler, Technical Advisor to the Company,who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for MineralProjects. Mr. Koehler is a Certified Professional Geologist(CPG) through the American Institute of Professional Geologists(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 details with respect to riskfactors that may affect the Company’s ability to achieve theexpectations set forth in the forward-looking statements contained inthis news release are set out in the Company’s latest managementdiscussion and analysis under “Risks and Uncertainties”, which isavailable under the Company’s SEDAR profile at www.sedar.com.Although the Company has attempted to identify important factors thatcould cause actual results to differ materially, there may be otherfactors that cause results not to be as anticipated, estimated,described or intended. Accordingly, readers should not place unduereliance on forward-looking statements or information. The Company’sforward-looking statements and information are based on theassumptions, beliefs, expectations, and opinions of management as ofthe date of this press release, and other than as required byapplicable securities laws, the Company does not assume any obligationto update forward-looking statements and information if circumstancesor management’s assumptions, beliefs, expectations or opinionsshould change, or changes in any other events affecting suchstatements or information.
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