Gold Explorer Targets High-Grade Nevada Breakthrough

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In a call with Streetwise Reports, executives at Westward Gold Inc. (WG:CSE; WGLIF:OTC) outlined the company's progress and strategic position as it continues exploration at its flagship Toiyabe Hills Project in Nevada.

CFO Andrew Nelson said that Nevada remains one of the most attractive jurisdictions globally for gold exploration, stating, "When you look across the world per square kilometer, [Nevada] has the richest gold endowment per square kilometer anywhere in the world. If you're looking for large Carlin gold deposits . . .  there's no better place." He added that the company has consolidated a 61-square-kilometer land package in the region, located near Nevada Gold Mines' operations.

The Toiyabe Hills Project sits along Nevada's Carlin and Cortez gold trends, which host multi-million-ounce deposits. The land package includes both historically drilled areas and underexplored ground with Carlin-type geological characteristics.

Dr. Quinton Hennigh, who joined as chairman, has a long history with the property, having first identified its potential while at Newmont in 2007. "Turquoise Canyon, from 20 years ago (has) now grown by 400%," he told the team, according to Moore. The company also counts Crescat Capital, First Majestic Silver CEO Keith Neumeyer, U.S. Global Investors, and EMX Royalty Corp. among its shareholders.

Westward is currently executing its first drill program at the Campfire Target Complex, a structurally complex zone interpreted as a potential feeder system for gold mineralization. The approximately 5,000-meter reverse-circulation campaign will test multiple potential styles of Carlin-type mineralization across the 61-square-kilometer consolidated land package. Initial drilling is targeting the up-plunge expression of the Campfire Anticline, where favorable lower-plate carbonate stratigraphy, Carlin-suite geochemical anomalies, and significant geophysical features coincide.

On August 11, Westward Gold Inc. provided an update on its 2025 drilling campaign at the Toiyabe Hills Property in Lander County, Nevada, where the drilling is underway at the high-priority Campfire Target Complex. The company has completed three holes totaling 2,251 meters, with assays from the first two holes sent to Paragon Geochemical Services Inc.

Greg McCoach of The Mining Speculator shared an equally bullish view, saying, "This is truly an exciting moment, that doesn't come around very often, where we have a low-priced junior mining company (entry point) that has such potential for a massive new discovery in Elephant Country for GOLD."

Hole CF25-02 became the first at Toiyabe Hills to test the Roberts Mountains Formation, one of the district's most productive gold-hosting horizons, intersecting extensive decalcification in both the Wenban and Roberts Mountains Formations.

According to the company, this included 13 logged intervals of moderate to strongly decalcified lower-plate rocks up to 94.5 meters thick, along with eight zones of intrusive rocks.

In the news release, Technical Advisor Steven Koehler said the results reinforced his confidence in the interpretation that Campfire is "an expansive Carlin-type hydrothermal system both in plan and in the third dimension at depth."

CF25-03, the first hole to test the down-plunge expression of the Campfire Anticline, confirmed that lower-plate host rock strata can routinely be reached with RC drilling across the Campfire Complex and a large portion of the 61-square-kilometer property. Hole CF25-04 is in progress.

According to the company, anticlines can act as hydrothermal fluid traps and are important controlling structures for Carlin-type deposits. Early holes will allow the drill team to evaluate ground conditions and optimize drilling processes before moving toward deeper targets. The program is designed to test stratigraphic, structural, and breccia-hosted targets, as well as mineralized dikes. Westward has also engaged Hillside Consulting and Media Inc. to provide marketing and investor relations support during the program.

Gold Sector Maintains Strength Amid Inflation and Market Volatility

Investor demand for gold remained resilient through 2025, supported by ongoing macroeconomic uncertainty and increased interest in alternative assets. A July 18 report by Josh Chiat of Stockhead, referencing World Gold Council data, with total assets under management reaching U.S.$383 billion. The Council said gold remains "well positioned to support tactical and strategic investment decisions in the current macro landscape."

On July 24, Yahoo! Finance reported that both gold and bitcoin had each gained 28% by mid-year, reflecting a broader move by investors toward non-traditional holdings. Roxanna Islam of TMX VettaFi linked this trend to higher market volatility. Data from J.P. Morgan Asset Management showed gold ETFs held U.S.$170 billion in assets as of April, with SPDR Gold Shares (GLD) at U.S.$102 billion and iShares Gold Trust (IAU) at U.S.$48 billion.

