Westward Gold Announces Engagement of Drilling Contractor, Management Changes and Board Addition
Vancouver, March 16, 2022 - Westward Gold Inc. (CSE:WG) (CNSX:WG.CN) (OTC:WGLIF) (FSE:IM50) ("Westward" or the "Company") is pleased to announce that it has engaged Midnight Sun Drilling Inc. ("Midnight Sun") for the Company's upcoming maiden drill campaign at its Toiyabe Project in Lander County, Nevada ("Toiyabe"). Midnight Sun is a respected contractor with over 50 years of experience conducting exploration campaigns throughout the Americas, and emerged as the Company's top choice following a search led by Dave Browning, Westward's Vice President of Exploration. The Company's drill program, slated to begin in late Q2, will total approximately 4,000 meters across 12-15 holes, with a primary objective of proving out the lateral extent of gold mineralization at Toiyabe. Westward has budgeted approximately US$1 million for the campaign, which includes both earthwork and assay costs. Dave Browning, Vice President of Exploration, noted: "This represents another important milestone as we prepare for our inaugural drilling season, at a time when rigs and skilled labour are in very high demand. Midnight Sun came highly recommended and we're confident they'll execute an efficient and safe campaign."
Drilling - Next Steps
Beginning on March 21, the Company's Technical Advisory Committee will be holding virtual and in-person meetings in Reno, Nevada to review and finalize the drill targets, including specific collar locations, depths, and road / drill pad earthwork. The amount of additional ground disturbance required is expected to be relatively low, as Toiyabe already has a robust network of access roads. The resulting information will feed into a work plan (the "Work Plan") to be submitted to the U.S. Bureau of Land Management ("BLM"). Westward's drill program is within the boundaries of its existing Plan of Operations, and the Company and its permitting consultants expect to receive BLM approval of the Work Plan well in advance of the drilling start date.
Management Changes & Board Addition
The Company is also announcing that effective immediately, Raymond Harari is stepping down as the Company's Chief Executive Officer, to be replaced by Colin Moore, current President of Westward. As part of the transition, Mr. Moore will also join the Company's Board of Directors, bringing the total amount of directors to five, four of whom are independent.
Mr. Moore has spent his entire professional career in the mining industry, spanning mining engineering, investment banking and private equity. He previously held positions on the mining investment banking team at Bank of Montreal in Toronto, and on the investment origination and management teams of Waterton Global Resource Management in Toronto and Pacific Road Capital in Vancouver, two mining private equity funds with combined assets under management of approximately US$3 billion. He was also a co-founder and director of Momentum Minerals Ltd., a private gold exploration company which was acquired by Westward in July of 2021. Mr. Moore holds a Bachelor of Science in Mining Engineering and an MBA, both from Queen's University in Kingston, Ontario.
Colin Moore, incoming CEO, noted: "On behalf of the Board and management of Westward, I'd like to take this opportunity to thank Raymond for his leadership and dedication over the course of his tenure as CEO. He successfully guided the Company through a busy and transformational time, including executing the transactions which secured our current land package in Nevada. I'm excited for the opportunity to unlock value for our shareholders through the continued development of these properties, and Westward would not be in this position were it not for Raymond's efforts."
About Westward Gold
Westward Gold is a mineral exploration company focused on developing the Toiyabe, Turquoise Canyon, and East Saddle Projects located in the Cortez Hills area of Lander County, Nevada. From time to time, the Company may also evaluate the acquisition of other mineral exploration assets and opportunities.
For further information contact:
Colin Moore
President, CEO & Director
Westward Gold Inc.
colin@westwardgold.com
Tel: +1 (647) 403 0391
www.westwardgold.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks that development of the Company's material properties will not be acceptable for social, environmental or other reasons, availability of equipment (including drills) and personnel to carry out work programs, that each stage of work will be completed within expected time frames, that current geological models and interpretations prove correct, the results of ongoing work programs may lead to a change of exploration priorities, and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. These and other factors may cause the Company to change its exploration and work programs, not proceed with work programs, or change the timing or order of planned work programs. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations, and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.