Westward Gold Inc. (WG:CSE; WGLIF:OTC; IM50:FSE) announced that drilling has commenced at its Toiyabe Hills Property in Lander County, Nevada, where multiple exploration programs are underway during the 2026 field season.
The company said the first of three drill rigs has begun work at the SSD Target following completion of a 468-meter trenching program. The trenching program was designed to more accurately sample and map structures ahead of drilling, with the resulting data intended to contribute to the final determination of drill hole dips and azimuths from certain planned drill sites.
According to the company, SSD is one of three zones slated for core and reverse-circulation drilling in 2026. A core rig has been delivered to the site, and drilling has begun, with two reverse-circulation rigs from National EWP and Legacy Drilling expected to follow later in the year.
Westward said the trenching program focused on projecting mapped structures down-section, including a dike that contains a 16.4 g/t gold sample. The company stated that drilling will target these structures within carbonate host rocks of the Wenban Formation.
In addition to drilling, Westward reported that its 1:5000-scale Anaconda-style surface mapping program has been ongoing since the start of the field season. The company said the program has already expanded the SSD alteration footprint to the north and northeast of previous mapping, where surface alteration remains open.
The mapping program identified several geological patterns, including increased quartz veins, stockworks, and silica replacements to the north, hydrothermally altered lamprophyre and quartz porphyry dikes and sills occurring in close proximity, and the presence of hematite, hematitic clay, and euhedral barite crystals. Westward also reported collecting 20 hydrothermally altered outcrop and subcrop samples over an area of approximately 0.8 square kilometers north and northeast of the northernmost SSD trench.
The company said several geochemical sampling programs are underway, including trench, soil grid, mapping, and road-cut sampling initiatives. Soil sampling on newly acquired northern claims is approximately 75% complete, while sampling on southern claims has been completed with data pending.
Westward also reported progress on three geophysical surveys. Data acquisition and processing have been completed for an airborne magnetic survey covering newly acquired ground to the north, with final interpretations pending. A controlled-source audio-frequency magnetotellurics survey designed to provide additional structural and stratigraphic information at the El Segundo Target has also been completed, with processing and interpretation pending. A gravity survey intended to expand coverage over newly acquired ground to the north and south is expected to begin data acquisition shortly.
Gold Market Outlook Shaped by Fed Policy and Institutional Demand
In a June 19 article from Kitco News, analysts at Société Générale increased their allocation to gold and commodities while citing continued demand for inflation protection. The analysts stated, "We return to a full weighting in gold, taking advantage of the recent drawdown." They added that "gold volatility may decline if retail participation, particularly through ETFs, eases off, while central banks are likely to remain active buyers, particularly as part of their ongoing de-dollarisation drive and as institutions diversify further away from equities and bonds."
The bank increased its gold allocation to 10% from 7% in the previous quarter and raised its broader commodity exposure to 10% from 8%. According to the report, Société Générale viewed inflation protection as increasingly important and stated that policymakers had "effectively adjusted to a new equilibrium featuring higher growth alongside a higher inflation risk."
The following day, commentary from gold market analyst Adam Hamilton examined the market reaction to the Federal Reserve's June meeting and the first Federal Open Market Committee meeting chaired by Kevin Warsh. Hamilton noted that gold declined following the meeting as traders reacted to a more hawkish interest-rate outlook, but argued that broader changes in Federal Reserve communications could influence how markets respond to economic data in the future.
Hamilton highlighted comments from Warsh regarding the role of financial markets, quoting the Fed chair as saying, "I think financial markets perform best when they react to incoming data." Warsh added, "I think the financial markets work less efficiently when they ask a question, how will the Federal Reserve react to that incoming information?"
According to Hamilton, Warsh also emphasized the importance of price stability, stating in the Federal Reserve's policy statement that, "The Committee will deliver price stability." During his press conference, Warsh reiterated that commitment, saying, "This Committee will deliver price stability."
Hamilton wrote that Warsh had discussed potential changes to Federal Reserve communications, including possible modifications to the Summary of Economic Projections. He noted that Warsh said policymakers had "discussed possible improvements in the form and function of Fed communications" and would "propose some well-considered changes, including to the SEP."
Additional discussion of the interest-rate environment appeared in a June 20 report from TheStreet, which reviewed revised gold price forecasts from Goldman Sachs following the Federal Reserve meeting. The report stated that the bank reduced its year-end gold target after revising expectations for future rate cuts.
