Western Gold Drills New Copper Gold Porphyry Centre at Ardlochan and Extends Porphyry Mineralisation at Lagalochan Strengthening Lorne Fault Zone Potential

Western Gold Exploration Ltd. announce the completion of its 2023-2024 drilling within the Lorne Porphyry District, Argyll, Scotland. Drilling focussed on our two main prospects, Lagalochan and Ardlochan, situated 8km apart along the same geologically prospective corridor, termed the Lorne Fault Zone (see Figure 1 below). A total of 11 shallow holes were drilled, eight of which were targeting porphyry stockwork extensions and skarn mineralisation at the western margins of Lagalochan for a total length of 1,207m. In addition, three initial holes focused on the newly identified outcropping porphyry mineralization at Ardlochan, identified during recent sampling (see February 2024 Press Release) for a total length of c. 221m.

Highlights:

• High-Grade Epithermal Style Gold Veining [Hole WGLD001, Lagalochan]
  1.3m @ 20.8 g/t Au, from 109m and 1.0m @ 8.49 g/t Au, from 52m.
  Veins remain open along strike.
• Porphyry and skarn mineralisation extended > 800m westwards at Lagalochan
• New Porphyry system identified 8km west of Lagalochan at Ardlochan

“The goal of this campaign was to extend the porphyry mineralisation westwards at Lagalochan and to confirm by drilling the gold potential of the skarn mineralisation outcropping at surface, and this was achieved,”
“The drilling at Ardlochan confirms there are multiple porphyry centres on the property and we are now looking to utilise various geophysics tools to identify deeper drilling targets and additional porphyry areas to realise the potential for significant porphyry mineralisation in the Lorne district where the Company is the sole operator.”

Harry Dobson, Chairman

Drilling Overview – Lagalochan

Our 2023-2024 exploration campaign has followed up on the target recommendations disclosed in our Technical Report (defined below). These included extensions to the copper-gold stockwork and skarn mineralisation which can be tested via shallow drilling.

High-Grade Epithermal Style Gold Veining [Hole WGLD001, Lagalochan]

• 1.3m @ 20.8 g/t Au, from 109m and 1.0m @ 8.49 g/t Au, from 52m.
  Veins remain open along strike.

Porphyry Mineralisation Extended [Hole WGLD002, Lagalochan]

• Intercepted “B” vein stockwork 800m west of North Hill, where our 2018 drilling intercepted 537m @ 0.17% Cu, 0.11g/t Au, 2.67g/t Ag [LD18-04].
• Stockwork style copper gold mineralisation was intercepted along the entire hole, with the better portion assaying 45m @ 0.17% Cu, 0.13 g/t Au from 78m downhole.
• This is important as it more than doubles the potential area of outcropping porphyry mineralisation at Lagalochan and provides more scope for locating the higher-grade centre of the porphyry mineralisation at depth.
• These grades while low are close to values of operating mines in British Columbia such as Gibraltar and Highland Valley.

Skarn Mineralisation [Hole WGLD006-07, Lagalochan]

• Low grade gold skarn mineralisation intercepted in multiple holes with a best intercept of 3m @ 1 g/t Au, 0.05% Cu from 44m within a larger interval of 30m @ 0.29 g/t Au from 30m downhole.
• Higher-grade skarn surface targets remain untested.
• Proof of concept that skarn mineralisation is a valid exploration target adding to the economic potential of the project.

WGLD001 intercepted pyritic (up to 10%) metabasite and metasediments as indicated by the target IP geophysical anomaly. Drilling reveals that our conductive IP anomalies are identifying pyritic-phyllic alteration halos which are concealing economic mineralization, such as the two gold-bearing quartz-sulphide veins intercepted (e.g., 1.3m @ 20.8 g/t Au, from 109m) that remain open along strike. Drilling also intercepted an unexpected zone of skarn mineralization with low tenor gold enrichment, extending the scope of potential skarn targets across the property. Potassic altered dykes encountered within the hole may provide a vector towards higher temperature stockwork mineralization at depth.

WGLD002 is a shallow hole targeting extensions to the copper-gold bearing stockwork mineralisation at North Hill. Low grade stockwork mineralisation was successfully intercepted throughout the hole and is hosted by a feldspar ± biotite porphyry with local brecciation, similar to that observed at North Hill. This intercept extends the scale of porphyry mineralisation c. 800m west of North Hill – linking these two areas is a target of future drilling (see Figure 2). Mineralisation up to 0.54% Cu and 0.26 g/t Au over 1m (from 79m) indicate that higher grade stockwork exists within the system.

