CALGARY, ALBERTA – October 26, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce that it has engaged ACS Moschner & Co GmbH (“ACS“), a company based out of Vienna, Austria, to provide exclusive consulting services in an effort to explore alternative growth options and realize the full potential for the Company, pursuant to a Consultancy Mandate Agreement (the “Agreement“) in compliance with the applicable policies of the TSX Venture Exchange.
For the provision of service rendered by ACS under the Agreement, the Company will pay ACS a success fee calculated as a percentage of the transaction value of all monies or consideration received by the Company via candidates sourced and introduced to the Company by ACS, who successfully enter into an investment or purchase or other partnership agreement with the Company. The Agreement will be in effect for a period of one (1) year (the “Initial Term“), and both parties shall have the ability to extend the Initial Term by mutual consent for further one (1) year term extensions thereafter, contingent upon ACS’s performance. If the parties do not exercise their mutual intention to extend the Agreement after expiration of the Initial Term, the Agreement terminates.
ACS does not have any interest, directly or indirectly, in the Company, will not receive common shares or options as compensation, and does not have any present intention to acquire any securities of the Company aside from as is necessary to perform its obligations under the Agreement.
ACS is part of ACS Group, an international, cross-border association of independent consulting companies represented on each continent. Holding the actual presidency of ACS Group, ACS will coordinate the efforts of ACS Group in this mandate. For decades, ACS has excelled in supporting the development of companies across all stages of the business life cycle. Its head office is located at Wiesingerstr. 6/7, A-1010 Vienna, Austria.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CALGARY, ALBERTA – October 25, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to provide an update on the progress of its permit application and announces that it has submitted its amended permit application (the “AmendedApplication“) for its Record Ridge Industrial Mineral Mine (“RRIMM” or the “Project“) to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation and BC Ministry of Environment and Climate Change Strategy (together, the “Ministries“).
The Company held public open house meetings on May 17 and May 18, 2023 in the Rossland, British Columbia community located approximately ten kilometers from the proposed Project site in the Lower Columbia/Old Glory Area B Kootenay Region. Feedback from these meetings was thoughtfully considered by the Company, leading to amendments (the “Amendments“) to its permit application, resulting in the Amended Application. These Amendments were presented and discussed at a meeting (the “MDRC Meeting“) with the British Columbia Mines Development Review Committee (the “MDRC“) that took place in Rossland on June 27, 2023, and were well received by Project stakeholders in attendance. The Company outlined numerous proposed Project mitigation strategies to address concerns and interests that had been expressed through its public engagement efforts, as previously announced by the Company in a press release dated July 4, 2023.
The Amendments in the Amended Application include:
substituting or augmenting the use of explosives with mechanized equipment for ore extraction for the Project;
implementing enclosed environments for crushing equipment to effectively manage dust and noise; and
exploring the option with the British Columbia Ministry of Transportation and Infrastructure of utilizing a trucking route along Highway 22 to North Port, Washington, rather than passing through the City of Rossland.
Following the MDRC Meeting, the Company began working with the Ministries and engaged its consultants, SRK Mining Engineers and Greenwood Environmental, to address comments presented at the MDRC Meeting. This collaboration aimed to provide the required information for making the Amendments and finalize the Amended Application in accordance with the mitigation initiatives previously outlined. These positive changes to the Project will be implemented with the utmost consideration for the environment, the community and all associated stakeholders. While these changes have taken longer than initially expected, mitigation strategies incorporated into the Amended Application have made it stronger on all fronts.
The Osoyoos Indian Band conducted an independent review of the Amended Application and has demonstrated a strong commitment to working with West High Yield in the protection of the environment and mutual economic interests. This commitment is and was reflected in the signing of a cooperation agreement between the Company and the Osoyoos Indian Band, as previously announced by the Company in a press release dated September 11, 2023.
West High Yield eagerly anticipates the next phase of the MDRC technical review process and is awaiting feedback from the MDRC members in a timely manner.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral magnesium, silica, and nickel deposits using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CALGARY, ALBERTA – September 11, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV: WHY) is pleased to announce the signing of a Cooperation Agreement (the “Agreement“) with the Osoyoos Indian Band (“OIB“) regarding the Company’s Record Ridge magnesium project (the “Project“) located near Rossland , British Columbia.
The Project contains critical minerals essential to the development of Canada’s green economy and achievement of its climate change goals. It is also in the OIB’s asserted traditional territory and the OIB has been actively engaged in the project and permitting process.
The Agreement was negotiated based on the Company’s commitment to advancing sustainability, sound environmental practices, good governance, and respecting Indigenous rights.
OIB undertook its own independent review of the Company’s British Columbia Mines Act permit application.
“This Agreement recognizes Osoyoos Indian Band’s sovereignty over our lands and represents our continued efforts to ensure that our lands are protected and managed in accordance with our wishes, values, and principles. This Agreement assures us of our oversight of the project, thereby protecting our peoples’ environmental and economic interests”, said Chief Clarence Louie. “If managed correctly, this critical mineral resource could contribute to a strong and green economy. To date, West High Yield has shown OIB that it is committed to doing this. Our independent review of the Company’s mining application reinforces our commitment to working with the Company going forward. We encourage other companies to follow West High Yield’s example and take steps to ensure that Indigenous rights are respected and are recognized, while also engaging with stakeholders. We look forward to our ongoing work with Frank Marasco and the Company’s team to build a long-term, mutually beneficial, and environmentally progressive relationship. ”
“The signing of this Cooperation Agreement is a testament to the mutual trust and respect that has been established between OIB and the Company, working in partnership to responsibly develop the Record Ridge Project”, said the Company’s President and CEO Frank Marasco Jr. “I would like to acknowledge and thank Chief Clarence Louie, the OIB Council, and advisor Byng Giraud for their diligence and commitment. West High Yield is committed to leading the way in constructive Indigenous engagement and looks forward to additional discussions with other Indigenous groups as the project moves forward.”
The Company continues working with the British Columbia Mine Development Review Committee in the final technical permit review process for the successful completion of the Record Ridge mining permit.
