GOLD EXPLORATION LTD. (TSXV: WGLD) (the “Company“) is pleased to announce that it plans to concentrate its exploration activities going forward on its Lagalochan copper gold porphyry property in Argyll, Scotland (the “Lagalochan Property“). On November 29, 2022, the Company filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant, independent Technical Report (the “Report“) on the Lagalochan Property.
The Report proposes a two-phase exploration programme for the Lagalochan Property. The Company expects to advance its exploration work in accordance with the Report recommendations. Phase 1 exploration proposes to concentrate on gaining a better understanding of the deposit through completing data compilation, digitizing of historical data and through near-surface exploration of the various target types identified in the Report. This includes:
- Exploring for extensions of the primary hypogene copper, gold, molybdenum stockwork mineralization within the host intrusion and the surrounding metasediments.
- Exploring for porphyry related mineralization targets including intermediate sulphidation epithermal veins and proximal gold copper skarn mineralization. Once all the data compilation is finished and the near-surface exploration included, the depth potential of the project should be tested.
The Company has completed its evaluation of its Knapdale Gold Copper Project (“Knapdale“), including the results of the 2022 drilling campaign at Knapdale. The 2022 exploration activity resulted in the Company spending £1,604,917 by July 29, 2022, thereby exceeding the initial work commitment of £1.5 million by July 29, 2022, pursuant to its prospecting agreement for Knapdale. That prospecting agreement includes a further work commitment to a cumulative £3 million by July 29, 2024.
The Company’s evaluation of Knapdale has concluded that the poor results to date, combined with the opportunity to develop its Lagalochan Property, does not justify any further investment in Knapdale. Consequently, the Company has terminated its prospecting agreement regarding Knapdale and will record an impairment charge on its exploration and evaluation properties of approximately $2.5 million in December 2022.
About Western Gold Exploration
The Company is a mineral exploration company that is listed on the TSX Venture Exchange under the symbol “WGLD”. The Company is focused on the exploration of mineral properties in Scotland and discovering new opportunities across the underexplored Caledonian Appalachian and identifying locations of gold and critical metal deposits. The Company’s principal focus is its Lagalochan copper gold porphyry property located in Argyll, Scotland.