Western Exploration Files NI 43-101 Technical Report for the Aura Gold Silver Project
Western Exploration Files NI 43-101 Technical
Report for the Aura Gold Silver Project
Reno, Nevada--(Newsfile Corp. - June 25, 2025) - Western Exploration Inc. (TSXV: WEX) (OTCQX:
WEXPF) (the "
Company
" or "
Western Exploration
") has filed on SEDAR+ a technical report
prepared in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-101
") on the Aura Project ("
Aura
" or the "
Project
"), titled "Preliminary Economic Assessment
of
the Doby George Deposits and Updated Resource Estimate for the Gravel Creek Gold-Silver Deposits,
Aura Gold-Silver Project, Elko County, Nevada" (the "
Technical Report
").
The Technical Report
supports disclosures dated May 8, 2025, titled "Western Exploration Announces Positive Preliminary
Economic Assessment for the Doby George Resource at The Aura Project" and June 23, 2025 titled
"Western Exploration Announces 54% Increase In Inferred Gravel Creek Gold Equivalent Mineral
Resources".
There are no material differences in the Technical Report from the results disclosed in the
May 8, 2025 and June 23, 2025 news releases.
Highlights of the updated
Gravel Creek MRE include:
A significant increase in grades and ounces, at a 3.0g AuEq/t cutoff
*
, in the inferred mineral
resource category, reflecting the positive contribution from the high-grade vein discovery hosted in
Jarbidge rhyolite east of Gravel Creek.
Increased ounces of gold in the inferred mineral resource category from 367,000 ounces Au
to 571,000 ounces Au, representing a 56%* increase in ounces of gold and a 9%
increase in
grade of gold.
Increased ounces of silver in the inferred mineral resource category from 5,307,000 ounces
Ag to 9,726,000 ounces Ag, representing an 83%* increase in ounces of silver and a 28%*
increase in grade of silver.
Indicated gold equivalent grade, reported at a 3.0 g/t Aueq cutoff
*
,
remained relatively constant
between 2021 and 2025 with 216,000 ounces Au and 3,367,000 ounces Ag being reported in the
current MRE.
Highlights of the updated
Doby George Heap Leach PEA include:
Base Case After-tax NPV of US$70.7M and an IRR of 25.4% using a gold price of US$2,150
increasing to US$211.2M with a 62.2% IRR utilizing a US$3,000/oz gold price (see upside metal
price to base case metal price comparison in Table 1)
Total Life-of-Mine ("LOM") after-tax net cash flow of US$271.2M over a five-year project life using
US$3,000 gold price
Average annual operating cash flow of $112.1M and a less than 18-month payback period using
US$3,000 gold price
LOM all-in Sustaining cost of US$1,197 per ounce at US$3,000 gold price and US$1,152 per
ounce at the base case of gold price being US$2,150
LOM average grade of 1.01 g/t Au creating potential for significant profit margins
Estimated pre-production capital costs of US$115.2M excluding upfront Working Capital of
US$12.4M which is credited back to the operation on year five
The Technical Report was prepared by RESPEC Company LLC ("
RESPEC
") and Kappes, Cassidy &
Associates ("
KCA
") both based in Reno, Nevada with an effective date of June 17, 2025.
The Technical
Report can be found on the Company's website at
www.westernexploration.com
and on SEDAR+ at
www.sedarplus.ca
under the Company's issuer profile.
2025 Exploration Plan
Exploration will continue in 2025 with an approximate 4,000 meter drill program focused on the
Tomasina Fault Zone at Wood Gulch. Wood Gulch is a former producing open pit mine and geological
reinterpretation based on prior drill results has reprioritized Wood Gulch as a highly prospective target.
While Wood Gulch is the focus of Western Exploration's 2025 exploration program, the significant
resource increase at Gravel Creek (as described in this news release) supports a more extensive drill
program aimed at infill drilling and resource expansion. In addition, the Company will continue to de-risk
the project through project refinement, both in terms of potential processing and cost parameters,
continued geotechnical work, ongoing environmental studies, and permit planning.
Webinar Reminder
Join CEO Darcy Marud for a live webinar on Thursday, June 26, at 1 pm PT where he will
provide an update on the latest company developments. Please
register here
.
Technical Information
The Gravel Creek, Wood Gulch and Doby George MREs were prepared for Western Exploration by Mr.
Michael S. Lindholm, C.P.G. of RESPEC in Reno, Nevada, who is a qualified person for purposes of NI
43-101 and independent of Western Exploration as defined in Section 1.5 of NI 43-101.