About the Osoyoos Indian Band
The Okanagan Nation traditional territory once spanned 69,000 square kilometers stretching between present-day British Columbia and Washington State. Within this territory, OIB’s area of leadership and business responsibility extends from the South Okanagan into the Boundary and Kootenay regions. OIB Development Corporation (OIBDC) exists to provide jobs and to fund and support OIB community priorities. Businesses, social and health services teams work side-by-side to invest millions in making sure our people have access to quality programs and services. OIB is a member of the Okanagan Nation Alliance.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced NI-43-101 Preliminary Economic Assessment technical report prepared by SRK in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEA
CALGARY, ALBERTA – July 25, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV: WHY) is pleased to provide a comprehensive update on major strategic developments shaping the magnesium market. These insights are aimed at keeping the Company’s valued stakeholders well-informed about the economic, geopolitical, and industrial trends influencing the sector’s growth and future potential and supporting an energy transition to zero-carbon emission.
Market Growth Projections
The global metal magnesium market, valued at USD $4.8 billion in 2022, is projected to witness substantial growth, reaching USD$7.25 billion by 2030 (based on Skyquest’s Global Magnesium Market Size report) and well-established market trends predating the COVID-19 pandemic. These figures primarily consider direct metal applications, such as iron and steel making, die casting, aluminum alloys, and titanium reduction. It is important to note that these estimates do not account for several secondary, higher-value applications, including extruded foams, structural cladding and fireproofing, medical devices, pharmaceutical applications and supplements, industrial coatings and metamaterials, and other emerging use cases. However, an exciting opportunity is the potential use of magnesium in the energy storage sector, specifically as an alternative to lithium batteries.
Advancements in Magnesium Batteries
Magnesium-based batteries have been a topic of research for many years due to their potential advantages over traditional lithium-ion batteries. Magnesium ions have a double positive charge, which theoretically allows a magnesium battery to store almost twice as much energy as a lithium battery of the same size. Moreover, magnesium is more abundant and less expensive than lithium, making it a potentially more sustainable and cost-effective solution.
In recent months, there have been several breakthroughs in the development of magnesium-based batteries. Researchers have overcome previous challenges related to the stability and efficiency of magnesium electrolytes, which have historically hindered the commercialization of this technology. New magnesium-based electrolytes have been developed that are stable, non-toxic, and efficient, paving the way for the next generation of high-energy-density batteries.[1],2
Furthermore, several companies are now in the advanced stages of developing magnesium-ion batteries, including Pellion Technologies (US), Magnotec (Australia), MagPower Systems (Canada) and Magpie Technologies (US). These batteries are expected to hit the market within the next few years, offering a promising alternative to lithium-ion batteries. They are projected to have a higher energy density, longer lifespan, and better safety profile, with lower risk of overheating and combustion.
Notably, two papers have highlighted the environmental and safety benefits of transitioning to magnesium batteries: (i) The Environmental Benefits of Switching to Magnesium Batteries; and (ii) The Safety Advantages of Magnesium Batteries Over Lithium-ion. The first paper emphasizes the positive environmental impact of adopting magnesium batteries, while the second one outlines the safety advantages they hold over lithium-ion batteries. This further strengthens the case for embracing magnesium batteries as a sustainable and secure energy storage solution.
Canada’s Geopolitical Resource Independence
The Trudeau administration recognizes the crucial role Canada must play in ensuring the geopolitical resource independence of Western democracies, securing full access to critical minerals, including magnesium. The country’s critical minerals strategy, backed by a substantial federal budget allocation of $3.8 billion for mineral exploration and mining, sets a clear path for bolstering Canada’s capability to supply both domestic and global markets with high-priority minerals, including lithium, cobalt, magnesium, and rare earth elements.[2]3
Collaboration with the Current US Administration
In addition to Canada’s efforts, there is a strong natural partnership between the Biden and Trudeau administrations to support North America’s journey towards achieving resource independence. Collaborating on the production of lithium, cobalt, magnesium, and other critical minerals will empower both nations to reduce economic dependence on China, which currently dominates the market. This move is vital as countries worldwide pivot towards carbon emission reduction.[3]4
West High Yield’s Unique Advantage
The Company stands uniquely positioned to potentially provide onshore safe and secure access to a substantial magnesium resource. Located in a friendly jurisdiction with reliable infrastructure and strong regulatory engagement, the Company’s Record Ridge magnesium project (the “Project“) has received acceptance for permitting application review by the B.C. Ministry of Mines. West High Yield is committed to working collaboratively with regulators to advance the Project while ensuring environmental friendliness and ethical practices.
West High Yield’s management team sincerely appreciates the unwavering support and patience demonstrated by shareholders throughout the challenging 18 months experienced in the Canadian capital markets. The Company acknowledges the numerous trials and tribulations involved in progressing a major resource project responsibly. With optimism, the Company anticipates a dynamic and eventful coming 12 months.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEA
CALGARY, ALBERTA – July 4, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV: WHY) is pleased to provide an update on the progress of its application for a mining permit for its Record Ridge Industrial Mineral Mine (“RRIMM” or the “Project“) magnesium deposit located 10 kilometers southwest of Rossland, British Columbia.
First Provincial Mining Development Review Committee Meeting introduced the technical review process
On June 27, 2023, a meeting (the “MDRC Meeting“) with the Provincial Mining Development Review Committee (the “MDRC“) was held in Rossland, British Columbia, where the technical review process for the Project was introduced.
At the MDRC Meeting, which was run and facilitated by British Columbia’s Ministry of Energy, Mines and Low Carbon Innovation, the MDRC initiated the technical review of the Company’s permit application process and allowed for discussions regarding the further engagement of interested parties as the permit process and Project unfolds. Participants at the MDRC Meeting included government officials, technical experts, and First Nations groups and Indigenous peoples.
At the MDRC Meeting, the Company outlined a number of the proposed Project mitigation strategies to address concerns and interests that have been expressed through its public engagement to date. These included:
substituting the use of explosives with mechanized equipment for ore extraction;
implementing enclosed environments for crushing equipment to effectively manage dust and noise; and
exploring the option with the British Columbia Ministry of Transportation and Infrastructure of utilizing a trucking route along Highway 22 to North Port, Washington, rather than passing through the City of Rossland.
