Westward Gold Confirms Near-Surface Gold Mineralization in T2301 & Provides Drilling Update

2023-04-26 / @thenewswire

(TheNewswire)

Vancouver, British Columbia – TheNewswire - April 26, 2023 – Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”) is pleased to announce assay results from the first 244.4 meters (802 feet) of vertical diamond drill hole T2301 at the Company’s Toiyabe Gold Project in Lander County, Nevada (“Toiyabe”) (see press releases dated February 15th, 23rd, and April 12th, 2023, for additional information).

Key takeaways from the first 244.4 meters of assays:

The assays confirm and verify near-surface gold mineralization intersected in historical reverse-circulation (“RC”) hole T802(1)
The broader gold system remains open to the north and east for additional testing
Gold mineralization extends into the upper plate siliciclastic rock package in the near-surface environment
The system produces high-grade gold (>2 g Au/t)

Figure 1: Significant Gold Assays (Interim Results) – T2301

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Note: Gold intervals reported in Figure 1 were calculated using a 0.14 g Au/t cut-off. Weighted averaging was used to calculate reported intervals. True widths are estimated at 70-90% of drilled thicknesses.

Near-surface gold mineralization was confirmed in the upper plate siliciclastic rock package, traditionally a less-favourable gold host versus lower plate carbonate rocks. Associated with the near-surface upper plate mineralization was oxidation and brecciation, similar to what is observed down-hole in the lower plate carbonate rocks. These lower plate rocks were encountered near the limit of available assays to-date, and continue for the remainder of the hole. One of the key objectives of T2301 was to test carbonate stratigraphy downdip from the near-surface Courtney historical resource(2); it represents a 295-meter northeast step-out from the closest intersection of the deeper SSD Zone – a thick, mineralized deformation zone identified by the Westward technical team.

Steve Koehler, Technical Advisor, noted: “Upper plate gold occurrences along major Nevada gold trends typically form above – or just slightly outboard from – larger, lower plate gold occurrences. Examples of upper plate mineralization occur near deposits including Goldstrike, Leeville / Turf, Deep Star, and Pete Bajo.”

In addition to assaying for gold, composite samples were analyzed for 36 additional elements via Aqua Regia ICP-ES/MS (1 multielement composite sample comprised of every 10 gold samples submitted). These multi-pulp composites provide first-pass characterizations of trace element geochemistry. Notably, elevated arsenic values were observed near surface, concurrent with the elevated gold values – a hallmark of Carlin-style deposits along major Nevada gold trends.

Figure 2: Elevated Arsenic Values Near Surface

Arsenic values also increased as the intervals approached the contact zone between the upper plate and lower plate rocks, which speaks to the potential for additional gold mineralization as depth increases.

Figure 3: Elevated Arsenic Values Approaching Lower Plate Contact

Dave Browning, Westward’s VP of Exploration, commented: “The elevated arsenic values are some of the highest recorded in drill samples at Toiyabe. Its increased presence in T2301 may support our thesis that the system continues to gain strength to the northeast.”

The Company is also pleased to provide additional technical information and visual results from beyond 500 meters (1,640 feet), building upon the last press release on April 12th. The brecciation, decalcification, and oxidation observed and described in that release remains present (see Figure 4 below). Of particular interest is the increased presence of pervasive clay alteration and oxidation observed at significant depth (see Figure 5 below).

Dave Browning added: “This level of oxidation has not been observed in previous drilling that reached these depths. The vertical extent of alteration in T2301 – either as decalcification, silicification, or clay – is impressive in that it is continuous from the contact of the lower plate carbonate unit. This consistent alteration at depth is yet another indication that the hydrothermal system is open to the north and east.”

Figure 4: 1755.8 to 1764.3 feet / 535.1-537.8 meters (note units shown in photo are in feet)

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Figure 5: 1904.5 to 1913.5 feet / 580.5 to 583.2 meters (note units shown in photo are in feet)

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An additional 86.9 meters (285 feet) of core from T2301 have been cut and shipped to Bureau Veritas’ (“BV”) lab in Elko, NV, and Westward expects the quoted turnaround time of ~3 weeks will remain consistent moving forward. BV is operated at arm’s length to the Company. At this time, the decision has been made to end the hole at a total depth of 612 meters (2,008 feet), making it the deepest hole ever drilled in the northeast target area, and third deepest on the entire property. Whereas the geological signs point to the hole remaining in potential favourable host rock, logistics and safety have become increasingly challenging with snow-melt impacting the roads and drill rig. The Company would like to extend its gratitude to the Scout Drilling LLC crew for their tireless efforts in completing this hole safely.

