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Western Exploration Reports Positive Assay Results From 2024 Drilling Program at Gravel Creek

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Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) has announced positive assay results from its 2024 core drilling program at the Gravel Creek area of its Aura gold-silver project in Nevada. Highlights include:

- Drill results of up to 1.01 meters of 68.32 g/t AuEq and 0.49 meters of 111.54 g/t AuEq

- Four oriented core holes totaling 2,789 meters completed

- Hole WG459 reported individual assays of up to 75.30 g/t Au and 3,080 g/t Ag

- Key intercepts include 3.69 meters of 22.06 g/t AuEq and 6.10 meters of 12.44 g/t AuEq

The results support the potential for resource expansion northeast of the current Gravel Creek deposit. The company believes high-grade veins continue at least 80 meters north of the Discovery Section. Ongoing drilling aims to extend the vein zone and connect with high-grade Au intercepts in an area approximately 550 meters by 350 meters.

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) ha annunciato risultati analitici positivi dal suo programma di perforazione a nucleo 2024 nell'area di Gravel Creek del suo progetto d'oro-argento Aura in Nevada. I punti salienti includono:

- Risultati di perforazione fino a 1,01 metri di 68,32 g/t AuEq e 0,49 metri di 111,54 g/t AuEq

- Quattro fori di perforazione orientati per un totale di 2.789 metri completati

- Il foro WG459 ha riportato analisi individuali fino a 75,30 g/t Au e 3.080 g/t Ag

- Gli intercetti chiave includono 3,69 metri di 22,06 g/t AuEq e 6,10 metri di 12,44 g/t AuEq

I risultati supportano il potenziale di espansione delle risorse a nord-est dell'attuale deposito di Gravel Creek. L'azienda crede che vene ad alta legge continuino per almeno 80 metri a nord della Sezione di Scoperta. Le perforazioni in corso mirano a estendere la zona delle vene e a collegarsi con intercetti ad alta legge di Au in un'area di circa 550 metri per 350 metri.

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) ha anunciado resultados analíticos positivos de su programa de perforación a núcleo 2024 en el área de Gravel Creek de su proyecto de oro-plata Aura en Nevada. Los aspectos más destacados incluyen:

- Resultados de perforación de hasta 1.01 metros de 68.32 g/t AuEq y 0.49 metros de 111.54 g/t AuEq

- Cuatro agujeros de perforación orientados con un total de 2,789 metros completados

- El agujero WG459 reportó análisis individuales de hasta 75.30 g/t Au y 3,080 g/t Ag

- Los interceptos clave incluyen 3.69 metros de 22.06 g/t AuEq y 6.10 metros de 12.44 g/t AuEq

Los resultados respaldan el potencial de expansión de recursos al noreste del actual depósito de Gravel Creek. La compañía cree que las vetas de alta ley continúan al menos 80 metros al norte de la Sección de Descubrimiento. La perforación en curso tiene como objetivo extender la zona de vetas y conectarse con interceptos de Au de alta ley en un área de aproximadamente 550 metros por 350 metros.

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF)는 네바다의 Aura 금-은 프로젝트인 Gravel Creek 지역에서 2024년 핵심 시추 프로그램의 긍정적인 분석 결과를 발표했습니다. 주요 사항은 다음과 같습니다:

- 최대 1.01미터에서 68.32 g/t AuEq 및 0.49미터에서 111.54 g/t AuEq의 시추 결과

- 총 2,789미터에 달하는 네 개의 방향성 핵 시추 완료

- WG459 구멍은 최대 75.30 g/t Au 및 3,080 g/t Ag의 개별 분석을 보고

- 주요 인터셉트는 3.69미터에서 22.06 g/t AuEq 및 6.10미터에서 12.44 g/t AuEq를 포함

결과는 현재 Gravel Creek 매장지의 북동쪽에서 자원 확장의 가능성을 뒷받침합니다. 회사는 고급 금맥이 발견 구역의 북쪽으로 최소 80미터까지 계속될 것이라고 믿고 있습니다. 진행 중인 시추는 금맥 지역을 확장하고 약 550미터 x 350미터 범위의 고급 Au 인터셉트와 연결하는 것을 목표로 하고 있습니다.