“We appreciate the community members who provided feedback at our open houses in May, and we have responded to show our commitment to working together to make this the best possible project”, said Barry Baim, Director and Corporate Secretary of West High Yield. “We look forward to ongoing conversations to demonstrate the positive benefits of the Project for the First Nations and Indigenous people and community.”
Engagement with Indigenous Nations
West High Yield continues it engagements with First Nations groups and Indigenous peoples that reside in the Project territory, and discussions with the Osoyoos Indian Band continue to advance.
“We appreciate the constructive approach West High Yield has taken, and we look forward to working with the Company and the B.C. Government to ensure that any decisions going forward reflect an approach that is sustainable and includes the Osoyoos Band”, said Clarence Louie, Chief of the Osoyoos Indian Band.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia and has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
CALGARY, ALBERTA –May 5, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV: WHY) is pleased to provide an update on the next milestone achieved for obtaining its industrial mining permit (the “Permit“) for the Record Ridge Industrial Mineral Mine (“RRIMM” or the “Project“) magnesium deposit located 10 kilometers southwest of Rossland, British Columbia.
RRIM Permit – Final Technical Review
On May 3, 2023, the British Columbia Ministry of Mines (the “Ministry“), having completed the screening process of the Company’s initial RRIMM Permit application of February 14, 2019 (inclusive of the Company’s amended Permit application of February 15, 2022), accepted the Company’s screened Permit submissions and issued the “Terms of Reference and Work Plan” (the “TOR andProposedWorkplan“) required for the Company to proceed into the final review for the Permit. The TOR and Proposed Workplan timeline indicates a starting date on May 24, 2023. A final recommendations report will be submitted by the committee to the statutory decision-makers for a potential final Permit decision as early as August 24, 2023.
The following is a process-related excerpt from the Ministry’s TOR and Proposed Workplan:
The Mines Act [Mines Code s. 10.3.2] states the committee must provide advice to the Chief Permitting Officer within 60 days of application acceptance for the Mines Act permit Review. Although there are no statutory timelines for applications for other authorizations, a collaborative effort is being made by committee members and the proponent to complete the review within a reasonable timeframe (ideally 60 days). If further time is required, a request to the Chief Permitting Officer through the MDRC chair can be made for their consideration.
As previously disclosed in the Company’s news release dated March 31, 2023, the Company submitted all material information, mine site engineering designs, and corresponding reports requested by the Ministry in response to its questions and comments of July 2022, stemming from its amended Permit application for the Project.
While adhering to the established multi-step permit process by the Ministry, the Company initiated a formal “request for proposal” process to invite interested groundworks contracting companies with expertise in mine site development and on-site road construction to submit bids to the Company. The Company requested the submission of all bids by June 20, 2023. Upon the Permit being granted, the Company plans to expedite mine site development for the Project and begin mining the ore from RRIM to fulfill the terms contemplated in the letter of intent it signed with APA Galaxy Trade and Technology, LLC (as previously news released on December 7, 2021) and to generate cash flow.
“The Company is elated to have been notified by the Ministry of its decision to advance to the technical review stage. This is a major milestone for the Company, and we will vigilantly continue to satisfactorily complete and/or exceed all remaining aspects of the final permit review process. After years of exploration, detailed analysis, engineering, economic evaluation, consultation, and environmental due diligence, we believe that the Project at Record Ridge has the potential to deliver much-needed critical minerals that underpin modern society. Upon satisfying all requirements set forth by the Ministry and obtaining the Permit, the Company will move forward in mining ore from RRIM with the hope of providing economic stability with a robust and industry-standard level of safety and environmental stewardship. We also understand the importance of engaging the community, indigenous groups, stakeholders, partners, consultants, shareholders, and employees to ensure that the benefits of the Project are shared by all. We look forward to moving with the next phase of the Project, and serving the current and future generations with the utmost responsibility”, said Frank Marasco Jr., West High Yield’s Chief Executive Officer and President.
Community and Stakeholder Engagement
As another step in the final review process, the Company will be holding community open house consultation sessions (collectively, the “Community Sessions“) in Rossland, British Columbia at the Prestige Mountain Resort from 6:00 PM – 8:00 PM (Pacific Daylight Time) on May 17, 2023, and from 4:00 PM – 6:00 PM (Pacific Daylight Time) on May 18, 2023.
The Company looks forward to the upcoming dialogue during the Community Sessions and completing the final steps of the Permit review process.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge critical mineral magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE
Calgary, Alberta–(Newsfile Corp. – April 5, 2023) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (“West High Yield” or the “Company“) is pleased to provide an update on the status of its mining permit progress for the Record Ridge magnesium deposit located 10 kilometres southwest of Rossland, British Columbia (“Record Ridge” or the “Project“) and on the status of its nearby Midnight Gold drilling program (the “Midnight Gold Drilling Program“).
Record Ridge Mining Permit
As of March 31, 2023, the Company has submitted all material information, mine site engineering designs, and corresponding reports requested by the British Columbia Ministry of Mines (the “Ministry“) in response to its questions and comments of July 2022 stemming from its amended permit application for Record Ridge Industrial Critical mineral mine. The Ministry has a multi-step permit review process where major issues are identified upfront, followed by a detailed technical review. The Company and its consultants are scheduled to meet with the Ministry in the near future to discuss the Ministry’s feedback on the requested material that has been submitted by the Company and to determine the next steps forward.
While adhering to the established permit process, the Company is also initiating a formal Request for Proposal (RFP) process to invite interested groundworks contracting companies with expertise in mine site development and on-site road construction to submit their bids. The Company has already received engineering drawings for mine site development from SRK Consulting (www.srk.com) and has held previous discussions with site development contractors and mining contractors. The Company is requesting the submission of bids by June 30th, 2023. Once the mining permit is granted, the Company plans to expedite mine site development and begin mining the ore to fulfill the terms as contemplated in the Galaxy Magnesium LOI of December 6, 2021, which aims to sell Record Ridge ore @ USD$ 500/tonne and generate cash flow.
“The Company has been diligent in addressing all requests from the Ministry and remains vigilant in seeing the Record Ridge Permit process through to completion. The Company in conjunction with the Consultants, is working persistently to successfully complete the Permit process as soon as possible,” said Frank Marasco Jr., West High Yield’s Chief Executive Officer and President.
