Western Exploration’s (WEX.V; WEXPF.OTC) Aura gold project boasts tremendous exploration upside and development potential.

But here’s something it has that few others can boast of: A gold-equivalent resource…in Nevada…that could soon total over a million ounces of indicated gold.

Dear Fellow Investor,

Some explorers just tick all the boxes for success.

That’s certainly true of Western Exploration (WEX.V; WEXPF.OTC).

✓ A 100%-owned gold-silver project in a leading mining jurisdiction? Check.

✓ A gold resource that could potentially total more than a million ounces in indicated gold-equivalent in the short term? Check.

✓ A wealth of nearby infrastructure, including power, road access and an available labor pool? Check.

✓ A been-there, done-that management team with a track record of success? Check.

✓ Plenty of opportunity to grow via the drill bit? Check.

Simply put, Western Exploration and its Aura gold project in northern Nevada are tailor-made for exploration success.

As you’re about to see, Western’s Aura project has all the advantages one could want in an advanced-stage gold-silver project.

Targeting The “Magic Million” Resource

The Holy Grail for junior gold explorers is outlining a million-ounce gold resource.

Once you hit that benchmark, the major and mid-tier gold producers start to take notice and the potential for a lucrative take-out offer becomes real.

For Western Exploration, that “magic million” resource seems likely to be provided by its Aura project in the days just ahead.

How close is that million-ounce resource? Very close, when you consider that Aura contains 607,000 ounces of indicated gold and 3.2 million ounces of indicated silver across its the Gravel Creek, Doby George and Wood Gulch deposits.

Now get this: In the inferred category, it contains another 578,000 ounces of gold and 6.1 million ounces of silver.

So total indicated and inferred resources are already well over a million ounces.

By merely upgrading a substantial portion of the inferred resources, Western would not only exceed that million-ounce benchmark, but have it in the higher-confidence indicated category.

Much of that upgrade could come from the recent Gravel Creek discovery, which is already home to 245,000 gold-equivalent ounces of high-grade, indicated gold and 443,000 gold-equivalent ounces of high-grade, inferred gold.

Western Exploration believes Gravel Creek can grow significantly from here, and soon: It plans to drill the project with 15,000 meters of core over the next 24 months, with a preliminary economic assessment by 2024.

Elsewhere, Doby George is a near surface oxide gold deposit that gives Western near-term development potential, while Wood Gulch is a past-producing mine with a small resource at present, but room for potential expansion along strike and down dip towards Gravel Creek at the GAP target.

The Ultimate Target-Rich Environment

The Aura project’s location in Nevada puts it in one of the world’s great gold districts. The state produced 5.58 million ounces of gold in 2019, fully 84% of U.S. gold production.

And, as you can see from the map below, there are a wealth of targets to expand the underground sulphide resource at Gravel Creek alone.

In addition to expansion potential right around the Gravel Creek deposit, Western has identified targets on the Gravel Creek NW Fault Extension zone, the GAP zone between Gravel Creek and Wood Gulch, the NE trend in the Jarbidge Hanging Wall and an alteration zone in the north.

In all, Western Exploration has a prospective area to grow Gravel Creek (and Wood Gulch) that spans 5.0 kilometers by 2.5 kilometers.

And all those targets are set to see drilling over the next couple of years.

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A Fast-Track Oxide Gold Story

Then there’s Doby George.

Located on the western end of Aura, this is a near-surface oxide deposit that’s amenable to open-pit, heap-leach mining techniques, as demonstrated by past metallurgical testwork indicating recoveries of 70% in two-stage crushing/heap leaching.

Those features make Doby George a valuable near-term resource, one that could be put into production at a low cost and a high potential for reward.

That potential stems from its size: Doby George contains 407,000 ounces of indicated gold at 0.98 g/t and 118,000 ounces of inferred gold at 0.73 g/t.

Even though Western has prior recovery testwork for Doby George, the company is going to do its own testing to confirm those recoveries

Frankly, that’s perfectly in keeping with the mine finding and mine building pedigree of Western Exploration’s management team.

Both President and CEO Darcy Maud and Aura project General Manager Mark Hawksworth were instrumental in the discovery and development of Yamana Gold’s Mercedes mine and Meridian Gold’s (then Yamana’s) El Penon mine.

Undervalued…With Catalysts Straight Ahead

That level of management talent is unusual for a junior mining company, but it’s just one more way Western Exploration checks the boxes of a vital, growing explorer.

And with just a little over 30 million shares outstanding, Western’s share structure is drum tight, which means any success with the drill bit has the potential to send its share price soaring.

As the broader market stands, both gold and silver are due for big years in 2022.

Even absent a big hit with drilling, Western Exploration looks undervalued relative to its peers in terms of enterprise value on an in-situ ounce basis.

Having nearly 1.2 million ounces of gold-equivalent, including both inferred and indicated resources, shows the obvious potential of getting a magic-million resource by simply upgrading the inferred resources to indicated.

The company wouldn’t have to discover a single additional ounce to do that.

But perhaps the most exciting aspect of Western Exploration is the exploration potential offered by its myriad targets — and the likelihood of adding significant gold and silver resources in one of the world’s best mining jurisdictions.

Between its drilling upside and its in-the-ground value, Western Exploration checks all the boxes for a successful junior explorer-developer.

Opportunities like this don’t last long…and smart investors will want to explore this one while it lasts.

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