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Western Gold Exploration Ltd. (TSXV: WGLD,OTC:WGELF) (the "Company") is pleased to announce that its wholly owned subsidiary, Lorne Resources Ltd. ("Lorne Resources"), has entered into a joint venture (the "JV") with Acrux Gold Limited ("Acrux Gold"), to explore for gold, silver, and critical minerals as part of the Caledonian Gold Project in central Scotland.
Speaking about the joint venture, Western Gold Exploration Chairman, Harry Dobson, confirmed that "The Company views this venture as a significant step forward in unlocking the broader gold potential of the Caledonian Belt in Scotland, leveraging both Lorne's exploration expertise and Acrux Gold's operational experience at Cononish."
Acrux Gold was chosen for this joint venture as it is operating on Scotland's only defined gold resource - as measured under the JORC Code (2012) - the Cononish Gold Project, located near Tyndrum, Perthshire, Scotland.
Under the new joint venture, all exploration and operational activities will be carried out by the JV company, Glen Lyon Limited ("Glen Lyon"). Glen Lyon has applied for two Crown Estate Mines Royal Option Agreements (exploration licences) covering a highly prospective area of approximately 500 km² in central Scotland. The project areas for those exploration licences are adjacent to the Cononish Gold Project, which hosts a high-grade deposit and runs along the same mineralised suture zones known to host gold-bearing structures. A comprehensive review of historical geological and exploration data is currently underway, and further updates will be provided in due course.
In establishing the JV, Lorne Resources and Acrux Gold have entered into a shareholders' agreement dated November 25, 2025 for Glen Lyon. That agreement defines governance, funding, and operational frameworks, with Lorne Resources holding 90% and Acrux Gold 10%. Acrux Gold holds a free carried interest during the exploration phase, meaning it is not required to fund activities until completion of the first formal resource estimate on any prospect, after which future costs will be shared proportionately. The agreement also grants Acrux Gold rights to a termination, should Crown Estate Scotland issue a termination notice relating to any exploration licence granted to Glen Lyon.
About Western Gold Exploration
The Company is a mineral exploration company that is listed on the TSX Venture Exchange under the symbol "WGLD". The Company and its subsidiaries are focused on the exploration of mineral properties in Scotland and discovering new opportunities across the underexplored Caledonian-Appalachian belt in order to identify locations of gold and critical metal deposits. The Company's focus has expanded to include the Caledonian Gold Project in addition to its Lorne Project, which includes the Lagalochan copper gold porphyry property located in Argyll, Scotland (the "Lagalochan Property"), and the adjacent and nearby properties along the Lorne Fault Zone.
On 29 November 2022, the Company filed a National Instrument 43-101 - Standards of Disclosure for Mineral Projects compliant, independent Technical Report (the "Technical Report") on the Lagalochan Property. The Technical Report and additional information about the Company are available on SEDAR+ at www.sedarplus.ca under the Company's profile and on the Company's website: www.westerngoldexploration.com.
For further information, please contact:
Ross McLellan, CEO
Phone: +44 7779 161441
Email: info@westerngoldexploration.com
Website: www.westerngoldexploration.com
The reader is cautioned that mineralisation on adjacent properties is not necessarily indicative of what can or will be found within any projects upon which Glen Lyon may be granted exploration licences.
Review by Qualified Person, Quality Control and Reports
David Pym (CGeol), a consultant of the Company, is the Qualified Person (as defined by National Instrument 43-101) who supervised, verified and approved the scientific and technical disclosure in this press release on behalf of the Company.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to timing and successful grant of any exploration licences by Crown Estate Scotland to Glen Lyon, completion of any drilling and work programs on any prospects held by Glen Lyon, estimates of mineralisation from drilling, geological information projected from drilling results, potential for minerals and/or mineral resources, and statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to the future business activities and operating performance of the Company or Glen Lyon that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services, future operating costs, and the historical basis for current estimates of potential quantities and grades of target zones, as well as those risk factors discussed or referred to in the Management's Discussion and Analysis for the Company for the year ended December 31, 2024, and the period ended September 30, 2025 available at www.sedarplus.ca, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275938