As reported by FXStreet, gold prices briefly fell to about U.S.$3,360 on August 4 after the US dollar strengthened, but regained support following weaker-than-expected US employment data and renewed tariff concerns. The US economy added 73,000 jobs in July, below the forecast of 110,000, while unemployment rose to 4.2%. TD Securities' Bart Melek said the softer job numbers "give a better probability that the Federal Reserve will cut [rates] later in the year," a move that could increase gold's appeal as a store of value.

Gold futures surged toward record levels on August 8 following a Financial Times report that the U.S. has determined 1-kilo and 100-ounce gold bars will be subject to tariffs. Prices on the continuous contract rose U.S.$24.80, or 0.7%, to U.S.$3,478.50 an ounce after touching an intraday high of U.S.$3,534.20, surpassing the April 22 record. The ruling by U.S. Customs and Border Protection places these bars, key to Switzerland's gold exports to the U.S., under a customs code carrying a 39% tariff, the same rate recently imposed by the Trump administration. Analysts warned of potential disruption to global bullion trade flows, with Swiss refiners reportedly halting or reducing shipments amid uncertainty. Additional support for gold came from expectations of Federal Reserve interest rate cuts, concerns over U.S. stagflation, and continued strong demand from China.

Positive Analyst Outlook on Westward Gold

On July 8, Jeff Clark of The Gold Advisor provided a positive assessment of Westward Gold, noting the commencement of the company's first drill program at the Campfire Target Complex within the Toiyabe Hills Property. He highlighted that the 5,000-meter reverse-circulation campaign would test this top-priority zone for the first time.

According to Clark, Technical Advisor Steven Koehler described the geological setting as exceptional, citing "thru-going high-angle structures, igneous dikes, evidence of compressional events, hydrothermal alteration, outcropping carbonate rocks" as "the hallmarks of potential fertile gold environments," adding that "seeing all of them in one place is exceptional; this is why the Campfire Complex currently has our undivided attention." Clark stated that despite the stock being up 74% year-to-date and the company's market capitalization at approximately CA$25 million, "it is definitely not too late to buy," and he confirmed that he remained overweight in the stock.

Greg McCoach of The Mining Speculator shared an equally bullish view, saying, "This is truly an exciting moment, that doesn't come around very often, where we have a low-priced junior mining company (entry point) that has such potential for a massive new discovery in Elephant Country for GOLD. In the speculative world of investing, it just doesn't get any better than this. It is very unusual to have a small junior mining company with such an incredible land package (district in scale) within these major gold trends in Nevada. The majors control the trends. This is what got my attention to begin with when I first started following the company three years ago. What Westward Gold has accomplished in those three years has now put us (as investors) in the driver's seat, the potential to make the next 10-million-ounce gold discovery on one of the big trends in Nevada."

Bob Moriarity of 321 Gold also provided a quote on the company to Streetwise Reports. He explained, "Westward Gold is drilling the right neighborhood with the most experienced geological team in Nevada. I'm betting their 5,000-meter drill program into a project in the middle of elephant country will pay off very soon. Drill results in less than a month."

Drilling and Development Outlook

The company's near-term work is focused on completing and assessing results from its current drill program, with one rig active and holes reaching depths of more than 800 meters. The Campfire program is designed as proof-of-concept drilling, targeting multiple geological features, including anticlines, breccia pipes, and mineralized dikes.

According to Westward's June 2025 investor presentation, the Toiyabe Hills Project covers favorable lower-plate carbonate stratigraphy, hosts widespread Carlin-type alteration over more than 11 square kilometers, and is strategically located near producing mines. The company also holds additional ground on the Carlin Trend through its Coyote and Rossi projects.

Westward's management emphasized that the exploration program underway could mark a pivotal stage in its multi-year effort to consolidate and advance the Toiyabe Hills land position. "The right geological foundation is critically important," Nelson said. "We believe we have that in place."

Ownership and Share Structure

According to the company, management, directors, and advisors held 13.6% of Westward Gold. Strategic investors represented 10.3%, entirely held by Crescat Capital with 19 million shares. Institutional ownership was 1.7%, attributed to U.S. Global Investors with 3 million shares, while the remaining 74.4% was held by high-net-worth and retail investors.

Westward Gold had a market capitalization of approximately U.S.$26.45 million, with 182.42 million shares outstanding and a public float of 150.38 million shares. The company's stock traded within a 52-week range of U.S.$0.05 to U.S.$0.17.