WGLD004 & WGLD005 drilled a molybdenum deep overburden anomaly (DOB) and encountered a new, unexpected zone of intensively altered porphyry breccia pipe(s) with a pyritic matrix and gold enriched dyke(s). Although copper grades were sporadic a gold zone of 35.2m @ 0.21 g/t Au, from 18.8m is intercepted in WGLD004. Intense bleaching and sulphidation indicates intense circulatory fluid flow, perhaps Indicating another porphyry centre developing at depth below.

WGLD006 & WGLD007 have intercepted outcropping skarn mineralisation, hosted by calcareous metasediments, at Lagalochan West. The skarn is characterised by pervasive epidote-Kspar alteration and disseminated, locally massive, pyrite mineralisation which is crosscut by a series of potassic-altered feldspar porphyry dykes. Hole WGLD006 intercepted low tenor gold enrichment from surface, whilst only sporadic gold enrichment was encountered in WGLD007. Intercepted skarn is indicative of mineralisation forming distal to the causative intrusion and bears no causative relationship to the intercepted porphyry dykes. Skarn intensity and grade is primarily developed in the more calcareous gritstones and their availability within the metasedimentary pile determines the skarn potential of the area. Previous backpack diamond drilling yielded high-grade intervals of up to 4.5m @ 1.78 g/t Au from surface and are yet to be drilled at depth.

WGLD003 has successfully closed-off the extent of North Hill porphyry mineralisation c. 100m to the east, intercepting silicified red-feldspar porphyry intrusive with only sporadic stockwork mineralisation. Although assay results were disappointing, this confirms our new geological thinking that the North Hill porphyry stockwork mineralisation extends to the west, where historic drilling is absent.

WGLD008 was unsuccessful at intercepting a zone of gold-silver bearing epithermal veining, outcropping at surface within a shallow river section. The epithermal vein appears to be stoped out by a post-mineralisation dolerite dyke at depth.

Drilling Overview – Ardlochan

Gold Bearing Porphyry Breccia [Hole WGLD009, Ardlochan]

• Initial 79m hole intercepted 47.4m @ 0.38g/t Au, from 31.8m downhole.
  • Including 4.2m @ 1.2 g/t Au from 31.8m and 2m @ 1.25 g/t Au from 71m downhole within a porphyry breccia unit.
• Gold mineralisation remains open at depth.

Copper Gold Bearing Porphyry [WGLD010, Ardlochan]

• Initial 72m hole intercepted 12m @ 0.18% Cu, 0.25g/t Au, from 33m downhole.
  • A significant hole as it shows extensive potassic alteration, bornite and magnetite near surface without a phyllic overprint, indicating near surface potential for the potassic core of the system.

WGLD009 targeted and intercepted a gold-bearing porphyry-breccia unit observed at surfaced and a flow banded, locally brecciated, grey porphyry (47.4m @ 0.38g/t Au). The porphyry-breccia contains higher-tenor gold enrichment and is composed of a potassic-altered pyrite-rich porphyry matrix with suspended, locally vein-mineralised, argillic altered porphyry clasts. The hole ended in gold mineralisation and remains open at depth (see Figure 3).

WGLD010 intercepted a series of interfingering, locally brecciated biotite-feldspar bearing porphyry intrusive, Breccia zones are characterised by highly angular porphyry clasts displaying intense potassic (Kspar-magnetite) alteration and a marked increase in visible chalcopyrite and bornite (1m @ 0.45% Cu, 1.64g/t Au). There is a strong structural control on sites of brecciation and associated high-grade mineralisation – these structures may extend along strike and depth and represent key future exploration targets. This is important because a strong association between bornite and magnetite-bearing potassic alteration is noted at surface without the accompanying phyllic overprint seen down to c.400m depth at Lagalochan, indicating potentially deeper-level, more productive, parts of the porphyry system are present at shallow levels at Ardlochan.

WGLD011 intercepted a highly silicified phyllitic country rock unit crosscut by a series of biotite-feldspar porphyry intrusive. Dyke-phyllite contact zones display an intense, albeit weakly mineralised, B-vein stockwork (up to 10% core volume) with associated potassic alteration. Despite only sporadic copper-intervals (e.g., 3m @ 0.16% Cu), the presence of B-vein stockwork may vector to a more consistent zone of mineralisation at depth.

