WEX.V · 2024-11-11 12:00:00

Western Exploration Reports Additional High Grade Assay Results from 2024 Drilling at Gravel Creek

Drill Results

WESTERN EXPLORATION REPORTS ADDITIONAL HIGH GRADE ASSAY

RESULTS FROM 2024 DRILLING AT GRAVEL CREEK

Drill Results up to 0.3m @ 33.69 g/t AuEq, 1.04m @ 16.72 g/t AuEq and

0.55m @ 75.12 g/t AuEq Highlight Further Resource Expansion Potential

Northeast of the Current Gravel Creek Deposit

Vancouver, British Columbia – November 11, 2024 – Western Exploration Inc. (TSXV: WEX; OTCQX:

WEXPF) (the "Company" or "Western Exploration") is pleased to announce additional assay results

from the 2024 core drilling program in the Jarbidge rhyolite north-east of the Gravel Creek resource

area at the Company's wholly-owned Aura gold-silver project (the "Aura Project").

Highlights from 2024 Drill Program

• Five oriented core holes totaling 3,556 meters were completed in 2024 to offset the high-grade

intercepts in the Jarbidge rhyolite (" Discovery Section ") (see additional details in the news

release of the Company dated January 8, 2024, entitled "Western Exploration Provides Update

on Drilling Activities at Gravel Creek").

• New results are reported here for holes WGC458 and WGC460, as well as further assays from

WGC459 (see the news release of the Company, dated October 7, 2024, entitled " Western

Exploration Reports Positive Assay results from 2024 Drill Program at Gravel Creek".

• WGC458 was drilled 80 meters south on strike from the Discovery Section and reported

individual assays of up to 22.2 g/t Au and 977.0 g/t Ag, with key intercepts including:

• 0.34 meters @ 33.69 g/t AuEq (22.2 g/t Au and 977 g/t Ag)

• 0.40 meters @ 15.36 g/t AuEq (13.20 g/t Au and 184.0 g/t Ag)

• 0.61 meters @ 13.74 g/t AuEq (12.35 g/t Au and 118.0 g/t Ag)

• WGC459 was drilled 80 meters north on strike from the Discovery Section , (partial results

published in the news release dated October 7 2024, entitled "Western Exploration Reports

Positive Assay results from 2024 Drill Program at Gravel Creek" ). Additional results include

the following intercepts:

• 0.86m @ 10.08 g/t AuEq (9.80 g/t Au and 23.4 g/t Ag)

• 0.31m @ 7.54 g/t AuEq (7.21 g/t Au and 27.7 g/t Ag)

• WGC460 was drilled 80 meters north on strike from the Discovery Section and 80 meters

down dip from hole WGC459, and reported individual assays up to 50.3 g/t Au and 2110 g/t

AuEq, with key intercepts including:

• 1.04 meters @ 16.72 g/t AuEq (12.34 g/t Au and 372.2 g/t Ag)

• 0.55 meters @ 75.12 g/t AuEq( 50.30 g/t Au and 2,110 g/t Ag)

Significance of Results for Resource Expansion Potential

Western Exploration 's CEO, Darcy Marud, commented: "The 2024 drill program has intersected

multiple high-grade gold-silver intercepts in the three core holes reported to date. Intercepts are

within the projected structural corridor along a minimum strike length of approximately 300 meters

and dip length of approximately 250 meters. Mineralization is open in all directions and preliminary

interpretation suggests the vein zones may be widening up dip to the east. Western Exploration

continues to believe that the area NE of the Gravel Creek resource offers significant resource

expansion potential w ith high grade gold and silver values hosted in epithermal veins and breccia

zones."

Multiple high-grade Au-Ag vein drill intercepts peripheral to the Gravel Creek Deposit

Previous drilling in the Miocene Jarbidge rhyolite to the northeast of the Gravel Creek deposit

intersected multiple high-grade Au-Ag bearing vein intercepts, with individual assays up to 237.0 g/t

AuEq (WG379) and 2800.0 g/t Ag (WG456). None of these Jarbidge -hosted intercepts have been

included in previous resource estimates. Oriented core drill results from 2023 drilling identified a

north trending, moderately west dipping vein trend, with a preliminary interpretation of vein trends

shown on the Discovery Section 500N (Figure 1).