Midnight Gold Drilling
As previously press released, the Midnight Gold Drilling Program of 2022 yielded positive results in multiple intervals and zones. While the 2022 Midnight Gold Drilling of all planned holes was completed, core cutting, logging, and assaying of approximately 800 meters could not be completed due to inclement weather that forced operations to cease earlier than expected. The Company plans to resume the core cutting, logging, and assaying as soon as site access is safe and weather conditions allow, with an expected start date of May and completion in 4-6 weeks. The Company will be releasing additional gold drilling results from the Midnight Gold Drilling Program as they become available.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd. Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
CALGARY, ALBERTA – February 1, 2023– West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce the confirmation of additional high-grade gold assays (see Tables 1 and 2) and to provide a status update from its 6,000 metre exploration drilling program initiated in 2022 at its Midnight gold claim (“Midnight“) located in Rossland, British Columbia (the “2022 Drilling Program“). The Rossland Gold Camp historically produced over 2.76 million ounces of recovered gold and 3.52 million ounces of recovered silver.
HIGHLIGHTS
Additional high-grade gold assays including:
MN22-13 262.50-263.35 metres depth – 32.5 g/t Au over 0.85 metre
MN22-18 41.0-47.0 metres depth – 7.99 g/t Au over 6 metres
including MN22-18 45.5-47.0 metres depth – 13.55 g/t Au over 1.5 metres
41 holes completed and logged in 6,191 metre NQ2 diamond drilling program
Targets tested in historical Midnight, IXL and OK mining areas
24 drill holes sampled
2,865 sample assays including QAQC completed
693 samples in 17 holes marked for 2023 spring sampling program
We recently received the balance of the outstanding 2022 assay data which was focused specifically on the gold content. The Company intersected more structurally-controlled mineralization in high-grade assay intervals such as those in MN22-13 northwest and MN22-18 southwest of the central Midnight mineralization along the broad northeast trend of listwanite replacement and the high-grade Baker Vein. Assays using gravimetric protocols verified significant grades up to 32.5 g/t gold (“Au”) in intervals from 85 cm and composite intervals to 6 metres (see Tables 1 and 2)”, stated Greg Davison, P.Geo and the Company’s internal qualified person (the “Qualified Person” or “QP“) for Midnight. “We look forward to completing the assay sampling of seventeen (17) remaining holes in the 2023 Midnight drilling program”, Mr. Davison further noted.
The 2022 Drilling Program was completed and closed for the winter season on November 15, 2022 at Midnight (see Figure 1). A total of 6,191 metres were completed (see Table 3) during the course of the 2022 Drilling Program.
Figure 1 shows the distribution and status of the 2022 permitted and active drill collar locations relative to the Company’s drilling activity from 2006 through to 2010. Assays received from 2,856 core and QA/QC samples are reported for twenty-three (23) completed holes and one partially sampled hole (see Tables 1 and 2). Seventeen (17) holes, currently with 693 samples and QAQC insertions, await core cutting and sampling in the spring 2023 program. Geological compilation and Leapfrog modelling of the current and historical drill and geological results is ongoing. Final LiDAR bare-earth maps are pending receipt in February 2023.
Figure 1. Location map of 2022 and post-2000 historical drilling on Midnight, IXL and OK mining claims and grants with mine portals and access trails. Current drilling completed at OK South and Upper Portal, IXL Upper and Lower Adit, and Midnight 3100 and 3200 Portals SSW of the Italian Tunnel. Sampling pending (purple) for 17 holes.
Table 1. Summary of recent 2022 drill core intersections with 2 gram-plus Au g/t values. Samples >10 g/t Au were finished using gravimetric analysis and/or screen metallics (highlighted).
Table 2. Summary of previously reported 2022 drill core intersections with 4 gram-plus Au g/t values. Samples greater than 10 g/t Au were finished using gravimetric analysis and/or screen metallics (highlighted).
2022 Exploration Summary
The 2022 Drilling Program was focused on identifying extensions to zones of known Midnight mineralization, areas with potential within and peripheral to the OK and IXL historical mines, and deep targets below the known footprint of mineralization (Figure 1). A total of 31 collar locations are fully permitted for the current program.
The drilling under the 2022 Drilling Program initially collared around the Midnight mine workings on targets from surface to 200 metres depth located to the southeast, east and north of the historical high-grade Baker Vein. These geological targets occurred within and peripheral to the Listwanite (quartz-carbonate-serpentine) zone which straddles the east-northeast trending fault contact between the OK ultramafic intrusion and the Jurassic-age andesite-dominant sequence to the north.
West High Yield brought in a second and third drill to expand the area of immediate interest outside the Midnight-Baker targets and to explore additional and deeper targets from 200 metres to more than 600 metres transecting the andesite-ultramafic contact and below the Baker Vein from the Midnight and neighbouring IXL claims.
The additional drills also targeted high-grade polymetallic Au-Ag-Cu-Pb, massive to stockwork-style silicified andesite-hosted mineralization with pyrrhotite and pyrite reported and observed from the OK Mine area historical drilling and is located between the OK Portal and the Upper Raise on the OK claim 50m east of the Cascade Highway.
Table 3. 2022 Midnight Drilling Program.
The high-grade gold intersections occurred mainly within variably deformed and serpentinized peridotite showing moderate to pervasive quartz-serpentine-carbonate replacement transected by discrete quartz-dominant veins to 50cm and sets of <1-10 mm veinlets with minor to sparse sulphides. The gold occurred within and peripheral to the multi-stage veins and irregular stockwork-style, locally with breccia textures. Massive, finer-grained, weakly altered black peridotite, with 5% to 10% disseminated to microfracture-controlled pyrite and/or pyrrhotite, intersected discrete core intervals of 10-60 metres, consistently west of the Midnight and in the IXL, generally reported lower Au grades (0.2-2.0 g/t Au). These intervals were distinct from the coarser-grained peridotite containing trace sulphides, commonly pyrrhotite, and gold values at or near detection limits (<0.005-0.01 g/t Au).
