First-Ever Drilling Begins at Nevada Gold Target Near Fourmile and Cortez

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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.

Westward Gold Inc. (WG:CSE; WGLIF:OTC; IM50:FSE) on July 20 provided additional details on its Phase I drilling campaign at the El Segundo target within its Toiyabe Hills Property in Lander County, Nevada, outlining plans for approximately 6,000 meters of reverse circulation and core drilling across eight permitted sites.

El Segundo is one of three target areas scheduled for testing during the company's 2026 exploration program. Westward said the target has been developed over two years through data acquisition and interpretation and has not been historically drilled.

The target is located approximately four kilometers south-southeast of the SSD target and three kilometers south of the Campfire target. It sits within the footwall of the district-scale, north-striking Hilltop Structural Corridor, where Westward controls 13 kilometers of strike length. Lower-plate carbonate host rocks of the Wenban Formation are exposed across most of the target area.

Eight drill pads have been permitted, with construction on the remaining eastern pads nearing completion. The planned holes are designed to test significant vertical sections of the Wenban Formation and the underlying Roberts Mountains Formation, which the company identified as the two principal host strata in the Cortez District. Core drilling will primarily be used to cross-cut major structural zones and collect geological information, with final hole depths determined through real-time analysis of reverse circulation chips and drill core.

The campaign is targeting laterally disseminated Carlin-style gold along favorable sub-units of the Wenban Formation, as well as higher-grade gold within dike margins and fault corridors. Hole directions and dips have been adjusted to intersect interpreted zones of silica alteration, including argillic alteration and jasperoids identified through a recently completed controlled-source audio-frequency magnetotelluric survey, as well as potential decalcification zones interpreted from residual gravity anomalies.

Surface work identified a large plume of elevated Carlin-suite elements, particularly arsenic, over and outside the target area. The soil anomaly coincides with anomalous gold in rock-chip samples grading up to 1.6 grams per tonne gold and antimony values of up to 589 parts per million, the highest antimony values reported on the property.

Geophysical datasets supporting the drill plan include a gravity survey completed in 2024, an airborne magnetic survey conducted in 2025 and the controlled-source audio-frequency magnetotelluric survey completed in 2026. Together, the surveys identified gravity-interpreted decalcification in lower-plate carbonate rocks and zones interpreted as silicification and argillic alteration. Geological mapping completed at a scale of 1:5,000 also identified surface decalcification and silicification, northeast-striking dike-filled fault corridors and syncline-anticline pairs associated with compression.

"As we've continued to expand our land position and associated Property-wide baseline exploration datasets, we fully anticipated that new targets would emerge along the footwall of the district-scale Hilltop Corridor, with Westward now controlling 13 km of its strike length," Vice President of Exploration Robert Edie said in a company news release.

Edie said Phase I drilling represents the next step following two years of data acquisition and interpretation. He added that beginning most drill holes in lower-plate carbonate rocks would allow the company to test regional host strata more efficiently.

"We will also have the opportunity to drill the first-ever hole through and across the Hilltop Corridor," Edie said.

The Toiyabe Hills Property consists of an 84-square-kilometer, fully contiguous land package assembled from seven claim blocks over more than five years. The property is located near Nevada Gold Mines' Cortez, Cortez Hills, Pipeline, Goldrush and Fourmile operations and deposits. Westward describes Toiyabe Hills as the third mineralized lower-plate domal feature in the Cortez area and the only one not controlled by a major mining company. The company said the Toiyabe lower-plate window forms part of the same regional structural, magmatic and stratigraphic system as the neighboring mining complexes.

Westward's board includes Chairman and Director Dr. Quinton Hennigh, whose company biography cites more than 25 years of exploration experience and involvement in several gold discoveries, including the five-million-ounce Springpole gold deposit in Ontario. According to the company's May 2026 corporate presentation, Keith Neumeyer owns a 4.3% interest in Westward.

Gold Holds Above US$4,000 as Markets Watch Geopolitical and Rate Signals

Gold traded at a spot ask price of US$4,036.34 per ounce as of 6:28 a.m. EDT on July 20. The precious metals data provider also listed gold at US$129.77 per gram and US$129,771.18 per kilogram, noting that spot prices can fluctuate by the second in response to investment demand, supply dynamics and other market factors.

