West Red Lake Gold Mines Ltd. (“West Red
Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG)
(OTCQB: WRLGF) is pleased to report initial drill
results from the
Upper 8 Target (“Upper 8”) from
its 100% owned Madsen Property located in the Red Lake Gold
District of Northwestern Ontario, Canada.
The drill results featured in this news release
are focused on the Upper 8 target, which is a
shallower geologic analog to the well known high-grade
8-Zone. The Upper 8 target is hosted within the same
lithologic unit (Russet Lake Ultramafic) approximately 750m
up-plunge from the main 8-Zone deposit (Figure 3). Its location in
ultramafic rocks, its style of mineralization, and its
exceptionally high grades make the 8 Zone geologically unique from
the main Madsen deposit. The 8 Zone currently contains an
Indicated mineral resource of 87,700 ounces (“oz”) grading
18 grams per tonne (“g/t”) gold (“Au”), with an additional
Inferred resource of 18,200 oz grading 14.6 g/t
Au.
These are the first drill results announced from
an ongoing 10,000m surface exploration drilling program designed to
test a number of high-priority targets across the Madsen property
(Figures 1 and 2). Details and target descriptions for this program
were outlined in a previous news release dated August 10, 2024.
UPPER 8 HIGHLIGHTS:
- Hole
WRL24-002 Intersected 4.1m @ 14.20 g/t
Au, from 354.8m to 358.9m, Including 1.3m @ 44.17
g/t Au, from 357.0m to 358.3m.
- Hole
WRL24-003 Intersected 1.85m @ 6.33 g/t
Au, from 332.45m to 334.30m, Including 0.5m @
20.63 g/t Au, from 333.8m to 334.3m.
Will Robinson, Vice President of Exploration,
stated, “The initial results from Upper 8 drilling are quite
encouraging and not only demonstrate proof-of-concept for our
regional targeting model, but also reinforce our thesis that there
is very real potential for discovery of another 8-Zone type deposit
on our highly prospective Madsen property. The relatively shallow
position of Upper 8 allows for us to drill this target effectively
from surface with a high degree of accuracy. With two out of three
of the initial holes drilled at Upper 8 returning high-grade gold
mineralization where projected, we are planning to add a second
drill in the coming weeks dedicated to drilling at Upper 8. The
team is very excited to return to this area to continue defining
and growing this shallower 8-Zone analog.”
Plan maps and sections for the Upper 8 drilling
outlined in this release are provided in Figures 1 through 4.
TABLE 1. Significant intercepts (>1 g/t Au) from
drilling at Upper 8 Target.
Hole ID |
Target |
From (m) |
To (m) |
Length (m)* |
Au (g/t) |
WRL24-001 |
Upper 8 |
286.65 |
287.15 |
0.50 |
1.26 |
WRL24-002 |
Upper 8 |
333.41 |
337.41 |
4.00 |
1.66 |
Incl. |
336.91 |
337.41 |
0.50 |
5.07 |
AND |
Upper 8 |
341.05 |
341.55 |
0.50 |
2.40 |
AND |
Upper 8 |
347.45 |
348.07 |
0.62 |
1.15 |
AND |
Upper 8 |
350.21 |
351.13 |
0.92 |
5.20 |
AND |
Upper 8 |
354.80 |
358.90 |
4.10 |
14.20 |
Incl. |
357.00 |
358.30 |
1.30 |
44.17 |
WRL24-003 |
Upper 8 |
287.60 |
289.10 |
1.50 |
2.11 |
Incl. |
288.10 |
288.60 |
0.50 |
4.28 |
AND |
Upper 8 |
332.45 |
334.30 |
1.85 |
6.33 |
Incl. |
333.80 |
334.30 |
0.50 |
20.63 |
*The “From-To” intervals in Table 1 are denoting
overall downhole length of the intercept. True thickness has not
been calculated for these intercepts but is expected to be ≥ 70% of
downhole thickness based on intercept angles observed in the drill
core. Internal dilution for composite intervals does not exceed 1m
for samples grading <0.1 g/t Au.
TABLE 2: Drill collar summary for holes reported in this
News Release.
Hole ID |
Target |
Easting |
Northing |
Elev (m) |
Length (m) |
Azimuth |
Dip |
WRL24-001 |
Upper 8 |
434914 |
5646577 |
407 |
401.8 |
278 |
-56 |
WRL24-002 |
Upper 8 |
434914 |
5646577 |
407 |
500.2 |
289 |
-45 |
WRL24-003 |
Upper 8 |
434914 |
5646577 |
407 |
500.3 |
289 |
-49 |
DISCUSSION:
Drilling on the Upper 8 target is designed to
test the projected, near-surface extension of the mineralized shear
corridor that hosts the highly prospective 8-Zone. The Upper 8
target horizon was intercepted in only a few historic drill holes,
which encountered a zone of strong shearing, alteration and quartz
veining equivalent to 8-Zone style mineralization.
