Western Exploration Inc. (CVE: WEX) (OTCMKTS: WEXPF) reported new drill results from the Tomasina area at its Aura gold-silver project in Nevada, and last week the company said the early data shows strong potential for resource growth.
The first five reverse circulation holes tested a one-kilometer stretch of the structural zone west of the Gravel Creek deposit. The results suggest the geological system extends farther than earlier modelling suggested.
Hole WG467 delivered the most notable grades. It cut three meters averaging 7.1 grams per tonne gold and 4.8 grams per tonne silver within a wider 44.2-meter interval carrying lower but continuous mineralization.
The company said this zone remains open for more than one kilometer in both directions along strike. Technical teams believe this continuity may indicate a large, connected epithermal system beneath the surface.
In addition, Hole WG463 showed clay alteration and oxidation typical of upper-level epithermal environments. These features match what geologists see above the Gravel Creek resource, which sits one kilometer to the east. The hole returned 15.24 meters grading 0.13 grams per tonne gold and 10 grams per tonne silver. That level of silver in altered rock often appears near stronger mineralization at depth, according to the company’s technical staff.
The company’s chief executive, Darcy Marud, said the drill program confirmed their view that Tomasina could support future resource expansion. He explained that WG466 and WG467 show the same broad geological characteristics found at Gravel Creek. He added that the target remains open for at least one kilometer and could extend even farther with more drilling.
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Tomasina target spans 2.5KM structural corridor
Drilling to the southeast of the Wood Gulch open pit also revealed high-level alteration zones. These zones resemble those from the upper parts of the Gravel Creek system, which hosts one of the richer known bodies of mineralization on the property. The company pointed to legacy hole WG355, which cut 13.17 meters averaging 1.67 grams per tonne gold and 28.5 grams per tonne silver, including 1.52 meters of 10.9 grams per tonne gold and 101 grams per tonne silver. That older intercept sits down dip from part of the new drilling and suggests additional potential between the two areas.
Marud said the team viewed the early program as a clear success. He noted that the company has tested less than 20 per cent of the Tomasina Fault trend, leaving large stretches untouched. He also said the consistency of alteration and mineralization supports further step-out work and future core drilling aimed at defining thicker or higher-grade zones.
The Tomasina target spans a 2.5-kilometer structural corridor trending northwest to southeast. It sits down dip from the Saddle and Wood Gulch deposits as well as the Hammer Head mineralization. The company intends to test mineralization within the Frost Creek tuff, a volcanic rock that serves as the primary host at Gravel Creek. The target contact lies at a faulted boundary with the older Schoonover Formation, which often acts as a favourable horizon for gold and silver deposition.
The five new RC holes tested about one kilometer of this trend. Several holes were positioned to probe the northwest extension of Wood Gulch mineralization, while others aimed at the southeast projection.
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Western Exploration controls the entire Aura project
In addition, the company said the holes sought to locate possible feeder structures that could direct mineralizing fluids upward from deeper zones.
WEX released other RC results from Tomasina last month. Those earlier holes also returned altered and locally mineralized rock that supported the theory of a large system continuing down dip from current NI 43-101 resources. Technical staff said the combined results indicate that Tomasina may eventually contribute significant tonnage if follow-up drilling confirms thicker or higher-grade zones at depth.
On November 6, the company announced that it hired Stantec Consulting Services Inc. to prepare a Notice of Intent and a Mine Plan of Operations for the Aura project. Stantec, based in Elko, Nevada, has worked with Western Exploration for several years. The firm specializes in environmental baseline studies and permitting. Furthermore, it will coordinate with ongoing engineering work identified in the company’s Preliminary Economic Assessment.
Western Exploration controls the entire Aura project, which hosts three known deposits: Doby George, Gravel Creek, and Wood Gulch. The project sits about 120 kilometers north of Elko and has road access and nearby infrastructure. Technical teams plan to continue RC and core drilling through 2025, depending on funding and weather.
Meanwhile, gold markets have entered a volatile period after a major rally earlier this year. Gold reached record highs near USD$4,400 per ounce in October before falling below USD$4,000 per ounce later that month. Prices then moved within a wide trading band between USD$3,900 and USD$4,205 and settled at USD$4,054 on November 17. This shift led some traders to consider buying the dip, while others considered securing profits.
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Multiple companies are all-in on Nevada
Nevada remains one of the most valuable mining jurisdictions in the world, and several major and mid-tier companies continue to expand their positions across the state.
Barrick Mining Corp (TSE: ABX) (NYSE: B) (ETR: ABR0) and Newmont Corporation (TSE: NGT) (NYSE: NEM) (FRA: NMM) operate through Nevada Gold Mines, the state’s dominant producer and one of the most productive gold complexes globally. Barrick recently advanced its renewable-energy initiatives at the operation with a new solar installation aimed at reducing long-term emissions. However, the company also faces pressure from an activist investor seeking strategic changes. Newmont continues to streamline its global structure after a major acquisition and recently cut a portion of its workforce.
i-80 Gold Corp (TSE: IAU) (NYSE: IAUX) has emerged as one of Nevada’s fastest-growing developers. The company is pursuing a hub-and-spoke model anchored by multiple underground and open-pit projects. In addition, it recently released a positive economic assessment for its Cove project and reported steady progress on regional development work in its latest quarterly update.
NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) represents a promising junior explorer advancing the Limousine Butte project. The company continues to report encouraging oxide-gold and antimony drill results. Furthermore, recent metallurgical tests returned strong antimony recoveries.
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