VANCOUVER, BC / ACCESSWIRE / October 15, 2024 / West Mining Corp. ("West" or the "Company") (CSE:WEST)(OTC PINK:WESMF)(FRA:1HL) is pleased to announce that it has entered into an option agreement (the "Option Agreement") dated as of October 15, 2024 with ESN Investment Corp. ("ESN" or the "Optionor") pursuant to which West has the option to earn a 100% interest in two mineral claims (the "Claims") located in Northern British Columbia which augment West's Spanish Mountain West and Junkers properties.
The Spanish Mountain West land addition is a mineral claim located in the central Quesnel Belt, approximately 70 kilometres northeast of Williams Lake. The new claim covers 412.93 hectares adjacent to the north and west of West's Spanish Mountain West Property, as well as adjacent to Spanish Mountain Gold Ltd.'s property. This new mineral claim extends to the eastern shore of Quesnel Lake and represents an increase of 45% in area to the adjacent claims of West's Spanish Mountain West Property. West's new Spanish Mountain claim occurs within the same prospective Cretaceous sedimentary strata that host the polymetallic copper, lead, gold, silver, and zinc showing at Cedar Creek, in contact with Triassic basalts 1 to 2 km north and east (MINFILE #093A 072).
The Junkers Property land addition comprises another mineral claim, this one located 200 kilometres southeast of Dease Lake in north central B.C. This new claim covers 1,372.49 hectares adjacent to the south of West's gold-copper Junkers Property, adding 65% in area to the property. The Junkers Property gold-copper exploration target occurs within Lower to Middle Jurassic marine sedimentary and volcanic rocks of the Hazelton Group (Junkers showing, B.C. MINFILE #094E 299). The new claim at Junkers starts only 150 m south of the Junkers gold-copper mineral showing, and extends another 4 kilometres further south, adding significant area to the exploration target.
West has commenced exploration of the Junkers and Spanish Mountain properties, beginning with multispectral satellite image analysis, which is being integrated with existing geophysical and sampling surveys to identify high potential gold, copper and silver targets for follow-up field investigation.
Nader Vatanchi, West Mining's Chief Executive Officer, said "Expanding our Spanish Mountain West and Junker properties provides a tremendous opportunity to West. With these additions, we are excited to have begun exploration of our properties, seeking to expand on our previous work done in 2021. We look forward to receiving and disclosing the results of our exploration program in due course."
Under the Option Agreement, West has the option to earn a 100% interest in the Claims by issuing an aggregate of 7,000,000 West common shares (each, a "Share") to ESN and its affiliates as follows: 4,750,000 Shares at a deemed price of $0.19 per Share as soon as reasonably practicable following execution of the Option Agreement; 1,125,000 Shares within six months of execution of the Option Agreement; and 1,125,000 Shares within one year of execution of the Option Agreement. Any Shares issued under the Option Agreement will be subject to a four month hold period in accordance with applicable securities laws. West intends to issue the initial 4,750,000 Shares on or about October 22, 2024.
On exercise of the option under the Option Agreement, West will grant to ESN a 1.0% net royalty interest on the Claims. West will have the right to buy back one half (1/2) of the royalty (leaving the Optionor with a 0.5% royalty) for a period of one year following the commencement of commercial production for $500,000.
West also announces that it has entered into an agreement with a creditor to settle $24,000 of debt by issuing an aggregate of 126,315 common shares of the Company at a deemed price of $0.19 per share. When issued, the shares will be subject to a four month hold period in accordance with the applicable securities laws.
Harrison Cookenboo, Ph.D., P.Geo., a "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and approved the scientific and technical information included in this news release.
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring and developing advanced and early-stage exploration projects. Its flagship project is its 100% owned, 9000-hectare prospective Kena Project located near Nelson, British Columbia. The Kena Project comprises three adjoining Properties: Kena, Daylight and Athabasca. An independent NI43-101 mineral resource estimate for Kena in 2021 reported 561,900 oz Au indicated at a grade of 0.544 grams per tonne gold (g/t Au) and 2,773,100 oz Au inferred at a grade of 0.486 g/t Au in the Gold Mountain, Kena Gold, and Daylight Zones (Bird, 2021; www.sedarplus.ca). The Daylight property contains the historic past producing Daylight, Starlight, Victoria, Irene, and Great Eastern gold mines. Along trend to the north is the Athabasca Property, with the historic Athabasca Gold Mine. The Company also holds a 100% interest in its Spanish Mountain and Junker properties.
For additional information, please refer to the Company's public disclosure record available on SEDAR+ at www.sedarplus.com.
Contact Information
Nader Vatanchi
CEO
[email protected]
778-881-4631
SOURCE: West Mining Corp.