WEX WEX Inc

Final 2024 drill results expand high-grade vein corridor in Jarbidge Rhyolite to a minimum of 350 meters on strike and a minimum of 250 meters on dip with 1.53 meters of 19.98 g/t Aueq in WG462 and 1.13 meters of 12.0 g/t Aueq in WG461

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to announce additional assay results from its 2024 core drilling program in the high-grade Jarbidge rhyolite discovery immediately adjacent the Gravel Creek resource at the Company's wholly-owned Aura gold-silver project (the "Aura Project").

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Figure 1. Plan view of 2024 drill holes and reported intercepts in the Jarbidge rhyolite east of Gravel Creek. All intercepts lie within a 100 meter-wide corridor trending N10W, 60SW, sub-parallel to the Discovery Trend. identified with oriented core in 2023. The vein/breccia corridor on the 1700-meter elevation is projected to the surface (yellow shading) and shown on the subsequent cross sections in Figures 2, 3 and 4. (Photo: Business Wire)

Gravel Creek is a new high-grade, Miocene aged, epithermal discovery in the northern Great Basin of Nevada, with assays in 2024 drilling of up to 75.3 g/t Au (WGC459) and 4,630.0 g/t Ag (WGC461). The new high-grade area, located less than 200 meters east of the current Gravel Creek mineral resource, which contains 245k Aueq indicated ounces at 5.81 g/t Aueq and 443k Aueq inferred ounces at 5.02 g/t Aueq (Table 3 Mineral resource estimates for the Aura Project as reported in the 2021 Technical Report), has been tested by only 19 drill holes to date and is open in all directions. It is one of multiple high-grade targets in the Wood Gulch/Gravel Creek area that offers excellent near-term resource expansion potential on the Aura Project.

Significant Resource Expansion Potential

Western Exploration CEO, Darcy Marud, commented: "The 2024 drill program intersected multiple high-grade gold-silver intercepts in all five core holes completed. We are very excited with the results as they met and even exceeded our expectations both in terms of grade and extension of mineralization. Every drill hole to date has returned high-grade results and the two step out holes to the south and north, drill holes WGC458 and WGC462, intersected the Discovery Trend as anticipated and showed the continuation of high-grade precious metals mineralization."

Mr. Marud added "The 2024 drill results support Western Exploration's confidence that the Jarbidge rhyolite and greater Gravel Creek-Wood Gulch area hold significant resource expansion potential in high-grade gold-silver bearing epithermal veins and breccia zones analogous to other Miocene epithermal systems in the northern Great Basin of Nevada."

Highlights from 2024 Exploration Program

• The 2024 drill program consisted of five oriented core holes designed to offset high-grade intercepts encountered in 2023 drilling.
• All 2024 drill holes intersected multiple vein/breccia zones with +10.0 g/t AuEq values defining a minimum of 350 meters of strike and 250 meters of dip length.
• New results are reported here for holes WGC461 and WGC462
  • WGC461 was drilled 80 meters up dip to the east on Section BL+500N and reported individual assays of up to 46.1 g/t Au and 4,630.0 Ag, including:
    • 1.53 meters @ 19.98 g/t AuEq (10.39 g/t Au and 815.1 g/t Ag)
    • 0.85 meters @ 21.26 g/t AuEq (4.08 g/t Au and 1,460 g/t Ag)
  • WGC462 was drilled 180 meters north of the Discovery Section on Section BL+680N and reported individual assays of up to 24.5 g/t Au and 1,070 g/t Ag, including:
    • 1.13 meters @ 12.0 g/t AuEq (8.24 g/t Au and 318.9 g/t Ag)

Multiple rhyolite-hosted high-grade Au-Ag drill intercepts peripheral to the Gravel Creek Resource

Previous drilling in the Miocene Jarbidge rhyolite to the east of the Gravel Creek deposit intersected multiple high-grade Au-Ag bearing vein intercepts, with individual assays up to 237.0 g/t Au (WG379) and 2,800 g/t Ag (WG456). None of these Jarbidge-hosted intercepts have been included in previous resource estimates. To follow up on these intercepts, five oriented core holes totaling 3,556 meters were drilled as 80-meter step outs in the 2024 Gravel Creek drill program. (Figure 1). Results for holes WGC461 and WGC462 are reported here, while results for holes WGC458 to WGC460 were previously reported in news releases of the Company dated October 7, 2024 (entitled "Western Exploration Reports Positive Assay Results From 2024 Drilling Program at Gravel Creek") and November 11, 2024 (entitled "Western Exploration Reports Additional High Grade Assay Results From 2024 Drilling At Gravel Creek").

Hole WGC461 was drilled on Discovery Section 500N, 80 meters up dip from hole WGC456 (Figure 1 and Figure 2). Hole WGC462 was drilled on Section 680N, approximately 100 meters north of holes WGC459 and WGC460 (Figure 1 and Figure 3). Both holes intersected multiple quartz-pyrite marcasite-bearing veins and breccias along the projected Discovery Section trend, with multiple intercepts over 10.0 g/t AuEq. Significant assay intercepts are summarized in Table 1 with drill hole coordinates in Table 2.

