Western Exploration Outlines Proposed 2024 Exploration Program at Gravel Creek

Rhea-AI Summary

Western Exploration Inc. unveils the proposed 2024 exploration program at Gravel Creek with a focus on resource expansion drilling targeting high-grade Au-Ag veins in the Jarbidge rhyolite. Assay results indicate significant zones with multiple high-grade Au-Ag bearing structures. Major Drilling will conduct a 4,000-meter core drill program to further explore the area. CEO Darcy Marud highlights the potential for expanding the Gravel Creek resource base with the new drilling program.

Positive

• Significant high-grade Au-Ag veins identified for resource expansion drilling

• Assay results show intercepts with grades up to 257.0 g/t Au and 1,655.0 g/t Ag

• Potential for expanding the Gravel Creek resource base with new drilling program

• Complex array of intersecting veins and stockwork identified, providing focus for further exploration

Negative

• No negative aspects reported in the press release

High-grade Au-Ag veins in the Jarbidge rhyolite NE of the Current Gravel Creek Deposit are targeted for Resource Expansion Drilling

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to announce details for our proposed 2024 resource expansion drilling, targeting the Jarbidge rhyolite east of the Gravel Creek resource area at the Company's wholly-owned Aura gold-silver project (the "Aura Project"). Please see attached PowerPoint for the noted Figures.

Focus for 2024 Drill Program

• Assay results in combination with oriented core structural studies from 2023 drilling identified a significant North-South trending/moderately west dipping zone with multiple high-grade Au-Ag bearing quartz-pyrite-marcasite vein, stockwork and hydrothermal breccias, located 140 meters to 250 meters east/north-east of the Gravel Creek resource area (see Figure 1).
  • Multiple +20.0 g/t AuEq intercepts in two parallel vein zones and associated splay structures have been traced along a dip length of over 200 meters, with drill widths ranging from 0.3 to 4.6 meters and grades up to 257.0 g/t Au and 1,655.0 g/t Ag.
• Major Drilling Group International Inc. ("Major Drilling") has been contracted to supply two drills to complete a 4,000-meter oriented core drill program. Drilling will focus on bracketing the 2023 discovery section with 80-meter step out fence drilling on strike to the north and south, as well as 80 meters up dip. Site preparations will commence in mid-June with drilling commencing shortly thereafter.
• With confirmation of grade and structural trends, the Company anticipates that drilling can be expanded to link with other +5.0 g/t AuEq legacy drill intercepts within the Jarbidge rhyolite, located in an open-ended area of 550 meters by 350 meters in dimensions, covering a 615-m vertical range immediately east-northeast of the of the current Gravel Creek resource.

Significance of Results for Resource Expansion Potential

Western Exploration CEO Darcy Marud commented: "The structural interpretation based on 2023 oriented core results has provided a breakthrough that identifies significantly expanded resource potential in the Jarbidge rhyolite to the east/north-east of the current Gravel Creek resource area. The 2024 core drilling program will focus on extending vein zones intersected on the 'Discovery Section' with 80-meter step out holes, with the goal of expanding the Gravel Creek resource base. Longer term, the Company anticipates completing additional drilling to identify a link with multiple legacy intercepts in the high-grade Au-Ag vein zones in the Jarbidge rhyolite, which could significantly expand the Gravel Creek resource base."

Structural trends Provide Focus for 2024 Oriented Core Drilling

Analysis and interpretation of oriented core data collected in 2023 by Oriented Targeting Solutions identified a complex array of intersecting veins, stockwork and hydrothermal breccias following steep to shallow north-west to north-east trends that mimic the known structural controls on mineralization. The strongest correlation between 2023 holes WG456 and WG457 linked mineralized structures to a north/north-west trending corridor, with moderate dips west/south-west towards the main GC Fault zone. Multiple legacy intercepts along two sub-parallel veins zones show grades of over 20.0 g/t AuEq along a dip length of over 200 meters (Figure 1). The two main veins are defined by the following:

• Upper Vein (4 intercepts): 2.07-meter drill width at 28.05 g/t AuEq
• Lower Vein (4 intercepts): 3.13-meter drill width at 25.26 g/t AuEq

Initial drilling in 2024 will bracket the discovery section, 500N, Figure 2, with holes drilled along strike and up dip on 80-meter step outs, Figure 3.

Future Exploration Targets in the Jarbidge Rhyolite

Future work will focus on extending resource expansion drilling NE of Gravel Creek into an area of multiple legacy intercepts measuring 550-meter by 350-meter in size, covering a 615-m vertical range. As an example, the long section in Figure 4 shows that multiple high-grade Au-Ag intercepts are present in the rhyolite at the current northeast limit of drilling, including 3.04m @ 53.50 g/t AuEq, 0.3m @ 60.05 g/t AuEq and 1.95m @ 21.96 g/t AuEq (85:1 Ag: Au ratio). These present drill-ready priority exploration targets.

Correction to MI 43-101 Disclosure in News Release dated March 28, 2024

The Company wishes to clarify the participation of certain insiders of the Company in the private placement offering of units of the Company (the "Units") that closed on March 28, 2024. In the news release of the Company dated March 28, 2024, the number of Units reported to have been purchased by Mr. Gerard Munera and Mr. Nicolas Schlumberger were switched. The correct participation of said insiders is as follows:

Insider	Insider Relationship	Units Purchased (#)	Subscription Amount ($)
Agnico Eagle Mines Limited	10% Securityholder	857,143	$600,000.10
Gerard Munera(1)	Director of Western Exploration	178,571	$124,999.70
Nicolas Schlumberger	Director of Western Exploration	71,429	$50,000.30

Note (1): Gerard Munera acquired the Units indirectly through Synergex Group LLC.

