West Red Lake Gold Mines Ltd. (“West Red
Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG)
(OTCQB: WRLGF) is pleased to report drill results
from its 100% owned Madsen Mine located in the prolific Red Lake
Gold District of Northwestern Ontario, Canada.
The drill results featured in this news release
were focused on the high-grade South Austin Zone,
which currently contains an Indicated mineral resource of
474,600 ounces (“oz”) grading 8.7 grams per tonne (“g/t”) gold
(“Au”), with an additional Inferred resource of
31,800 oz grading 8.7 g/t Au. The results successfully
demonstrate the high-grade nature and continuity of the South
Austin Zone and highlight the resource growth
potential that exists within this area. The WRLG team
believes that further exploration potential exists
down-plunge which could potentially add to the
unmined portion of South Austin (see Figure 2), which sits
adjacent to existing underground infrastructure
marking it as a high caliber target that could potentially be
developed early during future mine restart and production. This
area is a priority expansion target as underground drilling
continues.
HIGHLIGHTS:
- Hole
MM23D-07-4141-006 Intersected 1m @ 296.83
g/t Au, from 53.0m to 54.0m, and 3m @ 42.35 g/t
Au, from 31.0m to 34.0, Including 1m @ 37.10 g/t
Au, from 31.0m to 32.0m, also including 1m @ 84.34
g/t Au, from 33.0m to 34.0m.
- Hole
MM23D-07-4141-017 Intersected 3.2m @ 47.44
g/t Au, from 40.6m to 43.8m.
- Hole
MM23D-07-4141-012 Intersected 7m @ 21.62
g/t Au, from 36.0m to 43.0m, Including 1m @ 118.35
g/t Au, from 37.0m to 38.0m.
- Hole
MM23D-07-4141-002 Intersected 8m @ 17.45
g/t Au, from 27.0m to 35.0m, Including 2m @ 55.87
g/t Au, from 30.8m to 32.8m, also including 0.6m @
23.33 g/t Au, from 33.4m to 34.0m.
- Hole
MM23D-07-4141-015 Intersected 5.3m @ 16.17
g/t Au, from 99.2m to 104.5m, Including 2.5m @
28.84 g/t Au, from 102.0m to 104.5m.
- Hole
MM23D-07-4141-020 Intersected 1m @ 56.14
g/t Au, from 19.0m to 20.0m.
- Hole
MM23D-07-4141-003 Intersected 1m @ 53.97
g/t Au, from 76.0m to 77.0m.
Shane Williams, President & CEO, stated,
“Our team is very pleased with the fantastic results that continue
to be produced from the underground drilling program at Madsen
which only begantwo months ago. It is worth restating that the
impressive results reported thus far from South Austin and North
Austin represent growth to the existing Madsen resource inventory
and underscore the high-grade expansion potential that still exists
at the Madsen deposit. We fully intend to continue unlocking this
value as drilling continues.”
Plan maps and section for the South Austin
drilling outlined in this release are provided in Figures 1 through
3.
Since underground drilling commenced near the
end of September 2023 the Company has completed 1,320m of
Exploration drilling and 4,226m of Definition drilling. In total,
91 diamond drill holes for 5,546m have been completed so far in
2023 at the Madsen Mine. Fire and metallic screen assays have been
returned for 85 out of 91 holes completed, with 6 holes pending
assays and QAQC.
TABLE 1. Significant intercepts (>3 g/t Au) from
drilling at South Austin Zone.
