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 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 purpose of this drilling was definition
within South Austin to continue building an inventory of
high-confidence ounces for eventual restart of the Madsen
mill. Notably, visible gold (“VG”) was observed in
holes MM24D-12-4640-008 and -012 (Figure 1). Based on these
observations, additional holes were added to the drill station to
further define these high-grade zones up and down plunge.
FIGURE 1. Visible Gold from South Austin
Zone in hole MM24D-12-4640-008 @ 64.77m downhole
depth.
HIGHLIGHTS:
- Hole
MM24D-12-4640-012 Intersected 5.5m @ 25.12
g/t Au, from 24.0m to 29.5m, Including 1.0m @
134.90 g/t Au, from 25.0m to 26.0m.
- Hole
MM24D-12-4640-008 Intersected 3.0m @ 12.58
g/t Au, from 45.0m to 48.0m, Including 1m @ 37.40
g/t Au, from 45.0m to 46.0m; And 2.0m @ 39.46 g/t
Au, from 64.0m to 66.0m, Including 1.0m @ 76.18
g/t Au, from 64.0m to 65.0m.
- Hole
MM24D-12-4640-018 Intersected 4.0m @ 18.60
g/t Au, from 41.0m to 45.0m, Including 1.0m @
55.69 g/t Au, from 43.0m to 44.0m.
- Hole
MM24D-12-4640-003 Intersected 11.0m @ 6.75
g/t Au, from 47.0m to 58.0m, Including 1.0m @
17.01 g/t Au, from 47.0m to 48.0m, Also including
1.0m @ 10.52 g/t Au, from 51.0m to 52.0m; Also
Including 0.5m @ 18.68 g/t Au, from 54.0m to
54.5m, Also including 0.5m @ 14.37 g/t Au, from
56.5m to 57.0m.
- Hole
MM24D-12-4640-021 Intersected 6.45m @
10.43 g/t Au, from 36.0m to 42.45m, Including
0.75m @ 49.68 g/t Au, from 39.25m to 40.0m.
- Hole
MM24D-12-4640-019 Intersected 3.0m @ 7.75
g/t Au, from 35.0m to 38.0m, Including 1.0m @
17.73 g/t Au, from 35.0m to 36.0m.
Shane Williams, President & CEO, stated,
“The team has been making great progress de-risking the Madsen
deposit with definition drilling as we continue to build up an
inventory of high-grade and high-confidence ounces that will prove
invaluable during the initial ramping up of mine production. The
Mine Operations team is working in tandem with Geology to ensure
the underground drills get to the highest priority areas of the
deposit. The excellent results highlighted in this release are
indicative of the upside that still exists at Madsen even within
the current life-of-mine resource inventory.”
Plan maps and section for the South Austin
drilling outlined in this release are provided in Figures 2 through
6.
Since underground drilling resumed in early
January 2024 the Company has completed 1,996m of Expansion drilling
and 2,716m of Definition drilling. In total, 56 diamond drill holes
for 4,367m have been completed so far in 2024 at the Madsen Mine.
Fire and metallic screen assays have been returned for 56 out of 56
holes completed, with 1 Expansion hole currently drilling.
