(TheNewswire)
Vancouver, British Columbia - TheNewswire - December 21, 2023 - Westward GoldInc. (CSE:WG ) ( OTC:WGLIF ) ( FSE:IM50) ( “Westward” or the “Company” ) is pleased to reflect upon an eventful 2023 calendar year, andprovide investors with a preliminary outlook for 2024. The Companymade significant strides in growing and advancing its portfolio ofhighly-prospective gold exploration assets in Nevada, and will look tobuild upon its strong foundation in the near future.
Colin Moore, Westward President & CEO, noted: “2023 was atransformational year for the Company, and despite a challengingcapital markets environment for gold explorers, we remained committedto our growth strategy. We secured a new foothold along the CarlinTrend, while continuing to move quickly towards full ownership of ourconsolidated properties on the Cortez Trend. We significantly advancedour understanding of gold mineralization at our Toiyabe Property, andcompleted one of the deepest diamond drillholes that property has everseen – results of which reinforced our thesis regarding a new andunderexplored gold zone. We’ve unlocked new areas of interestthrough detailed geological mapping and reconnaissance, previouslyuntested by drilling. Westward looks forward to building upon theseachievements in 2024 and beyond, and would like to thank all of ourshareholders for their continued support.”
Acquisition of Carlin Trend Properties
In January of 2023, Westward acquired the Coyote and Rossi Propertiesvia a claims acquisition agreement with Fremont Gold Ltd. and itsNevada-based subsidiary, Intermont Exploration Corp. (collectively,“ Fremont” ). The 111unpatented mining claims cover an area of approximately 9 squarekilometres at the northern end of the prolific Carlin Trend in Nevada,a ~90 km-long gold belt that has been continuously and successfullyexplored and mined over the last 60 years (see Figure 1 below). Today,the area is dominated by NGM, the joint venture between top globalgold producers Barrick Gold and Newmont Corporation.
The Company acquired 100% ownership of the claims on favourable terms,and Fremont was granted a 2.0% net smelter return ( “NSR” ) royalty on the CoyoteProperty (of which half can be repurchased by Westward for US$2million in cash), and a 1.0% net smelter return royalty on the RossiProperty (of which half can be repurchased by Westward for US$1.5million in cash). Readers can refer to the Company’s press releasedated January 18th for additional details related to the transaction.
Andrew Nelson, Westward’s CFO, commented: “It was a rareopportunity to be able to secure these properties, in an area of theCarlin Trend now dominated by majors with very little junior companypresence. We view this strategic acquisition as an investment tocomplement our flagship land holdings on the Cortez Trend, and anotherlever with which to deliver future returns to our shareholders.”
Figure 1: Westward’s Coyote andRossi Properties on the Carlin Trend
Completion of Earn-In on Turquoise CanyonProperty
In January of 2023, the Company successfully completed its multi-yearearn-in on the Turquoise Canyon Property ( “Turquoise Canyon” ), acquiring a100% ownership interest in the 188 unpatented mining claims which forman integral part of Westward’s consolidated land package on theCortez Trend (see Figure 2 below). The option agreement between theCompany and First Mining Gold Corp. ( “First Mining” ) was originally entered into in August of2019, and included cash and share payments and exploration expenditurecommitments, all of which were satisfied by Westward. First Miningretained a 2.0% NSR royalty, which was sold to Elemental AltusRoyalties Corp. in a subsequent transaction. Readers can refer to theCompany’s press release dated January 30 th for additional informationrelated to the option exercise.
Figure 2: Westward’s ConsolidatedLand Position on the Cortez Trend
Turquoise Canyon is the second most advanced property in theCompany’s exploration portfolio (after the Toiyabe Property ( “Toiyabe” )); work completed todate includes soil sampling, gravity surveys, induced polarization,airborne hyperspectral surveys, and detailed geological mapping.Indications are that prospective mineralization drilled at the ToiyabeProperty trends eastwards onto Turquoise Canyon, making it atarget-rich environment. With no historical drill holes, Westward isexcited to continue advancing Turquoise Canyon towards its first-everdrilling campaign.
EMX Transaction & Toiyabe Drilling
In February of 2023, the Company entered into a multi-facetedtransaction with EMX Royalty Corporation ( “EMX” ), whereby EMX made astrategic equity investment in Westward and provided subsidizeddiamond drilling services, in exchange for the assignment of certainNSR royalty buyback rights and the conditional future granting of NSRroyalties on the Company’s Toiyabe and Turquoise Canyon Properties.This creative deal structure enabled Westward to drill at Toiyabe at asteep discount to prices quoted by third-party contractors, while alsoaligning EMX’s interests (as shareholders) with those of theCompany. Readers are encouraged to refer to Westward’s press releasedated February 15 th foradditional details regarding the transaction.
The drilling location chosen for hole T2301 represented theculmination of all the datasets available to Westward’s TechnicalTeam, and was designed primarily to test for both near-surface goldmineralization, and the potential down-dip northeast extension of thenewly-identified “SSD Zone”, an area of disseminated goldmineralization at depth with very little historical exploration. T2301was collared as a 300-meter step-out from the closest hole that hadintersected the SSD Zone.
