With the gold price holding strong above US$2,300/oz levels, perhaps due to the Russia and Israel conflicts aggravating while inflation increases again - thus delaying timing of upcoming rate cuts by the Fed – Westward Gold Inc. (WG.CSE) is progressing on the exploration front and recently announced positive sampling results for Toiyabe and East Saddle, after raising an oversubscribed and non-brokered sum of C$1.66M last month.
As Westward Gold Inc. (WG.CSE) is looking to expand, in order to be able to attract more financing, they are also building on their team, and the most recent hire reflects this in spades according to management. Incoming VP Exploration Robert Edie will be stepping up to the plate at the end of September, while transitioning to this position effective immediately.
It has been quiet for a while, since Westward Gold Inc. (WG.CSE) released the results of their first deep confirmation hole at their flagship Toiyabe project in Nevada on May 23, 2023. The company used the positive outcomes (12.7m @ 1.01g/t Au from 556.4m aren’t economic in itself but are very important vectors for analogous deposits like Cortez Hills, being hosted in the same type of host rocks) to return to the markets, and raise fresh cash for a follow-up drill program.
With the assays for deep step-out hole T2301 coming in, management of Westward Gold Inc. (WG.CSE) believes even more they are right on track to find economic mineralization at depth, in close analogy with the nearby 10 Moz Au Cortez Hills mine, or the underground portion of the Carlin complex (Portal Mines, Leeville) at depth, which generated over 15Moz Au for Nevada Gold Mines.
It isn’t very easy these days for junior explorers to go for large discoveries, as most of the low hanging fruit is long gone by now. Significant deposits can still be found, but geologists have to be very creative and inventive, to come up with new exploration concepts, for example using glacial till sampling, re-interpreting old data, or conceptualizing potential mineralization under cover.