NORTH
BERWICK, Scotland
,
Dec. 29,
2022 /CNW/ - WESTERN GOLD EXPLORATION
LTD. (TSXV: WGLD) (the "Company") is pleased to
announce that it plans to concentrate its exploration activities
going forward on its Lagalochan copper gold porphyry property in
Argyll, Scotland (the
"Lagalochan Property"). On November
29, 2022, the Company filed a National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
compliant, independent Technical Report (the "Report") on
the Lagalochan Property.
The Report proposes a two-phase exploration programme for the
Lagalochan Property. The Company expects to advance its exploration
work in accordance with the Report recommendations. Phase 1
exploration proposes to concentrate on gaining a better
understanding of the deposit through completing data compilation,
digitizing of historical data and through near-surface exploration
of the various target types identified in the Report. This
includes:
- Exploring for extensions of the primary hypogene copper, gold,
molybdenum stockwork mineralization within the host intrusion and
the surrounding metasediments.
- Exploring for porphyry related mineralization targets including
intermediate sulphidation epithermal veins and proximal gold copper
skarn mineralization. Once all the data compilation is finished and
the near-surface exploration included, the depth potential of the
project should be tested.
The Company has completed its evaluation of its Knapdale Gold
Copper Project ("Knapdale"), including the results of the
2022 drilling campaign at Knapdale. The 2022 exploration activity
resulted in the Company spending £1,604,917 by July 29, 2022, thereby exceeding the initial work
commitment of £1.5 million by July 29,
2022, pursuant to its prospecting agreement for Knapdale.
That prospecting agreement includes a further work commitment to a
cumulative £3 million by July 29,
2024.
The Company's evaluation of Knapdale has concluded that the poor
results to date, combined with the opportunity to develop its
Lagalochan Property, does not justify any further investment in
Knapdale. Consequently, the Company has terminated its prospecting
agreement regarding Knapdale and will record an impairment charge
on its exploration and evaluation properties of approximately
$2.5 million in December 2022.
About
Western Gold Exploration
The Company is a mineral exploration company that is listed on
the TSX Venture Exchange under the symbol "WGLD".
The Company is focused
on the exploration of mineral
properties in Scotland
and discovering new opportunities across the
underexplored Caledonian Appalachian and identifying locations of
gold and critical metal deposits. The Company's principal
focus is its Lagalochan copper gold porphyry property located in
Argyll, Scotland.
The Report and additional information about the Company are
available on SEDAR at www.sedar.com under the Company's profile and
on the Company's website: www.westerngoldexploration.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, timing and completion of any drilling, exploration and
work programs on the Company's properties, estimates of
mineralization from drilling, geological information projected from
drilling results, potential for minerals and/or mineral resources,
and statements regarding the plans, intentions, beliefs, and
current expectations of the Company with respect to the future
business activities and operating performance of the Company that
may be described herein. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur.
By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, estimates, forecasts, projections and other
forward-looking statements will not occur. These assumptions, risks
and uncertainties include, among other things, the state of the
economy in general and capital markets in particular, accuracy of
assay results, geological interpretations from drilling results,
timing and amount of capital expenditures; performance of available
laboratory and other related services, future operating costs, and
the historical basis for current estimates of potential quantities
and grades of target zones, as well as those risk factors discussed
or referred to in the Company's Management's Discussion and
Analysis for the year ended December 31,
2021, and the period ended September
30, 2022 available at www.sedar.com, many of which are
beyond the control of the Company. Forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement.
The forward-looking statements contained in this press
release are made as of the date of this press release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Western Gold Exploration Ltd.