The PEA has been prepared by independent representatives of KCA and RESPEC, each of whom is a
"qualified person" (within the meaning of NI 43-101) (each, a "qualified person") and independent of
Western Exploration for purposes of Section 1.5 of NI 43-101. At the effective date of the PEA, each
qualified person has certified that, to the best of their knowledge, information, and belief, the parts of the
PEA for which they were responsible, contain all scientific and technical information required to be
disclosed to make the PEA not misleading. The affiliation and areas of responsibility for each qualified
person involved in preparing the PEA are provided below.
Travis Manning, P.E. of KCA - processing design and costs, metallurgy, recovery and cash flow
Mr. Michael S. Lindholm, C.P.G. of RESPEC - geology, database and MRE
Kyle Murphy, P.E. of RESPEC - open pit design, mine planning, scheduling and costing
About Western Exploration
Western Exploration is focused on advancing the 100% owned Aura Project, located approximately 120
kilometers/75 miles north of the city of Elko, Nevada. The Aura Project includes three unique gold and
silver deposits: Doby George, Gravel Creek, and Wood Gulch. Western Exploration is comprised of an
experienced team of precious metals experts that aim to lead the company to becoming North
America's premiere gold and silver development company.
Additional information regarding Western Exploration can be found on Western Exploration's corporate
website (
www.westernexploration.com
) and on SEDAR+ (
www.sedarplus.ca
) under Western
Exploration's issuer profile.
For further information, please contact:
Darcy Marud
Chief Executive Officer
Telephone: (775) 329-8119
Email:
Nichole Cowles
Investor Relations
Telephone: (775) 240-4172
Email:
Cautionary Statements Regarding Estimates of Mineral Resources
This news release uses the terms measured, indicated, and inferred mineral resources as a relative
measure of the level of confidence in the resource estimate. Readers are cautioned that mineral
resources are not mineral reserves and that the economic viability of resources that are not mineral
reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may
be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing, or
other relevant issues. The mineral resource estimate is classified in accordance with CIM Definition
Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on
Reserve Definition, which is incorporated by reference into NI 43-101. Under NI 43-101, estimates of
inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic
studies except for preliminary economic assessments. Readers are cautioned not to assume that further
work on the stated resources will lead to mineral reserves that can be mined economically.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the
meaning of the applicable Canadian and United States securities legislation (collectively, "
forward-
looking statements
"). These forward-looking statements, by their nature, require the Company to make
certain assumptions and involve known and unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in such forward-looking statements. Any
statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often, but not always, using phrases such as "expects", or
"does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not
anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes"
or "intends" or variations of such words and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking information and are intended to identify forward-looking
information. This news release contains the forward-looking information pertaining to, among other
things: the significance of the results of the MRE; the Technical Report being filed within 45 days of May
8, 2025 (if at all) supporting the results of the MRE described in this news release; the ability of
exploration activities, including drilling, to accurately predict mineralization; management's expectations
on the grade and extension of mineralization; the accuracy of results from prior exploration activities
conducted at the Aura Project; the key assumptions, parameters and methods used to estimate the
mineral resource estimate disclosed in this news release; the prospects, if any, of the Doby George,
Gravel Creek and Wood Gulch mineral deposits; and the schedule of further drilling and exploration
activities. Such factors include, among others, risks relating to the ability of exploration activities
(including drill results) to accurately predict mineralization; errors in management's geological modelling;
the ability of Western Exploration to complete further exploration activities, including drilling; the uncertain
nature of exploration activities; property and royalty interests in respect of the Aura Project; the ability of
the Company to obtain required approvals; the results of exploration activities; risks relating to mining
activities; the global economic climate; metal prices; dilution; environmental risks; and community and
non-governmental actions. Although the forward-looking information contained in this news release is
based upon what management believes, or believed at the time, to be reasonable assumptions,
Western Exploration cannot assure shareholders and prospective purchasers of securities of the
Company that actual results will be consistent with such forward-looking information, as there may be
other factors that cause results not to be as anticipated, estimated or intended, and neither Western
Exploration nor any other person assumes responsibility for the accuracy and completeness of any such
forward-looking information. Western Exploration does not undertake, and assumes no obligation, to
update or revise any such forward-looking statements or forward-looking information contained herein to
reflect new events or circumstances, except as may be required by law.
For additional information with respect to these and other factors and assumptions underlying the
forward-looking statements and forward-looking information made in this news release concerning
Western Exploration, please refer to the continuous disclosure record of Western Exploration on
SEDAR+ (
www.sedarplus.ca
) under Western Exploration's issuer profile. The forward-looking
statements set forth herein concerning Western Exploration reflect management's expectations as at the
date of this news release and are subject to change after such date. Western Exploration disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/256662