West Mining Corp. [WEST-CSE; WESMF-OTC; 1HL-FSE] said Thursday March 4 that it has engaged Moose Mountain Technical Services of Cranbrook, British Columbia, for the preparation of an updated NI 43-101-compliant resource estimate for the Kena and Gold Mountain zones at its Kena-Daylight gold and copper property in southeastern B.C.
“The transition from historic to current NI 43-101 resource estimate for the Kena property is a key building block to moving the project forward,” said West Mining CEO Nicholas Houghton. “Having continuity throughout the data is the unpinning foundation point,’’ he said.
West Mining is a mineral exploration company with a focus on acquiring and exploring advanced and prospective early-stage projects. West is focused on its Kena gold projects in the Nelson Mining Division of southeastern B.C., its Spanish Mountain West and Junker gold projects in northern B.C., and its Kagoot cobalt project near Bathurst, New Brunswick.
The company’s flagship Kena Project has a historical resource of 208,000 ounces of gold in 6.0 million tonnes at 1.08 g/t gold, plus 272,000 ounces of gold in 8.7 million tonnes at 0.97 g/t gold at a cut off grade of 0.70 g/t gold.
Although those resource estimates are believed to be reliable, the company is not treating the estimate as a current resource as neither the company nor its qualified person have done sufficient work to classify the historical estimate as a current resource.
The historical estimate is a non-verified estimate prepared prior before the company acquired an interest in the property.
West recently raised $6.7 million from a private placement of 11.2 million units at $0.40 per unit plus 4.2 million flow-through units priced at $0.52 each. Each unit was comprised of one common share and one common share purchase warrant, each of which can be exchanged for one common share at an exercise price of $0.60 per two year.
Each flow through unit was comprised of one flow-through common share and one common share purchase warrant, each of which can be exchanged for one common share at an exercise price of $0.78 for one year. The securities issued under the private placement are subject to a four-month hold period which expires on June 27, 2021.
West Mining shares declined on the news falling 21.2% or 27 cents to $1.00 on volume of 125,597.