Western Exploration Inc.
Positive Drill Results Signal Resource Expansion Potential
Published: 1/11/2024
Author: Sid Rajeev, B.Tech, CFA, MBA
Sector: Basic Materials | Industry: Other Precious Metals & Mining
| Metrics | Value |
|---|---|
| Current Price | US $0.82 |
| Fair Value | US $2.07 |
| Risk | 5 |
| 52 Week Range | US $0.48-2.20 |
| Shares O/S (M) | 34 |
| Market Cap. (M) | US $28 |
| Current Yield (%) | n/a |
| P/E (forward) | n/a |
| P/B | 3.2x |
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Report Highlights
Highlights
Since our previous report in January 2023, WEX has completed a step-out drill program at the Aura gold-silver project in Nevada. We believe initial results indicate potential for resource expansion.
The Aura property hosts three deposits (Doby George, Wood Gulch, and Gravel Creek) with indicated resources totalling 652 Koz gold equivalent (“AuEq”), and inferred resources totaling 665 Koz. Doby George hosts near-surface/high-grade oxide resources, while Gravel Creek hosts underground/high-grade sulfide resources. Agnico Eagle (NYSE: AEM, 16%) is a major shareholder.
Assay from two holes, located 140 m to 250 m east of the known Gravel Creek resource, returned bonanza gold-silver grades of up to 257 g/t Au, and 2,800 g/t Ag.
At Doby George, prelimin
