Western Exploration Initiates 2024 Drill Program at Gravel Creek

4,000 m drill program will target and offset the area of high-grade Au-Ag veins discovered in 2023

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to announce the start of the 2024 drill program at the Company's wholly-owned Aura gold-silver project (the "Aura Project") in Nevada. The drilling will target the high-grade veins identified in the Jarbidge rhyolite east of the Gravel Creek deposit. Major Drilling [Group International Inc.] ("Major Drilling") has been contracted to supply two core drills for the oriented core drill program.

Figure 1. Cross section through drill holes WG456, WG457 and legacy holes showing continuity of +20 g/t AuEq grades on a dip length of potentially +200 meters (AuEq calculated at 85:1 Ag: Ag and assays are uncut). (Graphic: Business Wire)

Focus for 2024 Drill Program

• 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 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 individual assay grades up to 257 g/t Au and 1,800 g/t Ag.

• Drilling will bracket the 2023 discovery section with an 80 meter step out drilling on strike to the north and south, as well as 80 meters up dip.

Significance of Results for Resource Expansion Potential

Western Exploration CEO, Darcy Marud, commented: "We are excited for the 2024 Drill program at Aura. In 2023, we identified a corridor of high-grade mineralization immediately adjacent to the Gravel Creek resource. Since the discovery of Gravel Creek in 2013, 19 drill holes have intersected significant grades and widths of this high-grade mineralization in the corridor. The 2024 drill program will focus on connecting these drill hole intercepts with sufficient drill density to add this new area to future Gravel Creek resource updates.”

2024 Oriented Core Drilling will Follow up on Successful 2023 Drill Campaign

Oriented core data collected in 2023 identified an array of intersecting veins, stockwork and hydrothermal breccias following steep to shallow north-west to north-east trends that mimic the known structural controls of 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 g/t AuEq along a dip length of over 200 meters (Figure 1). Initial drilling in 2024 will bracket Discovery section 500N, with holes drilled along strike and up dip on 80-meter step outs (Figure 2).

Peak Investor Marketing Update

The Company also wishes to clarify certain matters in the news release disseminated by the Company on June 28, 2024 (the "News Release") regarding its contracting of Peak Investor Marketing Corp. ("Peak Investor"). The News Release stated that Peak Investor had been contracted to provide certain market-making and investor relations services, whereas Peak Investor was only contracted to provided investor relations services (pursuant to the policies of the TSXV Venture Exchange).

In addition, the Company wishes to disclose that, as of the date of this news release, Scott Gibson and Nichola Vermiere, the co-owners of Peak Investor, own or control, directly or indirectly, 835,443 variable voting shares of the Company plus 657,143 variable voting share purchase warrants of the Company and 100,000 variable voting shares of the Company plus 100,000 variable voting share purchase warrants of the Company, respectively. Each variable voting share purchase warrant allows the holder to purchase a variable voting share for $1.00 per variable voting share until March 28, 2027. Neither Peak Investor nor any related party of Peak Investor (collectively, the "Peak Investor Parties") has any intent to purchase additional securities of the Company, although Peak Investor Parties may purchase securities of the Company in the open market or future offerings, but they will be subject to blackout schedules similar to management or directors of the Company.

The News Release also made reference to Peak Investors being compensated by way of a future grant of 150,000 stock options of the Company. These stock options of the Company will be granted on or about the end of July 2024, under terms and exercise prices to be determined by the board of directors of the Company in compliance with the rules and policies of the TSX Venture Exchange. The terms of these stock options will be disclosed in a subsequent news release, disseminated at the time of the grant.

About Western Exploration

Western Exploration is focused on advancing the 100% owned gold-silver Aura project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. The project includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch and benefits from well-established infrastructure including year-round access by highway and county-maintained road, and nearby access to water and electricity.

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.

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.

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

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").

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/20240723012664/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.