Western Gold Exploration (TSXV: WGLD) announced its plans to concentrate exploration efforts on its Lagalochan copper and gold porphyry property in Argyll, Scotland today.
The company filed an independent report on the property on November 29, 2022, proposing a two-phase exploration program. Western Gold intends on advancing it exploration based on the report’s recommendations.
Accordingly, the first exploration phase proposes to concentrate on gathering a better understanding of the deposit using data compilation, digitization of the historical data and through near-surface exploration.
Specifically, the exploration includes extensions of the primary near-surface copper, gold, molybdenum stockwork mineralization in the host intrusion and the surrounding metasediments. The second batch of exploration includes searching for porphyry related mineralization targets. These include intermediate sulphidation epithermal veins and proximal gold copper skarn mineralization.
After Western Gold completes its data compilation and near-surface exploration, it will understand the depth potential of the project.
The Lagalochan is a Silurian aged diatreme breccia complex consisting of multiple intrusive phases. It’s situated in the Kilmelford District of Argyll, Scotland. The principle porphyry mineralization is of the High K (potassium) calc-alkaline type similar to the Red Chris in British Columbia and Bingham Canyon in the United States.
Geological map of the Lagalochan diatreme complex showing the principle exploration targets. Image via Western Gold Exploration.
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Western Gold Exploration is junior explorer with properties in Scotland, and the underexplored Caledonian Appalachian. The company’s primary focus in the Lagalochan copper and gold prophyry in Argyll, Scotland.
Western Gold also finished evaluating its Knapdale Gold Copper Project, including its 2022 drilling results. The 2022 exploration cost the company £1,604,917 by July 29, 2022, going over its original slated budget of £1.5 million by July 29, 2022. The prospecting agreement includes another £3 million commitment by July 29, 2024.
The Knapdale evaluation returned with poor results so far, and Western Gold won’t be investing any further funds in Knapdale. It’s since terminated its prospecting agreement with Knapdale and will record a USD$2.5 million impairment charge on its exploration and evaluation properties in December of this year.
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