Coarse-grained pyrrhotite and polymetallic base metal sulphides (Pb, Cu, Mo), typically in vein arrays and breccias, was reported from the hanging wall andesite and basalt flows though gold showed limited values outside the contact zone with the north-easterly alteration trend.
Leapfrog compilation with 2D and 3D mapping, of current and historical drilling and underground workings, and recently-received high-resolution LiDAR orthophoto and bare-earth topographic control, will be used to evaluate structural features and geospatial significance of broad alteration, sulphidation and lithological controls in the mineralizing system.
Geochemical Analysis, Quality Assurance and Quality Control
All core handling was conducted at the secure logging facility on Midnight. All samples were bagged and sealed with numbered security tags under the supervision of the QP and delivered to Overland Transport in Rossland for delivery to ALS Global (“ALS“) in North Vancouver, British Columbia for gold and multi-element analysis. ALS is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada. Metal values disclosed herein are reported principally from sawn (1/2) drill core samples over intervals of 30cm to 1.6 metres. Certain friable and broken intervals were processed using a rotary wedge core splitter. The remaining half-core samples are cross stacked on site. Local chain of custody was monitored and maintained directly by the QP and Project Geologist under the direction of the QP.
The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometres (-200 mesh). Pulps (50gram split) were submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA23). The retained pulps also were analyzed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-element analyses (ME-ICP61). Over-limit Au and Ag samples were analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21). Screen metallics assays were conducted on select ½ core samples to quantify gold distribution in the screen oversize (SCR-24B) and duplicate 50-gram pulps of the screen undersize (Au-GRA22). One 30cm sample of broken core with visible gold was sampled in its entirety through the SCR-24B protocol.
In-house quality control samples (blanks, standards, preparation duplicates) were inserted into the sample set using a protocol designed by the QP. ALS Global conducted its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the internal and ALS control samples were reviewed by the Company’s QP and evaluated for acceptable tolerances prior to disclosure. All sample and pulp rejects are stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
The Company’s Qualified Person believes that the sampling documentation, analytical protocols and quantitative data will withstand scrutiny for inclusion.
Qualified Person
Greg Davison, MSc, PGeo, Senior Consulting Geologist to West High Yield, is the Company’s Qualified Person for Midnight and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, under TSX Venture Exchange guidelines.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
CALGARY, ALBERTA – DECEMBER 20, 2022 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce the confirmation of additional high- grade gold assays (see Table 1) including the identification of visible native gold in drill core from DDH MN22-13 (see Figures 1 and 2) and to provide an update from the 2022 6,000 metre exploration drilling program (the “2022 Program“). The 2022 Program was completed and closed for the winter season on November 15th at the Company’s Midnight Gold claim (“Midnight“) located in the Rossland Gold Camp area, British Columbia (see Figure 3). The three drills at Midnight demobilized in October and November. A total of 6,197 metres were completed (see Table 2) during the course of the Program. The Rossland Gold Camp historically produced over 2.76 million ounces of recovered gold and 3.52 million ounces of recovered silver.
HIGHLIGHTS
41 holes completed in 6,197 metre NQ2 diamond drilling program
Targets tested in historical Midnight, IXL and OK mining areas
Additional high-grade gold assays including:
MN22-13 72.35-72.65 metres depth – 154 g/t Au (visible gold)
MN22-13 185.7-186.20 metres depth – 21.4 g/t Au (visible gold)
MN22-08 38.7-39.4 metres depth – 15.85 g/t Au, and
MN22-09 205.1-206.6 metres depth – 37.9 g/t Au
Figure 1. NQ2 diameter core showing two visible gold occurrences in MN22-13 72.35-72.65m. Gold grains range from <1mm to 4mm as irregular particles and aggregates disseminated or along microfractures mainly in listwanized peridotite (quartz, serpentine and carbonate with Fr-Cr oxide relicts). Gold also was noted with fine to coarse-grained aggregates of brecciated pyrite and dark green chlorite, serpentine and quartz. Field of view approximately 60mm (Left) and 20mm (Right). Assay – 154 g/t Au. SCR- 24B coarse fraction 9% of weight, 58 wt.% of the gold.
“We continue to intersect structurally-controlled mineralization with visible gold (see Figures1 and 2) in high-grade assay intervals such as those in MN22-13 northwest of the central Midnight mineralization (see Tables 1 and 3). Assays using gravimetric and metallic screen protocols verified significant grades up to 154 g/t Au in narrow intervals from 30cm to 1.5 metres”, stated Greg Davison, P.Geo and QP for Midnight. “Screen metallics of the highest-grade interval confirmed 996 g/t Au in the coarse fraction which contributed 58% of the contained Au (MN22-13 72.4 metres).”
“The high-grade gold occurred mainly within variably deformed and serpentinized peridotite showing moderate to pervasive quartz-serpentine-carbonate (listwanite) replacement transected by discrete quartz- dominant veins to 50cm and sets of <1-10 mm veinlets with minor to sparse sulphides. Core intervals measuring up to 60 metres of massive, weakly altered peridotite, consistently with 5% to 10% disseminated to microfracture-controlled pyrite and/or pyrrhotite, intersected west of the Midnight and in the IXL, generally exhibited lower Au grades (0.2-2.0 g/t Au). Leapfrog 2D and 3D mapping, with current and historical drilling and underground workings, and recently flown high-resolution LiDAR topographic control, will be used to evaluate their geospatial significance in the mineralizing system”, said Mr. Davison. “Geological logging and 80% of the half-core sampling (2868 including QA/QC) were completed prior to the winter shutdown. The remaining core intervals will be processed in a Q2 2023 program. ”
Figure 2. Left – NQ2 diameter core showing visible gold occurrence in MN22-13 72.35-72.65m. Gold grains and aggregates range from <1mm to 4mm in quartz, serpentine and carbonate with abundant pyrite. Right – Close-up view with coarse gold grain. Field of view approximately 60mm (Left) and 15mm (Right). Assay – 154 g/t Au.
