West Point Gold Eliminates Royalty and Future Payment on Tip Top Project, Nevada
- Elimination of 1% NSR royalty and US$200,000 future payment obligation for only US$25,000
- Strategic location near past-producing mines with significant gold production history
- Strong historical drill results showing high-grade gold intercepts
- Recent sampling revealed extensive gold and mercury anomalies indicating exploration potential
- Project has historical production of 6,900 ounces of gold
- Project is secondary priority with company's near-term focus on Gold Chain project
- Company is actively seeking to potentially sell the project
- Historical drill results require verification as per QP statement
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2025) - West Point Gold, (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) ("West Point Gold" or the "Company") is pleased to announce that for a payment to the vendor of US
"The simplification of our ownership and potential commitments at Tip Top increases the value of the project for West Point Gold shareholders. With our near-term focus remaining on Gold Chain, this transaction makes Tip Top more attractive to potential acquirers, and we continue to evaluate opportunities to complete a value-enhancing transaction for shareholders," stated Quentin Mai, CEO.
Tip Top Project, Nevada
The Tip Top project is located in Esmeralda County, Nevada, at the north end of the White Mountains, five miles south of Montgomery Pass, on U.S. Highway 6 between Bishop, CA and Tonopah, NV. The project is approximately 60 km south-southeast of the past producing Borealis Mine (approximately 500,000 ounces of gold produced), now operated by Borealis Mining; the past producing Aurora Mine (approximately 1.9M ounces of gold produced), owned by Hecla; and, Headwater Gold's Spring Peak project, where Headwater is partnered with Newmont.
The project contains several low-sulfidation oxide gold-silver epithermal veins peripheral to an altered rhyodacite intrusion emplaced into a Jurassic-Cretaceous intrusion and a bimodal package of volcanic rocks. Two of the veins historically produced 6,900 ounces of gold and some silver. Since 1980, five companies have drilled the property, with 154 drill holes totalling 7,315 metres.
Selected historical high-grade drill hole intercepts from the Tip Top Gold project include the following:
- TTD-02 returned 2.44m of 19.82 g/t Au from 20.20m (Hecla 2001)
- TTD-04 returned 2.59m of 7.89 g/t Au from 32.00m (Hecla 2001)
- T98-12 returned 4.57m of 16.31 g/t Au from 28.97m (Dos Amigos 1998)
- T98-14 returned 9.14m of 14.42 g/t Au from 21.34m (Dos Amigos 1998)
The gold-bearing intercepts above are drilled intervals, and their true width cannot be determined at this time. Historical drilling along the Tip Top vein, and particularly around the Tip Top adit, has identified gold-bearing veins, and there is a good possibility of expanding the known mineralization along strike and to depth.
In 2020, the Company completed an extensive mapping and sampling program at Tip Top. Soil sampling revealed multi-kilometre gold-in-soil (Figure 1) and mercury-in-soil (Figure 2) anomalies trending northeast from where most of the drilling has been completed. Mapping helped identify structural controls of the gold mineralization (Figure 3). Company sampling across the known veins in the area of the Tip Top vein returned 6.7m of 11.8 g/t Au and 4.37m of 10.3 g/t Au (Figure 1).
Figure 1. Gold-in-Soil Anomaly at the Tip Top Project
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Figure 2. Mercury-in-Soil Anomaly at the Tip Top Project
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Figure 3. Geological Map with Rock Sampling Results in the Central Zone of the Tip Top Project
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Qualified Person / Quality Control and Quality Assurance
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company's Vice President, Exploration, is a qualified person ("QP") as defined by NI 43-101 and has reviewed and approved the technical content of this press release. The QP has not completed sufficient work to verify the historical information on the property, particularly with respect to historical drill results. However, the QP believes that prior drilling and analytical results were completed to industry standard practices.
About West Point Gold Corp.
West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA. West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona, while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email: info@westpointgold.com
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Website: westpointgold.com
FORWARD-LOOKING STATEMENTS:
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-Looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to West Point Gold's ability to complete any payments or expenditures required under the Company's various option agreements for its projects; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; uncertainty related to the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results may vary from those expected; statements about expected results of operations, royalties, cash flows, financial position may not be consistent with the Company's expectations due to accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. The possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this corporate press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly 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 applicable securities legislation.
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 release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250425
FAQ
What did West Point Gold (WPGCF) pay to eliminate the royalty at Tip Top project?
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What are the historical drill results from West Point Gold's Tip Top project?
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