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Nevada Gold Explorer Extends Strike, Expands Land Position and Maps Out Three 2026 Drill Targets

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Westward Gold Inc. (WG:CSE; WGLIF:OTC; IM50:FSE) reported final 2025 Campfire drilling results, added 110 claims at Toiyabe Hills, and outlined 2026 work at Campfire, SSD, and El Segundo.

Westward Gold Inc. (WG:CSE; WGLIF:OTC; IM50:FSE) reported results for the remaining three reverse-circulation drill holes of 2025 at the Campfire Target Complex, summarized takeaways from its more than 7,000-meter Phase I campaign at Campfire, and outlined next steps at Campfire and the broader Toiyabe Hills Property in Lander County, Nevada. The company also reported the additional consolidation of contiguous exploration ground along the strike length of the Hilltop Corridor, a north-south structural feature originally identified via gravity. According to the release, Westward has grown its land position by more than 400% since entering the Cortez District in 2021.

Dr. Quinton Hennigh, Westward Chairman, said in a company news release, "I’m proud of what the team accomplished last year; not only did this campaign represent a successful proof of concept on the operational side - sinking 900-meter RC holes into an undrilled Nevada target is no small feat - Campfire itself stood on its merits in this first-pass test."

The release stated that the wide-spaced framework drilling program at Campfire achieved its primary objectives. These included determining the third-dimension architecture of favorable stratigraphy, identifying broad zones of Carlin-type alteration in lower-plate carbonate rocks, and confirming that the hydrothermal system is associated with gold and Carlin-suite pathfinder elements. The company said lower-plate carbonate rocks were reached from nine of 10 drill sites at shallower-than-anticipated depths, and that vertically extensive decalcification was logged in every hole that reached the lower plate. It also said several holes encountered elevated gold and anomalous arsenic, antimony, mercury and thallium.

Westward said a new gold zone was discovered at Campfire in hole CF25-04, which returned 10.7 meters of 0.94 g Au/t, including 3.1 meters of 2.50 g Au/t. Other reported intervals from the 2025 drill program included 3.1 meters of 0.67 g Au/t in hole CF25-03, 4.6 meters of 0.17 g Au/t in hole CF25-05, 3.1 meters of 0.80 g Au/t in hole CF25-07, 3.1 meters of 0.14 g Au/t, 1.5 meters of 0.27 g Au/t, and 1.5 meters of 0.16 g Au/t in hole CF25-08, and 1.5 meters of 0.26 g Au/t in hole CF25-09A. Hole CF25-09 was not assayed, with the table stating "see CF25-09A," and the lower plate was not reached in either CF25-09 or CF25-09A. The release stated that gold intervals were calculated using a 0.14 g Au/t cutoff, included intervals were calculated using a 1.00 g Au/t cutoff, and all intervals are presented as drill hole lengths with true thicknesses currently unknown and estimated to be approximately 70% to 90% of the reported interval lengths.

The company also said reverse-circulation drilling at the property reached depths of more than 900 meters effectively and efficiently, and that under-budget all-in costs led to an expanded program. It said 3D modelling incorporated available surface and downhole geochemistry, surface and downhole geology and alteration mapping, geophysics, and structural data to reveal priority Phase II targets.

Westward also reported that it staked 110 unpatented mining claims administered by the U.S. Bureau of Land Management at the end of 2025. The company said its 100%-owned fully contiguous land position now consists of 847 claims covering approximately 70 square kilometers. According to the release, the new claims are not subject to any underlying royalties or obligations other than annual maintenance fees payable to the BLM and Lander County. The company said the expansion was intended to capture more of the Hilltop Corridor by extending the property along strike to the south, increase coverage of anomalous Carlin-type geochemistry, and add ground where historic drill holes and turquoise prospects have been observed.

The release also described quality assurance and quality control procedures for the 2025 drilling campaign. It said samples were collected under the supervision of the company’s Vice President Exploration and members of its technical team, and that chain of custody from the property to the sample preparation facility was continuously monitored. Samples were transported to Paragon’s facility in Sparks, Nevada, where they were dried, crushed, split, and pulverized before fire assay and multi-element analysis. Certified standards and blanks were inserted every 13 samples for a frequency of 8% or greater, while rig duplicates, coarse duplicates, and pulp duplicates were collected or created at a frequency of 6%.