Reuters reported on July 20 that gold prices were largely unchanged as investors weighed developments in the U.S.-Iran conflict alongside comments from U.S. Federal Reserve officials on the outlook for interest rates. Spot gold traded at US$4,018.75 per ounce, while August U.S. gold futures rose 0.1% to US$4,023.20.

UBS analyst Giovanni Staunovo told Reuters that "Gold remains negatively correlated to oil prices, with market participants closely tracking developments in the Middle East." Reuters added that higher oil prices had increased inflation concerns, contributing to expectations that interest rates could remain elevated for longer. According to the report, traders were pricing in an 80% probability of a December rate hike based on the CME FedWatch tool.

Kitco News reported on July 17 that gold finished the week lower but continued to hold above the US$4,000-per-ounce level. Spot gold was last quoted at US$4,017.30 per ounce, down 2.5% for the week. The publication said analysts cited easing inflation data while also pointing to renewed geopolitical tensions and rising oil prices as ongoing influences on the precious metals market.

Chris Gaffney, President of World Markets at EverBank, told Kitco News, "The $4,000 price level is a major psychological price point for individual investors," adding that "the key data is going to be the US inflation numbers."

Kitco also cited Neil Welsh, Head of Metals at Britannia Global Markets, who said, "If energy prices sustain their climb, the resulting inflationary pressure may force the Fed to maintain a higher-for-longer rate environment."

Simon-Peter Massabni, Head of Business Development at XS.com, told Kitco News that "Gold continues to benefit from important structural drivers, most notably ongoing purchases by global central banks, elevated geopolitical uncertainty, and the growing need for protection against sovereign risks and long-term inflation."

Third-Party Highlights Nevada Gold Exploration Activity

In a January 6 report published by 321 Gold, Bob Moriarty examined exploration activity in Nevada alongside broader trends in the precious metals market, discussing projects located near established gold-producing districts.

Moriarty wrote that gold and silver prices had advanced significantly while sentiment indicators continued to support the sector. He stated that gold, silver and copper had not yet shown "any imminent peak signs," while noting that strong bull markets are often accompanied by periods of sharp price corrections.

Focusing on Nevada, Moriarty described the search for new discoveries as looking for "a golden needle in elephant country." He reviewed the area's history of major gold discoveries, noting that several significant deposits were originally identified through drilling programs targeting different objectives, and discussed the proximity of current exploration projects to existing mining operations.

He also highlighted the experience of the geological teams working in the district, writing that they included "some of the world's preeminent Nevada Carlin-style geologists" who believed they were closing in on an important exploration target.

The commentary reviewed drilling completed during 2025, including an intercept of 10.7 meters grading 0.94 grams per tonne gold at the Campfire target. Moriarty wrote that Chairman Dr. Quinton Hennigh had compared those results to early-stage intercepts associated with previous Carlin-style discoveries in Nevada and said the next phase of exploration would focus on defining the structural controls linked to the mineralization.

Moriarty also discussed additional Phase I drilling, including hole CF25-07, which intersected 3.1 meters grading 0.80 grams per tonne gold. He noted that assay results from several drill holes had not yet been released at the time of publication and identified hole CF25-10 as one he believed appeared particularly encouraging based on the available information.

The report also addressed the company's financial position and exploration strategy. Moriarty wrote that the company held approximately CA$5 million and said management had indicated it would consider a joint venture financing arrangement. He added that drilling was expected to resume following the seasonal exploration break.

Summarizing his assessment, Moriarty described the property as being located in "elephant territory," referring to a mining district known for large gold deposits. He concluded that the market was placing relatively little value on the project's exploration potential despite its location within a well-known Nevada gold belt.

Beyond El Segundo: Additional 2026 Exploration Plans

Westward's presentation outlines an active 2026 exploration program centered on the Toiyabe Hills Project.

The timeline includes ongoing pre- and post-drilling activities alongside 2026 drilling, geochemistry, geophysics, mapping, detailed drill hole logging, three-dimensional modeling and interpretation of assay results.

At the Campfire Target Complex, the company has outlined a Phase II drilling program following completion of a 7,163-meter reverse circulation Phase I framework drilling campaign completed during summer and fall 2025. According to the presentation, that program expanded beyond its original scope and confirmed that favorable lower plate carbonate rocks occur at shallower depths than previously interpreted. Westward also reported that all holes reaching the lower plate intersected vertically extensive zones of decalcification associated with a Carlin-type gold system.