Figure 1. Jarbidge Discovery Zone Cross Section, showing interpreted continuity of high grade values

along sub parallel structural zones, based on oriented core measurements in holes WG456 and

WG457. The vein zones and subsidiary splays have +20.0 g/t AuEq grades on a dip length of

potentially +200 meters (AuEq calculated at 85:1 Ag: Au; see Figure 2 for location reference).

Five oriented core holes totaling 3,556 meters were completed in the 2024 Gravel Creek drill

program. Holes WGC459 and WG460 were drilled 80 meters to the north of the of the Discovery

Section (Figure 2 and Figure 3). Hole WG458 was drilled 80 meters to the South of the Discovery

Section on section 420N (Figure 2 and Figure 4). All three holes intersected quartz-pyrite marcasite-

bearing veins and breccias, with multiple intercepts over 10.0 g/t AuEq. Significant assay intercepts

are summarized in Table 1 with drill hole coordinates in Table 2 . Oriented core data is being

interpreted and results will be reported in future news releases.

Figure 2. Plan view Gravel Creek area, showing the Gravel Creek resource zone, location of 2023

Discovery Section (Figure 1) and hole WGC458-460 (this news release). Assays for holes WGC461

and WGC462 are pending.

Table 1. Summary of Significant Drill Intercepts in 2024 core holes WGC458, WGC459 and WGC460

FROM TO INTERVAL* AuEq ** Au Ag

DRILL HOLE (m) (m) (m) (g/t) (g/t) (g/t)

WGC458 227.38 227.84 0.46 4.36 1.16 272.0

WGC458 645.27 647.25 1.98 7.41 4.98 206.6

includes 646.91 647.25 0.34 33.69 22.20 977.0

WGC458 650.69 651.09 0.40 15.36 13.20 184.0

WGC458 725.10 725.70 0.61 13.74 12.35 118.0

WGC458 764.13 765.66 1.53 5.74 5.38 31.0

FROM TO INTERVAL* AuEq ** Au Ag

DRILL HOLE (m) (m) (m) (g/t) (g/t) (g/t)

WGC459 273.40 274.26 0.86 10.08 9.80 23.4

WGC459 302.30 303.40 1.10 5.97 2.58 288.0

WGC459 360.27 360.64 0.37 5.91 3.30 222.0

WGC459 420.01 420.32 0.31 7.54 7.21 27.7

WGC459 540.87 541.63 0.76 5.85 3.36 212.0

WGC459*** 543.89 547.58 3.69 22.06 16.66 458.6

includes 543.89 544.90 1.01 68.32 51.50 1430.0

includes 547.09 547.58 0.49 20.14 15.45 399.0

WGC459 564.49 565.81 1.31 8.46 7.09 115.7

includes 565.44 565.81 0.37 26.50 22.50 340.0

WGC459 651.36 657.46 6.10 12.44 8.52 333.5

includes 654.78 655.27 0.49 111.54 75.30 3080.0

FROM TO INTERVAL* AuEq ** Au Ag

DRILL HOLE (m) (m) (m) (g/t) (g/t) (g/t)

WGC460 313.03 314.07 1.04 16.72 12.34 372.2

includes 313.34 314.07 0.73 21.19 15.50 484.0

WGC460 506.88 507.19 0.30 3.92 3.61 26.1

WGC460 560.68 561.23 0.55 75.12 50.30 2110.0

WGC460 618.13 619.35 1.22 5.06 2.76 196.0

WGC460 676.72 677.63 0.91 5.32 4.67 55.6

WGC460 683.09 683.48 0.40 14.28 13.55 62.1

WGC460 688.63 689.37 0.73 4.36 3.31 72.9

WGC460 690.68 690.98 0.30 3.11 2.97 11.8

WGC460 699.06 700.13 1.07 10.38 8.51 119.6

includes 699.67 700.13 0.46 16.88 13.60 279.0

* Estimated true width is 80-100% of Interval Width; Intervals are calculated with a 3 g/t AuEq cutoff,

with limited +1.0 g/t AuEq internal dilution.

