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 its Phase 1 exploration program on its 100%
owned Rowan Property located in the prolific Red Lake Gold District
of Northwestern Ontario, Canada. Hole RLG-23-153 intersected 66.66
grams per tonne (“g/t”) gold (“Au”) over 2.0 metres (“m”), when
compared to much of the historical drilling, mineralized zones
encountered in this years campaign demonstrate increased widths and
continuity. The company has now completed 37 drill holes and 11,467
m of drilling to date of a 17,000 m drilling campaign that has been
expanded to 25,000 m on the back of a very successful exploration
season thus far.
HIGHLIGHTS:
- Hole RLG-23-153
Intersected 2.0m @ 66.66 g/t Au, from 235m to
237m, Including 0.5m @ 266.27 g/t Au, from 235.5m
to 236m.
- Hole RLG-23-156B
Intersected 3.11m @ 21.84 g/t Au, from 275m to
278.11m, Including 0.83m @ 77.64 g/t Au, from
277.28m to 278.11m.
- Hole RLG-23-154
Intersected 10.1m @ 6.27 g/t Au, from 214.9m to
225m, Including 0.6m @ 84.13 g/t Au, from 223.45m
to 224.05m.
Shane Williams, President & CEO, stated,
"Our team is very impressed with the drill results coming out of
the Rowan Mine target. What was previously believed to be a very
narrow high-grade gold system continues to deliver results that
demonstrate real potential for broader zones of high-grade gold
mineralization which could prove advantageous for any future mining
scenario. With every hole drilled at Rowan, not only does our
confidence in this asset grow, but its viability as a potential
future source of high-grade mill-feed for Madsen increases as well.
In the mining industry it is very rare to have size and grade
working in your favor, but at Rowan we are seeing both.”
The high-grade mineralized vein zones
encountered at the Rowan Mine target area (the “Rowan Mine Target”)
continue to exceed expectations, confirm the geologic model, and
further improve the existing high-grade (9.2 g/t Au) 827,462 ounce
Inferred Mineral Resource at the Rowan Mine. Sections for the Rowan
Mine drilling outlined in this release are provided in Figures 1
through 6.
TABLE 1. Significant intercepts (>4 g/t Au) from
drilling at Rowan Mine Target.
Hole ID |
Target |
Zone |
From (m) |
To (m) |
Thick (m)* |
Au (g/t) |
RLG-23-153 |
Rowan Mine |
V101 (hw) |
235.00 |
237.00 |
2.00 |
66.66 |
Incl. |
Rowan Mine |
235.50 |
236.00 |
0.50 |
266.27 |
AND |
Rowan Mine |
V101 |
253.95 |
255.10 |
1.15 |
27.61 |
Incl. |
Rowan Mine |
253.95 |
254.60 |
0.65 |
48.58 |
AND |
Rowan Mine |
V101 |
276.65 |
277.15 |
0.50 |
81.44 |
RLG-23-154 |
Rowan Mine |
V102 |
214.90 |
225.00 |
10.10 |
6.27 |
Incl. |
Rowan Mine |
223.45 |
224.05 |
0.60 |
84.13 |
RLG-23-155B |
Rowan Mine |
V103 |
146.50 |
147.00 |
0.50 |
4.24 |
AND |
Rowan Mine |
V102 (fw) |
226.75 |
227.25 |
0.50 |
5.72 |
AND |
Rowan Mine |
V101 |
276.50 |
277.00 |
0.50 |
7.30 |
RLG-23-156B |
Rowan Mine |
V103 |
158.48 |
159.18 |
0.70 |
46.20 |
AND |
Rowan Mine |
V102 |
242.00 |
243.00 |
1.00 |
4.11 |
AND |
Rowan Mine |
V102 (fw) |
275.00 |
278.11 |
3.11 |
21.84 |
Incl. |
Rowan Mine |
277.28 |
278.11 |
0.83 |
77.64 |
AND |
Rowan Mine |
V101 |
311.60 |
312.10 |
0.50 |
25.42 |
RLG-23-157 |
Rowan Mine |
V103 |
212.50 |
214.00 |
1.50 |
7.29 |
Incl. |
Rowan Mine |
213.40 |
214.00 |
0.60 |
10.49 |
AND |
Rowan Mine |
V102 |
255.16 |
256.00 |
0.84 |
6.16 |
AND |
Rowan Mine |
V102 |
259.00 |
262.00 |
3.00 |
4.24 |
Incl. |
Rowan Mine |
260.27 |
260.77 |
0.50 |
11.31 |
AND |
Rowan Mine |
V102 |
284.88 |
290.00 |
5.12 |
4.07 |
Incl. |
Rowan Mine |
284.88 |
286.00 |
1.12 |
10.37 |
RLG-23-158 |
Rowan Mine |
V103 (hw) |
115.00 |
116.00 |