Table 1. Summary of Significant Drill Intercepts in 2024 core holes, including new results for holes WGC461 and WGC462

FROM

TO

INTERVAL*

AuEq **

Au

Ag

DRILL HOLE

(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

WGC458

227.38

227.84

0.46

4.36

1.16

272.0

WGC458

645.27

647.25

1.98

7.41

4.98

206.6

includes

646.91

647.25

0.34

33.69

22.20

977.0

WGC458

650.69

651.09

0.40

15.36

13.20

184.0

WGC458

725.10

725.70

0.61

13.74

12.35

118.0

WGC458

764.13

765.66

1.53

5.74

5.38

31.0

WGC459

273.40

274.26

0.86

10.08

9.80

23.4

WGC459

302.30

303.40

1.10

5.97

2.58

288.0

WGC459

360.27

360.64

0.37

5.91

3.30

222.0

WGC459

420.01

420.32

0.31

7.54

7.21

27.7

WGC459

540.87

541.63

0.76

5.85

3.36

212.0

WGC459

543.89

547.58

3.69

22.06

16.66

458.6

includes

543.89

544.90

1.01

68.32

51.50

1430.0

includes

547.09

547.58

0.49

20.14

15.45

399.0

WGC459

564.49

565.81

1.31

8.46

7.09

115.7

includes

565.44

565.81

0.37

26.50

22.50

340.0

WGC459

651.36

657.46

6.10

12.44

8.52

333.5

includes

654.78

655.27

0.49

111.54

75.30

3080.0

WGC460

313.03

314.07

1.04

16.72

12.34

372.2

includes

313.34

314.07

0.73

21.19

15.50

484.0

WGC460

506.88

507.19

0.30

3.92

3.61

26.1

WGC460

560.68

561.23

0.55

75.12

50.30

2110.0

WGC460

618.13

619.35

1.22

5.06

2.76

196.0

WGC460

676.72

677.63

0.91

5.32

4.67

55.6

WGC460

683.09

683.48

0.40

14.28

13.55

62.1

WGC460

688.63

689.37

0.73

4.36

3.31

72.9

WGC460

690.68

690.98

0.30

3.11

2.97

11.8

WGC460

699.06

700.13

1.07

10.38

8.51

119.6

includes

699.67

700.13

0.46

16.88

13.60

279.0

WGC461

189.28

189.74

0.46

3.63

1.17

209.0

WGC461

322.57

328.27

5.70

2.28

1.75

44.6

includes

325.43

326.75

1.31

4.28

3.58

59.8

WGC461

372.62

373.04

0.43

8.04

4.09

336.0

WGC461

474.57

475.18

0.61

17.30

9.46

666.0

WGC461

482.19

483.72

1.53

19.98

10.39

815.1

includes

482.19

482.93

0.73

38.34

19.55

1597.5

or

482.19

482.38

0.19

97.62

46.10

4380.0

WGC461

542.30

543.15

0.85

21.26

4.08

1460.0

WGC461

549.95

550.77

0.82

5.93

4.62

111.0

WGC462

287.12

288.04

0.91

3.94

1.52

206.0

WGC462

336.56

336.68

0.12

8.75

6.60

183.0

WGC462

521.30

522.43

1.13

12.00

8.24

318.9

includes

521.30

521.57

0.27

37.09

24.50

1070.0

WGC462

598.02

599.54

1.52

7.53

4.67

243.1

includes

598.02

598.44

0.43

15.34

10.60

403.0

WGC462

602.59

603.96

1.37

7.88

5.38

212.5

includes

602.59

602.96

0.37

19.11

12.90

528.0

WGC462

621.64

622.10

0.46

3.16

2.17

84.4

Notes:

*

 

Estimated true width is 80-100% of Interval Width; Intervals are calculated with a 3 g/t AuEq cutoff, with limited +1.0 g/t AuEq internal dilution.

**

 

AuEq is calculated at 85:1 Ag: Au

***

 

Intercepts in WGC458-WGC460 were reported in the new releases of the Company dated October 7, 2024 (entitled "Western Exploration Reports Positive Assay Results From 2024 Drilling Program at Gravel Creek") and November 11, 2024 (entitled "Western Exploration Reports Positive Gravel Creek Metallurgical Results, Including Gold Recovery of 94.8% to Combined Gravity and Flotation Concentrate").