Hole ID |
Target |
From (m) |
To (m) |
Thick (m)* |
Au (g/t) |
MM23D-07-4141-001 |
South Austin |
91.4 |
92.8 |
1.4 |
3.59 |
MM23D-07-4141-002 |
South Austin |
27.0 |
35.0 |
8.0 |
17.45 |
Incl. |
30.8 |
32.8 |
2.0 |
55.87 |
Also Incl. |
33.4 |
34.0 |
0.6 |
23.33 |
MM23D-07-4141-003 |
South Austin |
32.6 |
38.0 |
5.4 |
8.43 |
Incl. |
33.5 |
34.5 |
1.0 |
12.81 |
Also Incl. |
South Austin |
35.1 |
36.0 |
0.9 |
18.56 |
AND |
South Austin |
43.0 |
44.0 |
1.0 |
11.24 |
AND |
South Austin |
76.0 |
77.0 |
1.0 |
53.97 |
AND |
South Austin |
82.0 |
83.0 |
1.0 |
5.40 |
MM23D-07-4141-004 |
South Austin |
22.0 |
23.0 |
1.0 |
15.39 |
MM23D-07-4141-005 |
South Austin |
20.8 |
23.0 |
2.2 |
10.92 |
MM23D-07-4141-006 |
South Austin |
31.0 |
34.0 |
3.0 |
42.35 |
Incl. |
31.0 |
32.0 |
1.0 |
37.10 |
Also Incl. |
33.0 |
34.0 |
1.0 |
84.34 |
AND |
South Austin |
38.2 |
42.0 |
3.8 |
10.76 |
AND |
South Austin |
53.0 |
54.0 |
1.0 |
296.83 |
MM23D-07-4141-007 |
No Assays > 3 g/t Au |
MM23D-07-4141-008 |
No Assays > 3 g/t Au |
MM23D-07-4141-009 |
South Austin |
18.5 |
19.3 |
0.8 |
19.75 |
AND |
South Austin |
26.0 |
29.8 |
3.8 |
5.78 |
AND |
South Austin |
49.0 |
51.0 |
2.0 |
10.61 |
MM23D-07-4141-010 |
South Austin |
44.5 |
48.2 |
3.7 |
11.30 |
Incl. |
45.5 |
46.0 |
0.5 |
46.97 |
Also Incl. |
47.5 |
48.2 |
0.7 |
14.61 |
AND |
South Austin |
51.0 |
52.0 |
1.0 |
5.95 |
AND |
South Austin |
74.5 |
75.0 |
0.5 |
3.32 |
MM23D-07-4141-011 |
South Austin |
75.0 |
75.6 |
0.6 |
6.84 |
MM23D-07-4141-012 |
South Austin |
36.0 |
43.0 |
7.0 |
21.62 |
Incl. |
37.0 |
38.0 |
1.0 |
118.35 |
MM23D-07-4141-013 |
South Austin |
31.0 |
33.5 |
2.5 |
7.83 |
MM23D-07-4141-014 |
South Austin |
40.7 |
44.4 |
3.7 |
7.69 |
Incl. |
43.4 |
44.4 |
1.0 |
16.22 |
MM23D-07-4141-015 |
South Austin |
37.1 |
39.1 |
2.0 |
4.02 |
AND |
South Austin |
99.2 |
104.5 |
5.3 |
16.17 |
Incl. |
102.0 |
104.5 |
2.5 |
28.84 |
MM23D-07-4141-016 |
South Austin |
48.0 |
49.0 |
1.0 |
6.39 |
MM23D-07-4141-017 |
South Austin |
40.6 |
43.8 |
3.2 |
47.44 |
MM23D-07-4141-018 |
South Austin |
56.1 |
57.3 |
1.2 |
8.62 |
MM23D-07-4141-019 |
South Austin |
19.0 |
20.0 |
1.0 |
56.14 |
MM23D-07-4141-020 |
South Austin |
47.0 |
49.0 |
2.0 |
10.04 |
*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.
FIGURE 1. Deposit-scale plan map of
Madsen Mine highlighting South Austin Zone.
TABLE 2: Drill collar summary for holes reported in this
News Release.
Hole ID |
Target |
Easting |
Northing |
Elev (m) |
Length (m) |
Azimuth |
Dip |
MM23D-07-4141-001 |
South Austin |
435400 |
5646156 |
29 |
120 |
186 |
-20 |
MM23D-07-4141-002 |
South Austin |
435400 |
5646156 |
28 |
96 |
176 |
-5 |
MM23D-07-4141-003 |
South Austin |
435400 |
5646156 |
28 |
123 |
176 |
-20 |
MM23D-07-4141-004 |
South Austin |
435401 |
5646156 |
29 |
60 |
161 |
-5 |
MM23D-07-4141-005 |
South Austin |
435401 |
5646156 |
28 |
75 |
160 |
-20 |
MM23D-07-4141-006 |
South Austin |
435401 |
5646156 |
27 |
90 |
161 |
-35 |
MM23D-07-4141-007 |
South Austin |
435403 |
5646156 |
29 |
57 |
146 |
-5 |
MM23D-07-4141-008 |
South Austin |
435403 |
5646156 |
28 |
90 |
146 |
-20 |
MM23D-07-4141-009 |
South Austin |
435403 |
5646156 |
28 |
51 |
151 |
-35 |
MM23D-07-4141-010 |
South Austin |
435403 |
5646156 |
28 |
75 |
151 |
-50 |
MM23D-07-4141-011 |
South Austin |
435403 |
5646157 |
27 |
87 |
131 |
-35 |
MM23D-07-4141-012 |
South Austin |
435403 |
5646157 |
27 |
63 |
130 |
-50 |
MM23D-07-4141-013 |
South Austin |
435404 |
5646157 |
28 |
99 |
116 |
-35 |
MM23D-07-4141-014 |
South Austin |
435403 |
5646157 |
27 |
66 |
115 |
-50 |
MM23D-07-4141-015 |
South Austin |
435404 |
5646158 |
28 |
120 |
101 |
-35 |
MM23D-07-4141-016 |
South Austin |
435404 |
5646160 |
29 |
90 |
86 |
0 |
MM23D-07-4141-017 |
South Austin |
435405 |
5646160 |
28 |
120 |
85 |
-25 |
MM23D-07-4141-018 |
South Austin |
435404 |
5646160 |
27 |
102 |
86 |
-46 |
MM23D-07-4141-019 |
South Austin |
435400 |
5646156 |
29 |
90 |
176 |
10 |
MM23D-07-4141-020 |
South Austin |
435400 |
5646156 |
29 |
102 |
190 |
-4 |
DISCUSSION
Accessed through the Madsen Mine West Portal,
the South Austin Zone sits south in the hanging wall of the main
Austin Zone. Like the other mineralized domains in that comprise
the Madsen Mine, the South Austin structure is hosted within broad,
kilometer-scale planar alteration and deformation corridors that
have been repeatedly reactivated during gold mineralization and
subsequent deformation and metamorphism.
