West High Yield (W.H.Y.) Resources Ltd. Announces Gold Drilling Kickoff and Proceeds from Exercise of Warrants
Calgary, Alberta--(Newsfile Corp. - May 3, 2022) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce that, further to its news release dated April 5, 2022, gold drilling commenced on April 30, 2022 at the Company's Midnight Gold claim (the "Project Site") located in the Rossland Gold Camp area, British Columbia pursuant to its 2022 gold drill program (the "2022 Program"). The Company also announces the receipt of proceeds from the exercise of certain securities of the Company.
As highlighted in the Company's news release dated April 5, 2022, West Kootenay Diamond Drilling Services Ltd. (the "Contractor"), who the Company signed a drilling contract with to carry out the 2022 Program, will drill holes of up 20,000 feet on the Project Site with the objective to test deeper areas considered as having a high potential to extend the footprint of the known mineralization on the Project Site. The Company anticipates being able to further define the gold mineralization on the Project Site in order to allow the Company to proceed with a mineral resource estimate pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Frank Marasco Jr., President & CEO of West High Yield commented as follows: "I am pleased that as soon as weather conditions permitted, the Contractor team mobilized all drill equipment and support infrastructure to start drilling so quickly at the Project Site. Building on the Company's previously released 2009 drill results, West High Yield has excellent targets to test and with this strong start to the 2022 Program, the Company fully expects to drill all the planned targeted holes with considerable promise and expand the mineralized footprint at the Project Site with higher-grade cores."
The Company looks forward to sharing the results of the 2022 Program as soon as assay results are available from a qualified third-party assay lab. For more detailed information about the Company's previous gold drilling results, please refer to the Company's news release dated September 24, 2020 or its website.
Proceeds from Exercise of Warrants
The Company further announces that it has received proceeds totaling CAD$150,000 from the exercise of common share purchase warrants (the "Warrants") One holder (the "Warrantholder") of Warrants exercised an aggregate of 1,000,000 Warrants resulting in the issuance of 500,000 common shares of the Company (each a "Warrant Share"). Two (2) Warrants permitted the Warrantholder to acquire one (1) Warrant Share at an exercise price of CAD$0.30 per Warrant Share. The Warrants were issued in connection with a private placement financing of the Company which closed in April of 2021.
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 deposit using green processing techniques to minimize waste and CO2 emissions.
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
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.
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