The company's 2026 plans also include SSD Zone step-out and infill drilling together with trenching. The presentation describes the SSD Zone as an emerging target where seven historical and company drill holes have outlined a northeast-striking zone of gold mineralization approximately 200 meters wide by 600 meters long. Westward plans four to six reverse circulation scout holes at the target during 2026.

In addition, the company plans a Phase I drill program at the El Segundo target. Westward states that systematic mapping, geochemistry and geophysics identified El Segundo south of Campfire along the Hilltop Corridor, where lower plate host rocks crop out over broad areas. The company also plans continued gravity surveys, CSAMT surveys, soil and rock-chip sampling, road-cut sampling, geological mapping, permitting activities, earthwork, construction and incorporation of new drilling data into updated three-dimensional models throughout the exploration program.

Ownership and Share Structure¹

Management, directors, and advisors hold 9.3% of Westward Gold. Institutional ownership was 23.3%. The rest are high-net-worth retail investors.

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$29.19 million. Its 52‑week trading range spanned from CA$0.07 to CA$0.165.

Frequently Asked Questions About Westward Gold, Toiyabe Hills and the El Segundo Drill Program

What is Westward Gold?

Westward Gold Inc. (WG:CSE; WGLIF:OTC; IM50:FSE) is a gold exploration company focused on advancing its flagship Toiyabe Hills Project in Lander County, Nevada.

Why did Westward Gold stock rise?

Westward Gold shares gained 8% on July 16 after the company continued advancing its 2026 exploration program, including Phase I drilling at the El Segundo target within the Toiyabe Hills Project.

Where is the Toiyabe Hills Project located?

The Toiyabe Hills Project is located in Lander County, Nevada, within the Cortez Trend. The property is situated near Nevada Gold Mines' Cortez, Cortez Hills, Pipeline, Goldrush and Fourmile operations and deposits.

What is the El Segundo target?

El Segundo is one of three exploration targets at the Toiyabe Hills Project scheduled for drilling in 2026. The target is located south of the Campfire and SSD targets and has not been historically drilled.

How much drilling is planned at El Segundo?

Westward Gold plans approximately 6,000 meters of reverse circulation (RC) and diamond core drilling across eight permitted drill sites at the El Segundo target.

What is the goal of the El Segundo drilling program?

The Phase I drilling campaign is designed to test the Wenban Formation and Roberts Mountains Formation while evaluating Carlin-style gold mineralization, structural corridors, silica alteration and gravity-interpreted alteration zones.

What exploration work has been completed at El Segundo?

Westward has completed surface geochemistry, gravity surveys, airborne magnetic surveys, CSAMT geophysical surveys and detailed geological mapping to define drill targets before the Phase I program.

What makes the El Segundo target significant?

According to the company, El Segundo is supported by elevated Carlin-suite geochemistry, gravity-interpreted alteration, CSAMT-defined alteration zones, mapped structural corridors and favorable lower-plate carbonate host rocks.

What is the Campfire target at Toiyabe Hills?

Campfire is another target within the Toiyabe Hills Project where Westward previously completed more than 7,100 meters of Phase I reverse circulation drilling. The company plans a Phase II drilling program during the 2026 exploration season.

What is the SSD target?

The SSD target is an additional exploration area at Toiyabe Hills where Westward is conducting step-out drilling, infill drilling and trenching as part of its 2026 exploration program.

Who leads Westward Gold?

Westward Gold is led by President and CEO Colin Moore. The company's board includes Chairman Dr. Quinton Hennigh, and investor Keith Neumeyer is listed as a shareholder in the company's corporate presentation.

What stock exchange is Westward Gold listed on?

Westward Gold trades on the Canadian Securities Exchange under the symbol WG, on the OTCQB under WGLIF, and on the Frankfurt Stock Exchange under IM50.

What is the Cortez Trend in Nevada?

The Cortez Trend is one of Nevada's major gold-producing regions. Westward Gold's Toiyabe Hills Project is located within the trend near several established Nevada Gold Mines operations.

What is Fourmile and why is it relevant to Westward Gold?

Fourmile is a gold deposit located near Westward Gold's Toiyabe Hills Project in Nevada. The company's property is positioned within the same regional Cortez Trend alongside Fourmile, Cortez, Cortez Hills, Pipeline and Goldrush.

What is the current gold price?

As of July 20, gold traded at a spot ask price of approximately US$4,036.34 per ounce, with market participants monitoring geopolitical developments and U.S. Federal Reserve interest rate expectations.