Western GOLD Exploration Updates Exploration Plans
www.westerngoldexploration.com
TSX Venture: WGLD
WESTERN GOLD EXPLORATION UPDATES EXPLORATION PLANS
For Immediate Release
North Berwick, Scotland December 29, 2022
WESTERN GOLD EXPLORATION LTD. (TSX Venture: WGLD) (the “Company”) is pleased to announce that
it plans to concentrate its exploration activities going forward on its Lagalochan copper gold porphyry
property in Argyll, Scotland (the “Lagalochan Property”). On November 29, 2022 , the Company filed a
National Instrument 43 -101 - Standards of Disclosure for Mineral Projects compliant, independent
Technical Report (the "Report") on the Lagalochan Property.
The Report proposes a two -phase exploration programme for the Lagalochan Property. The Company
expects to advance its exploration work in accordance with the Report recommendations. Phase 1
exploration proposes to concentrate on gaining a better understanding of the deposit through completing
data compilation, digitizing of historical data and throu gh near-surface exploration of the various target
types identified in the Report. This includes:
• Exploring for extensions of the primary hypogene copper, gold, molybdenum stockwork
mineralization within the host intrusion and the surrounding metasediments.
• Exploring for porphyry related mineralization targets including intermediate sulphidation
epithermal veins and proximal gold copper skarn mineralization. Once all the data compilation is
finished and the near-surface exploration included, the depth potential of the project should be
tested.
The Company has completed its evaluation of its Knapdale Gold Copper Project (“Knapdale”), including
the results of the 2022 drilling campaign at Knapdale . The 2022 exploration activity resulted in the
Company spending £1,604,917 by July 29, 2022, thereby exceeding the initial work commitment of £1.5
million by July 29, 2022, pursuant to its prospecting agreement for Knapdale. That prospecting agreement
includes a further work commitment to a cumulative £3 million by July 29, 2024.
The Company’s evaluation of Knapdale has concluded that the poor results to date , combined with the
opportunity to develop its Lagalochan Property, does not justify any fu rther investment in Knapdale.
Consequently, the Company has terminated its pro specting agreement regarding Knapdale and will
record an impairment charge on its exploration and evaluation properties of approximately $2.5 million
in December 2022.
About Western Gold Exploration
The Company is a mineral exploration company that is listed on the TSX Venture Exchange under the
symbol “WGLD”. The Company is focused on the exploration of mineral properties in Scotland and
discovering new opportunities across the underexplored Caledonian Appalachian and identifying
locations of gold and critical metal deposits. The Company’s principal focus is its Lagalochan copper gold
porphyry property located in Argyll, Scotland.
The Report and additional information about the Company are available on SEDAR at www.sedar.com
under the Company’s profile and on the Company’s website: www.westerngoldexploration.com.
For further information, please contact:
Ross McLellan, CEO
Phone: +44 7779 161441
Email: [email protected]
Website: www.westerngoldexploration.com
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING STATEMENTS: This news release includes
certain "forward-looking statements" under applicable Canadian securities legislation. Forward -looking
statements include, but are n ot limited to, timing and completion of any drilling , exploration and work
programs on the Company’s properties, estimates of mineralization from drilling, geological information
projected from drilling results, potential for minerals and/or mineral resources, and statements regarding
the plans, intentions, beliefs, and current expectations of the Company with respect to the future business
activities and operating performance of the Company that may be described herein. Forward -looking
statements consist of statements that are not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such information can generally be identified by the
use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”
and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue
reliance on forward -looking statements, as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur.
By their nature, forward -looking statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions,
risks and uncertainties include, among other things, the state of the economy in general and capital
markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and
amount of capital expenditures; performance of available laboratory and other related services, future
operating costs, and the historical basis for current estimates of potential quantities and grades of target
zones, as well as those risk factors discussed or referred to in the Company's Management's Discussion
and Analysis for the year ended December 31, 202 1, and the period ended September 30, 2022 available
at www.sedar.com, many of which are beyond the control of the Company. Forward -looking statements
contained in this press release are expressly qualified by this cautionary statement.
The forward -looking statements contained in this press release are made as of the date of this press
release. Except as required by law, the Company disclaims any intention and assumes no obligation to
update or revise any forward -looking statements, whether as a result of new informati on, future events
or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or
statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Servic e Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.