Western Exploration Stock Price, News & Analysis

Western Exploration Inc. (OTCQX: WEXPF; TSXV: WEX) is a U.S.-focused precious metals company whose shares trade in the United States under the symbol WEXPF. The company is advancing its flagship, 100%-owned Aura gold-silver project, located in Nevada's Mountain City District, approximately 120 kilometers (75 miles) north of Elko, Nevada. The Aura Project hosts three defined gold-silver deposits: Doby George, Gravel Creek, and Wood Gulch.

Western Exploration describes itself as being comprised of an experienced team of precious metals experts with a track record of discovery, development and production success in precious metals exploration. Across multiple company disclosures, Western Exploration states that its goal is to become one of North America's premiere gold and silver development companies by advancing the Aura Project through technical studies, permitting and targeted exploration.

Core Asset: The Aura Gold-Silver Project

The Aura Project is Western Exploration's principal asset and focus. Company news releases consistently note that the project is 100% owned and located in Elko County, Nevada, in a prolific precious metals district. Within Aura, the company identifies three distinct deposits:

• Doby George – An at-surface oxide gold deposit described as averaging approximately 1 gram per tonne gold in company materials. Western Exploration has completed a Preliminary Economic Assessment (PEA) on Doby George, which it characterizes as a low-capital, potentially profitable development project with a rapid payback, based on conservative gold price assumptions. The PEA and related technical reports were prepared in accordance with NI 43-101 by independent firms Kappes, Cassiday & Associates (KCA) and RESPEC.
• Gravel Creek – A gold-silver deposit where Western Exploration reports both indicated and inferred mineral resources under NI 43-101. The company has highlighted a 54% increase in inferred gold-equivalent resources and an 83% increase in inferred silver ounces at Gravel Creek, attributing this to a high-grade vein discovery in Jarbidge rhyolite east of the main deposit and to an updated geologic and structural model focused on the northwest-trending GC Fault and the Paleozoic–Eocene unconformity.
• Wood Gulch – A former producing open pit mine that is part of the Aura Project. Western Exploration notes that Wood Gulch was historically mined in the late 1980s and has since been reprioritized as a highly prospective target based on geological reinterpretation and prior drill results. It is also the focus of current and planned drilling along the Tomasina Fault Zone.

Western Exploration emphasizes that the Aura district hosts multiple resource areas and additional untested targets, with the potential for resource expansion at Doby George, Gravel Creek and Wood Gulch. The company has filed NI 43-101 technical reports covering a PEA for Doby George and an updated mineral resource estimate for Gravel Creek and Wood Gulch, and has also filed an amended technical report to clarify certain cost tables and all-in sustaining cost figures while stating that the underlying economic outcomes of the PEA remain unchanged.

Exploration Focus: Tomasina Fault Zone and Aura District Targets

Recent Western Exploration news releases describe an intensive exploration program at Aura, particularly along the Tomasina Fault Zone, a structural corridor located approximately one kilometer west of the Gravel Creek resource and down dip from the Saddle and Wood Gulch resource areas. The company reports that the Tomasina target extends for about 2.5 kilometers and is projected to intersect the favorable Eocene Frost Creek tuff, identified as the main host rock at Gravel Creek, at a faulted unconformity with the underlying Schoonover Formation.

Western Exploration has completed a series of reverse circulation (RC) drill programs along this corridor, including nine widely spaced holes in a Phase 1 program and additional holes (WG463–WG471) that confirm widespread clay alteration, silicification and quartz–sulfide veining. Company disclosures state that these features are consistent with a low-sulfidation epithermal system and similar to mineralization observed at Gravel Creek and other Aura deposits. The company reports that intervals with gold grades greater than 3.0 grams per tonne have been intersected on multiple sections over a strike length of approximately 1.5 kilometers within the Tomasina structural zone.

Western Exploration highlights several key target areas within the Tomasina trend, including:

• The GAP Zone, a highly prospective 500 meter-long area down dip from the Wood Gulch pit, bracketed by holes that returned significant gold grades.
• The Hammer Head target, located southeast of an alteration plume and chargeability anomalies identified by induced polarization geophysics.
• Zones down dip of the Saddle resource, where drilling has intersected altered Frost Creek tuff and Schoonover Formation rocks with anomalous to higher-grade gold and silver values.

According to company statements, drilling to date has tested only a portion of the Tomasina strike length, and Western Exploration views the corridor as an important area for potential resource growth that could complement existing resources at Gravel Creek and the Jarbidge discovery.

Technical Studies and NI 43-101 Compliance

Western Exploration's technical information for the Aura Project is governed by National Instrument 43-101. The company notes that:

• The mineral resource estimates for Gravel Creek, Wood Gulch and Doby George were prepared by RESPEC Company LLC, with qualified persons responsible for geology, databases and resource modeling.
• The Doby George PEA was led by Kappes, Cassiday & Associates, with RESPEC contributing mine planning, scheduling and costing. The PEA is described as preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to be categorized as mineral reserves. Western Exploration emphasizes that mineral resources are not mineral reserves and do not have demonstrated economic viability.
• Updated and amended technical reports have been filed on SEDAR+ to support the reported mineral resource estimates and PEA results, including clarifications to capital and operating cost tables and all-in sustaining cost metrics.