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) a annoncé des résultats d'analyse positifs de son programme de forage à noyau 2024 dans la zone Gravel Creek de son projet en or-argent Aura au Nevada. Les points forts comprennent :

- Résultats de forage pouvant atteindre 1,01 mètre avec 68,32 g/t AuEq et 0,49 mètre avec 111,54 g/t AuEq

- Quatre forages orientés totalisant 2 789 mètres réalisés

- Le forage WG459 a rapporté des analyses individuelles allant jusqu'à 75,30 g/t Au et 3 080 g/t Ag

- Les intercepts clés comprennent 3,69 mètres avec 22,06 g/t AuEq et 6,10 mètres avec 12,44 g/t AuEq

Les résultats soutiennent le potentiel d'expansion des ressources au nord-est du dépôt actuel de Gravel Creek. La société pense que des veines de haute qualité se poursuivent au moins 80 mètres au nord de la section de découverte. Le forage en cours vise à étendre la zone de veines et à se connecter avec des intercepts de haute qualité en Au dans une zone d'environ 550 mètres sur 350 mètres.

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) hat positive Analyseergebnisse aus seinem Kernbohrprogramm 2024 im Gebiet Gravel Creek seines Aura Gold-Silberprojekts in Nevada bekannt gegeben. Zu den Höhepunkten gehören:

- Bohrergebnisse von bis zu 1,01 Metern mit 68,32 g/t AuEq und 0,49 Metern mit 111,54 g/t AuEq

- Vier orientierte Kernbohrungen mit insgesamt 2.789 Metern abgeschlossen

- Loch WG459 berichtete von Einzelanalysen von bis zu 75,30 g/t Au und 3.080 g/t Ag

- Wichtige Schnitte umfassen 3,69 Meter mit 22,06 g/t AuEq und 6,10 Meter mit 12,44 g/t AuEq

Die Ergebnisse unterstützen das Potenzial zur Ressourcenerweiterung nordöstlich des derzeitigen Gravel Creek Vorkommens. Das Unternehmen glaubt, dass hochgradige Adern mindestens 80 Meter nördlich des Entdeckungsabschnitts fortgesetzt werden. Die laufenden Bohrungen zielen darauf ab, die Aderzone zu erweitern und sich mit hochgradigen Au-Schnitten in einem Gebiet von etwa 550 Metern mal 350 Metern zu verbinden.

Positive
  • High-grade drill results: up to 1.01 meters of 68.32 g/t AuEq and 0.49 meters of 111.54 g/t AuEq
  • Individual assays in Hole WG459 of up to 75.30 g/t Au and 3,080 g/t Ag
  • Key intercepts include 3.69 meters of 22.06 g/t AuEq and 6.10 meters of 12.44 g/t AuEq
  • Results support potential resource expansion northeast of current Gravel Creek deposit
  • High-grade veins potentially extend at least 80 meters north of Discovery Section
  • Ongoing drilling aims to connect multiple high-grade Au intercepts in 550m x 350m area
Negative
  • None.

Drill results of up to 1.01 meters of 68.32 g/t AuEq and 0.49 meters of 111.54 g/t AuEq Highlight Potential Resource Expansion Northeast of the Current Gravel Creek Deposit

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to announce initial assay results from its 2024 core drilling program in the Jarbidge rhyolite north-east of the Gravel Creek resource area at the Company's wholly-owned Aura gold-silver project, located in Elko County, Nevada (the "Aura Project").

Figure 1. Jarbidge Discovery Section Cross Section, showing interpreted continuity of high-grade values along sub parallel structural zones, based on oriented core measurements in holes WG456 and WG457. The vein zones and subsidiary splays have over 20.0 g/t AuEq grades on a dip length of potentially over 200 meters (AuEq calculated at 85:1 Ag: Au; see Figure 2 below for location reference). (Graphic: Business Wire)

Figure 1. Jarbidge Discovery Section Cross Section, showing interpreted continuity of high-grade values along sub parallel structural zones, based on oriented core measurements in holes WG456 and WG457. The vein zones and subsidiary splays have over 20.0 g/t AuEq grades on a dip length of potentially over 200 meters (AuEq calculated at 85:1 Ag: Au; see Figure 2 below for location reference). (Graphic: Business Wire)

Highlights of 2024 Drill Program

  • Four oriented core holes totaling 2,789 meters have been completed and one hole is in progress to offset the high-grade intercepts in the Jarbidge rhyolite (“Discovery Section”) (see the Company's news release dated January 08, 2024, entitled "Western Exploration Provides Update on Drilling Activities at Gravel Creek").
  • Hole WG459 was drilled 80 meters north on strike from the Discovery Section and reported individual assays of up to 75.30 g/t Au and 3,080 g/t Ag, with key intercepts including:
    • 3.69 meters of 22.06 g/t AuEq (16.66 g/t Au and 458.6 g/t Ag)
    • 6.10 meters of 12.44 g/t AuEq (8.52 g/t Au and 333.5 g/t Ag)

The drill results in holes WG459 provide further definition to a set of high-grade Au-Ag bearing veins and breccias in the Jarbidge rhyolite adjacent to the Gravel Creek resource area. Assay results from additional core holes and interpretation of oriented core data will be reported in subsequent news releases.