Gold Sector Trends: Oil, Rates and the Dollar Shaped the Market

In a March 18 market note from Adrian Day Asset Management, Adrian Day wrote that investors had been asking why gold had not responded to the Iran conflict and a dovish Federal Reserve, noting that "gold is down $500 from the start of the bombing campaign." He wrote that gold, while "famously" known as a safe-haven asset, had often declined in the weeks following a geopolitical event. He outlined three explanations, writing that gold had often moved up ahead of an event in a "buying on the rumour and selling on the news" pattern, that the U.S. dollar had often risen sharply during geopolitical events, and that gold, because it was instantly liquid around the globe, had often borne selling pressure during liquidity crises.

Adrian Day Asset Management also wrote on March 18 that the market backdrop included higher Treasury yields, a stronger U.S. dollar, and higher oil prices. The note stated that "higher oil prices also hurt gold" because they added to concerns about consumer prices and reduced expectations for interest rate cuts. It also said higher oil prices could pressure buying from countries such as India and China. On the mining side, the note stated that diesel was the largest single cost input for mines and said a study from Bank of Montreal concluded that costs for gold miners would increase by about 2% for every US$10 move in the oil price. The note said that while a higher oil price was "unquestionably a negative for gold mining companies," the impact was "manageable."

A March 18 commentary published by Kitco Media and attributed to TradingView described a market environment shaped by conflict in the Middle East, firm oil prices, and concern about inflation. The commentary stated, "After an initial rise at the start of the escalation in the Middle East, gold price has retreated back toward the US$5,000-per-ounce level." It said this had not been because investors preferred other assets, but rather because rising energy and commodity prices could reignite inflation, including in the United States. The commentary added, "If that happens, the Fed may have to stay more hawkish for longer."

The Kitco commentary also said that expectations for the next rate cut had already been pushed back toward the end of the year and that a stronger U.S. dollar made gold more expensive for foreign buyers, which reduced demand. It further noted that gold did not generate a yield, so investors tended to favor income-generating assets such as bonds. According to the commentary, there was also a risk that if markets panicked and margin calls were triggered, investors could sell liquid assets including gold to cover losses. Even so, the piece stated, "Zooming out, gold still has long-term upside due to fiscal concerns in countries, geopolitical problems, and a decline in confidence in the dollar."

CNBC reported on March 19 that gold prices rose after briefly touching a more than one-month low, with support coming from a softer U.S. dollar while gains were capped by a hawkish Federal Reserve. The report said spot gold added 0.8% to US$4,856.82 per ounce after falling to its lowest level since February 6 earlier in the day, while U.S. gold futures for April delivery shed 0.8% to US$4,858.60. Reuters wrote that the dollar eased, making greenback-priced bullion cheaper for holders of other currencies.

According to Reuters on March 19, Tim Waterer, KCM Trade chief market analyst, said, "The dollar's momentum has paused today, which has effectively allowed gold to start recouping ground, albeit at a modest pace." He also said, "Expectations for incoming U.S. rate cuts have been a cornerstone of gold's ascent, but spiking oil prices have dampened hopes for monetary easing, which has somewhat pulled the rug out from under the gold price." Reuters added that oil climbed above US$110 a barrel after Iran attacked several energy facilities across the Middle East following a strike on its South Pars gas field, and that the closure of the Strait of Hormuz kept crude elevated, raising transport and manufacturing costs. The report said that while inflation concerns could support gold's appeal as a hedge, high interest rates reduced demand for the non-yielding metal.

Reuters also reported that both the U.S. Federal Reserve and the Bank of Canada had struck hawkish tones on March 18 as surging energy prices clouded the inflation outlook. The article stated that both central banks held rates steady but warned of risks that rising energy costs could contribute to more persistent inflation. In that setting, the report described a gold market that had been influenced by currency moves, interest-rate expectations, and energy-price volatility rather than by geopolitical tension alone.

