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VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to report additional drill results from the Upper 8 Target (“Upper 8”) at its 100% owned Madsen Property located in the Red Lake Gold District of Northwestern Ontario, Canada.
These results follow-up on the significant Upper 8 intercepts previously announced on October 2, 2024 , where drilling returned 44.17 g/t Au over 1.3 meters (“m”) and 20.
63 g/t Au over 0.5m . UPPER 8 HIGHLIGHTS: Hole WRL24-017 Intersected 1.
5m @ 21.44 g/t Au , from 297.7m to 299.
2m, Including 0.5m @ 52.17 g/t Au , from 298.
2m to 298.7m - this high-grade 0.5m interval is complimented by approximately 30 specks of visible gold (Figure 1).
Hole WRL24-021 Intersected 2m @ 7.41 g/t Au , from 340.25m to 342.
25m, Including 0.5m @ 23.74 g/t Au , from 340.
25m to 340.75m. WRLG has now successfully defined a new ore shoot at Upper 8 that is approximately 30m wide and 130m along plunge – this new zone of mineralization remains open at depth (Figure 4).
The plunge line on the Upper 8 ore shoot has been constrained to an orientation at approximately 110°/-40° (azimuth/plunge), which is very similar to the orientation of the deeper 8 Zone deposit – this increases WRLG’s confidence in the potential to grow Upper 8 down plunge with additional drilling . Shane Williams, President and CEO, stated, “The initial results we received from Upper 8 were very encouraging and motivated our team to add a second drill to focus solely on this new high-grade area. Upper 8 was already a shallow geologic analog to the deeper 8 Zone, but with the exceptional grades and visible gold showings we’re now encountering this target is becoming truly reminiscent of the high-grade gold mineralization Red Lake is known for.
It’s still early days, but we believe the Upper 8 target has the potential to become the next new significant discovery in the Red Lake gold camp and supports the likelihood for the presence of more high-grade deposits like 8-Zone yet to be discovered across the Madsen property.” Figure 1. Visible gold showings within 0.
5m (core length) zone of blue-grey quartz veining (VBGQ) grading 52.17 g/t Au. Overall VBGQ zone is 1.
8m core length. Note the spatial association between the high-grade interval and the Russet Lake Mafic Intrusive (RSMI). PRBA denotes “Biotite-Altered Peridotite” and is the signature 8-Zone-style gold bearing alteration package within the Russet Lake Ultramafic.
Diamond drill core in this photo is NQ diameter (47.6 millimeters). 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 . Plan maps and sections for the Upper 8 drilling outlined in this release are provided in Figures 2 through 7. TABLE 1.
Significant intercepts (>1 g/t Au) from drilling at Upper 8 Target. *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 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 km 2 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 km 2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit. ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams” Shane Williams President & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT: Gwen Preston Tel: (604) 609-6132 Email: [email protected] 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 .
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