At the deposit-scale the Austin, South Austin,
North Austin, and McVeigh Zones are locally folded and structurally
dismembered by transposition and rotation into the penetrative S2
Foliation. In addition to this intense deformation overprint, the
mineralized veins and alteration have been subjected to the
relatively high temperatures of amphibolite facies metamorphism,
which led to extensive recrystallization and growth of the
skarn-like replacement mineral assemblage of
diopside-amphibole-quartz-biotite.
All significant gold mineralization on the mine
property is demonstrably early relative to the most significant,
penetrative deformation (D2) and metamorphic events. The North
Austin Zone displays ‘mine-style’ alteration and mineralization and
consists of multiple mineralized domains defined over a strike
length of 0.5km. Mineralization remains open at depth and along
strike to the northeast.
In drill core, or at underground face exposures,
gold-bearing zones at the Madsen Mine are best identified visually
by fine (sub-millimetre) grains of free gold within strong
alteration and veining. All high-grade intervals generally contain
visible gold on drill core exteriors, although numerous examples
exist of high-grade assays where visible gold was only identified
within the interior (cut surface) of the core samples. Apart from
the presence of free gold, pervasive silicification (locally
accompanied by discrete quartz veining) and quartz-carbonate or
diopside veining are the best indicators that a given interval is
within a high-grade zone along/within the mineralized
structure.
The current underground drilling program at the
Madsen Mine is focused on further definition of near-term mining
inventory, as well as growth of the current mineral resource.
Drilling has been focused on the more continuous and higher-grade
portions of the Austin, South Austin, and North Austin Zones. This
will continue to be the strategy moving into 2024.
High resolution versions of all the figures contained in this
press release can be found at the following web address:
https://westredlakegold.com/december-5th-news-release-maps/
FIGURE 2. Madsen Mine long section showing location of
South Austin Zone and down-plunge expansion potential of recently
drilled area.
[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. A full copy of the SRK report is available on the
Company’s website and on SEDAR+ at www.sedarplus.ca.
FIGURE 3. South Austin plan view drill section showing
assay highlights for Holes MM23D-07-4141-001 through
-020.
[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. A full copy of the SRK report is available on the
Company’s website and on SEDAR+ at www.sedarplus.ca.
QUALITY ASSURANCE/QUALITY
CONTROL
Drilling completed underground at the Madsen
Mine consists of BQ-sized diamond drill core for definition drill
programs and oriented NQ-sized diamond drill core for exploration
focused drilling. 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 > 100 g/t Au are reanalyzed by
fire assay with a gravimetric finish on a 50g sample (SGS Code
GO_FAG50V). 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.
The Madsen Mine deposit presently hosts a
National Instrument 43-101 (“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. 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. 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
updated report. A full copy of the SRK 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
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
and include without limitation, statements relating to the
potential of the Madsen Mine and the Company’s future objectives
and plans. 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.
Forward‐looking statements involve numerous
risks and uncertainties and actual results might differ materially
from results suggested in any forward-looking statements. 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 and changes in the
Company’s business plans. In making the forward-looking statements
in this news release, the Company has applied several material
assumptions that the Company believes are reasonable, 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
statements or 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 statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward-looking information. Readers are cautioned
that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any
forward-looking statement, forward-looking information or financial
out-look that are incorporated by reference herein, except in
accordance with applicable securities laws. The Company seeks safe
harbor.
For more information on the Company, investors
should review the Company’s continuous disclosure filings that are
available at www.sedarplus.ca.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/0dd02b19-3a56-4cb2-8ebe-05c52ce72a27https://www.globenewswire.com/NewsRoom/AttachmentNg/39c47ad7-7143-43e6-a313-8c1ea8dbcd0ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/7b0c643c-8e83-429b-9070-84a171b0818bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/92143ff6-d623-4b4e-8ca2-13faaaaf69c3
Grafico Azioni West Red Lake Gold Mines (TSXV:WRLG)
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