Bob Moriarty On Campfire Results and Toiyabe Hills 

In a January 6 contributed opinion, Bob Moriarty of 321 Gold wrote that he had "eagerly awaited months to spotlight" Westward Gold Inc. "given its immense potential." He wrote that the Toiyabe Hills gold project in Nevada "seeks a proverbial needle in a haystack. But it's a golden needle in elephant country, encircled by bountiful haystacks." Moriarty also stated, "I've had extensive discussions with Chairman Quinton Hennigh about the project's prospects."

According to the January 2026 opinion from 321 Gold, Moriarty wrote that Westward Gold's team "boasts some of the world's preeminent Nevada Carlin-style geologists." He added, "They're convinced they're on the cusp of a momentous find." Referring to the company's reported drilling, he wrote, "On November 5, 2025, Westward Gold reported 10.7 meters of 0.94 g/t at their Campfire project within Toiyabe," and later stated that "Hole CF25-07 yielded another intriguing gold whiff with 3.1 meters of 0.80 g/t."

In the same piece, Moriarty wrote that Friday's close valued the company at around CA$29 million and stated, "Mathematically and psychologically, the stock offers superb value." He also wrote, "It will either evaporate or skyrocket." The source did not disclose a formal rating or target price.

In a March 18 note, Jeff Valks wrote that Westward Gold had "wrapped a +7,000-meter Phase I program at Toiyabe Hills and came out with what you want from a first pass: a system that holds together and a zone worth circling back on." He also wrote that hole CF25-04 "delivered: 10.7 m of 0.94 g/t Au, including 3.1 m of 2.50 g/t Au."

Valks stated that spacing at Campfire was "500-700 meters across roughly 1.5 by 2 km" and described it as "a scouting mission." He wrote that the program returned lower-plate carbonate rocks in nine of 10 holes, that decalcification was logged where the drilling reached depth, and that gold appeared alongside arsenic, antimony, mercury, and thallium. He also quoted Dr. Quinton Hennigh as saying the program "accomplished exactly what we expected" and set up "high confidence for focused Phase II drilling."

In the same note, Valks wrote that Westward added 110 new claims, bringing the total to 847 claims covering approximately 70 km2 and 13 km of strike along the Hilltop Corridor. He wrote, "This corridor isn't a side feature - it's the backbone." He also stated that the land package had grown over 400% since 2021.

Regarding the next phase of work, Valks wrote that "2026 lines up three zones" and listed Campfire, SSD, and El Segundo. He stated that two reverse-circulation rigs had already been secured and that core drilling was being added, "especially where structure matters more than speed." He also wrote, "They're also adjusting the approach - RC pre-collars with core tails after CF25-09 ran into issues."

Valks wrote, "The stock is a Buy - we love to say 'accumulate on dips' - we're in that dip now." He also wrote that Jeff Clark maintained "an overweight position with no plans to sell." No target price was disclosed in the source.

 

2026 Work Program Across Campfire, SSD, and El Segundo

Westward’s March 2026 corporate presentation stated that the company’s 2026 program includes drilling, geochemistry, geophysics, mapping, assaying, logging, and target refinement activities across multiple quarters. The timeline on page 19 shows 3D modelling and target refinement in Q1 and Q2 2026, with 3D modelling incorporating new data extending from Q4 2026 into Q2 2027. The same timeline shows permitting for ES NOI and Plan Notice in Q1 and Q2 2026, earthwork and construction in Q2 and Q3 2026, and detailed drillhole logging for reverse-circulation and core drilling beginning in Q4 2026 and continuing into Q1 2027.

The presentation states that 2026 drilling includes El Segundo Phase I, Campfire Phase II, and SSD step-out and in-fill drilling. On page 19, El Segundo Phase I is shown running from Q2 into Q3 2026. Campfire Phase II is also shown across Q2 and Q3 2026. SSD step-outs and in-fill drilling are scheduled across Q2 and Q3 2026, and SSD trenching appears separately in the geochemistry workstream during the same general period.

