VANCOUVER, BC, Jan. 4, 2023
/CNW/ - West Red Lake Gold Mines Ltd. ("West Red Lake" or the "Company")
(TSXV: DLV.H) Further to its news release dated December 30, 2022, the Company is pleased to
announce that in connection with its business combination with West
Red Lake Gold Mines Inc., it has filed a National Instrument 43-101
("NI 43-101") Technical Report (the "Report") on the
West Red Lake Project prepared for the Company which contains a
mineral resource estimate on the Mount Jamie Mine, Pipestone Bay
Gold deposit and Rowan Mine Project with an effective date of
October 31, 2022. The Report,
entitled "Technical Report and Resource Estimate on the West Red
Lake Project" is dated December 13,
2022 and was prepared for the Company by John Kita, P. Eng., an independent qualified
person as defined in NI 43-101 "Standards of Disclosure for Mineral
Projects".
The following tables summarize the Mineral Resource estimates
contained in the Report.
Mount Jamie Mineral Resource Summary
|
Tonnes
|
Grade
Au gpt
Au
|
Ounces
Au
|
|
Indicated
|
35,000
|
15.2
|
17,100
|
|
Inferred
|
116,600
|
7.5
|
28,100
|
Rowan Mineral Resource Summary
|
Tonnes
|
Grade
Au gpt
Au
|
Contained
Ounces
Au
|
|
Inferred
|
2,790,700
|
9.2
|
827,462
|
The mineral resource estimates are based on a 3D Block Model
interpolated using an Inverse Distance Squared (ID2) method to
extrapolate grades. The software used for all geostatistical
analysis and computation was Dassault Systemes, Geovia GEMS version
6.5. The estimates have an effective date of October 31, 2022 and were prepared using the
following parameters:
- Price of gold: $1600 $US
- Exchange rate US$: CDN$ 0.78
- Block cutoff grade: 3.8 gpt Au
- Numbers may differ due to rounding
Please refer to the full Report, which is available on the
Company's profile on SEDAR.com for a description of the key
assumptions, parameters and methods used to estimate the mineral
resources.
The Company is not aware of any environmental, permitting,
legal, title, taxation, socio-economic, marketing, political or
other factors which could materially affect the mineral resource
estimates.
The technical information presented in this news release has
been reviewed and approved by John
Kita, P.Eng., a consultant to West Red Lake Gold and the
Qualified Person responsible for the Technical Report and Resource
Estimate on the West Red Lake Project property, as defined by NI
43-101.
|
ON BEHALF OF WEST
RED LAKE GOLD MINES LTD.
"Tom
Meredith"
Tom
Meredith
Chief
Executive Officer
For further
information, please contact:
Jasvir Kaloti
CFO
& Corporate Secretary
Tel: (604) 609-6110
|
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.
Certain statements contained in this news release constitute
"forward-looking statements". When used in this document, the words
"anticipated", "expect", "estimated", "forecast", "planned", and
similar expressions are intended to identify forward-looking
statements or information. These statements are based on current
expectations of management, however, they are subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from the forward-looking
statements in this news release. Readers are cautioned not to place
undue reliance on these statements. West
Red Lake does not undertake any obligation to revise or
update any forward-looking statements as a result of new
information, future events or otherwise after the date hereof,
except as required by securities laws.
SOURCE West Red Lake Gold Mines Ltd.