Next Steps

Drilling has validated our exploration approach that the potential scale of mineralisation may be significantly understated across the Lorne Porphyry District. This is due to a lack of outcrop in the region as a result of extensive vegetative cover and a dearth of modern exploration. As a next step the Company is actively evaluating the application of various geophysical surveys: 1) a deeply penetrative magnetotelluric (MT) geophysical survey across a c. 100km² area will allow to both better refine and link existing targets and identify new targets near-surface and at depth, particularly buried; and 2) an induced polarisation (IP) and ground magnetic survey focussing on Ardlochan will better target the mineralisation intercepted in drilling and outlined by previous surficial exploration. For the first time magnetite mineralisation has been noted as being directly associated with copper-gold mineralisation and may be related to the core parts of the potassic alteration system. A detailed ground magnetic survey could help define the extents to the observed mineralisation and help vector towards the core of the system.

Technical Details – Review by Qualified Person, Quality Control and Reports

Mr David Pym (CGeol), a consultant of the Company and the Project Geologist, is the Qualified Person, as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, who reviewed, supervised, verified and approved scientific and technical disclosure in this news release.

Verification included checking a proportion of the reported assays (excluding historical) in the Company database against the issued laboratory assay certificates. In addition, verification has included checking the location and orientation of the drill collars in the Company database. The Qualified Person has not reviewed the mineral tenure, nor independently verified the legal status and ownership of the Property or any underlying property agreements.

The drilling was conducted by specialist contractor Mineral Exploration Drilling Ltd (MED) using a small footprint drill rig. Collars were surveyed using multi-band GNSS for precision positioning, and downhole surveys were measured using a Reflex GYRO survey tool. Holes were drilled using HQ diameter core barrels positioned approximately perpendicular to the interpreted orientation of drill-targets. All core was orientated and recoveries were generally > 95% beneath overburden. All core was logged, photographed, split to half-core and sampled at the Company’s onsite technical facilities. Intercept widths are not true widths and are subject to ongoing interpretation.

All drill core was shipped directly to ALS Loughrea, IDA Business Park, Dublin Road, H62 PN80, Loughrea, Co. Galway, Ireland, for analyses. The Company can guarantee the chain of custody. Gold was assayed by 30g fire assay analysis with AAS finish (Au-AA23). Base metals and silver were analysed using four-acid digestion ICP-MS (ME-MS61). All ALS Geochemistry sites operate under a single Global Geochemistry Quality Manual that complies with ISO/IEC 17025:2017, coupled within a global LIMS platform. There is no relationship, fiduciary or otherwise, between ALS and the Company. The Company’s QA/QC program for drill core samples includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards and blanks are inserted every 20 samples.

About Western Gold Exploration

The Company is a mineral exploration company that is listed on the TSX Venture Exchange under the symbol “WGLD”. The Company is focused on gold and critical metal exploration in the Caledonian-Appalachian belt of Scotland, particularly the Argyll region where we hold a c. 250km² Crown Estate Mineral Exploration Lease and exclusive land access and exploration agreements over a package of geologically prospective areas. The Company’s principal focus is its Lagalochan copper gold porphyry property (the “Lagalochan Property“), and the adjacent and nearby properties within the Lorne Porphyry District.

On 29 November 2022, the Company filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant, independent Technical Report (the “Technical Report“) on the Lagalochan Property. The Technical Report and additional information about the Company are available on SEDAR+ at www.sedarplus.ca under the Company’s profile and on the Company’s website: www.westerngoldexploration.com.

For further information, please contact:

Ross McLellan, CEO
Phone: +44 7779 161441
Email: [email protected]
Website: www.westerngoldexploration.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to timing and completion of any drilling and work programs on the Company’s properties, estimates of mineralisation from drilling, geological information projected from drilling results, potential for minerals and/or mineral resources, and statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to the future business activities and operating performance of the Company that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services, future operating costs, and the historical basis for current estimates of potential quantities and grades of target zones, as well as those risk factors discussed or referred to in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2023 available at www.sedarplus.ca, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Appendix

Appendix Table 1. Collars and survey details of diamond drill holes. Note: survey data is taken from surface. All coordinates in British National Grid.

Appendix Table 2. Composite grade log of half-core assay results, applying a 0.1% Cu grade cut-off with n consecutive internal dilution allowed of up to 10m within any interval.

Appendix Table 3. Composite grade log of half-core assay results, applying a 0.1g/t Au grade cut-off and a consecutive internal dilution of up to 10m allowed within any interval.