Recent drilling on the Upper 8 target by WRLG
has shown that gold mineralization is similar in geological setting
and style as the deeper 8-Zone deposit. Elevated gold at Upper 8 is
shown to occur within deformed and recrystalized blue-grey quartz
and quartz-sulphide veinlets. These veinlets are hosted within
shear domains, which are easily recognizable by their locally
intense deformation fabrics, and the presence of silica, biotite,
potassium feldspar, and amphibole alteration.
The Upper 8 shear domain is hosted within the
Russet Lake Ultramafic, which also hosts the 8-Zone deposit, and
the angle of shear emplacement of Upper 8 is sympathetic to the
structural orientation observed at 8-Zone. Recognition that the
gold mineralization at the Upper 8 target is comprised of
transposed quartz veinlets within a definable and recognizable
shear corridor provides excellent opportunity for additional
drilling and expansion potential.
High resolution versions of all the figures contained in this
press release can be found at the following web address:
https://westredlakegold.com/october-1st-news-release-maps/
FIGURE 1. Regional Targeting Map for
2024 Surface Drilling Program at Madsen.
FIGURE 2. Regional Targeting Map for
2024 Surface Drilling Program at Madsen w/ Magnetics (RTP) Tilt
Derivative Overlay.
FIGURE 3. Sectional View of Upper 8
Target relative to 8-Zone and Madsen
deposits.[1] Note the similarity
in orientation of the Upper 8 shear boundary relative to
orientation on the 8-Zone - suggests potential for sub-parallel
structures between 8-Zone and Upper 8.
[1] Mineral resources are estimated at a cut-off grade of 3.38
g/t Au and a gold price of US1,800/oz. Please refer to the
technical report entitled “Independent NI 43-101 Technical Report
and Updated Mineral Resource Estimate for the PureGold Mine,
Canada”, prepared by SRK Consulting (Canada) Inc. and dated June
16, 2023, and amended April 24, 2024. A full copy of the SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 4. Upper 8 Target section view
showing assay highlights for Holes WRL24-001 through -003 and
interpreted Upper 8 shear boundary.QUALITY
ASSURANCE/QUALITY CONTROL
Exploration drilling completed on surface at the
Madsen Mine consists of oriented NQ-sized diamond drill core. All
drill holes are systematically logged, photographed, and sampled by
a trained geologist at the Madsen Mine core processing facility.
Minimum allowable sample length is 0.5m. Maximum allowable sample
length is 1.5m. Control samples (certified standards and
uncertified blanks), along duplicates, are inserted at a target 5%
insertion rate. Results are assessed for accuracy, precision, and
contamination on an ongoing basis. The BQ-sized drill core is whole
core sampled. The NQ-sized drill core is then cut lengthwise
utilizing a diamond blade core saw along a line pre-selected by the
geologist. To reduce sampling bias, the same side of drill core is
sampled consistently utilizing the orientation line as reference.
For those samples containing visible gold (“VG”), a trained
geologist supervises the cutting/bagging of those samples, and
ensures the core saw blade is ‘cleaned’ with a dressing stone
following the VG sample interval. Bagged samples are then sealed
with zip ties and transported by Madsen Mine personnel directly to
SGS Natural Resource’s Facility in Red Lake, Ontario for assay.
Samples are then prepped by SGS, which consists
of drying at 105°C and crushing to 75% passing 2mm. A riffle
splitter is then utilized to produce a 500g course reject for
archive. The remainder of the sample is then pulverized to 85%
passing 75 microns from which 50g is analyzed by fire assay and an
atomic absorption spectroscopy (AAS) finish (SGS Code GO-FAA50V10).
Samples returning gold values > 10 g/t Au are reanalyzed by fire
assay with a gravimetric finish on a 50g sample (SGS Code
GO_FAG50V). Samples with visible gold or returning gold values >
30 g/t Au are also analyzed via metallic screen analysis (SGS code:
GO_FAS50M). For multi-element analysis, samples are sent to SGS’s
facility in Burnaby, British Columbia and analyzed via four-acid
digest with an atomic emission spectroscopy (ICP-AES) finish for
33-element analysis on 0.25g sample pulps (SGS code: GE_ICP40Q12).