Figure 3 shows the distribution of the 2022 permitted and active drill collar locations relative to the 2006- 2010 drilling. A total of 31 collar locations are fully permitted for the current program. Assays received from 2077 core and QA/QC samples are reported to date for DDH MN22-01 through MN22-12, MN22- 19a and MN22-19B with partial results for MN22-13, MN22-14 and MN22-21. Results are pending for samples for DDH MN22-13 through MN22-18, MN22-20, MN22-21 and MN22-28. Fifteen holes (593 samples) await core cutting and sampling.
Geological compilation and Leapfrog modelling of the current and historical drill and geological results is underway while awaiting assay results from approximately 781 core samples.
Table 1. Summary of recent 2022 drill core intersections (MN22-05 to MN22-13 inclusive, MN22-19, MN22-21) with 2 gram- plus Au g/t values. Samples >10 g/t Au were finished using gravimetric analysis and/or screen metallics (highlighted).
Hole #
Sample #
From (m)
To (m)
Au g/t*
Ag g/t
MN22-05
225694
84.85
86.35
2.81
0.5
MN22-07
225845
44.25
45.30
5.39
3.8
225875
78.10
79.75
2.78
15
MN22-08
229012
38.70
39.40
15.85*
2.5
229013
39.40
40.10
6.88
1.9
MN22-09
229313
82.95
83.90
3.75
NA
229333
106.95
108.45
7.23
NA
229334
48.55
50.05
2.51
NA
229335-38
56.10
61.85
3.74
NA
229339
205.10
206.60
37.9*
3
MN22-10
229171
84.40
85.90
2.17
NA
229172
85.90
87.40
3.13
NA
MN22-11
227824
60.40
61.90
2.14
NA
MN22-13
228558
72.35
72.65
154**
NA
228657
185.70
186.20
21.4**
NA
MN22-14
229307
91.60
93.10
2.03
NA
MN22-19B
229348
77.00
78.50
2.92
NA
* Au GRA-21 FAA with gravimetric analysis for samples >10 g/t
**SCR24-B screen metallics, Au-AA26 FAA for samples with visible gold
Completed Holes Planned Holes Proposed Holes
Figure 3. Location map of 2022 and post-2000 historical drilling on Midnight, IXL and OK mining claims and grants with mine portals and access trails. Current drilling completed at OK South and Upper Portal, IXL Upper and Lower Adit, and Midnight 3100 and 3200 Portals SSW of the Italian Tunnel.
Table 2. 2022 Midnight Drilling Program – as of November 16, 2022.
Hole #
Easting
Northing
Azimuth (°)
Inclination (°)
Elevation (m)
Total Depth (m)
Area
22-01
438580
5435911
0
-90
960
352.6
Midnight
22-02
438537
5435808
350
-50
943
81.7
Midnight
22-03
438537
5435808
350
-75
943
197.5
Midnight
22-04
438531
5435792
295
-68
942
185
Midnight
22-05
438531
5435792
260
-50
942
113.4
Midnight
22-06
438531
5435792
260
-70
942
139.8
Midnight
22-07
438548
5435881
290
-50
962
245
Midnight
22-08
438561
5435855
260
-75
956
276
Midnight
22-09
438548
5435881
235
-50
962
241.85
Midnight
22-10
438548
5435881
295
-50
962
158
Midnight
22-11
438548
5435881
295
-70
962
218
Midnight
22-12
438277
5435786
11
-50
1038
230
OK
22-13
438443
5435828
220
-75
985
513
Midnight
22-14
438580
5435911
180
-60
960
135
Midnight
22-15
438291
5435798
11
-50
1051
36
OK
22-16
438291
5435798
340
-50
1051
208.8
OK
22-17
438291
5435798
340
-70
1051
226.6
OK
22-18
438461
5435739
340
-50
970
207
IXL south
22-19A
438461
5435739
320
-50
970
21
IXL south
22-19B
438461
5435739
290
-50
970
153
IXL south
22-20
438580
5435911
180
-60
960
117.6
Midnight
22-21
438306
5435835
345
-50
1044
230
OK
22-22
438375
5435710
330
-50
986
171
OK south
22-23A
438306
5435835
11
-60
1044
33
OK
22-23B
438306
5435835
20
-60
1044
32
OK
22-24
438375
5435710
330
-70
986
153
OK south
22-25
438375
5435710
345
-60
986
141
OK south
22-26
438443
5435828
220
-60
985
192
Midnight
22-27A
438551
5435796
260
-50
940
19.8
Midnight
22-27B
438551
5435796
260
-50
940
43.4
Midnight
22-28
438580
5435911
220
-50
960
124.35
Midnight
22-29
438443
5435828
190
-60
985
96.45
Midnight
22-30
438551
5435796
345
-50
940
26
Midnight
22-31
438443
5435828
240
-60
985
210
Midnight
22-32
438449
5435889
185
-60
996
25.5
IXL Lower
22-33A
438463
5435866
220
-50
975
51
Midnight
22-33B
438463
5435866
220
-60
975
72
Midnight
22-34
438449
5435889
220
-60
996
228
IXL Lower
22-35
438580
5435911
220
-70
960
124.35
Midnight
22-36
438548
5435881
220
-60
962
143
Midnight
22-37
438449
5435889
35
-60
996
24
IXL Lower
The 2022 Program was focused on identifying extensions to zones of known Midnight mineralization, areas with potential within and peripheral to the OK and IXL historical mines, and deep targets below the known footprint of mineralization (Figure 1). The drilling initially collared around the Midnight mine workings on targets from surface to 200 metres depth located to the southeast, east and north of the historical high- grade Baker Vein. These geological targets occurred within and peripheral to the Listwanite (quartz- carbonate-serpentine) zone which straddles the east-northeast trending fault contact between the OK ultramafic intrusion and the Jurassic-age andesite-dominant sequence to the north.
West High Yield brought in a second and third drill to expand the area of immediate interest outside the Midnight-Baker targets and to explore additional and deeper targets from 200 metres to more than 600 metres transecting the andesite-ultramafic contact and below the Baker Vein from the Midnight and neighbouring IXL claims.
The additional drills also targeted high-grade polymetallic Au-Ag-Cu-Pb, massive to stockwork-style silicified andesite-hosted mineralization with pyrrhotite and pyrite reported and observed from the OK Mine area historical drilling and is located between the OK Portal and the Upper Raise on the OK claim 50m east of the Cascade Highway.