According to the article, analysts Lina Thomas and Daan Struyven wrote, "We are moderating our forecast for gold price appreciation for two reasons." The report said the bank no longer expected the Federal Reserve to cut rates during 2026 and also lowered expectations for future gold ETF inflows.
Across the reports, analysts continued to focus on inflation trends, central bank policy, institutional asset allocation, and physical and investment demand as key factors influencing the gold market.
Third-Party Commentary Focuses on Nevada Exploration Potential
Moriarty noted that gold and silver prices had risen significantly and pointed to continued investor attention on sentiment indicators for precious metals. He wrote that readings in gold, silver and copper did not show "any imminent peak signs," while also cautioning that major bull markets can experience sharp corrections.
Discussing Nevada exploration, Moriarty described the search for new deposits as looking for "a golden needle in elephant country." He referenced the proximity of exploration ground to existing mining operations and reviewed historical discoveries in the region, noting that earlier major deposits had been identified through drilling programs originally intended for other purposes.
Moriarty also commented on the geological expertise involved in Nevada exploration. He wrote that exploration teams working in the district included "some of the world's preeminent Nevada Carlin-style geologists" and stated that they believed they were approaching a significant discovery target.
The commentary reviewed drilling results reported during 2025, including an intercept of 10.7 meters grading 0.94 g/t gold from the Campfire target area. According to Moriarty, comments from Chairman Quinton Hennigh suggested that similar assay results had preceded previous Carlin-style discoveries elsewhere in Nevada. Moriarty wrote that the next stage of work involved identifying and refining the structural controls associated with mineralization.
He also referenced additional drilling completed during the company's Phase I program, including results from hole CF25-07, which returned 3.1 meters grading 0.80 g/t gold. Moriarty stated that several drill holes remained unreleased at the time of publication and highlighted hole CF25-10 as appearing promising based on available information.
The article further discussed funding and exploration plans, noting that the company held approximately CA$5 million and that management was open to a potential joint-venture financing arrangement. Moriarty stated that exploration activity would resume following the seasonal pause in drilling.
Summarizing his view of the project, Moriarty wrote that the property was located in "elephant territory," a term commonly used within the mining industry to describe regions known for hosting large mineral deposits. He argued that the market was assigning limited value to the exploration opportunity despite its location within a prolific Nevada gold district.
2026 Exploration Programs Advance Across Multiple Targets
Westward's 2026 exploration schedule includes drilling, geochemistry, geophysics, mapping, and data interpretation programs across the Toiyabe Hills Property.
According to the company's corporate presentation, drilling activities in 2026 include Phase I drilling at the El Segundo Target, Phase II drilling at the Campfire Target Complex, and step-out and infill drilling at the SSD Zone. The company also completed trenching work at SSD ahead of the current drilling campaign.
Streetwise Ownership Overview*
Westward Gold Inc. (WG:CSE;WGLIF:OTC;IM50:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 10/07/21 | IM | 1 | WG | 1 |
| 04/14/04 | IGM | 1 | IM | 1 |
| 04/22/99 | PCG | 6 | IGM | 1 |
The presentation states that geophysical work in 2026 includes magnetic, gravity, and controlled-source audio-frequency magnetotellurics surveys, along with interpretation of the resulting datasets. Mapping programs include 1:5000-scale Anaconda-style geological and alteration mapping, while geochemical work consists of soil grids, rock-chip sampling, and road-cut sampling programs.
The company also plans detailed drill-hole logging for both reverse-circulation and core drilling, incorporation of new information into three-dimensional geological models, and ongoing assay and interpretation work from the 2026 exploration programs.
Ownership and Share Structure1
Management, directors, and advisors hold 9.3% of Westward Gold. Institutional ownership was 23.3%, with Crescat Capital holding the most at 12.1%, Concept Capital Mgmt at 9.9%, and US Global Investors at 1.3%. Keith Neumeyer, CEO of First Majestic Silver Corp. (AG:TSX; AG:NYSE; FMV:FSE), owns 2.7%. EMX Royalty Corp. (EMX:TSX.V; EMX:NYSE.American)owns 1.3%, Starcore International Mines Ltd. (SAM:TSX) owns 1.7%, and MinQuest Ltd. (MNQ:ASX) owns 1.5%. The rest are high-net-worth retail investors.
As of the most recent data, Westward Gold Inc. reported approximately 234.7 million shares outstanding and a public float of about 140.60 million shares.
The company's market capitalization stands at roughly CA$23.5 million. Its 52‑week trading range spanned from CA$0.07 to CA$0.165.
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Important Disclosures:
- Westward Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Westward Gold, EMX Royalty, and First Majestic Silver.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- 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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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
