Vancouver, British Columbia--(Newsfile Corp. - October 3, 2025) - West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) ("West Point Gold" or the "Company") is pleased to announce it has completed the acquisition of a 100% interest in the Baxter Spring Project, via the acquisition of Baxter Gold Corp. ("Baxter"), a private Canadian corporation, and its US subsidiary, pursuant to a share purchase agreement dated September 15, 2025 (the "Purchase Agreement"), as previously announced in the Company's press release dated September 16, 2025.
The Baxter Spring Project is in the Manhattan Mining District, approximately 40 kilometres (km) south of Kinross's Round Mountain Mine and West Point Gold's Jefferson Canyon project, in Nye County, Nevada (Figure 1). The Project has seen significant historical work, including 128 drill holes, consisting of approximately 11,000 metres (m) of reverse circulation (RC) drilling and 1,850 m of core drilling, along with surface geochemical and geophysical surveys.
Historical drilling on the project is highlighted by:
- 24.4 m at 2.49 g/t Au (BS-22, Homestake Mining, 1982)
- 12.2 m at 60.3 g/t Au including 3.0 m @ 240 g/t Au (BS-8, Homestake Mining, 1982)
- 27.4 m at 1.46 g/t Au (BX-1, Naneco, 1988)
- 7.6 m at 8.81 g/t Au (BX-13, Naneco, 1988)
- 69.0 m at 0.71 g/t Au (BCS-1, Homestake Mining, 1984)
Pursuant to the Purchase Agreement, West Point Gold has issued 13,500,000 common shares of the Company valued at $0.435 per common share to the shareholders of Baxter.
The common shares issued to the shareholders of Baxter are subject to a statutory hold period until February 3, 2026. Further contractual hold periods have been agreed to with the shareholders of Baxter, resulting in no shares being freely tradable after the statutory hold period has elapsed. These contractual hold periods are: 25% (3,375,000 shares) on April 2, 2026; 25% (3,375,000 shares) on October 2, 2026; 25% (3,375,000 shares) on April 2, 2027; and 25% (3,375,000 shares) on October 2, 2027.
The acquisition remains subject to the final approval of the TSX Venture Exchange.
Figure 1: Property Location Map
The data presented in this release for the Baxter Spring Project was sourced from a private report prepared for Baxter by Avrom Howard, MSc, PGeo, dated November 30, 2023. Additional data was received from Pilot Gold (USA).
Qualified Person
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company's Vice President of Exploration, is a qualified person ("QP") as defined by NI 43-101 and has reviewed and approved the technical content of this press release. The QP has not completed sufficient work to verify the historical information on the Baxter Spring property, particularly in regard to historical drill results. However, the QP believes that prior drilling and analytical results were completed to industry standard practices at the time they were completed.
About West Point Gold Corp.
West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA. West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona, while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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FORWARD-LOOKING STATEMENTS:
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to West Point Gold's ability to complete any payments or expenditures required under the Company's various option agreements for its projects; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; uncertainty related to the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results may vary from those expected; statements about expected results of operations, royalties, cash flows, financial position may not be consistent with the Company's expectations due to accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. The possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR+ made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this corporate press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
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.
