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Gold Exploration Co. Reveals Major Find at Key Nevada Project

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Western Exploration Inc. CEO Darcy Marud gave an insight into recent updates at PDAC 2024.

The CEO of Western Exploration Inc. (WEX:TSX.V;WEXPF:OTC), Darcy Marud, has touched on a major find at its Aura Project in northeastern Nevada. According to Marud during a presentation at PDAC (Prospectors & Developers Association of Canada) 2024, the site has seen drill activity and exploration "since 1997."

During the mineral exploration and mining convention, he went on to explain that, in 2022, when the company was made public, he looked at "how we advance the project, and this year we've made a very significant high-grade discovery."

Marud went on to state that this discovery will be the focus of the company's exploration going forward.

The company did have an existing resource at the Aura Project for gold and silver, but it's only through recent drilling that these exciting discoveries have been made. Specifically, 257 grams per tonne (g/t) gold, and almost 3 kilograms of silver.

Marud described them as "very significant results" and noted they were "immediately adjacent," giving the company confidence that "not only is the grade improving, but the size of the resource could potentially improve adjacent to what we already know."

According to its website, Western Exploration is "focused on creating long-term project value . . . established by a strong geological base for a project and investment, first and foremost in drilling."

The team "understands project development" due to its participation in the "cycle from grassroots discoveries, through brownfield development and into the structure and financing needed to build a strong mine and create a high-grade gold in Nevada driven by values."

The Aura Project consists of three locations in Nevada: Doby George, Gravel Creek, and Wood Gulch. Doby George has 827 drill holes, while Gravel Creek has 95.

Why Gold?

Multiple experts and analysts are currently predicting good things for gold.

Bob Moriarty wrote for 321gold that there's been a "nice move higher in gold and silver" and speculates: "These markets are going to go a lot higher in my view."

Earlier this month, metal and mining analyst Jeff Clark posted on X (formerly Twitter) a quote from Chen Lin of What Is Chen Buying? What Is Chen Selling?: "I believe we are at the very beginning of one of the greatest bull markets in gold, as well as silver and platinum."

The Catalyst

At PDAC, Darcy Marud went on to say that the company's goal is to complete extra drilling and "bring the two resources together."

While he admitted the company isn't looking ahead to any construction or production targets, he reiterated the company's commitment to exploration. He mentioned the fact that almost every person in a senior role at Western Exploration is a geologist and are there to "find the gold."

When asked what the next milestone of the project is, he referenced the drill results and metallurgy they released in January, which were "well received by the market" and were "transformational for the company." He mentioned the company's plans to "go into a phase of drilling, starting probably late June this year."

Previously, Marud had stated that the company is "not limited by targets or potential." It owns 100% of the Aura Project, which is located in an under-explored area of Nevada, which happens to produce more gold than any other U.S. state.

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Western Exploration Inc. (WEX:TSX.V;WEXPF:OTC)

*Share Structure as of 3/27/2024

Siddharth Rajeev, an analyst for Fundamental Research Corp., referred to Nevada as "one of the most attractive mining jurisdictions in the world."

Rajeev has also recently written that Western Exploration's drill data from Aura "boasted bonanza grades," going on to add that Fundamental Research believes "Western Exploration stands out with high-grade projects, a strong management/board, and the backing of Agnico Eagle." 

Ownership and Share Structure

Western Exploration Inc. is headquartered in Reno, Nevada.

According to Reuters, approximately 74% of the company is owned by strategic investors, including Goldonda LLC, which is a syndicate of dozens of high-net-worth investors and owns about 58% of the company.

Agnico owns 16%.

Management and directors own around 7%, and other institutions own an estimated 12%. The rest is retail.

The company has a market cap of CA$27.56 million and has 34.45 million shares outstanding. It trades in a 52-week range of CA$2.20 and CA$0.455.

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Important Disclosures:

  1. Western Exploration Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. In addition, Wester Exploration Inc. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Western Exploration Inc. and Agnico Eagle Mines Ltd.
  3. Lauren Rickard wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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