SGS Natural Resources analytical laboratories operates under a
Quality Management System that complies with ISO/IEC 17025.
The Madsen Mine deposit presently hosts a
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) Indicated resource of 1.65 million ounces
(“Moz”) of gold grading 7.4 g/t Au and an Inferred resource of 0.37
Moz of gold grading 6.3 g/t Au. Mineral resources are estimated at
a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Please refer to the technical
report entitled “Independent NI 43-101 Technical Report and Updated
Mineral Resource Estimate for the PureGold Mine, Canada”, prepared
by SRK Consulting (Canada) Inc. and dated June 16, 2023, and
amended April 24, 2024 (the “Madsen Report”). The
Madsen Resource Estimate has an effective date of December 31, 2021
and excludes depletion of mining activity during the period from
January 1, 2022 to the mine closure on October 24, 2022 as it has
been deemed immaterial and not relevant for the purpose of the
Madsen Report. A full copy of the Madsen Report is available on the
Company’s website and on SEDAR+ at www.sedarplus.ca.
The technical information presented in this news
release has been reviewed and approved by Will Robinson, P.Geo.,
Vice President of Exploration for West Red Lake Gold and the
Qualified Person for exploration at the West Red Lake Project, as
defined by NI 43-101 “Standards of Disclosure for Mineral
Projects”.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral
exploration company that is publicly traded and focused on
advancing and developing its flagship Madsen Gold Mine and the
associated 47 km2 highly prospective land package in the Red Lake
district of Ontario. The highly productive Red Lake Gold District
of Northwest Ontario, Canada has yielded over 30 million ounces of
gold from high-grade zones and hosts some of the world's richest
gold deposits. WRLG also holds the wholly owned Rowan Property in
Red Lake, with an expansive property position covering 31 km2
including three past producing gold mines - Rowan, Mount Jamie, and
Red Summit.
ON BEHALF OF WEST RED LAKE GOLD MINES
LTD.
“Shane Williams”
Shane WilliamsPresident & Chief Executive
Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Freddie LeighTel: (604) 609-6132Email: investors@wrgold.com or
visit the Company’s website at https://www.westredlakegold.com
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.
FORWARD-LOOKING INFORMATION
Certain statements contained in this news
release may constitute "forward-looking information” within the
meaning of applicable securities laws. Forward-looking information
generally can be identified by words such as "anticipate",
"expect", "estimate", "forecast", "planned", and similar
expressions suggesting future outcomes or events. Forward-looking
information is based on current expectations of management;
however, it is subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ
materially from the forward-looking information in this news
release and include without limitation, statements relating to
plans for the potential restart of mining operations at the Madsen
Mine, the potential of the Madsen Mine; any untapped growth
potential in the Madsen deposit or Rowan deposit; timing of
pre-feasibility study and the Company’s future objectives and
plans. Readers are cautioned not to place undue reliance on
forward-looking information.
Forward-looking information involve numerous
risks and uncertainties and actual results might differ materially
from results suggested in any forward-looking information. These
risks and uncertainties include, among other things, market
volatility; the state of the financial markets for the Company’s
securities; fluctuations in commodity prices; timing and results of
the cleanup and recovery at the Madsen Mine; and changes in the
Company’s business plans. Forward-looking information is based on a
number of key expectations and assumptions, including without
limitation, that the Company will continue with its stated business
objectives and its ability to raise additional capital to proceed.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly,
readers should not place undue reliance on forward-looking
information. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. Additional
information about risks and uncertainties is contained in the
Company’s management’s discussion and analysis for the year ended
November 30, 2023, and the Company’s annual information form for
the year ended November 30, 2023, copies of which are available on
SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein
is expressly qualified in its entirety by this cautionary
statement. Forward-looking information reflects management's
current beliefs and is based on information currently available to
the Company. The forward-looking information is made as of the date
of this news release and the Company assumes no obligation to
update or revise such information to reflect new events or
circumstances, except as may be required by applicable law.
For more information on the Company, investors
should review the Company’s continuous disclosure filings that are
available on SEDAR+ at www.sedarplus.ca.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/51847830-850a-42a8-baae-6f9b2c1082cb
https://www.globenewswire.com/NewsRoom/AttachmentNg/289ef7f5-2d46-447a-a50a-395f78ae0354
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ab32fc4-aaa1-490c-bf6b-ec1696f086f9
https://www.globenewswire.com/NewsRoom/AttachmentNg/4135db01-fded-470b-9b18-c7e0a78d1b10
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0971838-245c-426f-8ffa-d21928ff2bca
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