VANCOUVER - Western Exploration Inc. (TSX-V: WEX) (the 'Company' or 'Western Exploration') is pleased to release exploration and development plans for its 100% owned Aura Project, located in North Elko County, Nevada (the 'Aura Project').
Update on 2022 Objectives for Aura Project
The Company has a three-pronged approach to advancing the Aura Project in 2022: 1. Surface Exploration - Geophysics, geochemistry and geology will be completed over high-priority exploration targets (including Wood Gulch and Gravel Creek) with the objective of further defining targets for drilling in 2023. 2. Drilling at Doby George - Approximately 2,000 meters of large diameter diamond drill core will be completed at Doby George to advance the metallurgical understanding and geologic interpretation of the project in advance of completing a pre-feasibility study in 2023. 3. Leveraging GoldSpot Discoveries - The Company will leverage the proprietary artificial intelligence technology of GoldSpot Discoveries Corp. ('GoldSpot') to synthesize 25 years of exploration and drilling data to develop further exploration drill targets at the Aura Project.
These objectives are described in greater detail below under the headings 'Surface Exploration', 'Drilling at Doby George' and 'Leveraging GoldSpot Discoveries', respectively.
Darcy Marud, Chief Executive Officer of Western Exploration, commented: 'Western Exploration Inc. was founded on 25 years of exploration success as a private company in Nevada. Our recent go-public transaction will further our legacy of gold discovery by providing public financial markets access to accelerate the exploration and development efforts at the Aura Project in Nevada.'
About the Aura Project
The 6,000 hectare Aura Project is unique in the junior mining space insofar as it is supported by a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101') at three different deposits (Doby George, Gravel Creek and Wood Gulch (former operating mine)) reflecting an indicated resource of 652,271 Aueq ounces at 1.43 g/t and an inferred resource of 665,357 Aueq ounces at 1.71 g/t.
Metallurgical test work for all three deposits has shown that well-established processes, including whole ore 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 discovery.
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, which has been in continual operation since 1981.
Surface Exploration
In the last two years, the Company has compiled all historic data to develop a three-dimension model and establish a focused exploration program for the Aura Project. Mineralization at Wood Gulch and Gravel Creek is structurally controlled and deposits form at the intersections of high angle north to northwest trending faults and a property-wide low angle, sub horizontal unconformity between Paleozoic sedimentary rocks and overlying Tertiary volcanics.
At Doby George, mineralization and resources are entirely contained within the Paleozoic sedimentary package (immediately below the unconformity) whereas mineralization and resources at Gravel Creek are hosted primarily in the overlying Eocene and Miocene volcanic rocks.
The structural framework and unconformity have been mapped regionally and extend well beyond the current resource areas where drilling has been completed to date. In 2022, the Company will expand a program of surface geology mapping, geophysics, and rock and soil geochemistry to identify prospective drill target areas along the trends of the current mineralization controls.
Drilling at Doby George
At Doby George, the current mineral resource is defined by more than 800 drill holes completed between 1997 and 2017. In addition, metallurgical test work completed by Homestake Mining Company, Independence Mining Company and Atlas Precious Metals Inc., has indicated favorable metallurgy for standard cyanide heap leach processing. Results from the previous metallurgical testing completed on 26 bottle rolls and 23 column leach samples indicate that heap leach gold recoveries approaching seventy percent can be expected. The work completed by Western Exploration and previous operators has advanced the project to a stage where limited additional metallurgical work can lead to the commencement of a pre-feasibility study.
In 2022, Western Exploration expects to complete between 10-14 large diameter diamond drill core holes totaling 2,000 meters from within the current resource boundaries to collect samples for confirmation of previous metallurgical test work, crushing studies and additional geotechnical studies.
Leveraging GoldSpot Discoveries
In January 2022, Western Exploration engaged GoldSpot to assist with data compilation and modelling at the Aura Project. GoldSpot will merge historic drill data to further refine the Aura model and assist in defining additional exploration targets to be evaluated by drilling in the second half of 2022 and 2023.
