Announcement • Apr 23

Western Exploration Inc. Announces Results of Geochemical-Spectral Analysis of Drill Core from Jarbidge Vein Zone Discovery and Gravel Creek Deposit

Western Exploration Inc. announced results of an ALS-GoldSPOT geochemical-spectral analysis of drill core from the Jarbidge Vein Zone discovery and Gravel Creek deposit, at the Company's wholly owned Aura gold-silver project. Very strong correlations (88-94%) between Ag and Se-Au-As-Sb- which is the same classic elemental signature that defines high-grade Miocene volcanic-hosted low sulfidation epithermal gold-silver systems across the northern Great Basin, including Midas and Sleeper. Long Wave Infrared scanning (LWIR) identified two dominant near-vein alteration assemblages: At Gravel Creek: illite-rich clays, indicating the depositing fluids were close to neutral in pH. At Jarbidge: montmorillonite-kaolinite clays, indicating slightly acidic ph conditions. Of significance, no secondary K-feldspar (adularia) was noted in either the Gravel Creek or Jarbidge zones, confirming the lack adularia or epithermal boiling textures noted in core holes. Multiple priority target areas that warrant drilling for resource expansion and generative discovery, with the objective of expanding the global WG-GC resource to 1.5M oz Au and 30.0M oz Ag. The Wood Gulch-Gravel Creek gold-silver system belongs to the same elite family of highly prospective, Miocene volcanic hosted Great Basin deposits including: Midas, Sleeper and Delamar in age, alteration and geochemistry. Locally there are +10.0 g/t Au values over more than a kilometer of vertical range in the system. This expands exploration possibilities within the Wood Gulch-Gravel Creek (WG-GC) epithermal system, which has a surface footprint at least 2.5 x 4.0 km in size. Samples were analyzed from 350 meters of core, which included mutiple vein intercepts in 5 core holes in the Jarbidge Vein discovery area (WGC458-WGC462), as well as from one hole through the main Gravel Creek deposit (WG443) for comparison. All samples were analyzed with the ALS MS-61L multi-element package, with original Au and Ag assays inserted due to better lab precision. Geochemistry interpretation Spearman's correlations showed very high correlations (88-94%) between Ag and Se-Au-As-Sb. This is the classic geochemical suite associated with multiple productive and high-grade Miocene volcanic-hosted low sulfidation epithermal gold-silver systems in the northern Great Basin. Silver showed a moderate (44-68%) Spearman's correlation with Cu and Mo, which typically track thermal pathways in epithermal systems. Hydrothermal alteration in the core samples was analyzed using both Long Wave Infrared (LWIR) and Short Wave Infrared(SWIR) methods. LWIR scans proved to be more diagnostic, identifying two distinctive alteration assemblages: Gravel creek (hosted in the Eocene Frost Creek tuff): Alteration in core hole WG443 was dominated by an illite assemblage, indicating the depositing fluids were near neutral pH conditions. Jarbidge discovery area (hosted in the Jarbidge rhyolite): By contrast, alteration selvages adjacent to veins in the were dominated by a montmorillonite-kaolinite assemblage, indicative of slightly acidic pH conditions. Of significance, the spectral scanning did not detect secondary K-feldspar (adularia) in either the Jarbidge Vein Zone or Gravel Creek deposit intervals. This confirms the visual lack of adularia (in veins or wall rock) or any evidence of boiling textures in logged core that are so typical of high-grade Au-Ag zones in many epithermal vein systems. Gold grades over 10.0 g/t Au have been identified over a +1.0 km vertical range (from the Wood Gulch-Saddle resources to the deep Gravel Creek/Jarbidge zones), which is extremely unusual for volcanic-hosted low sulfidation epithermal systems. This supports the WEX hypothesis that a different mechanism (potentially related to changes in sulfur fugacity, possibly combined with fluid mixing or cooling) were the primary drivers of Au-Ag deposition, rather than boiling. The presence of potentially ore grade gold values over such a significant vertical range suggests that Au-Ag deposition is not constrained by a boiling horizon as is typical in many epithermal systems. This expands exploration possibilities within the Wood Gulch-Gravel Creek (WG-GC) epithermal system, which has a surface footprint at least 2.5 x 4.0 km in size. Drill intercepts for Gravel Creek/Jarbidge (2013 - 2024) include: WG456C1716631.1633.12.012.77780.9, WG456C1644727.6730.63.05.42113.0, WG457C1592686.7687.50.7138.82403.4, WG457C1574706.5707.40.952.461,278.0, WG459C1711543.89547.583.6916.66458.6, WG459C1610651.36657.466.108.52333.5, WG380RC1768446.65460.3713.728.82151.8, WG417RC1756440.55443.603.0540.051,144.0, WG450C1746409.92410.230.3137.101,951.0, WG391RC1728410.06426.8316.7715.18173.1, WG443C1715394.51414.9420.439.77145.4, WG391C1702437.50455.7918.297.71127.3, WG434C1693490.85493.903.0512.02549.0, WG439C1684477.44484.767.3211.44199.1, WG397RC1681461.89486.2824.397.0061.0, WG407RC1674515.24527.4412.208.27169.6, WG434C1597588.41590.552.1329.59900.6, WG377RC1579603.50608.084.5823.36799.2, WG408C1264957.32963.416.1029.9072.4. Wood Gulch (Mined Intercepts) include: WG-134RC22861.5212.2010.6725.0132.4, WG-145RC226328.9638.109.1427.88162.5, WG-125RC226121.3435.0613.7227.57144.1, WG-159RC225922.8636.5813.7272.12463.9, WG-150RC225718.2930.4812.196.629.0, WG-135C225636.2745.729.4525.4572.0, WG-176RC215459.4467.067.629.6325.4. True widths have not been determined. All intervals are downhole lengths. Composite intervals calculated using a 3.0 g/t Au cutoff with maximum 3m internal dilution. Multiple priority target areas have been identified that warrant drilling for resource expansion and generative discovery, with the objective of expanding the global WG-GC resource to 1.5M oz Au and 30.0M oz Ag. Drill program design, Quality Assurance/Quality Control and the interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Reverse circulation drilling and sampling on 1.52m intervals was completed by Envirotech Drilling. Samples were collected by Western Exploration geologists at the drill site and transported Western Exploration's warehouse/logging facility in Mountain City. Chip trays were photographed and logged by company geologists. Sample intervals were recorded. Quality control samples were inserted at regular intervals in the sample stream with all sample shipments, including blanks, core duplicates and reference materials, to monitor laboratory performance. Samples were kept in the secure Mountain City facility until transported for assay. Reverse Circulation samples were transported by ALS drivers to the ALS prep facility in Elko, Nevada. Samples are being analyzed for gold using ALS CHEMEX fire assay procedure Au-AA13, with overlimits being analyzed by Au_GRA21. Samples are being analyzed for silver and a 40 element suite using ALS Chemex procedure ME-ICP41, with over limits being analyzed by Ag_GRA21.

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Western Exploration Inc. Announces Results of Geochemical-Spectral Analysis of Drill Core from Jarbidge Vein Zone Discovery and Gravel Creek Deposit

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