Update On Results of Nevada Hyperspectral Surveys

VANCOUVER – Westward Gold Inc. reported on the previously-disclosed hyperspectral core imaging and airborne hyperspectral campaigns at its Toiyabe and Turquoise Canyon Projects located on the Battle Mountain – Eureka Trend in Lander County, Nevada (Toiyabe and Turquoise Canyon). The initial results of the two surveys confirm a large hydrothermal footprint at Toiyabe, resulting in alteration of favorable host rocks, predominantly the Wenban and Roberts Mountains Formations. These formations are also important hosts at many nearby large-scale gold mines and deposits, including Pipeline, South Pipeline, Crossroads, Cortez Pits, and Cortez Hills. The recent hyperspectral data builds upon the legacy data and improves understanding of the relationship between gold mineralization controls, and alteration. The newly-identified and quantified alteration will aid as a pathfinder to mineralization, allowing Westward to optimize future drill targets and potentially expand upon previous significant intercepts. The Company is in the process of planning its inaugural drill campaign for the first half of 2022. TerraCore Geospectral Imaging in Reno, Nevada performed hyperspectral core imaging on approximately 3,050 meters of diamond drill core and 9,140 meters of reverse circulation chips inherited from past operators.

Hydrothermal alteration associated with various styles of gold mineralization was assigned to four distinct categories: (A) Fault-controlled mineralization, (B) Carbonate lithology proximal to structure, (C) Carbonate lithology distal to structure, and (D) Quartz veining with argillic alteration. Alteration Type A – Fault-Controlled Mineralization  demonstrates a decreased carbonate presence, suggesting strong decalcification and silicification. Argillic alteration increases with proximity to the high-grade Courtney Zone in the southeast, as demonstrated in hole T-706 which had reported gold intervals of 5.5 g Au/t over 10.7 meters from 51.8 – 62.5m, including 11.1 g Au/t over 4.5 meters from 54.9 – 59.4m and a separate interval of 18.0 g Au/t over 4.6 meters from 71.6 – 76.2m, including 26.4 g Au/t over 3.1 meters from 71.6 – 74.7m. Alteration Type B – Carbonate Lithology Proximal to Structure demonstrates silicification with argillic alteration halos extending up to 60m away from high-grade intercepts (+2 g Au/t gold). Hole T-1601 reported 3.55 g Au/t over 7.6 meters from 253.9 – 261.5m, including 13.2 g Au/t over 1.5 meters from 258.5 – 260m, and intervals of 1.22 g Au/t over 2.5 meters from 269.1 - 271.6m, 1.34 g Au/t over 7.5 meters from 286.8 – 294.3m. All intercepts are within the alteration halo observed in the core imaging dataset. Alteration Type C – Carbonate Lithology Distal to Structure is similar to Type B but with lower-grade gold anomalies, likely caused by its distance to the mineralizing structure, yet still exhibits large alteration halos as seen with Type B. Alteration Type D – Quartz Veining with Argillic Alteration, though less common, exhibits decalcification and argillic alteration centered on silicified veins containing anomalous gold values. An example from hole 901C included 1.44 g Au/t over 6.1 meters from 56.4 to 62.5m. Argillic alteration varies from zones of illite associated with structures and intrusive dikes/sills, to kaolinite associated with unique lower-plate carbonate rocks. Kaolinite appears to develop in specific units of the Wenban Formation, an important lower-plate gold host in the Battle Mountain – Eureka Trend In all mineralization types, the alteration appears to be centered around structures which act as fluid conduits and are generally associated with anomalous gold values. The broad zones of alteration observed in Types B and C, and the changes in mineralogy observed in Types A and D, provide key vectors to mineralization, and will guide future drill programs. The alteration present at the Toiyabe project is comparable to that observed in the nearby Pipeline and Cortez Hills deposits.

Dave Browning, Vice President of Exploration, said, “The large alteration halos will be crucial for exploration planning as they indicate areas of mineralization that may have been missed by previous drill campaigns. Understanding the association between anomalous gold values and alteration types will optimize our future targets and will inform our technical team during the drill campaign with regards to proximity of mineralization.”