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Corporate Update
Westward would like to thank shareholders who participated in its recent non-brokered private placement (see press release dated
Diamond Drillhole T2301: Immediate Follow-Up
In the spring of 2023, the Company successfully completed one of the deepest drillholes ever seen on its flagship
Upper Plate Siliciclastic Dominant Section:
Siliceous mudstone/siltstone, cherty mudstone, and calcareous/dolomite siltstone occur from the drill collar to a depth of 238 meters (781 feet)
Contact between upper and lower plate rocks is interpreted as a structural contact – the Roberts Mountains Thrust (“RMT”) (these rocks are informally included in the Vinini Formation)
Cataclastic breccia in T2301 is similar in texture and thickness to those documented at gold deposits on the Carlin Trend, where the RMT is defined by a broad high-strain zone that locally exceeds 50 meters in thickness (see Figures 1 and 2 below)
Two significant near-surface, upper plate hosted gold zones were intersected, including(1):
6.3 meters of 2.04 g Au/t from 9.9 to 16.2 meters: gold mineralization is associated with limonite oxidation, quartz-limonite / +calcite veins, clay, breccia, and a variety of faults at 25 to 70-degrees to core axis
11.7 meters of 0.90 g Au/t from 27.3 to 39.0 meters: gold mineralization is associated with limonite oxidation, quartz and/or limonite veins, breccia, clay, and faults at 20 to 40-degrees to core axis
Lower Plate Carbonate Section:
Carbonate rocks of the Wenban Formation are present from 238 meters (781 feet) to TD at 612 meters (2,008 feet)
Rocks of the Horse Canyon Formation were absent in T2301, likely as a result of the RMT cutting down-section into lower plate carbonate rocks (this pattern was also confirmed by 1:5000 Anaconda-style mapping conducted by
Mr. Koehler ). The Horse Canyon Formation does occur at Toiyabe, however not in the immediate vicinity of T2301Compressional tectonic structures occur throughout the lower plate section, including thrust faults and ramps, a variety of tight to open, overturned, anticlines / synclines / recumbent folds, thrust fault propagation anticlines (similar to the nearby
Pipeline Mine ), duplex zones, anticlinal stacks, and rapid changes in bedding anglesCarbonate tectonostratigraphy in T2301 is complex due to the abundance of compressional structures. Similar structural patterns are documented in the
Cortez District 10 km to the northeast of Toiyabe, and in general, geologic patterns observed in T2301 share a number of similarities to known, published carbonate rock packages at Cortez (notably, Wenban Units 3 through 6)Three unique, oxidized, lower plate carbonate-hosted gold zones(1) were intersected; key takeaways pertaining to gold mineralization include the following: (i) drilling confirms that oxidized gold associated with the
SSD Zone extends to the northeast and that mineralization remains open to the north and east, (ii) theSSD Zone is approximately 625 meters in length along a southwest-northeast strike, and (iii) oxidized gold occurs with thrusts, folds, and moderate to steep (10 to 50 degrees) bedding to core axis angles
Figure 1: T2301 – Examples of Cataclastic Breccia Developed in Upper Plate Siliciclastic Rocks along the RMT
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Figure 2: Comparative Breccia within Documented Carlin-Type Gold Systems(2)
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Photo D:Foliated cataclastic breccia and phyllonite defining part of thrust in the
Photo E:Detail of foliated parts of the thrust above the Leeville Deposit, where Rodeo Creek Formation is thinned to absent
Refer to Westward Gold’s press release dated
May 23, 2023 , for full disclosure as it relates to T2301 assay results, including sampling methodology, chain of custody, QA/QC, and data verification.Sources: Rhys, D., Valli, F., Burgess, R., Heitt, D., Griesel, G., and Hart, K., 2015. Controls of fault and fold geometry on the distribution of gold mineralization on the Carlin Trend: in Pennell, W.M. and Garside, L.J., eds., New concepts and discoveries,
Geological Society of Nevada 2015 Symposium proceedings:Reno, Nevada ,Geological Society of Nevada , p. 1245-1301.
Technical Update: Advancing the
To supplement geological advancements made through the detailed logging of core hole T2301, additional field programs have been designed to further Westward’s understanding of the consolidated Toiyabe district as a whole. This includes the Company’s Toiyabe,
At Toiyabe, a systematic relogging of all available legacy RC and core drillholes (~15,000 meters total) will be undertaken. The program will aim to correlate stratigraphic, structural, and alteration features identified in T2301 with gold mineralization, improve upon historical interpretations based on Westward’s recent findings, and standardize datasets with more thorough and detailed observations. A new set of cross-sections will be created and analyzed to identify new target opportunities on the property.
Figure 3: Westward’s Consolidated Land Package
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Systematic recon and surface rock chip sampling will occur at both the
Additionally, the Company plans to undertake a soil survey at the
Figure 4: Proposed Soil Sample Grid at
Qualified Person
The technical information contained in this news release was reviewed and approved by
About
For further information contact:
President, CEO & Director
colin@westwardgold.com
www.westwardgold.com
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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 workprograms. 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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