1.00 |
20.90 |
Incl. |
Rowan Mine |
115.00 |
115.50 |
0.50 |
40.23 |
AND |
Rowan Mine |
V102 (fw) |
255.50 |
256.65 |
1.15 |
8.54 |
Incl. |
Rowan Mine |
255.50 |
256.00 |
0.50 |
17.80 |
AND |
Rowan Mine |
V102 (fw) |
260.50 |
261.60 |
1.10 |
5.28 |
Incl. |
Rowan Mine |
261.00 |
261.50 |
0.50 |
9.22 |
*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. Composite intervals do not cross sample boundaries < 0.1
g/t Au. Under ‘Zone’ column, (hw) is indicating ‘hanging wall to’
and (fw) is indicating ‘footwall to’ main vein zones.
A total of 17,000m of infill and expansion
drilling was originally proposed for the Rowan Mine target in 2023.
Based on the positive results received to date, the program has
been expanded to 25,000m and is expected to be completed by year
end 2023. The additional drill meters will be used to continue
de-risking the Rowan Mine resource, and test the growth potential
down-plunge on the highest-grade portions of the resource. Current
drilling at Rowan has only tested mineralization down to a depth of
approximately 550m. All of the high-grade zones still remain open
below this vertical depth. The Red Lake Mining District is known to
host orebodies that extend down to +4 kilometre (“km”) depth, which
bodes well for the down-plunge growth potential at Rowan.
It is the Company’s belief that potential
synergies could exist between high-grade resources at the Rowan
Mine target area and Madsen. The Company has initiated a
metallurgical study at Rowan to begin evaluating this potential
opportunity, as well as a geotechnical study to better characterize
the rock mass properties within the mineralized vein zones at
Rowan.
In conjunction with infill and expansion
drilling, the Company is also initiating the necessary baseline
environmental and archaeological assessments to begin moving the
project towards an Advanced Exploration Permit status.
FIGURE 1. Deposit-scale plan map of
Rowan Mine Target area showing traces and intercepts for holes
highlighted in this News Release.
TABLE 2: Drill collar summary for holes reported in this
News Release.
Hole ID |
Target |
Easting |
Northing |
Elev (m) |
Length (m) |
Azimuth |
Dip |
RLG-23-153 |
Rowan Mine |
422171 |
5657799 |
365 |
363 |
339 |
-51 |
RLG-23-154 |
Rowan Mine |
422171 |
5657799 |
365 |
450 |
330 |
-64.5 |
RLG-23-155B |
Rowan Mine |
422171 |
5657799 |
365 |
381 |
330 |
-50 |
RLG-23-156B |
Rowan Mine |
422171 |
5657799 |
365 |
408 |
338 |
-55 |
RLG-23-157 |
Rowan Mine |
422171 |
5657799 |
365 |
471 |
340 |
-67 |
RLG-23-158 |
Rowan Mine |
422171 |
5657799 |
365 |
375 |
346 |
-58 |
DISCUSSION
The Rowan Mine Target consists of more than
seven sub-parallel, near-vertical, east-west trending veins that
are currently defined over a strike length of approximately 1.1 km
– mineralization remains open along strike and at depth. The
orientation of the veins at the Rowan Mine tend to follow the
direction of D2 deformation, which is oriented in an east-west
direction over this part of the property. Individual mineralized
vein zones usually average 1.0 to 1.5m in thickness, with an
overall thickness of the Rowan vein corridor at around 115m. Gold
mineralization is typically localized within quartz-carbonate veins
hosted within and along the ‘footwall’ margin of a porphyritic
felsic intrusive, with increased grades often associated with the
presence of visible gold and base metal sulphides (e.g. galena,
sphalerite). High-grade dilation zones or ‘ore chutes’ along the
Rowan vein trend have been recognized as important controls for
localizing thicker and higher-grade zones of gold mineralization.