Company news releases also include detailed descriptions of quality assurance and quality control (QA/QC) procedures for drilling and sampling at Aura. These include reverse circulation drilling on 1.52 meter intervals, insertion of blanks, duplicates and reference materials, secure sample handling, and analysis by ALS laboratories using specified fire assay and multi-element analytical methods.

Development and Permitting Activities

In addition to exploration, Western Exploration reports steps toward advancing Doby George toward potential development. The company has engaged Stantec Consulting Services Inc. of Elko, Nevada, to commence work on a Notice of Intent (NOI) and Mine Plan of Operations (MPO) for the Aura Project, with a stated objective of moving the Doby George deposit toward permitting and development readiness. Stantec is described as a long-standing consulting partner on the project, with experience in environmental baseline studies and regulatory processes in Nevada.

Western Exploration states that it is also undertaking ongoing baseline environmental studies, engineering optimization activities and project refinement, along with geotechnical work and permit planning, as part of its broader strategy to de-risk the Aura Project.

Company Strategy and Positioning

Across multiple disclosures, Western Exploration consistently characterizes its strategy as focused on:

• Advancing the Doby George oxide gold resource through economic studies, permitting steps and potential future development.
• Expanding and upgrading mineral resources at Gravel Creek, including the Jarbidge high-grade vein discovery and targets along the GC Fault.
• Re-evaluating and exploring Wood Gulch, including the past-producing open pit and the Tomasina Fault Zone, to identify additional high-grade gold-silver zones.
• Using updated geologic and structural models to guide drilling and highlight areas with potential for resource growth within the broader Aura district.

Western Exploration emphasizes that its management and board have experience in precious metals discovery, development and production, and that the company is focused on responsible resource development and creating long-term value for shareholders and local communities, as described in its public communications.

WEXPF Stock and Investor Considerations

The WEXPF symbol represents Western Exploration Inc. on the OTCQX market in the United States. The company also trades on the TSX Venture Exchange under the symbol WEX. Investors researching WEXPF will find that Western Exploration's publicly available information centers on the Aura Project, NI 43-101 compliant mineral resource estimates, the Doby George PEA, and ongoing exploration and permitting activities in Nevada.

Company news releases include extensive cautionary language regarding forward-looking information, mineral resource estimates and economic assessments. Western Exploration notes that mineral resources are not mineral reserves, that inferred resources have a high degree of uncertainty, and that the PEA is preliminary in nature with no certainty that the results will be realized. The company also references differences between NI 43-101 and U.S. SEC mining disclosure rules (S-K 1300), indicating that some technical information may not be directly comparable to disclosures by U.S. registrants.

FAQs about Western Exploration Inc. (WEXPF)

• What does Western Exploration Inc. do?
  Western Exploration Inc. is a precious metals company focused on advancing its 100%-owned Aura gold-silver project in Nevada. The Aura Project includes three deposits—Doby George, Gravel Creek and Wood Gulch—where the company is conducting exploration, technical studies and permitting-related work.
• Where is the Aura Project located?
  According to company disclosures, the Aura Project is located in Elko County, Nevada, approximately 120 kilometers (75 miles) north of the city of Elko, in the Mountain City District.
• What are the main deposits at the Aura Project?
  Western Exploration identifies three main deposits at Aura: Doby George, an at-surface oxide gold deposit; Gravel Creek, a gold-silver deposit with indicated and inferred resources; and Wood Gulch, a former producing open pit mine that is now a priority exploration target.
• What is the status of the Doby George deposit?
  The company has completed a Preliminary Economic Assessment on Doby George, prepared in accordance with NI 43-101 by independent consultants. Western Exploration describes Doby George as a low-capital, potentially profitable development project with a rapid payback under the assumptions used in the PEA, while emphasizing that the PEA is preliminary and that mineral resources are not mineral reserves.
• How is Western Exploration expanding resources at Gravel Creek?
  Western Exploration reports that updated drilling and modeling at Gravel Creek, including a high-grade vein discovery in Jarbidge rhyolite, have led to a 54% increase in inferred gold-equivalent resources and an 83% increase in inferred silver ounces at a specified cutoff grade. The company attributes this to additional drilling and a revised geologic and structural model.
• What is the Tomasina Fault Zone and why is it important?
  The Tomasina Fault Zone is a 2.5-kilometer-long structural corridor west of Gravel Creek and down dip from the Saddle and Wood Gulch resource areas. Western Exploration's drilling has confirmed widespread alteration and veining along this corridor, and the company views it as a key target for potential resource expansion that could complement existing deposits at Aura.
• Is Western Exploration working on permitting for a mine?
  Western Exploration has announced that it engaged Stantec Consulting Services Inc. to begin preparing a Notice of Intent and Mine Plan of Operations for the Aura Project, with a focus on advancing the Doby George deposit toward permitting and development readiness. The company also references ongoing baseline environmental studies and project optimization work.
• On which exchanges does Western Exploration trade?
  Western Exploration trades on the TSX Venture Exchange under the symbol WEX and on the OTCQX market in the United States under the symbol WEXPF.