At Campfire, the presentation states on page 11 that Phase I framework drilling identified new zones of Carlin-type gold and associated pathfinder elements, with Phase II intended to follow up through more discrete targeting of potential higher-grade zones. Page 12 shows planned drill holes within the Campfire 3D model, and page 13 presents a section view with Carlin pathfinder geochemistry, alteration, formation boundaries, and gravity data. The company’s news release also states that Westward plans to expand the vertical framework array at Campfire by stepping out to a new northern pad in 2026 and will also consider angled holes drilled from 2025 pads.

For the SSD Zone, page 15 of the presentation states that 4 to 6 reverse-circulation scout holes are planned in 2026. It describes the target as a roughly 200-meter-wide by 600-meter-long northeast-striking zone of gold mineralization defined by seven reverse-circulation and core holes. The slide states that mineralization hosted in the Wenban Formation is open in all directions within a northeast-striking dike corridor, and that gold is associated with decalcification, oxidation, carbon, sooty pyrite, shearing, and compressional features. Page 16 presents the SSD Zone as an expansion opportunity and shows conceptual drill tests, including angled and or vertical holes.

For El Segundo, page 17 states that systematic exploration including mapping, geochemistry, and geophysics identified the target south of Campfire in the footwall of the Hilltop Corridor, where lower-plate host strata crop out over broad areas. Page 18 states that the target can be collared in favorable lower-plate carbonate rocks with mapped compressional features, alteration, and anomalous Carlin-suite elements at surface, and presents a cross-section showing conceptual mineralization and mapped northeast-striking dike-filled fault corridors. The news release states that Phase I drilling at El Segundo will test a northeast-striking fault corridor that cuts a mapped anticline, and that drilling will be centered around a gravity alteration cell and elevated gold, antimony, and arsenic in surface rock and soil geochemistry. It also states that drilling will test both the footwall and hanging wall of the Hilltop Corridor, and that depth to target stratigraphy in this area is significantly shallower than at Campfire, with many planned holes anticipated to be collared in lower-plate carbonate rocks of the Wenban Formation.

The 2026 program also includes geophysical work, geochemical sampling, and mapping. Page 19 of the presentation shows magnetic survey and interpretation in Q1 and Q2 2026, gravity survey and interpretation in Q2 2026, and CSAMT and interpretation in Q2 and Q3 2026. The same timeline shows sampling programs including soil grids, rock chips, and road cuts extending from Q2 into Q4 2026. It also shows 1:5000 Anaconda-style geologic and alteration mapping at Toiyabe Hills for 50 days and at Coyote for 15 days running from Q2 into Q4 2026. The news release adds that extensive soil and rock-chip sampling programs will continue in 2026 with a particular focus on the newly acquired southern ground, that those claims will be covered by an expanded gravity survey tied into existing geophysical data, and that detailed Anaconda-style surface geologic and alteration mapping will continue across Toiyabe Hills in areas within the footwall of the Hilltop Corridor that have not yet been covered.

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Westward Gold Inc. (WG:CSE;WGLIF:OTC;IM50:FSE)

*Share Structure as of 11/13/2025

The timeline on page 19 also shows 2025 assays and interpretation in Q1 2026, followed by 2026 assays and interpretation extending from Q4 2026 into Q2 2027. In the news release, Westward said additional details surrounding specific drill sites and total planned meterage at each zone will be provided in follow-up press releases.

Ownership and Share Structure1

Management, directors, and advisors hold 9.3% of Westward Gold. Institutional ownership was 23.3%, with Crescat Capital holding the most at 12.1%, Concept Capital Mgmt at 9.9%, and US Global Investors at 1.3%. Keith Neumeyer, CEO of First Majestic Silver, owns 2.7%. EMX Royalty Corp owns 1.3%, Starcore Intl Mines owns 1.7%, and MinQuest Ltd owns 1.5%. The rest are high-net-worth retail investors.

As of the most recent data, Westward Gold Inc. reported approximately 229.3 million shares outstanding and a public float of about 140.60 million shares.

The company's market capitalization stands at roughly CA$34.4 million. Its 52‑week trading range spanned from CA$0.07 to CA$0.165.


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Important Disclosures:

  1. Westward Gold  is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Westward Gold.
  3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
  4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.





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