Assay Results Support Potential for Resource Expansion

Western Exploration CEO, Darcy Marud, commented: Western Exploration is extremely pleased with the initial results of the 2024 drill program, which intersected assay values of up to 75.3 g/t Au and 3,080 g/t Ag in hole WG459. These results support the Company's belief that high grade veins continue at least 80 meters to the north of the Discovery Section, as reported in January 2024. Oriented core drilling is still ongoing to extend the north/north-west trending vein zone and to connect with multiple high grade Au intercepts identified by wide-spaced legacy holes in an area of approximately 550 meters by 350 meters in size. The Company anticipates that these results will help support the expansion of the mineral resource at Gravel Creek.”

Multiple High-Grade Au-Ag Vein Drill Intercepts Peripheral to the Gravel Creek Deposit

Previous drilling in the Miocene Jarbidge rhyolite to the north-east of the Gravel Creek deposit intersected multiple high-grade Au-Ag bearing vein intercepts, with individual assays of up to 237.0 g/t AuEq in hole WG379 and 2,800.0 g/t Ag in hole WG456. None of these Jarbidge-hosted intercepts have been included in previous resource estimates. Oriented core drill results from the Company's 2023 drilling program provided the first set of data that the Company has used to begin linking vein intercepts, with a preliminary interpretation of vein trends shown on the Discovery Section 500N (see Figure 1 below).

Four oriented core holes totaling 2,789 meters have been completed during the 2024 drill program, with hole WG462 currently in progress 160 meters north of the Discovery Section. Hole WG459 was drilled 80 meters to the north of the Discovery Section on section 580N (see Figure 2 and Figure 3 below). The hole intersected multiple quartz-pyrite marcasite-bearing veins and breccias, highlighted by an upper and lower vein/breccia/stockwork zone containing intercepts of over 60.0 g/t AuEq, surrounded by lower grade mineralization. Significant assay intercepts are summarized in Table 1 with drill hole coordinates included in Table 2. Oriented core data is being interpreted as drilling proceeds and will be reported in future news releases.

Table 1. Summary of Significant Drill Intercepts in 2024 core hole WGC459.

 

FROM

TO

INTERVAL*

AuEq **

Au

Ag

DRILL HOLE

(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

WGC459

540.87

541.63

0.76

5.85

3.36

212.0

WGC459

543.89

547.58

3.69

22.06

16.66

458.6

includes

543.89

544.90

1.01

68.32

51.50

1,430.0

includes

547.09

547.58

0.49

20.14

15.45

399.0

WGC459

565.44

565.81

0.37

26.50

22.50

340.0

WGC459

651.36

657.46

6.10

12.44

8.52

333.5

includes

654.78

655.27

0.49

111.54

75.30

3,080.0

* Estimated true width is 80-100% of Interval Width; Intervals are calculated with a 3 g/t AuEq cutoff, with limited +1.0 g/t AuEq internal dilution.

** AuEq is calculated at 85:1 Ag:Au

Table 2. Coordinates for 2024 completed drill holes (UTM NAD 83, Zone 11)

Drill Hole

Easting (m)

Northing (m)

Elevation (m)

Depth (m)

Azimuth

Dip

WGC458

586,974.0

4,616,060.0

2,186.3

764.1

99.0

64

WGC459

587,067.0

4,616,194.0

2,226.0

712.3

95.3

70

WGC460

587,067.0

4,616,194.0

2,226.0

740.1

94.5

76

WGC461

587,179.0

4,616,093.0

2,191.8

668.1

96.0

71

Significance for Future Gravel Creek Exploration

Result are pending for holes WGC458, WGC460 and WGC461, with hole WGC462 currently in progress. Initial results from hole WGC459 help support the extension of oriented core drilling into the 550-meter by 350-meter area to the northeast of the Gravel Creek resource within the Jarbidge rhyolite with the aim of linking multiple high grade AuEq intercepts in widely spaced legacy holes located in that area. Of note are the number of intercepts of over 10.0 g/t AuEq intersected in the farthest east/north-east drill holes, which suggests that the Gravel Creek system has not been closed off (see Figure 4 below). The 2024 drill results will be evaluated in context with legacy drilling, with the goal of defining a preliminary inferred resource to expand the Gravel Creek deposit resource base.