The position and geometry of these dilation zones is well
understood at Rowan.
The drilling completed at the Rowan Mine Target
in 2023 has been focused on validating historical data across the
Inferred Resource, and also infilling apparent gaps in the
analytical data set which was a product of very selective sampling
techniques implemented during previous drilling campaigns. Assay
results received from the 2023 drilling program continue to confirm
our thesis that quartz veining and gold mineralization continue at
depth and along strike, with grades consistent with, or higher than
those outlined in the current Inferred Mineral Resource which
remains open in all directions. For example, the 100 Vein Zone -
which is the furthest north vein currently modeled within the
overall Rowan vein corridor - was previously interpreted to be a
lower grade portion of the block model. Recent drilling has
confirmed that higher grades are present within the 100 Vein Zone
below 150m elevation, suggesting that gold grades are increasing at
depth within this zone which is a trend that has been observed
elsewhere in the Red Lake district. Drilling at the Rowan Mine
Target area will continue with an emphasis on infill and expansion
of the existing high-grade mineral resource.
FIGURE 2. Rowan Mine drill section
showing assay highlights for Holes RLG-23-153, -156B, -157 and
-158[1].
____________________________1
Mineral Resources are estimated at a cut-off grade of 9.2 g/t Au
and using a gold price of US$1,600/oz. Please refer to the
technical report entitled “Technical Report and Resource Estimate
on the West Red Lake Project” dated December 13, 2022 prepared for
WRLG by John Kita, P.Eng., and filed December 30, 2022 on
www.sedar.com.
FIGURE 3. Rowan Mine drill section showing assay
highlights for Holes RLG-23-154 and
-155B[1].
____________________________1 Mineral Resources are estimated at
a cut-off grade of 9.2 g/t Au and using a gold price of
US$1,600/oz. Please refer to the technical report entitled
“Technical Report and Resource Estimate on the West Red Lake
Project” dated December 13, 2022 prepared for WRLG by John Kita,
P.Eng., and filed December 30, 2022 on www.sedar.com.
FIGURE 4. Rowan Mine longitudinal section for Vein 101
showing 2023 intercepts > 4 g/t Au. Assay highlights from
current press release shown in
red[1].
____________________________1 Mineral Resources
are estimated at a cut-off grade of 9.2 g/t Au and using a gold
price of US$1,600/oz. Please refer to the technical report entitled
“Technical Report and Resource Estimate on the West Red Lake
Project” dated December 13, 2022 prepared for WRLG by John Kita,
P.Eng., and filed December 30, 2022 on www.sedar.com.
FIGURE 5. Rowan Mine longitudinal section for Vein 102
showing 2023 intercepts > 4 g/t Au. Assay
highlights from current press release shown in
red[1].
____________________________1 Mineral Resources
are estimated at a cut-off grade of 9.2 g/t Au and using a gold
price of US$1,600/oz. Please refer to the technical report entitled
“Technical Report and Resource Estimate on the West Red Lake
Project” dated December 13, 2022 prepared for WRLG by John Kita,
P.Eng., and filed December 30, 2022 on www.sedar.com.
FIGURE 6. Rowan Mine longitudinal section for Vein 103
showing 2023 intercepts > 4 g/t Au. Assay
highlights from current press release shown in
red[1].
____________________________1 Mineral Resources are estimated at
a cut-off grade of 9.2 g/t Au and using a gold price of
US$1,600/oz. Please refer to the technical report entitled
“Technical Report and Resource Estimate on the West Red Lake
Project” dated December 13, 2022 prepared for WRLG by John Kita,
P.Eng., and filed December 30, 2022 on www.sedar.com.
High resolution versions of all the figures
contained in this press release can be found at the following web
address:
https://westredlakegold.com/august-28th-news-release-maps/.