Westward believes that the ~365 meters (~1,200 feet) of altered lower plate carbonate rocks encountered in T2301 will be more than sufficient to test the mineralizing potential of the hydrothermal system at depth and to the northeast. Approximately 280 meters (~920 feet) of core remain pending delivery to BV and will be shipped within the next 1-2 weeks. Given the relatively short wait times for assays results, the Company will evaluate next steps in terms of targeting once those results have been received and incorporated into the geological model.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance “QA/QC”

The Company has implemented a best-practices QA/QC program during the drilling campaign. All core cutting and sampling is conducted under the supervision of the Company’s Vice President Exploration or Project Geologist, and the chain of custody from the project to the sample preparation facility is continuously monitored. Samples are transported directly from the company’s core cutting facility in Crescent Valley, NV by Westward Gold personnel to BV’s certified preparation facility in Elko, NV, where they are crushed and pulverized. Resulting sample pulps are transported to BV’s certified facilities in Sparks, NV for fire assay and Vancouver, BC, for multielement analysis.

Core sample intervals are determined based on geological observations from the technical team. Certified standards and blanks are inserted every 10 samples. All samples will be analyzed for gold, silver, and 35 additional elements. Assays will consist of fire assay / AAS for gold, and Aqua Regia ICP-ES/MS for geochemistry. The data is reviewed and verified by Westward’s Qualified Person prior to disclosure in any news releases, including this one.

Drill hole deviation was measured by gyroscopic down-hole surveys with tooling provided by REFLEX of Elko, NV. The deviation surveys will provide accurate data about the true inclination and azimuth of the holes. Obtaining an accurate survey of the drillholes leads to a better contextual understanding of the core samples, and a more robust 3D geological model.

(1) Sources: Toiyabe data room and drill log files inherited from previous operators. The Company and its qualified person have relied on third-party data during its review of the information presented herein, and while it believes the information to be relevant to investors, it cautions readers that it should not be unduly relied upon in drawing inferences on the mineralization at Toiyabe, as additional work is required to confirm drill intercepts and/or soil samples, including (but not limited to): re-sampling and re-assaying of available core and/or pulps, verification of assay certificates where available, review and verification of drillhole geologic logs versus the preserved core and RC cuttings.

(2) Source: NI 43-101 Technical Report, American Consolidated Minerals Corporation, Prepared by Paul D. Noland, P. Geo., May 27, 2009 (the “2009 Technical Report”). A qualified person has not done sufficient work to classify the Historical Estimate at Toiyabe as current mineral resources and Westward is not treating the Historical Estimate on Toiyabe as a current mineral resource, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Historical Estimate was calculated using mining industry standard practices for estimating Mineral Resource and Mineral Reserves (2005) which was prior to the implementation of the current CIM standards for mineral resource estimation (as defined by the CIM Definition Standard on Mineral Resources and Ore Reserves dated May 10, 2014). The key assumptions, parameters and methods used to prepare the Historical Estimate on Toiyabe are described in the 2009 Technical Report. While Westward considers the Historical Estimate on Toiyabe disclosed in this news release to be relevant to investors, it cautions readers that it should not be unduly relied upon in drawing inferences on the mineralization on Toiyabe, as additional work is required to upgrade or verify the Historical Estimate as a current mineral resource. This additional work includes (but may not be limited to): re-sampling and re-assaying of available core and/or pulps, verification of assay certificates and digital assay data, verification of select drill hole collars, review and verification of drill hole geologic logs versus the preserved core and RC cuttings, incorporation of AuCN assays to provide a general understanding of metallurgical characteristics, review and verification of mineralization controls and modelling techniques.

Qualified Person

The technical information contained in this news release was reviewed and approved by Steven R. Koehler, Technical Advisor to the Company, who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Koehler 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.

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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.