Westward Gold is looking to raise gross proceeds of up to $1,200,000 from the placement of up to 10 million units priced at $0.12 per unit. The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.20 for 36 months, subject to an acceleration clause.
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Video Transcript:
I’m Ebony North for Investmentpitch Media
Westward Gold Inc. has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $1,200,000 from the placement of up to 10 million units priced at $0.12 per unit.
The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.20 for 36 months, subject to an acceleration clause.
The shares are trading at $0.13.
Proceeds will be used primarily to fund the company’s inaugural drill campaign at its flagship Toiyabe Project, planned for the summer of 2022, and for general working capital purposes.
The Toiyabe property is part of the company’s 3,830-hectare land package in the heart of Nevada’s Battle Mountain-Eureka Gold Trend, one of the most prospective mining districts in the world.
The fully-contiguous properties sit a short distance away from some of Barrick Gold/Nevada Gold Mines’ largest mines and deposits, including Cortez, Cortez Hills, Pipeline, Goldrush, and Four Mile.
The Toiyabe Gold Project has an Historical Indicated Mineral Estimate of approximately 173,000 ounces of gold using a 0.01ounce per ton cutoff grade associated with Roberts Mountains Thrust.
Early drilling of the Courtney Zone historical resource demonstrated near surface high-grade mineralization including:
DH88-373: 67.1m @ 0.88 g/t Au from surface
(incl. 21.3m @ 2.1 g/t Au)
DH88-296: 19.8m @ 4.03 g/t Au from surface
(incl. 13.7m @ 5.54 g/t Au)
DTY020: 15.2m @ 0.72 g/t Au from surface,
and 36.6m @ 1.12 g/t Au from a depth of 19.8m
T-603: 18.3m @ 4.47 g/t Au from a depth of 38.1m
(incl. 6.1m @ 12.85 g/t Au)
T-706C: 16.8m @ 3.66 g/t Au from a depth of 47.2m
(incl. 7.6m @ 7.37 g/t Au)
T-719: 27.4m @ 2.21 g/t Au from a depth of 45.7m
(incl. 9.1m @ 5.45 g/t Au)
Wider intervals at greater depth indicate widespread disseminated gold mineralization.
DTY008: 22.9m @ 1.62 g/t Au from 103.6m
(incl. 15.2m @ 2.20 g/t Au)
T-902C: 42.7m @ 1.37 g/t Au/t from 266.7m
T-1002BC: 33.8m @ 1.16 g/t Au from 292.4m
T-1601C: 25.9m @ 1.01 g/t Au from 278.4m
There is expansion potential at depth as only 16% of drill holes at Toiyabe reached beyond 180 meters.
For more information about the company and its other properties, please visit the company’s website, www.WestwardGold.com, contact Andrew Nelson, CFO, at 604-828-7027 or by email at andrew@WestwardGold.com.
I’m Ebony North for Investmentpitch Media
