Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the
"Company" or "Western Exploration") is pleased to
announce the commencement of an IP geophysics program and a
2,000-meter diamond core drill program at the Company's
wholly-owned Aura project, located approximately 75 miles north of
the city of Elko, Nevada (the "Aura Project").
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Figure 1. Resource areas on the Aura
Project. (Graphic: Business Wire)
Highlights:
- KLM Geophysics has initiated a 33.0-kilometer IP geophysics
program to test extensions of mineralization in the Doby George and
Wood Gulch/Gravel Creek resource areas, as well as new targets in
the Maggie Summit area. The data derived from this program will
provide the Company with the information needed to better define
future drill targets, with the goal of expanding the existing gold
and silver resources across the project. The Company anticipates
that KLM Geophysics will complete the program by mid-August
2023.
- Major Drilling is scheduled to begin a 2,000-meter diamond core
drill program at Gravel Creek on August 1, 2023. The program will
test a north-east trending structural corridor hosting high-grade
(up to 40.05 g/t Au and 1,951 g/t Ag) low sulfidation epithermal
veins in the Jarbidge rhyolite peripheral to the Gravel Creek
resource. Au-Ag-As-Sb-Mo anomalies in soil and rock geochemistry
extend up to 2.0 kilometers to the north-east of the Gravel Creek
resource along the same trend, suggesting further exploration
potential.
Western Exploration CEO, Darcy Marud, commented: "We are excited
about the initiation of the 2023 Aura Project exploration program.
Data compilation and targeting by Western Exploration, GoldSpot and
Geomax over the past year has refined mineralization controls and
identified multiple targets that may expand the current Aura
Project resource base near Doby George and Wood Gulch/Gravel Creek,
as well as hold potential for new generative discoveries in the
Maggie Summit area. Previous IP surveys were very successful in
outlining the Gravel Creek deposit and we are excited to see
results as we extend the technique into other areas of the
project.
Secondly, detailed structural mapping in combination with
oriented core data collected in 2020, has confirmed that there is a
strong north-east orientation to many of the veins hosted within
the Jarbidge rhyolite peripheral to the Gravel Creek deposit. The
assays and oriented core data from the 2023 drilling program will
provide key information, which the Company hopes to use to advance
the Jarbidge vein zone towards a mineral resource estimate.
Presently, none of the 31 legacy intercepts in 17 holes with + 5.0
g/t Au are included in the current mineral resource estimate at the
Aura Project, as outlined in the Aura Technical Report."
PROJECT BACKGROUND AND CURRENT WORK
During the 2023 field season, Western Exploration is focused on
completing the following exploration activities at the Aura
Project:
- Execute the IP geophysics program with the goal of defining and
expanding the already extensive list of targets for drilling on
site, including targets surrounding the area comprising the mineral
resource estimate outlined in the Aura Technical Report.
- Metallurgical test work at Doby George will continue with
column test work results. Bottle roll results indicate that the
Doby George material can be recovered via a heap leach
process.
- Execute the Gravel Creek drill program with the goal of
expanding the north-east portion of the Gravel Creek deposit that
are not included in the existing resource. Results from the Gravel
Creek drill program will be provided as they become available.
About the Aura Project
Western Exploration is the 100% owner of the Aura Project,
located approximately 75 miles (120 kilometers) north of the city
of Elko, Nevada, and includes three gold and silver deposits: Doby
George, Gravel Creek, and Wood Gulch (see Figure 1 and Figure 3
below).
Metallurgical test work for all three deposits has shown that
well-established processes, including whole mineralization
flotation at Gravel Creek and heap leaching at Wood Gulch and Doby
George, can be used to extract gold and silver from the known
mineralization. A synthesis of exploration work conducted at the
Aura Project from 1997 to 2021 has resulted in the creation of a
robust geologic model, which offers significant potential for
resource expansion and new discoveries on the project.
Doby George is one of the highest-grade, undeveloped open pit
heap leach resource in Nevada. The deposit is an outcropping,
high-grade sediment-hosted mineral deposit, with multiple zones of
mineralization identified by drilling over an area of 1.7 by 0.8
kilometers. The zone of oxidation extends 150 to 200 meters below
surface, while limited deep drilling has encountered unoxidized
gold mineralization at depths of over 600 meters below surface.
Wood Gulch and Gravel Creek are located 8 kilometers to the east
of Doby George and both occur in a similar geological environment
along steep dipping north-west and north-east trending structural
zones intersecting a low angle contact between Paleozoic
sedimentary rocks and Tertiary volcanics. The mineralization is
related to the Tertiary volcanism and has been traced by surface
mapping, sampling and drilling over an area of 5.0 kilometers by
3.5 kilometers. Drilling in 2023 will focus on the north-east
extension of the Gravel Creek deposit where numerous high grade
vein intercepts remain open and outside of the current resource
estimate included in the Aura Technical Report (see the news
release of the Company dated March 6, 2023, entitled "Western
Exploration Announces Additional Exploration Results at Gravel
Creek" and Figure 2 below).
The Aura Project is accessible year-round by highway and county
roads with access to water and electricity nearby. It is located 32
kilometers north of the Jerritt Canyon mine (see Figure 3
below).