** AuEq is calculated at 85:1 Ag: Au

*** Shaded intercepts in WGC459 were reported October 07, 2024

Table 2. Coordinates for 2024 Gravel Creek Core Holes (UTM NAD 83, Zone 11)

Drill Hole Easting (m) Northing (m) Elevation (m) Depth (m) Azimuth Dip

WGC458 586,975.45 4,616,052.79 2,191.51 764.18 99 64

WGC459 587,070.85 4,616,192.49 2,222.35 712.3 97 69

WGC460 587,069.59 4,616,192.66 2,222.10 737.01 96 76

WGC461 587,178.88 4,616,092.07 2,187.66 670.26 96 71

WGC462 587,034.18 4,616,324.03 2,216.90 672.7 104 60

Figure 3. Jarbidge Rhyolite Cross Section 10580N, showing key assay intercepts in holes WGC459

and WGC460, in context with the Gravel Creek Resource and key legacy drill intercepts (intercepts

in blue reported October 7, 2024).

Figure 4. Jarbidge Rhyolite Cross Section 10420N, showing hole WGC458 assay results in context

with the Gravel Creek Resource.

Significance for Future Gravel Creek Exploration

Results from core holes WGC458 to WGC460 confirm there are mu ltiple vein-breccia zones with

+10.00 g/t AuEq values within the projected structural corridor in the Jarbidge rhyolite northeast of

the Gravel Creek resource. This gives the Company good reason to expand oriented core drilling into

and beyond the 550 -meter by 350 -meter area that hosts multiple high grade AuEq intercepts in

widely spaced legacy holes. Of note are the number of +10.0 g/t AuEq drill intercepts intersected in

the farthest E-NE drill holes, indicating the Gravel Creek system has not been closed off (Figure 5).

Figure 5. Cross section A-A', northeast at the limit of drilling in the Gravel Creek area. Note the

widespread distribution of 10.0 g/t AuEq intercepts at the NE limit of current drilling, as well in a

550 x350m area of the Jarbidge rhyolite northeast of Gravel Creek (highlighted by the insert map

on the 1700-m elevation).

ABOUT THE AURA PROJECT

The 6,000-hectare Aura Project has established mineral resource estimates in three different

deposits (Doby George, Gravel Creek and Wood Gulch), as reported in the "2021 Updated Resource

Estimates and Technical Report for the Aura Gold-Silver Project, Elko County, Nevada" dated

October 20, 2021 (with an effective date of October 14, 2021) that was prepared for the Company

by Mine Development Associates (the "Technical Report"; see Table 3 below). The mineral resource

estimates in the Technical Report were established in accordance with National Instrument 43-101

– Standards of Disclosure for Mineral Projects ("NI 43-101").

In addition, the Aura Project has well established infrastructure including year -round accessibility

by highway and county -maintained road and nearby access to water and electricity (see Figure 6

below). Western Exploration has exploration, development, and mining rights on 930 hectares of

privately owned land through a mineral lease agreement with a local landowner and may purchase

those fee lands at any time for the development of Doby George.

Table 3. Mineral resource estimates for the Aura Project as reported in the 2021 Technical Report

MINERAL RESOURCE ESTIMATE(1)

Indicated Inferred

Tonnes

(g/t)

(ozs)

(g/t)

(ozs)

AuEq

(g/t)

AuEq

(oz.) Tonnes

(g/t)

(ozs)

(g/t)

(ozs)

AuEq

(g/t)

AuEq

(oz.)

Doby

George(2) 12,922,000 0.98 407,000 - - 0.98 407,000 4,999,000 0.73 118,000 - - 0.73 118,000

Wood

Gulch(3) - - - - - - - 4,359,000 0.66 93,000 5.80 808,000 0.74 104,543

Gravel

Creek(4) 1,315,000 4.73 200,000 75.0 3,169,000 5.81 245,271 2,744,000 4.16 367,000 60.20 5,307,000 5.02 442,814

TOTAL 14,237,000 1.33 607,000 75.0 3,169,000 1.43 652,271 12,102,000 1.48 578,000 15.74 6,115,000 1.71 665,357

Notes:

(1) Au equivalent oz assumes US$1,800 per oz Au and 70:1 ratio of Ag: Au.

(2) Pit constrained 0.2 g/t AuEq cutoff for oxide, 0.4 g/t Au cutoff for mixed and 1.4 g/t Au cutoff for unoxidized.

(3) Pit constrained 0.2 g/t AuEq cutoff.

(4) 3.0 g/t Au cutoff.

Figure 6. Aura Project – Land holdings and Infrastructure.

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