Vancouver, October 10, 2023 -
Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) ("Westward" or the "Company") is pleased to provide investors with an update on recent field activities conducted by Vice President Exploration Robert Edie. Mr. Edie spent two weeks in September at all five of the Company's properties in Nevada, including the consolidated Toiyabe district on the Cortez Trend (made up of the Toiyabe, Turquoise Canyon, and East Saddle Projects), and the Coyote and Rossi Projects on the northern end of the Carlin Trend. He performed detailed geological reconnaissance - traversing approximately 50% of the total land area - and collected 192 surface rock chip samples to be analyzed for gold and multi-element data. The information gathered from this important baseline work will help improve geological models and targeting, especially at prospective areas of Turquoise Canyon and East Saddle, projects which are being advanced towards first-ever drilling. Additional information related to upcoming planned exploration activities can be found in Westward's recent press release dated September 7, 2023.
Cortez Trend Properties
At the Toiyabe, Turquoise Canyon, and East Saddle Projects, surface reconnaissance identified a widespread area of compressional tectonics in the upper-plate Vinini Formation. Key structures observed included recumbent folds (Figure 1 below), parasitic folds (Figure 2 below), and large-scale disharmonic folds (Figure 3 below). This set of tectonic features, and their orientations, indicate that the area has experienced multiple compressional events. Detailed Anaconda-style mapping is planned on ground for which that wasn't already completed, with a focus on defining important structural intersections - which can act as fluid traps in Carlin-type gold deposits.
Figure 1: Recumbent Fold on the East Saddle Property in Upper-Plate Vinini Formation;
Evidence for Compressional Tectonics
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Figure 2: Parasitic S-fold Looking North at the East Saddle Property in Upper-Plate Vinini Formation;
Continued Evidence for Compressional Tectonics
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Figure 3: Large-Scale Brecciated Disharmonic fold on the Turquoise Canyon Property
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187 surface rock chip samples were collected from the Toiyabe, Turquoise Canyon, and East Saddle Projects (see Figure 4 below for location distribution). These samples will be assayed for both gold and multi-element data. Abundant quartz veining was observed cutting through both upper-plate and lower-plate stratigraphy, with some veins being as wide as one foot (see Figure 5 below). In addition, an area of decalcified, silicified limestone was identified and sampled. This type of hydrothermal alteration is a common occurrence near and within Carlin-type gold deposits.
Robert Edie, Westward's Vice President Exploration, noted: "After completing my first significant stint in the field since joining the Company, I'm delighted to confirm with my own eyes that the Toiyabe Properties and Coyote/Rossi contain several key components necessary to host Carlin-type gold deposits. Compressional tectonics, hydrothermal alteration, and the presence of igneous dikes were all verified. The important puzzle pieces are there and the process of putting them all together is well underway."
Figure 4: Location of Rock Chip Samples Collected from the Toiyabe, Turquoise Canyon, and East Saddle Projects
Figure 5: Example of 1-Foot-Wide Quartz Vein Cutting through Upper-Plate Vinini Formation
Carlin Trend Properties
At the Company's Coyote and Rossi Projects on the Carlin Trend, tectonic breccia was observed along the mapped Coyote NE Fault, trending at an azimuth of 065° (see Figure 6 below), an identical orientation to the mapped fault. Local small-scale structures often coincide with larger-scale structures developed regionally in Carlin-type gold deposits.
Another set of structures trending at an azimuth of 010° and intersecting the Coyote NE fault were also observed. These structural intersections traditionally form a preferential setting for increased gold mineralization in Carlin-type gold deposits. Hydrothermal alteration observed in outcrops include specular hematite, quartz veining (see Figure 7 below), and barite.
Figure 6: Tectonic Breccia Developed in Upper-Plate Vinini Formation;
Evidence for Compressional Tectonics
Figure 7: Hydrothermal Quartz Veins Developed in Upper-Plate Vinini Formation,
Above the Prospective Lower-Plate Carbonate Rocks
Qualified Person
The technical information contained in this news release was reviewed and approved by Robert Edie, Vice President Exploration of the Company, who is a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Edie 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.
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 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.