Table 1. Updated mineral resource estimates for the Aura Project
(Aura Technical Report).
MINERAL RESOURCE ESTIMATE(1)
Indicated
Inferred
Tonnes
Au (g/t)
Au (ozs)
Ag (g/t)
Ag (ozs)
AuEq (g/t)
AuEq (oz.)
Tonnes
Au (g/t)
Au (ozs)
Ag (g/t)
Ag (ozs)
AuEq (g/t)
AuEq (oz.)
Doby George(2)
12,922,000
0.98
407,000
-
-
0.98
407,000
4,999,000
0.73
118,000
-
-
0.73
118,000
Wood Gulch(3)
-
-
-
-
-
-
-
4,359,000
0.66
93,000
5.80
808,000
0.74
104,543
Gravel Creek(4)
1,315,000
4.73
200,000
75.0
3,169,000
5.81
245,271
2,744,000
4.16
367,000
60.20
5,307,000
5.02
442,814
TOTAL
14,237,000
1.33
607,000
75.0
3,169,000
1.43
652,271
12,102,000
1.48
578,000
15.74
6,115,000
1.71
665,357
Notes:
- Au equivalent oz assumes US$1,800 per oz Au and 70:1 ratio of
Ag: Au.
- Pit constrained 0.2 g/t Aueq cutoff for oxide, 0.4 g/t Au
cutoff for mixed and 1.4 g/t Au cutoff for unoxidized.
- Pit constrained 0.2 g/t Aueq cutoff.
- 3.0 g/t Au cutoff.
The mineral resource estimate for the Aura project is disclosed
in the Company's technical report, prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("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 "Aura Technical Report").
About Western Exploration
Born from a 25-year history of advancing exploration projects in
Nevada as a private company, today Western Exploration is composed
of an experienced team of precious metals experts that aims to lead
Western Exploration to becoming a premiere gold and silver
development company in North America. The Company's principal asset
is the 100% owned Aura gold-silver project, located approximately
75 miles (120 kilometers) north of the city of Elko, Nevada, and
includes three unique gold and silver deposits: Doby George, Gravel
Creek and Wood Gulch. Additional information regarding Western
Exploration and the Aura Project can be found on the Company's
website and on SEDAR (www.sedar.com) 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 Aura Project, and a "qualified person" within the meaning of NI
43-101.
Quality Assurance / Quality Control
Legacy drill intercepts are reported at 5.0 g/t Au cutoff, with
assays uncut. Exploration program design, Quality Assurance/Quality
Control ("QA/QC") and the interpretation of results is
performed by qualified persons employing a QA/QC program consistent
with NI 43-101 and industry best practices. Standards and blanks
are inserted approximately every 20th sample into the sample stream
for QA/QC purposes by the Company as well as the lab. Surface
geochemical samples are generally only at anomalous levels and are
never used in resource calculations. However, professionally
prepared standards were inserted into the sample sequence submitted
to ALS CHEMEX to maintain control on assays for comparison
purposes. Please see below under the heading "Cautionary Note
Regarding Forward-Looking Information" for further details
regarding the risks facing Western Exploration.
For additional information on the Aura Project, please see the
Aura Technical Report, which has been prepared in accordance with
the requirements of NI 43-101, a copy of which is available on
SEDAR (www.sedar.com) under Western Exploration's issuer profile
and on Western Exploration's corporate website
(www.westernexploration.com).
Cautionary Statements Regarding Estimates of Mineral
Resources
This news release uses the terms measured, indicated and
inferred mineral resources as a relative measure of the level of
confidence in the resource estimate. Readers are cautioned that
mineral resources are not mineral reserves and that the economic
viability of resources that are not mineral reserves has not been
demonstrated. The mineral resource estimate disclosed in this news
release may be materially affected by geology, environmental,
permitting, legal, title, socio-political, marketing or other
relevant issues. The mineral resource estimate is classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum's "CIM Definition Standards on Mineral Resources and
Mineral Reserves" (CIM) incorporated by reference into NI 43-101.
Under NI 43-101, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies or
economic studies except for preliminary economic assessments.
Readers are cautioned not to assume that further work on the stated
resources will lead to mineral reserves that can be mined
economically.
Inferred mineral resources have a great amount of uncertainty as
to their existence and as to whether they can be mined legally or
economically. On October 31, 2018, the SEC adopted new mining
disclosure rules ("S-K 1300") that are more closely aligned
with current industry and global regulatory practices and
standards, including NI 43-101, although there are some differences
in the two standards. Accordingly, information concerning mineral
deposits contain in this release may not be comparable with
information made public by U.S. companies that report in accordance
with S-K 1300.
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 timing and
ability of the Company to complete the IP geophysics and 2023 drill
program; the Company's ability to expand the current mineral
resources at the Aura Project; the Company's ability to advance the
Jarbidge vein zone towards a mineral resource estimate; the
expectation that Doby George material can be recovered via a heap
leach process; the accuracy of results from prior exploration
activities conducted at the Aura Project and the potential for
significant resource expansion and new discoveries; 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; future drilling at the Aura Project; the significance of
historic exploration activities and results; and Doby George being
one of the highest-grade, undeveloped open pit heap leach resource
in Nevada. 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 modeling; 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.sedar.com). 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/20230801064312/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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