Table 3. Summary of previously reported 2022 drill core intersections (MN22-01 to MN22-05 inclusive) with 4 gram-plus Au g/t values. Samples greater than 10 g/t Au were finished using gravimetric analysis and/or screen metallics (highlighted).
Hole #
Sample #
From (m)
To (m)
Au g/t*
Ag g/t
MN22-02
212571
48.50
50.00
36.1
3.7
212583
65.00
66.50
7.94
1.4
212584
66.50
68.00
17.9
9.6
212585
68.00
69.50
8.61
2.3
212587
69.50
71.00
22.6
31.2
MN22-03
212605
39.10
41.50
12.15
2.1
212606
39.10
41.50
13.6
1.6
212621
60.00
61.50
20.7
6
MN22-04
225511
54.05
55.25
38.4
6.5
MN22-05
225662
54.50
54.75
4.59
1.2
225664
55.65
57.15
8.44
1.9
225666
58.65
60.15
15.7
2.9
225667
60.15
61.65
14.3
1.6
225674
68.40
69.45
33.7
3.5
225677
69.95
70.25
311**
94.9
225681
70.25
71.30
4.37
4
* Au GRA-21 FAA with gravimetric analysis for samples >10 g/t
**SCR24-B screen metallics, Au-AA26 FAA for sample with visible gold
Gold mineralization in the Rossland area is reported to depths exceeding 750 metres and several faults transecting the area are interpreted to have significant vertical displacement. Fault repetition or imbricate stacking of the principal lithologies is indicated by the current drilling. The abundance of surface and underground workings, including adits and stopes, and the intense brittle deformation and serpentine-rich alteration of the peridotite, provided significant challenges for collaring and completing several holes in the program.
Geochemical Analysis, Quality Assurance and Quality Control
All core handling was conducted at the secure logging facility on Midnight. All samples were bagged and sealed with numbered security tags under the supervision of the QP and delivered to Overland Transport in Rossland for delivery to ALS Global (“ALS“) in North Vancouver, British Columbia for gold and multi- element analysis. ALS is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada. Metal values disclosed herein are reported principally from sawn (1/2) drill core samples over intervals of 30cm to 1.6 metres. Certain friable and broken intervals were processed using a rotary wedge core splitter. The remaining half-core samples are cross stacked on site. Local chain of custody was monitored and maintained directly by the QP and Project Geologist under the direction of the QP.
The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometres (-200 mesh). Pulps (50gram split) were submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA23). The retained pulps also were analyzed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-
element analyses (ME-ICP61). Over-limit Au and Ag samples were analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21). Screen metallics assays were conducted on select ½ core samples to quantify gold distribution in the screen oversize (SCR-24B) and duplicate 50-gram pulps of the screen undersize (Au-GRA22). One 30cm sample of broken core with visible gold was sampled in its entirety through the SCR-24B protocol.
In-house quality control samples (blanks, standards, preparation duplicates) were inserted into the sample set using a protocol designed by the QP. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the internal and ALS control samples are reviewed by the Company’s QP and evaluated for acceptable tolerances prior to disclosure. All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
The Company’s Qualified Person (as hereinafter defined) believes that the sampling documentation, analytical protocols and quantitative data will withstand scrutiny for inclusion.
Qualified Person
Greg Davison, MSc, PGeo, Senior Consulting Geologist to West High Yield, is the Company’s internal qualified person (the “Qualified Person“) for Midnight and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, under TSX Venture Exchange guidelines.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Key Pre-feasibility Study (“PFS” or the “Study”) highlights:
Robust Project Economics: Post-tax net present value (“NPV”) (discount rate 5%) of $871.8 million and post-tax internal rate of return (“IRR”) of 72.03% using a long-term magnesia (“MgO”) baseline price of $1,500/metric tonne (“Mt”) and an exchange rate of CAD$1.00 = US$0.73.
Production profile: Annual average production of 86,500 tonnes of 98% purity MgO product at capacity.
Low capital intensity: Initial capital expenditures (“CAPEX”) of $205.4 million including mine preproduction, processing, and infrastructure (access roads and site preparation)
Competitive cost profile and rapid payback: All-in-Sustaining Cost (“AISC”) of $375/Mt of MgO product, a post-tax payback of 1.5 years, with $1,489 million cumulated cash flow and $871 million discounted cumulated cash flow over 20-year projected life of the project for the purposes of the PFS.
*Based on 250K tonnes per annum of ore throughout.
CALGARY, ALBERTA – November 29, 2022 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce the results from its PFS for its high-purity MgO industrial production plant (“the Project“), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) with cost accuracy of +/- 20% for the Company’s Record Ridge property located 10 kilometers southwest of Rossland, British Columbia (the “Record Ridge Property“), which is an intermediate-advanced exploration-stage project and is 100% owned by the Company. All figures are expressed in the currency of the United States of America unless otherwise stated.
Kingston Process Metallurgy Inc. (“KPM“), a company based out of Kingston, Ontario, in consultation with KON Chemical Solutions and Tenova (both companies are based in Austria), was mandated to establish the technical viability of a MgO production facility, to prepare plan and capital estimates of the Project, and to provide detailed design and economic evaluation of a semi-commercial demonstration plant, in addition to a high-level design and economic evaluation of a commercial plant at a location to be determined in southern British Columbia, Canada. The financial model of the Project was prepared by Bumigeme Inc., a company based out of Montreal, Quebec based on (i) information provided to them by
the Company, as received from KPM, and (ii) MgO market study prepared for the Company by TAK Industrial Mineral Consultancy (existing under the laws of the United Kingdom). The findings from the aforesaid assessments and models are highlighted in the Study.
Frank Marasco, President and CEO of the Company, reports: “The MgO production Project described by the Study represents extremely positive news for West High Yield and its shareholders. The Study’s completion is a significant milestone on the pathway to production. The results as outlined in this news release make a compelling case for the economic viability of the Project. The Company’s high-purity MgO plant would create a carbon-free alternative to the currently dominating operations in China that are based on the calcination of carbonate ores (mainly magnesite), thus providing U.S. and European end users a green, secure and independent Canadian source of high purity MgO products. The PFS demonstrates the economic benefit of developing magnesium compounds operation in southern B.C. – a mining-friendly jurisdiction with deep mining talent and exceptional infrastructure.”
