Westmount Minerals Implements 2022 Exploration Plans - Douay East Gold Project
Vancouver, March 24, 2022 - Westmount Minerals Corp. (CSE: WMC) ("Westmount" or the "Company") is pleased to announce the implementation of its 2022 exploration plans for the Douay East Gold Project located in the Abitibi District of Western Québec. With the closing of its Initial Public Offering ("IPO") for gross proceeds of $458,400 on March 17, 2022, the Company is fully funded to complete the first phase of its recommended exploration program.
In 2021, Westmount commissioned a high resolution airborne magnetic survey over the 4,868-hectare ("Ha") Douay East Property and, in parallel with the listing process during the fall and winter of 2021/2022, the Company completed a comprehensive GIS compilation of historical and public domain exploration related data. Most recently, the Company has compiled all historical drilling conducted on the property.
Westmount's 2022 program is beginning with a surface geochemical survey over selected parts of the property to be followed by overburden drilling to evaluate and sample basal tills and to map and sample the top of bedrock. The surface geochemical program will consist of a Soil Gas Hydrocarbon ("SGH") survey to commence in late spring. Details of the SGH survey will be based upon on-going interpretation of the compiled exploration data set. Planning subsequent exploration, to test the basal till - bedrock horizon, will also be based on on-going interpretation of the exploration data as well as results of the SGH survey. The Company is currently evaluating methods and suppliers to complete this work. All exploration work is being completed to generate targets for diamond drilling for gold mineralization on the property.
David Tafel, CEO and Director of Westmount, commented: "Our high resolution airborne survey completed in 2021 combined with the historical geology and exploration compilation forms a very strong foundation from which to launch our exploration program. We were particularly pleased with the quality of archived drill data which will support preliminary 3-D interpretations on the property and most importantly the widespread anomalous gold assays in the historical drilling."
About the Douay East Property
The Douay East property covers an area of 4,868 Ha located in the Abitibi Greenstone Belt ("AGB"), western Québec. With over 100 years of mineral production, the AGB remains a very prolific gold mining district. The Douay East Property is located within the Casa Berardi Deformation Zone which hosts the currently producing Casa Berardi Gold Mine, past producing gold mines, and several active gold exploration projects. The Casa Berardi Gold Mine, located approximately 105 kilometres ("km") west of the Douay East property, has produced greater than 2 million ounces ("oz") Au, and has annual production of approximately 125,000 oz Au. The Douay East property is contiguous to the west with Maple Gold Mines Ltd.'s property that hosts the Douay Project which contains an estimated 422,000 oz Au of indicated resources and 2,352,000 oz Au of inferred resources. The Vezza Gold Project, located approximateky 1.5 km from the northern boundary of the property, contains an estimated 327,000 oz Au in the measured and indicated categories and estimated inferred resources of 68,500 oz Au.
About Westmount Minerals Corp.
Westmount is a newly listed company focused on gold exploration in Canada. The Company is advancing the Douay East property to the drill stage and is evaluating other gold exploration opportunities.
Qualified Person
Jamie Lavigne, P. Geo, a Qualified Person as defined in NI43-101 has reviewed and approved the technical information in this press release.
For more information, please refer to the Company's prospectus dated February 14, 2022, available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
David Tafel
Chief Executive Officer and Director
For further information, please contact:
David Tafel
Chief Executive Officer and Director
(604) 683-1991
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the commencement of trading of the Company's common shares on the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Douay East Project, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Douay East Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 14, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
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