Table 2. Coordinates for 2024 Gravel Creek Core Holes (UTM NAD 83, Zone 11)

Drill Hole

Easting (m)

Northing (m)

Elevation (m)

Depth (m)

Azimuth

Dip

WGC458

586,975.45

4,616,052.79

2,191.51

764.18

99

64

WGC459

587,070.85

4,616,192.49

2,222.35

712.3

97

69

WGC460

587,069.59

4,616,192.66

2,222.10

737.01

96

76

WGC461

587,178.88

4,616,092.07

2,187.66

670.26

96

71

WGC462

587,034.18

4,616,324.03

2,216.90

672.7

104

60

Significance for Future Gravel Creek Exploration

Results from 2024 core drilling confirms there are multiple vein-breccia zones with +10.0 g/t AuEq values within the projected structural corridor in the Jarbidge rhyolite east of the Gravel Creek resource (Figure 4). Drilling has been successful, with all oriented core holes drilled in 2023-2024 intersecting multiple zones with +10.0 g/t AuEq mineralization. Multiple high priority targets are present along dip and strike both to infill and extend mineralization. The 2024 drilling gives further confidence to expand oriented core drilling into and beyond the 550-meter by 350-meter area east of Gravel Creek that hosts multiple high grade AuEq intercepts in widely spaced legacy holes, as the system appears open for expansion.

Of broader significance, Figure 5 shows that the Gravel Creek area is a small portion of a zone of favorable structures and hydrothermal alteration at least 2.5 x 4.0 kilometers in size, with multiple targets with resource expansion potential that have received limited to no exploration drilling.

ABOUT THE AURA PROJECT

The 6,000-hectare Aura Project has established mineral resource estimates in three different deposits (Doby George, Gravel Creek and Wood Gulch), as described in the technical report 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 "Technical Report"; see Table 3 below). The mineral resource estimates in the Technical Report were established in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

In addition, the Aura Project has well-established infrastructure including year-round accessibility by highway and county-maintained road and nearby access to water and electricity (see Figure 6 below). Western Exploration has exploration, development, and mining rights on 930 hectares of privately owned land through a mineral lease agreement with a local landowner and may purchase those fee lands at any time for the development of Doby George.

Table 3. Mineral resource estimates for the Aura Project as reported in the 2021 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:

(1)

Au equivalent oz assumes US$1,800 per oz Au and 70:1 ratio of Ag: Au.

(2)

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.

(3)

Pit constrained 0.2 g/t AuEq cutoff.

(4)

3.0 g/t Au cutoff.

About Western Exploration

Western Exploration is focused on advancing the 100% owned Aura Project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. The Aura Project includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Western Exploration is comprised of an experienced team of precious metals experts that aim to lead the company to becoming North America's premiere gold and silver development company.

Additional information regarding Western Exploration can be found on Western Exploration's corporate website (www.westernexploration.com) on SEDAR+ (www.sedarplus.ca) under Western Exploration'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 Western Exploration's Aura Project, who is a "qualified person" within the meaning of NI 43-101.

Quality Assurance – Quality Control

Drill program design, Quality Assurance/Quality Control ("QA/QC") and the interpretation of results is performed by qualified persons using a QA/QC program in accordance with NI 43-101 and industry best practices.

Drill core samples were delivered by Major Drilling to Western Exploration's warehouse/logging facility in Mountain City, Nevada and washed, photographed, and logged by company geologists. Sample intervals were marked and recorded. Quality control (QC) samples were inserted at regular intervals in the sample stream with all sample shipments, including blanks, core duplicates and reference materials, to monitor laboratory performance. Core was kept in the secure Mountain City, Nevada facility until transported for assay.

Drill core samples were transported by Neilsen Exploration to ALS Chemex located in Sparks, Nevada, for sample preparation and analysis. Core was sawed at the ALS facility, with ½ prepared for assay and ½ core preserved and returned to Western Exploration's Mountain City facility. Samples were analyzed for gold using ALS CHEMEX fire assay procedure Au-AA13, with over limits being analyzed by Au_GRA21. Samples were analyzed for silver and a 40 element suite using ALS Chemex procedure ME-ICP41, with over limits being analyzed by Ag_GRA21. Split core, all pulps and select rejects are returned to Mountain City for secure long-term storage.

Oriented core data was collected following methodology established by Oriented Targeting Solutions. Oriented Targeting Solutions compiled data in Access and completed the first pass interpretation utilizing Leapfrog software.

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 Technical Report, which has been prepared in accordance with NI 43-101, a copy of which is available on SEDAR+ (www.sedarplus.ca) 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 significance of the results of the 2024 core drill program, including the prospectivity of the Jarbidge rhyolite discovery; the ability of exploration activities, including drilling, to accurately predict mineralization; management's expectations on the grade and extension of mineralization; the significant resource expansion potential om the greater Gravel Creek-Wood Gulch area (if any); the system being open for expansion (if at all), including in all directions; the accuracy of results from prior exploration activities conducted at the Aura Project; 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; the potential to greatly expand resources within the Gravel Creek mineralized system; future drilling at the Aura Project; the significance of historic exploration activities and results; the ability to expand the existing mineral resources at the Aura Project. 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 modelling; the ability of Western Exploration to complete further exploration activities, including drilling; the uncertain nature of exploration activities; 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, please refer to the continuous disclosure record of Western Exploration on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile. 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/20250108974235/en/

For more information please contact:

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