In This Article:
Toronto, Ontario and Nucla, Colorado, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the “Company”) is providing the following updates:
Geologist Joins to Supervise Drilling Program and Resource Reporting
Western is pleased to welcome Nathan Bishop as Lead Geologist. With nearly 20 years of geological experience, primarily in copper mining operations across Western North America. Mr. Bishop brings a wealth of knowledge and expertise to the team. His specialized skills in borehole geophysics and modeling make him an exceptional addition to our organization. Notably, he developed a robust drillhole survey quality assurance process that will be implemented to verify drillhole survey integrity and ensure accurate logging and assay data—an essential capability given the extensive drill data available at the Sunday Mine Complex (SMC).
In this role, Mr. Bishop will oversee Western’s underground drilling program, managing everything from data collection and drilling logistics to the reporting of results and updates to technical reports. Building on the historical vertical drillhole data at the SMC, Western’s teams have already completed over 30,000 linear feet of horizontal drilling in 2024, identifying new mining areas. While the initial drilling efforts prioritized development and production, the next phase focuses on resource expansion. Mr. Bishop will lead this effort through geologic interpretation, data validation, modeling, and reporting of mineral deposits, beginning with the extensive backlog of borehole geophysical data.
To accelerate progress at the SMC, additional staff has been hired, and the mining and drilling teams have transitioned to a 7-day on / 7-day off, 12-hour shift schedule. This enhanced operational structure ensures the Company remains well-positioned to advance multiple project facets in parallel efficiently and effectively.
Annual 2024 Incentive Stock Option Grant
Western has granted an aggregate of 1,375,000 stock options (“Options”) to purchase common shares to a number of officers, directors, and employees of Western under the Company’s Incentive Stock Option Plan. The Options were granted on November 24, 2024 and with the exercise price being set at CAD$1.32 based upon the closing prices on the two trading days prior to the grant date, and the pricing of units offered in the most recent private placement conducted by Western. Each option is exercisable to acquire one common share for a five-year term starting with the vesting date. The Options vest equally in three instalments: January 31, 2025, July 31, 2025, and January 31, 2026.