West Mining Enters into Letter of Intent for Blue Cove Property, Newfoundland
WEST MINING ENTERS INTO LETTER OF INTENT FOR BLUE COVE
COPPER PROPERTY, NEWFOUNDLAND
Vancouver, B.C. – January 25, 2022– West Mining Corp. (“West” or the “Company”) (CSE:
WEST) (OTC: WESMF) is pleased to announce it has entered into a non-binding letter of intent
(the “LOI”) dated as of January 21, 2022 with Dean Fraser (the “Optionor”) which contemplates a
transaction under which West will have the right to earn a 100% undivided interest in Blue Cove
Copper Property.
The Blue Cove Copper Property is located at the head of Fortune Bay, in southeast Newfoundland
and is host to significant copper occurrences in outcrop. Several new targets have been identified by
prospecting over the past two years and copper mineralization can be found locally throughout the
claims. The best assay obtained to date from grab samples at the Blue Cove Property returned values
as high as 5.1% Cu, 33 g/t Ag and 0.27 g/t Au. Copper mineralization generally occurs in altered
volcanic rocks and sediments on the Property with the primary copper minerals being chalcocite with
more minor bornite and chalcopyrite. Widespread copper oxide is readily visible on many outcrops
throughout the property.
The Property consists of 232 claims covering a 5,800 hectare area, striking 22 kilometres adjacent to
the Terrenceville fault structure. Excellent infrastructure also exists in the area, including the nearby
town of Terrenceville which hosts a deep sea port.
“ It is rare to find a project with such vast potential that has never seen modern exploration. West is
anxious to begin a systematic work program on this highly prospective property.” states CEO of
West Mining Corporation Nicholas Houghton. “ The fact that it is a turnkey operation with a
Newfoundland based crew on hand lends itself perfectly in allowing the Company to stay focussed
on the Kena gold and copper project whilst expanding its portfolio. We see the demand for copper
strongly increasing and seizing this opportunity can only be of benefit to our shareholders”
Under the LOI, the parties have agreed to make good faith negotiations towards a binding definitive
option agreement (the “Option Agreement”) respecting the proposed transaction. Pursuant to the
proposed terms of the transaction contemplated in the LOI, West will be able to exercise the option
by: paying an aggregate of $160,000 to the Optionor; issuing an aggregate of 1,700,000 common
shares in the capital of the Company to the Optionor; and incurring an aggregate of $750,000 of
exploration expenditures on the Property, as follows:
Cash Shares Work Commitment
On execution of the Option
Agreement (the “Execution
Date”)
$10,000 250,000 -
12 Months after Execution Date $20,000 300,000 $100,000
24 Months after Execution Date $30,000 400,000 $100,000
36 Months after Execution Date $100,000 750,000 $250,000
48 Months after Execution Date $300,000
Aggregate $160,000 1,700,000 $750,000
On West successfully exercising the option, the Optionor will be entitled to retain a 3.0% net smelter
returns royalty on the Property, with West having the right to purchase one-third (1.0%) of such net
smelter returns royalty from the Optionor for $1,000,000 at any time.
West will provide updates respecting the proposed transaction and the Option Agreement in due
course.
Linda Dandy, P.Geo., a “Qualified Person” for the purpose of National Instrument 43-101, has
reviewed and approved the technical contents of this news release.
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring and developing advanced and
prospective early-stage exploration projects. It is fully focused on its 100% owned, 9000 hectare
Kena Project located near Nelson, British Columbia. The Kena Project comprises three adjoining
Properties: Kena, Daylight and Athabasca. A recent NI43-101 resource estimate for Kena gave
561,900 oz Au indicated and 2,773,100 oz Au inferred at a cut off of 0.25 g/t Au contained within
the Gold Mountain, Kena Gold and Daylight Zones. The Kena Property also hosts the large Kena
Copper Zone, along with with the historic Euphrates and Gold Cup gold-silver mines. The Daylight
property contains the historic past producing Daylight, Starlight, Victoria, Irene and Great Eastern
gold mines. Along trend to the north is the Athabasca Property, with the historic Athabasca Gold
Mine. The historic mines and known mineralized zones on these three properties are structurally
controlled along a 20 kilometre strike as identified by strong geophysical signatures.
For additional information, please refer to the Company’s public disclosure record available on
SEDAR at www.sedar.com.
West Mining Corp.
Nicholas Houghton
President & CEO
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