Longitudinal sections showing all intercepts
> 3 g/t Au on Veins 101, 102 and 103 can be viewed here:
https://westredlakegold.com/august-1st-news-release-maps/.
QUALITY ASSURANCE/QUALITY
CONTROL
Drilling completed at the Rowan Property
consists of oriented NQ-sized diamond drill core. All drill holes
are systematically logged, photographed, and sampled by a trained
geologist at WRLG’s Mt. Jamie core processing facility. Minimum
allowable sample length is 0.5m. Maximum allowable sample length is
1.5m. Standard reference materials and blanks are inserted at a
targeted 5% insertion rate. The 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 WRLG 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. Samples returning gold
values > 5 g/t Au are reanalyzed by fire assay with a
gravimetric finish on a 50g sample. Samples with visible gold 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.
West Red Lake Gold’s Rowan Property presently
hosts a National Instrument 43-101 (“NI 43-101”) Inferred Mineral
Resource of 2,790,700 t at an average grade of 9.2 g/t Au
containing 827,462 ounces of gold with a cut-off grade of 3.8 g/t
Au (NI 43-101 Technical Report authored by John Kita, P.Eng., dated
December 13, 2022 and filed December 30, 2022 on www.sedar.com).
The Inferred Mineral Resource is located in the area of the
historic underground Rowan Mine site and situated within a 1.8 km
strike length portion of the regional scale Pipestone Bay St Paul
Deformation Zone.
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”.
DEFERRED CONSIDERATION PAYMENT TO
SPROTT
On August 24, 2023 the Company issued 2,400,000
common shares in the capital of the Company at deemed price of
C$0.70 per common share as payment of US$1,250,838 to a fund
managed by Sprott Resource Lending Corp (“Sprott”) for deferred
consideration related to the Company’s acquisition of Pure Gold
Mining Inc. (the “Obligation”), and issued a replacement promissory
note dated August 24, 2023 in the amount of US$5,533,094 to Sprott
for the remaining Obligation.
MARKETING CONTRACT
Further to its news release of August 14, 2023,
the Company clarifies terms of the marketing service agreement it
has entered into with Gold Standard Media LLC (“GSM”) (the
"Marketing Agreement").. The Marketing Agreement has a twelve-month
term, which commences on the later of August 9, 2023, and the
approval of the TSXV, and has an upfront payment of US$500,000
payable to GSM upon the approval of the TSXV.
Marketing services to be provided by GSM will
include email marketing campaigns, landing pages, advertisements,
and other related services to assist the Company in raising its
public awareness and online presence. GSM may engage its affiliates
including Future Money Trends, Wealth Research Group LLC and
Portfolio Wealth Global LLC to provide these marketing
services.
GSM is a limited liability company existing
under the laws of the State of Texas with an office at 723 W,
University Ave. #110-283 Georgetown Texas and is owned and operated
by Kenneth Ameduri, Juliet Ameduri, and Lior Gantz, each of who are
arm's length to the Company. GSM nor its affiliates directly or
indirectly hold any securities of the Company.
None of the Company or its officers are involved
directly with the creation of the materials distributed by GSM. The
Company will provide GSM with publicly available source information
for their disclosure and the Company will be involved in reviewing
the materials for accuracy prior to dissemination.
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
Williams President
& Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Amandip Singh, VP Corporate DevelopmentTel:
416-203-9181Email: investors@westredlakegold.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.
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 Gold Mines Ltd. 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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/fb7902bc-4717-45a7-b550-0bc298c47725https://www.globenewswire.com/NewsRoom/AttachmentNg/ea3576f1-480b-4b61-8732-0c938a30a8bdhttps://www.globenewswire.com/NewsRoom/AttachmentNg/f7415987-6056-4975-b03a-fa4ca9be39e2https://www.globenewswire.com/NewsRoom/AttachmentNg/6c9e4092-762c-4b5c-b813-e6062bc86927https://www.globenewswire.com/NewsRoom/AttachmentNg/33a85678-30b0-40eb-b798-cbe02bf853fdhttps://www.globenewswire.com/NewsRoom/AttachmentNg/71bc4522-7a74-4222-9c98-a499b0e7791bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/c2b0b3b6-1221-483d-9864-4d90b6bcef6a
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