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Aurwest Resources Reports Third Quarter September 30, 2022 Operating Results and Negotiates a One Year Extension on All Capital Commitments on Newfoundland Projects
Calgary, Alberta--(Newsfile Corp. - December 8, 2022) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to announce that it has
About this update from Aurwest Resources Corp.
[{"type":"text","content":" Calgary, Alberta--(Newsfile Corp. - December 8, 2022) - Aurwest Resources Corporation (CSE: AWR) (\"Aurwest\" or the \"Company\") is pleased to announce that it has been granted a one (1) year extension on annual exploration expenditure requirements from each of the optionor's (each a \"Optionor\") of the Paradise Lake Project, Miguels Lake Project and Stony Caldera Project (each a Project and collectively, the \"Projects\") pursuant to previously executed option agreements. The Company and each Optionor have now entered into an amended option agreement whereby any annual exploration expenditure requirements by the Company on the Projects in 2023 will not be required and will be delayed, or 'pushed' forward to the following year. Any subsequent annual exploration expenditure requirements on the Projects by the Company will also be pushed forward by one year, creating a grace period with no annual exploration expenditures required to be made by the Company on the Projects in 2023. All properties remain in good standing. Subsequent to filing the Company's Q3 September 30, 2022 Financial Statements and Management Discussion and Analysis on November 29, 2022, the Company also is pleased to provide an update on our quarterly operating highlights as set out below: THIRD QUARTER SEPTEMBER 30, 2022 OPERATING HIGHLIGHTS Cash available of $0.753 million ending September 30, 2022, which will fund our ongoing 2022 field exploration programs. On July 5, 2022 the Company announced the completion of its Phase II drill program on its Paradise Lake gold project in Central Newfoundland. The program consisted of seven holes totaling 1,050- meters and followed up results from the Phase I drilling program (2,746-meters/11 drill holes) completed in April 2022. On August 11, 2022 the Company announced it had acquired an additional 9,800 hectares of mineral claims in Central Newfoundland adjoining the north boundary of the Stony Caldera property, On August 17, 2022 announced that it had identified new gold targets returning up to 4.04 g/t Au and 5.27 g/t Ag in outcrop along a new zone approximately 4.5km northwest of the Twin Pond Phase 2 drilling location, and On September 21, 2022 the Company announced final drilling results from its Phase 2 drilling program completed at its Paradise Lake gold project in Central Newfoundland. Phase 2 consisted ...