Study Overview
The Study considered a MgO commercial plant of 250,000 Mt/year ore capacity (the “Plant“), which is based on the installation of five (5) processing modules of 50,000 Mt/year ore capacity (each module called a “Unit“). The Study produced the following information,
a detailed design and economic evaluation including capital and operating costs of a demonstration plant;
a high-level design and economic evaluation including capital and operating costs of the Plant; and
economic analysis of the Plant.
Table 1 below includes excerpts from Table 14 (page 34) of the Study with respect to the capital cost of each Unit.
Table 1: Capital Cost Estimate for the Commercial Plant Unit of 50,000 t/y ore.
Major Units
CAD$
US$
Leaching
6,320,000
4,613,600
Precipitation
5,692,000
4,155,160
Pyrohydrolysis
13,897,000
10,144,810
Tank farm
4,306,000
3,143,380
Balance of plant
2,591,000
1,891,430
Buildings
5,120,000
3,737,600
Total Direct Capital Cost
37,926,000
27,685,980
Indirect Costs
EPCM & Start-up services
5,408,200
3,947,986
Freight
2,305,800
1,683,234
Field indirect & first fill
1,249,000
911,770
Total indirect Capital Cost
8,963,000
6,542,990
Total Direct and Indirect Costs
46,889,000
34,228,970
Contingency (20%)
9,380,000
6,847,400
Total Installed Capital Cost
56,270,000
41,077,100
Table 2 below includes excerpts from Table 16 (page 36) of the Study with respect to the operating costs of the Plant.
Table 2: Operating Cost Estimate for the Commercial Plant unit of 50,000 t/y ore.
Item
Annual Quantity
Unit
Unit Cost (CAD$)
CAD$/year
US$/year
Sodium hydroxide
72
t
700
51,000
37,230
Sodium thirosulfate
115
t
800
93,000
67,890
Chlorine
2,160
t
500
1,080,000
788,400
Process water
262,800
t
1
316,000
230,680
Electrical power
14,904
t
57
996,000
727,080
Natural gas
684,000
t
4
2,501,000
1,825,730
Labour
21
t
78,002
1,639,000
1,196,470
Solid wast disposal
200
t
500
100,000
73,000
Product bags
8,640
t
15
130,000
94,900
Maintenance materials
1,138,000
830,740
General and Administration
410,000
299,300
Total Annual Operating Cost
8,454,000
6,171,420
Total Annual Operating Cost per tonne of MgO product
489
375
The Study considered the capital costs of the Plant to be about $205 million with operating costs of $375/Mt of MgO product, which included mining costs, processing costs, and mine and plant levels general and administrative expenses.
Project Economics
The economic analysis of the Project in the PFS was performed assuming a 5% discount rate. On a pre- tax basis, the NPV is $993.5 million, the IRR is 80.1% and the payback period is 1.34 years. On a post-tax basis, the NPV is $872 million, the IRR is 72.0% and the payback period is 3.5 years. A summary of the Project economics is listed in Table 3 below.
Table 3:Project economics for the commercial plant of 250,000 t/y ore
Business Results
Project Vlaue
Conditions
Decision
NPV of Cash Flow
$871,774,903
>0
Yes
IRR
72.00%
>5%
Yes
Simple Payback
1.43
<5
Yes
Discounted Payback
1.50
<5
Yes
Profitability Index
15.50
>4
Yes
Sensitivity Analysis
A sensitivity analysis was conducted on the base case after-tax NPV and IRR of the Project, using the following variables: MgO price, total CAPEX and total operating cost. The figure and table below (found on page 47 of the Study) provide a summary.
Two-factor sensitivity price and discount rate shows a positive valuation is maintained across a wide range of sensitivities on key assumptions such as MgO prices and discount rate, as in Table 4 below (found on page 47 of the Study).
Table 4: Two-factor NPV (in $M) sensitivity – product price and discount rate
871 774 903
$
1050 $
1200 $
1350 $
1500 $
1650 $
1800 $
1950 $
3.50%
527 859 780
$
690 024 438
$
852 189 097
$
1 014 353 756
$
1 176 518 414
$
1 338 683 073
$
1 500 847 732
$
4.00%
498 407 986
$
653 474 697
$
808 541 408
$
963 608 119 $
1 118 674 830
$
1 273 741 540
$
1 428 808 251
$
4.50%
470 901 899
$
619 323 495
$
767 745 090
$
916 166 686 $
1 064 588 282
$
1 213 009 877
$
1 361 431 473
$
5.00%
445 190 452
$
587 385 269
$
729 580 086
$
871 774 903 $
1 013 969 720
$
1 156 164 537
$
1 298 359 354
$
5.50%
421 135 594
$
557 490 414
$
693 845 234
$
830 200 054 $
966 554 874 $
1 102 909 695
$
1 239 264 515
$
6.00%
398 611 079
$
529 483 798
$
660 356 517
$
791 229 235 $
922 101 954 $
1 052 974 673
$
1 183 847 391
$
6.50%
377 501 374
$
503 223 423
$
628 945 473
$
754 667 522 $
880 389 571 $
1 006 111 620
$
1 131 833 669
$
Plant Design
The Study provided detailed design of the demonstration plant and a high-level design of the Plant, which included detailed process flow diagrams and process description, and plant mass and energy balance for both plants.
More Information
For additional information, please refer to the Study available on the Company website and filed on SEDAR under the Company’s profile at www.sedar.com which contains more comprehensive technical information.
Qualified Person
Kevin Watson is an independent Qualified Person as defined by NI43-101 and has reviewed and approved Sections 17 and 21 of the Study..
Florent Baril is an independent Qualified Person as defined by NI43-101 and has reviewed and approved Section 22 of the Study..
Next Steps
Following the release of this PFS, the Company will move the semi-commercial demonstration project forward, which is a crucial step to provide the necessary bridging work for the commencement of the feasibility-level studies for the successful development of the Plant.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Completed Holes Planned Holes Proposed Holes