(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 24, 2023 - Westward Gold Inc. (CSE:WG)(OTC:WGLIF)(FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it has completed an expansive 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 September 7 and October 10, 2023, and was led by Mr. Robert Edie, Westward’s Vice President Exploration, over the course of several weeks in the field.
A total of 353 surface rock chip samples were collected and visually logged, 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 of Surface Rock Chip Samples Collected in 2023
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Note: Samples collected in the 9-claim gap between Toiyabe and Turquoise Canyon (the “TCC Gap”, 100% owned by Westward) have been included in Turquoise Canyon.
A total of 606 soil samples with 100-meter spacings were also collected at the East Saddle Project and southern extent of the Toiyabe Project, covering the exposed lower-plate carbonate window (see Figure 2 below).
Figure 2: Location Distribution of Soil Samples Collected in 2023
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All rock chip and soil samples will be analyzed for gold and multi-element pathfinders. Assay results received in conjunction with field observations will be used to prioritize areas for future mapping with detailed Anaconda-style folios. These folios will compliment the existing Anaconda-style maps previously completed on high-priority areas of the Toiyabe Project. Geochemical anomalies – in particular gold, arsenic, mercury, and antimony – will be plotted and analyzed to further vector in on zones with elemental signatures typically associated with Carlin-type gold deposits.
Figure 3: Location of Highlighted Rock Chip Samples from the Turquoise Canyon Project
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Notable Turquoise Canyon rock chips include a sample of chrysocolla and lazurite taken from a historical turquoise prospect (Figure 4), a strongly-hematitic/oxidized sample taken near a fault in quartzite (Figure 5), brecciated, oxidized, kaolinite-bearing chert near the eastern property boundary (Figure 6), tectonic fault breccia with pervasive hematite and limonite + barite (Figure 7), and a hematitic brecciated chert sample from a historical turquoise prospect (Figure 8).
Figures 4 – 8: Notable Rock Chip Samples from the Turquoise Canyon Project
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Robert Edie, Westward’s Vice President Exploration, noted: “I’m very pleased to have discovered an array of specimens on the property which exhibit features consistent with Carlin-type gold deposition. Strong, surface-level oxidation is an important characteristic of these deposits and relates to the abundance of pyrite formed, a key component of gold-hosting systems. Tectonic breccia speaks to the structural preparation of host rocks; the gold-bearing Carlin fluid uses these structural pathways to rise from depth where it interacts with the meteoric water table and geochemically precipitates gold – preferentially into carbonate rocks.”
Figure 9: Location of Highlighted Rock Chip Samples from the East Saddle Project
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Commenting on the East Saddle Project, Mr. Edie continued: “Decalcification and silicification of carbonate rocks is a distinct marker of Carlin-type gold deposition. It occurs when gold-bearing Carlin fluid dissolves calcium carbonate from limestone host rocks and deposits silica pervasively. In addition to silica, the process also deposits gold and other pathfinder elements. The discovery of decalcified, silicified limestone at East Saddle suggests that the area has experienced a Carlin-type mineralizing event.”
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Sampling Methodology & Quality Assurance / Quality Control (“QA/QC”)
The Company implemented a best-practices QA/QC program throughout the duration of the field program. All rock chip samples were collected by VP Exploration Robert Edie, and all soil samples were collected by Robert Edie and one independent contractor under Robert Edie’s supervision. Coordinates for each collected sample were recorded using Garmin GPS units in datum UTM NAD 83 Zone 11 meters. A visual description of each rock chip sample was recorded in an Excel database along with the individual GPS coordinates. Rock chip samples were transported from the field collection areas by Robert Edie to Bureau Veritas’ (“BV”) certified preparation facility in Sparks, NV, where they were crushed and pulverized. Resulting sample pulps (30g sample size for gold and 500mg for multielement) will be analyzed in Sparks, NV for gold using fire assay and Vancouver, BC, for multielement analysis. BV is independent of the Company. Soil samples were transported from the field collection areas by Robert Edie to his home in Zephyr Cove, NV where they await submittal to a laboratory of the Company’s choosing.
Robert Edie was on-site throughout the field work campaign and transported all samples personally. Certified reference materials (“CRM”) purchased from Moment Exploration Geology in Lamoille, NV were inserted into the rock chip sample stream at a frequency of one every 25th sample (4%). Four CRMs were inserted at random, three with known gold values, and one certified blank.
Corporate Update
In addition to ongoing modeling work and new target delineation following the 2023 field season, which is now coming to a close, the Company continues to evaluate several external growth opportunities via mergers and acquisitions. These opportunities may include both asset-level and corporate-level transactions, with the goal of delivering long-term upside to shareholders.
Company representatives will also be in Sparks, Nevada for the upcoming American Exploration & Mining Association (“AEMA”) Annual Meeting, held at the Nugget Casino Resort from December 3rd-8th. Westward welcomes the opportunity to meet with shareholders and other company representatives – please contact Andrew@westwardgold.com if you would like to arrange a meeting.
Option & Restricted Share Unit Grant
In addition, the Company announces that its Compensation and Corporate Governance Committee has approved and granted an aggregate of 2,400,000 stock options (the “Options”), and 2,200,000 restricted share units (“RSUs”) to Westward management and its Board of Directors. The Options, which vest immediately, are exercisable at a price of C$0.15 per common share of the Company for a period 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 on November 24, 2025.
Qualified Person
The technical information contained in this news release was reviewed and approved by Robert Edie, Vice President Exploration of the Company, who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Edie 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 developing the Toiyabe, Turquoise Canyon, and East Saddle Projects located in the Cortez Hills area of Lander County, Nevada, and the Coyote and Rossi Projects located along the Carlin Trend in Elko County, Nevada. From time to time, the Company may also evaluate the acquisition of other mineral 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 has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes, or developments that the Company expects to occur are, or may be deemed, to be, forward-looking statements. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", "believe", "anticipate", "intend", "estimate”, “potential”, “on track”, “forecast", "budget", “target”, “outlook”, “continue”, “plan” or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms.
Such statements include, but may not be limited to, information as to strategy, plans or future financial or operating performance, such as the Company’s expansion plans, project timelines, expected drilling targets, and other statements that express management’s expectations or estimates of future plans and performance.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company’s properties; the effect of changes in commodity prices; regulatory risks that development of the Company’s material properties will not be acceptable for social, environmental or other reasons, availability of equipment (including drills) and personnel to carry out work programs, that each stage of work will be completed within expected time frames, that current geological models and interpretations prove correct, the results of ongoing work programs may lead to a change of exploration priorities, and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. These and other factors may cause the Company to change its exploration and work programs, not proceed with work programs, or change the timing or order of planned work programs. Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this news release are set out in the Company’s latest management discussion and analysis under “Risks and Uncertainties”, which is available under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations, and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.
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