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Westward Gold Completes 100% Earn-In at the Turquoise Canyon Project
Vancouver, BC - TheNewswire - January 30, 2023 - Westward Gold Inc. (CSE:WG) (OTC:WGLIF) (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, BC - TheNewswire - January 30, 2023 - Westward Gold Inc. (CSE:WG) (OTC:WGLIF) (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it has completed its final anniversary payment to First Mining Gold Corp. (“First Mining”) pursuant to the option agreement (the “Agreement”) entered into by Momentum Minerals Ltd., a wholly-owned subsidiary of Westward, and First Mining. As a result, the Company has exercised its option to earn into a 100% ownership position in the Turquoise Canyon Project in Lander County, Nevada (“Turquoise Canyon”), based on the Agreement dated August 20, 2019, as amended on August 19, 2020. As per the Agreement, Westward has elected to pay First Mining C$137,500 in shares, based on the trailing 30-day volume-weighted average price on the Canadian Securities Exchange, calculated as at market close on January 25, 2023. The Company has issued a total of 1,701,732 shares at a deemed price of C$0.0808 per share; following the issuance, First Mining will own 4,457,565 shares of Westward, representing approximately 5.6% of the total issued and outstanding shares of the Company. Ownership of the 188 unpatented mining claims which make up Turquoise Canyon will be transferred to Turquoise Canyon Corp., a wholly-owned Westward subsidiary incorporated in Nevada. First Mining will retain a 2.0% Net Smelter Return Royalty, which can be reduced to 1.0% with a C$1,000,000 cash payment at any time prior to the first anniversary of Commercial Production (as defined within the Agreement). Figure 1: Westward’s Cortez Trend Land Package Turquoise Canyon represents approximately 41% of the total consolidated land position that the Company has assembled along the Cortez Trend, through a combination of corporate transactions and staking. Westward also recently acquired 100% ownership of 111 unpatented mining claims on the Carlin Trend to bolster its Nevada exploration portfolio (see press releases dated October 11, 2022, and January 18, 2023). Colin Moore, Westward’s President & CEO, noted: “We’re thrilled to have exercised our option on Turquoise Canyon ahead of schedule; this represents a significant milestone for our growing company. We’d like to thank First Mining for being a valued partner over these last several years, and look forward to having them as one of our largest shareholders moving forward...