GoldSpot has a large, collaborative team of geoscientists and data scientists focused on maximizing the chances of discovery by extracting the most out of all available data utilizing proprietary machine learning technology and geoscience expertise. GoldSpot has an established track record of working with mineral exploration companies to significantly increase the efficiency and success rate of their exploration efforts.
GoldSpot's mandate will be to incorporate all project data into their proprietary technology, using artificial intelligence to assist the Company in identifying additional exploration targets. Western Exploration is committed to applying all available exploration tools and techniques to assist our exploration team in testing the full extent of exploration opportunities on the Aura Project.
Denis Laviolette, Executive Chairman and President of GoldSpot, commented: 'We are excited to see Western Exploration's advanced understanding of geology and mineralization controls at Aura. We believe that our leading technology, combined with the work done to date will open up new opportunities for exploration and ultimate resource definition and expansion.'
Western Exploration looks forward to commencing exploration at the Aura Project and updating the market with drill results in H2 of 2022 and into 2023.
Corporate Update on Investor Relations Services
The Company also wishes to announce that it has engaged the services of Hybrid Financial Ltd. ('Hybrid') to provide certain investor relations services in accordance with the policies of TSX Venture Exchange (the 'Exchange').
The Company has entered into a marketing agreement with Hybrid, pursuant to which, among other things, Hybrid has agreed to provide certain investor relations services (the 'Investor Relations Agreement') in accordance with Policy 3.4 - Investor Relations, Promotional and Market-Making Activities of the Exchange.
Under the terms of the Investor Relations Agreement, Hybrid's engagement is for an initial term of 12 months (the 'Initial Term') and will automatically renew for successive three-month periods until terminated by Western Exploration upon a 30-day prior written notice. In consideration for their services, Hybrid will receive C$22,500 per month, plus applicable taxes, which amount shall become payable upon the earlier of: (a) the date the Company announces its intention of completing a financing, or (b) the expiry of the Initial Term. There are no performance factors contained in the Investor Relations Agreement and Hybrid will not receive common shares or options as compensation.
Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid has offices in Toronto and Montreal. Through Hybrid's engagement, the Company hopes to heighten market awareness for Western Exploration and broaden the Company's reach within the investment community.
About Western Exploration
Western Exploration Inc. is Nevada-focused precious metals exploration company, aiming to be a premier gold and silver development company in North America. The Company was born out of a 25-year history of advancing exploration projects in Nevada as a private company. Its principal asset is the Aura gold-silver project, located in Elko County, Nevada, approximately 120 kilometers north of the city of Elko, Nevada.
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release may be deemed 'forward looking statements' within the meaning of applicable Canadian and U.S. securities laws. These forward looking statements, by their nature, require Western Exploration to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward looking statements. Forward looking statements are not guarantees of performance. Words such as 'may', 'will', 'would', 'could', 'expect', 'believe', 'plan', 'anticipate', 'intend', 'estimate', 'continue', or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward looking statements. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drilling results), to accurately predict mineralization; errors in management's geological modelling; the ability of Western Exploration to complete further exploration activities, including drilling; to obtain additional financing for exploration or development activities on favorable terms; to continue operations and to expand operations; to identify additional resources and reserves and to exploit such resources and reserves on an economic basis; to main Western Exploration's property interests in the Aura Project; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; environmental risks; community and non-governmental actions; the engagement of Hybrid (if at all, on the terms described herein); the ability of Hybrid to increase the market awareness for the Company and the ability of the Company to pay Hybrid's fees. Further, 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.
This release uses the terms 'mineral resources', 'indicated mineral resources' and 'inferred mineral resources'. Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, 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 - Standards of Disclosure for Mineral Projects ('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.
Contact:
Nichole Cowles
Tel: 775-240-4172
Email: nicholecowles@westernexploration.com
CRYSTAL PEAK 
