Exploration Co. Ready to Advance From Strong Support
Contributed Opinion

1. Western Exploration Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
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3. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Western Exploration Inc.
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Although Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) wrapped up a successful exploration season not long ago, the price of its stock has drifted a little lower since we last looked at it in January. However, as we will see when we review its latest charts, the technical condition of the stock continues to improve to the point that it now looks ready to break higher into new uptrend, and the news out of the company this morning that Western Exploration expanded its exploration footprint at Gravel Creek with 3.0 km untested structural corridor at the past producing Wood Gulch Mine could be the catalyst that gets it moving and even if it isn't, the company looks poised to begin a new uptrend soon anyway.

Before looking at the latest stock charts, we will review the most important fundamentals of the company using slides from the latest investor deck.  For more information, especially concerning the geology, please refer to the deck.

The first slide presents some general information about the company and includes a map showing the location of the Project in Nevada and its extent and within it, the locations of the principal targets, Doby George and Gravel Creek / Wood Gulch.

The next slide shows the MRE (Mineral Resources Estimate) as of October 2021.

The Aura Project is shown in more detail below.

High-grade discoveries have already been made at Gravel Creek.

Gravel Creek / Wood Gulch has district-scale expansion possibilities.

Over at Doby George, a near-surface high-grade oxide deposit is being advanced.

Doby George has extensive high-grade mineralisation and a low strip ratio and due to a lack of deep drilling has depth potential.

With respect to the capital structure of the company, of the 45.4 million shares in issue, only 18% are free trading.

This clearly gives the potential for substantial leverage should interest in the stock ramp up as expected

Turning now to the charts for Western Exploration, the 15-month chart shows that the price has been fluctuating within a large trading range since the Spring of last year, with two sizable uptrends followed by two equally sizable downtrends. The last of these brought the price down from a peak last October, and since we last looked at it in January, this downtrend has morphed into a bullish Falling Wedge that has brought the price down to the zone of strong support and as it is now closing up it promises a reversal to the upside soon.

The build-up in volume from the middle of last year is bullish as it denotes a significant rotation of stock from weaker to stronger hands, with the new buyers less inclined to sell until they have turned a profit. That much of this volume was upside volume, which is bullish, is made clear by the Accumulation line shown at the top of this chart, which has been trending higher overall.

Looking at the bigger picture by means of a 3-year chart we see that the large trading range we observed on the 15-month chart comprises the "Handle" part of a giant Cup & Handle base.

The bullish base pattern promises a major bull market, so the reaction back to the support at the lower boundary of the Handle part of the pattern is viewed as presenting a major buying opportunity.

As it is viewed as being ready to advance from strong support at a cyclical low, Western Exploration is rated an Immediate Strong Buy and it is at a good point for holders to increase positions.

The first target for an advance is CA$1.45 – CA$1.50, and the second target is CA$2.20 – CA$2.40.

Western Exploration's website.

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) closed for trading at CA$0.82, US$0.582 on February 21, 2025.