ABOUT THE AURA PROJECT

In addition to an established mineral resource estimate (as determined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")), 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 www.westernexploration.com) Western Exploration has exploration, development, and mining rights on 930 hectares of privately owned fee lands through a mineral lease agreement with a local landowner and may purchase those fee lands at any time for the development of Doby George.

The 6,000-hectare Aura Project is unique in the junior mining space, as resources have been identified in three different deposits (Doby George, Gravel Creek and Wood Gulch), as supported by the Technical Report (see www.westernexploration.com).

The mineral resource estimate for the Aura project is disclosed in the Company's technical report, prepared in accordance with the requirements of NI 43-101, entitled "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").

About Western Exploration

Born from a 25-year history of advancing exploration projects in Nevada as a private company, today Western Exploration is composed of an experienced team of precious metals experts that aims to lead Western Exploration to becoming a premier gold and silver development company in North America. The Company's principal asset is the 100% owned Aura gold-silver project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada, and includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Additional information regarding Western Exploration and the Aura Project can be found on the Company's website and on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.

Qualified Person Approval

The scientific and technical content in this news release has been reviewed and approved by Mark Hawksworth, General Manager of the Western Exploration's Aura Project, who is a "qualified person" within the meaning of NI 43-101.

Quality Assurance – Quality Control

Drill program design, Quality Assurance/Quality Control ("QA/QC") and the interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

Drill core samples were delivered by Major Drilling to Western Exploration's secure warehouse/logging facility in Mountain City and washed, photographed and logged by company geologists. Sample intervals were marked and recorded. Quality control (QC) samples were inserted at regular intervals in the sample stream with all sample shipments, including blanks, core duplicates and reference materials, to monitor laboratory performance.

Drill core samples were transported by Neilsen Exploration to ALS Chemex, located in Sparks, Nevada, for sample preparation and analysis. Core was sawed at the ALS facility, with ½ prepared for assay and ½ core preserved and returned to Western's Mountain City facility. Samples were analyzed for gold using ALS CHEMEX fire assay procedure Au-AA13, with over limits being analyzed by Au_GRA21. Samples were analyzed for silver and a 40 element suite using ALS Chemex procedure ME-ICP41, with over limits being analyzed by Ag_GRA21.

Oriented core data was collected following methodology established by Oriented Targeting Solutions. Oriented Targeting Solutions compiled data in Access and completed the first pass interpretation utilizing Leapfrog software.

Please see below under the heading "Cautionary Note Regarding Forward-Looking Information" for further details regarding the risks facing Western Exploration.

For additional information on the Aura Project, please see the Technical Report, which has been prepared in accordance with the requirements of NI 43-101, a copy of which is available on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile and on Western Exploration's corporate website (www.westernexploration.com).

Cautionary Note Regarding Forward-Looking Information

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of the applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). These forward-looking statements, by their nature, require the Company to make certain assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects," or "does not expect," "is expected," "interpreted," "management's view," "anticipates" or "does not anticipate," "plans," "budget," "scheduled," "forecasts," "estimates," "potential," "feasibility," "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could," "would," "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the significance of the results of the 2023 drill program; the accuracy of results from prior exploration activities conducted at the Aura Project; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Doby George, Wood Gulch and Gravel Creek mineral deposits; the potential to greatly expand resources within the Gravel Creek mineralized system; future drilling at the Aura Project; the significance of historic exploration activities and results; the ability to expand the existing mineral resources at the Aura Project. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability of Western Exploration to complete further exploration activities, including drilling; property and royalty interests in respect of the Aura Project; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Western Exploration cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Western Exploration nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Western Exploration does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements and forward-looking information made in this news release concerning Western Exploration, see the management information circular dated November 12, 2021, available electronically under Western Exploration's issuer profile on SEDAR+ (www.sedarplus.ca). The forward-looking statements set forth herein concerning Western Exploration reflect management's expectations as at the date of this news release and are subject to change after such date. Western Exploration disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240509231359/en/

Darcy Marud

Chief Executive Officer

Telephone: (775) 329-8119

Email: dmarud@westernexploration.com

Nichole Cowles

Investor Relations

Telephone: 775-240-4172

Email: nicholecowles@westernexploration.com

Source: Western Exploration Inc.

FAQ

What is the focus of Western Exploration's proposed 2024 exploration program at Gravel Creek?

Western Exploration's proposed 2024 exploration program at Gravel Creek focuses on resource expansion drilling targeting high-grade Au-Ag veins in the Jarbidge rhyolite.

Who will conduct the core drill program for the exploration?

Major Drilling Group International Inc. has been contracted to supply two drills for the core drill program.

What are the grades of the intercepts found in the exploration area?

Assay results show grades up to 257.0 g/t Au and 1,655.0 g/t Ag in the exploration area.

What is the goal of the drilling program according to CEO Darcy Marud?

CEO Darcy Marud aims to expand the Gravel Creek resource base with the new drilling program.

Who participated in the private placement offering of units of the Company?

Insiders such as Agnico Eagle Mines , Gerard Munera, and Nicolas Schlumberger participated in the private placement offering.