Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - Westmount Minerals Corp. (CSE: WMC) ("Westmount" or the "Company") is pleased to announce a strategic shift in its operations, focusing exclusively on precious minerals assets, and in particular its Douay East Gold Property which is located in one of Quebec's most prolific gold-producing regions. This renewed direction includes the termination of its non-core properties as the Company concentrates on high-potential gold exploration opportunities.
Douay East: Positioned for Exploration Success
Located approximately 32 kilometers south of Matagami, the Douay East property is located within the regional scale Casa Berardi Deformation Zone which hosts past producing gold mines, the currently producing Casa Berardi Gold Mine and numerous gold exploration projects.
The property is adjacent to 3 advanced stage gold exploration projects; the Douay Gold Project, operated by Maple Gold Mines Ltd. (with joint venture partner-Agnico Eagle Mines Ltd.) is located to the west of the Property, the past producing Vezza Gold Project is located to the north, and the N2 Gold Project owned by Wallbridge Mining Company Limited is located to the east of the property.
The Douay East property has been the subject of both base metal and gold exploration programs. Historical geophysical exploration programs include magnetic, electromagnetic, and induced polarization surveys. During a gold exploration program completed in 1996 and 1997, 17 diamond drill holes were completed 13 of which contained anomalous Au assay values.
Westmount has completed a high resolution airborne magnetic survey covering the complete property and has a completed a Soil Gas Hydrocarbon Survey ("SGH") consisting of the collection, analyses, and interpretation of 1,017 soil samples over 3 target areas. The Company has identified multiple targets to host gold mineralization and is currently preparing a permit for diamond drilling to test priority targets.
Looking Ahead
As Westmount sharpens its focus on Douay East, the Company is also evaluating additional properties in well-established gold mining districts. This approach aligns with Westmount's strategy of building a high-quality portfolio of assets in known gold-producing regions.
Director Resignation
The Company also announces that Mr. Kenneth Cawkell has submitted his resignation as a director effective immediately to pursue unrelated business opportunities. The Directors and Management of the Company would like to thank Mr. Cawkell for his advice and dedication to Westmount and note that Mr. Cawkell will remain a strategic advisor to the Company.
Non-Core Properties
The Company has mutually agreed with its Option partner to terminate the Otatakan and Pilot East property agreements, releasing the Company from any further financial obligations.
Qualified Person
The content of this news release has been reviewed and approved by Mr. Jamie Lavigne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Westmount Minerals Corp.
Westmount Minerals is a mineral exploration company focused on exploring and developing gold projects in Canada. The Company has advanced the Douay East gold property in Quebec to the drill-ready stage.
With a strategic focus on the Douay East property, the Company is committed to creating value for its shareholders through disciplined exploration and development of high-quality assets.
On Behalf of the Board of Directors
David Tafel
Chief Executive Officer and Director
For further information, please contact:
David Tafel
Chief Executive Officer and Director
(604) 683-1991
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that a global pandemic such as COVID-19, will not affect the ability of the Company to conduct future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option agreements to acquire its Projects, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 14, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
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