(TheNewswire)
Vancouver, British Columbia, June 4, 2024 – TheNewswire – Westward Gold Inc. (CSE: WG, OTCQB:WGLIF, FSE: IM50) ( “Westward” or the “Company” ) is pleased to announce the acquisition of 202 unpatented miningclaims, adjacent to and contiguous with its Turquoise Canyon and EastSaddle Properties along the Cortez Gold Trend in Lander County,Nevada. The claims (the “ESExtension” ) were acquired through open staking in April 2024,increasing the Company’s total footprint in the area toapproximately 55 square kilometers, a significant increase of 43%.Westward continues to reinforce its status as the dominant explorationcompany in the area, and is ideally positioned to strategically applydistrict-scale exploration techniques to its sizeable propertypackage. Moving forward, Westward’s consolidated flagship asset willbe referred to as the Toiyabe Hills Project – the combination ofseveral 100%-owned claim blocks acquired since the Company’sentrance into Nevada in April of 2021. Figure 1 below illustrates thesystematic growth of Westward’s exploration ground, accomplished viaa combination of corporate transactions and direct claim-staking.
Colin Moore, President and CEO, commented: “In the span of threeyears, Westward has grown from a company with an option agreement on165 claims – to one with 100% ownership of 776 claims across twoconsolidated land packages on each of the two most productive goldtrends in Nevada. While we have been busy accumulating prospectiveexploration ground, we have also been persistent in attracting thevital technical talent necessary to unlock its discovery potential.Our expert team with multiple Carlin-type gold discoveries to theircredit has been instrumental in guiding our growth story, and thismost recent land acquisition will enable them to apply their skillswith even greater impact.”
Robert Edie, Vice President Exploration, noted: “Combining 2023geochemical results with other available datasets revealed that keymarkers for Carlin-type mineralization on our property trend to thesouth and east. The additional ground acquired has the necessary scale– and prospective geologic setting – to host a potential major newdiscovery in its own right; it will form a key piece of our camp-scaleland package. I’m excited to systematically evaluate thissurprisingly underexplored ground on a major gold trend withdata-driven regional exploration.”
Figure 1: The Evolution ofWestward’s Toiyabe Hills Property
Figure 2: Addition of East SaddleExtension
Note: Windows shown in Figure 2indicate a total of three third-party claim inliers (two of which arein the ES Extension block).
A confluence of several prospective geologic features pointed towardsthe strategic importance of acquiring the ES Extension ground –including stratigraphy, structure, geochemistry, and geophysics. TheHilltop Corridor, a structural feature based upon interpretations ofthe horizontal gradient of gravity, also contains elevated gold andCarlin pathfinder elements (notably, arsenic and antimony) in soilsand rocks. This prospective corridor has two parallel features on theproperty; one is closely associated with the Courtney Zone – a knownoccurrence of gold mineralization where the large majority ofhistorical drilling has been focused – the second is to the east onthe newly-acquired ES Extension (see Figure 3 below).
At surface, the ES Extension is made up of upper-plate siliciclasticunits of the Vinini and Valmy Formations and an 850 m by 500 mexposure of lower-plate Wenban Formation (see Figure 3 below), one ofthe most important stratigraphic units for hosting gold in the region.Through drillhole re-logging efforts and interpretation of regionalstratigraphy, Westward is highly confident that prospective host rockslie beneath the upper-plate siliciclastic rocks across the ESExtension ground. There is a strong probability that the entirecarbonate host section is intact beneath this cover, allowing theCompany the opportunity to explore for mineralization that has notbeen thinned-out by erosion. Evidence for a reasonable depth to hostrocks is supported by detailed Induced Polarization ( “IP” )–Resistivity profilesimmediately north of the new ES Extension block, as interpreted by Mr.Jim Wright in December of 2021. IP lines clearly image the layering ofconductive upper-plate strata lying upon more resistive lower-platestrata – and generally suggest depths of 50-150 m to lower-platerocks immediately east of the Courtney Zone, increasing to 250-350 mnear the eastern boundary of the property. A similar profile can beexpected at the ES Extension moving eastward from the exposedcarbonate Wenban Formation. This is an excellent depth range to fullypreserve an intact Carlin gold system while allowing relatively easyexploration drilling.
Figure 3: ES Extension –Stratigraphic, Structural, and Geophysical Evidence for Potential GoldDeposition
Surface rock-chip and soil samples collected by Westward in late 2023identified several trends of geochemical anomalies vectoring towardsthe newly-acquired ES Extension (refer to the Company’s press release dated May 7, 2024, foradditional information) . Gold, arsenic, and antimonydemonstrate a southeast pattern of zonation (see Figure 4 below). Thepattern of strong arsenic-in-soils trending into strongantimony-in-soils indicates the potential for gold mineralization at areasonable depth beneath upper-plate siliciclastic rocks. The Companywill continue to advance these target concepts in 2024 by completingdetailed Anaconda-style folio mapping, collecting surface rock andsoil samples, and completing a detailed gravity survey on the newground.
Figure 4: ES Extension –Geochemical Evidence for Potential Gold Deposition
Note: Left Image Heat Map ShowsArsenic-in-Soils / Right Image Heat Map Shows Antimony-in-Soils
2024 Field Season Update
1:5000 scale Anaconda-style folio mapping of the Toiyabe Hills Projectis currently underway, building upon past mapping which was largelycentered around the Courtney Zone. The initial focus areas are theHilltop Corridor and the ES Extension – the program is being led byTechnical Advisor Steven Koehler and VP Exploration Robert Edie, withambitions to cover the vast majority of the Westward ground.High-quality surface mapping will represent a key input in emergingpriority drill targets, and additional details and findings will bereleased to the market as the field season progresses.
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 Hills Project located in the Cortez Hills area of LanderCounty, Nevada, and the Coyote and Rossi Projects located along theCarlin Trend in Elko County, Nevada. From time to time, the Companymay also evaluate the acquisition of other mineral exploration assetsand opportunities.
For further information contact:
Andrew Nelson
Chief Financial Officer
Westward Gold Inc.
+1 (604) 828-7027
andrew@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 SEDAR+profile at www.sedarplus.ca. 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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