About the Aura Project

The 6,000-hectare Aura Project has an established mineral resource estimates in three different deposits (Doby George, Gravel Creek and Wood Gulch) (see Table 3 below), as reported in the technical report 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"). The mineral resource estimate included in the Technical Report were prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

In addition, 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 Figure 5 below). Western Exploration has exploration, development, and mining rights on 930 hectares of privately owned land through a mineral lease agreement with a local landowner and may purchase those fee lands at any time for the development of Doby George.

Table 3. Mineral resource estimates for the Aura Project as reported in the 2021 Technical Report 

MINERAL RESOURCE ESTIMATE(1)

 

Indicated

Inferred

Tonnes

Au (g/t)

Au (ozs)

Ag (g/t)

Ag (ozs)

AuEq (g/t)

AuEq (oz.)

Tonnes

Au (g/t)

Au (ozs)

Ag (g/t)

Ag (ozs)

AuEq (g/t)

AuEq (oz.)

Doby George(2)

12,922,000

0.98

407,000

-

-

0.98

407,000

4,999,000

0.73

118,000

-

-

0.73

118,000

Wood Gulch(3)

-

-

-

-

-

-

-

4,359,000

0.66

93,000

5.80

808,000

0.74

104,543

Gravel Creek(4)

1,315,000

4.73

200,000

75.0

3,169,000

5.81

245,271

2,744,000

4.16

367,000

60.20

5,307,000

5.02

442,814

TOTAL

14,237,000

1.33

607,000

75.0

3,169,000

1.43

652,271

12,102,000

1.48

578,000

15.74

6,115,000

1.71

665,357

Notes:

(1) Au equivalent oz assumes US$1,800 per oz Au and 70:1 ratio of Ag:Au.
(2) Pit constrained 0.2 g/t AuEq cutoff for oxide, 0.4 g/t Au cutoff for mixed and 1.4 g/t Au cutoff for unoxidized.
(3) Pit constrained 0.2 g/t AuEq cutoff.
(4) 3.0 g/t Au cutoff.

About Western Exploration

Western Exploration is focused on advancing the 100% owned Aura Project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. The Aura Project includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Western Exploration is comprised of an experienced team of precious metals experts that aim to lead the company to becoming North America's premiere gold and silver development company.

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. For more information please contact:

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 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. Core was kept in the secure Mountain City facility until transported for assay.

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. Split core, all pulps and select rejects are returned to Mountain City for secure long-term storage.

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 Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" (CIM) incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. On October 31, 2018, the SEC adopted new mining disclosure rules ("S-K 1300") that are more closely aligned with current industry and global regulatory practices and standards, including NI 43-101, although there are some differences in the two standards. Accordingly, information concerning mineral deposits contain in this release may not be comparable with information made public by U.S. companies that report in accordance with S-K 1300.

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 statements and are intended to identify forward-looking statements. This news release contains the forward-looking statements 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, and the Company's most recent annual and interim financial statements and related management's discussion and analysis, which are available 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.

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 were the key drill results from Western Exploration's 2024 drilling program at Gravel Creek (WEXPF)?

Key drill results from Western Exploration's 2024 program at Gravel Creek include up to 1.01 meters of 68.32 g/t AuEq and 0.49 meters of 111.54 g/t AuEq. Hole WG459 reported individual assays of up to 75.30 g/t Au and 3,080 g/t Ag.

How many oriented core holes did Western Exploration (WEXPF) complete in its 2024 Gravel Creek drilling program?

Western Exploration completed four oriented core holes totaling 2,789 meters in its 2024 Gravel Creek drilling program.

What is the potential impact of the 2024 drill results on Western Exploration's (WEXPF) Gravel Creek resource?

The 2024 drill results support the potential for resource expansion northeast of the current Gravel Creek deposit. The company believes these results will help support the expansion of the mineral resource at Gravel Creek.

What is the size of the area Western Exploration (WEXPF) is targeting for potential resource expansion at Gravel Creek?

Western Exploration is targeting an area approximately 550 meters by 350 meters in size for potential resource expansion at Gravel Creek.

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