Figure 3: Hole T2301 Location(Toiyabe Property)
Ultimately, T2301 was the third-deepest drillhole ever completed atthe Toiyabe Property, and was instrumental in advancing theCompany’s geological model – now vastly improved from theunderstanding of previous operators due to biases created from thelack of historical deep drilling. Key findings included:
-
New zone of Carlin-type gold mineralization discovered down-section,to the northeast of previously-identified gold mineralization at depth(the SSD Zone)
-
Confirmed the mineralizing system continues to produce high-grade gold(>2 g Au/t) near surface and at depth, both zones remain open
-
The hydrothermally-altered SSD Zone extends and strengthens to thenortheast and gold mineralization is associated with significantoxidation; SSD Zone strike length now increased to ~625 meters
-
Pervasive vertical alteration of favourable lower plate carbonate hostrocks indicates the potential for continuation of the gold system tothe north and northeast
-
The adjacent past-producing Toiyabe-Saddle Mine and shallow goldmineralization at Toiyabe are likely near-surface satellite depositsof a larger mineralizing system at depth
Note: Please refer to Westward’s pressrelease dated May 23, 2023, for important disclosure related tosampling methodology, chain of custody, quality assurance and qualitycontrol (QA/QC), and data verification.
Figure 4: Significant Gold Assays –T2301
Note: Hole location (NAD83 UTM 11N): E 523084,N 4432898, Elev. 2335m. Gold intervals reported in Figure 4 werecalculated using a 0.14 g Au/t cut-off. Weighted averaging was used tocalculate reported intervals. True widths are estimated at 70-90% ofdrilled thicknesses.
Figure 5: T2301 – GoldMineralization at Depth Associated with Oxidation
(Units shown in Boxes are Feet)
Figure 6: Updated ToiyabeCross-Section Post T2301
Note: Figure 6 includes modelled drillholetraces and assay data inherited from previous operators, please seedisclosure under endnote (1) of Westward’s press release dated May23, 2023, for additional disclosure.
Toiyabe Property Earn-In
When the Company first acquired the option on the Toiyabe Property inMarch of 2021, there remained an aggregate total of US$760,000 in cashpayments due to the underlying optionor Minquest Ltd. ( “Minquest” ). Over the last 2.5years – including most recently in October of 2023 – Westwardentered into a series of amending agreements with Minquest in order toreduce the cash burden on the Company (with capital subsequentlyre-allocated to exploration activities). Concurrently, Minquest becamean important and supportive long-term shareholder.
Presently, there are no remaining cash payments to be made toMinquest; following a planned share-based payment in the amount ofUS$200,000 in January of 2024, Westward will complete its earn-in onthe Toiyabe Property and secure 100% ownership, marking a significantmilestone that has been years in the making. Investors can refer tothe Company’s press release dated October 16 th for information related tothe most recent option amendment.
Surface Sampling Program
In November of 2023, Westward completed an expansive rock chip andsoil sampling program at its Toiyabe, Turquoise Canyon, and EastSaddle Properties. The program was led by Mr. Rob Edie, theCompany’s Vice President Exploration, over the course of severalweeks in the field.
A total of 353 surface rock chip samples were collected and visuallylogged, along with 606 soil samples with 100-meter spacings (focusedon the exposed lower-plate carbonate window at East Saddle). All rockchip and soil samples will be analyzed for gold and multi-elementpathfinders (see Westward’s press release dated November 24, 2023,for important disclosure related to sampling methodology and qualityassurance / quality control). Assay results received in conjunctionwith field observations will be used to prioritize areas for futuremapping with detailed Anaconda-style folios. These folios willcompliment the existing Anaconda-style maps that were completed onhigh-priority areas of the Toiyabe 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.”
2024 Outlook
As the Company looks forward to next year, it remains steadfast in itsbelief that building out and advancing a strong portfolio of goldexploration assets in one of the premier mining jurisdictions in theworld will generate long-term returns for shareholders. To that end,Westward will continue to investigate opportunistic corporate andasset-level transactions; these may include acquisitions, mergers,joint-venture partnerships, option agreements, or other dealstructures. The Company believes that the macroeconomic backdrop forgold investment will improve over the next year, and the aim is to bewell-positioned to take advantage of the potential tailwinds.
At the asset level, Westward will take advantage of the winter monthsto complete valuable modeling and advanced analysis of all the dataacquired throughout the busy 2023 field season. This will also includea systematic relogging of all available legacy RC and core drillholesat Toiyabe (~15,000 meters total). The program will aim to correlatestratigraphic, structural, and alteration features identified in T2301with gold mineralization, improve upon historical interpretationsbased on Westward’s recent findings, and standardize datasets withmore thorough and detailed observations. A new set of cross-sectionswill be created and analyzed to identify new target opportunities onthe property.
Once rock chip and soil sample assays are received (expected in early2024), those results will be incorporated into the Company’sgeological models and – in conjunction with existing datasets –will improve vectoring towards high-priority targets across the entireCortez Trend land package. Westward will also continue to undertakedetailed 1:5000 Anaconda-style geologic mapping in preparation forfinal target selection on any undrilled ground, similar to what wasaccomplished prior to T2301. The Company has the ability to apply fora Notice of Intent (NOI) with the Bureau of Land Management (BLM) inorder to drill outside of its existing Plan of Operations (PoO)currently in place at Toiyabe; this process can be completed in amatter of months and Westward works closely with an expert third-partypermitting contractor.
On the Carlin Trend, the Company plans to undertake low-costexploration activities in order to better define priority targetareas. This will include detailed geological mapping, sampling ofaltered outcrops, and a localized gravity survey to complementexisting regional-scale gravity data. Westward believes that bringingon a partner for any eventual drilling on these properties is thepreferable pathway to advancement and value maximization.
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 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.
Copyright (c) 2023 TheNewswire - All rights reserved.