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) |
MM24D-12-4640-001 |
South Austin |
24.73 |
26.70 |
2.0 |
5.06 |
Incl. |
26.00 |
26.70 |
0.7 |
13.37 |
MM24D-12-4640-002 |
No Assays > 3 g/t Au |
MM24D-12-4640-003 |
South Austin |
47.00 |
58.00 |
11.0 |
6.75 |
Incl. |
47.00 |
48.00 |
1.0 |
17.01 |
Also Incl. |
51.00 |
52.00 |
1.0 |
10.52 |
Also Incl. |
54.00 |
54.50 |
0.5 |
18.68 |
Also Incl. |
56.50 |
57.00 |
0.5 |
14.37 |
MM24D-12-4640-004 |
South Austin |
57.40 |
58.00 |
0.6 |
4.33 |
MM24D-12-4640-005 |
South Austin |
30.80 |
35.00 |
4.2 |
4.36 |
Incl. |
33.50 |
34.50 |
1.0 |
10.82 |
AND |
South Austin |
40.50 |
41.00 |
0.5 |
7.69 |
AND |
South Austin |
47.30 |
48.00 |
0.7 |
4.38 |
MM24D-12-4640-006 |
South Austin |
30.50 |
31.00 |
0.5 |
3.34 |
AND |
South Austin |
35.00 |
36.00 |
1.0 |
6.53 |
AND |
|
52.00 |
53.00 |
1.0 |
3.15 |
MM24D-12-4640-007 |
No Assays > 3 g/t Au |
MM24D-12-4640-008 |
South Austin |
45.00 |
48.00 |
3.00 |
12.58 |
Incl. |
45.00 |
46.00 |
1.00 |
37.40 |
AND |
South Austin |
52.30 |
54.90 |
2.60 |
2.95 |
AND |
South Austin |
64.00 |
66.00 |
2.00 |
39.46 |
Incl. |
64.00 |
65.00 |
1.00 |
76.18 |
MM24D-12-4640-009 |
South Austin |
27.75 |
28.25 |
0.50 |
5.56 |
AND |
South Austin |
34.80 |
37.50 |
2.70 |
3.51 |
MM24D-12-4640-010 |
South Austin |
23.90 |
24.40 |
0.50 |
4.58 |
AND |
South Austin |
28.00 |
29.10 |
1.10 |
4.46 |
AND |
South Austin |
47.95 |
48.75 |
0.80 |
8.11 |
MM24D-12-4640-011 |
South Austin |
18.00 |
22.00 |
4.00 |
4.75 |
Incl. |
20.00 |
21.00 |
1.00 |
15.38 |
AND |
South Austin |
41.40 |
43.00 |
1.60 |
5.77 |
MM24D-12-4640-012 |
South Austin |
16.65 |
17.50 |
0.85 |
5.29 |
AND |
South Austin |
24.00 |
29.50 |
5.50 |
25.12 |
Incl. |
25.00 |
26.00 |
1.00 |
134.90 |
MM24D-12-4640-013 |
No Assays > 3 g/t Au |
MM24D-12-4640-014 |
South Austin |
45.00 |
47.60 |
2.60 |
8.43 |
Incl. |
46.00 |
47.00 |
1.00 |
20.73 |
MM24D-12-4640-015 |
South Austin |
23.20 |
28.00 |
4.80 |
4.68 |
Incl. |
24.20 |
25.00 |
0.80 |
10.98 |
MM24D-12-4640-016 |
South Austin |
65.00 |
66.00 |
1.00 |
3.05 |
AND |
South Austin |
73.00 |
74.00 |
1.00 |
3.16 |
MM24D-12-4640-017 |
No Assays > 3 g/t Au |
MM24D-12-4640-018 |
South Austin |
41.00 |
45.00 |
4.00 |
18.60 |
Incl. |
43.00 |
44.00 |
1.00 |
55.69 |
MM24D-12-4640-019 |
South Austin |
35.00 |
38.00 |
3.00 |
7.75 |
Incl. |
35.00 |
36.00 |
1.00 |
17.73 |
MM24D-12-4640-020 |
No Assays > 3 g/t Au |
MM24D-12-4640-021 |
South Austin |
29.45 |
32.95 |
3.50 |
5.13 |
AND |
South Austin |
36.00 |
42.45 |
6.45 |
10.43 |
Incl. |
39.25 |
40.00 |
0.75 |
49.68 |
*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 2. 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 |
MM24D-12-4640-001 |
South Austin |
435750 |
5646517 |
-125 |
81.0 |
141 |
10 |
MM24D-12-4640-002 |
South Austin |
435750 |
5646517 |
-125 |
54.0 |
167 |
4 |
MM24D-12-4640-003 |
South Austin |
435750 |
5646517 |
-125 |
71.0 |
187 |
12 |
MM24D-12-4640-004 |
South Austin |
435750 |
5646517 |
-125 |
58.0 |
177 |
-15 |
MM24D-12-4640-005 |
South Austin |
435750 |
5646517 |
-125 |
75.0 |
155 |
-18 |
MM24D-12-4640-006 |
South Austin |
435750 |
5646517 |
-125 |
75.0 |
141 |
-28 |
MM24D-12-4640-007 |
South Austin |
435750 |
5646517 |
-125 |
51.0 |
158 |
-30 |
MM24D-12-4640-008 |
South Austin |
435752 |
5646518 |
-125 |
72.0 |
125 |
-31 |
MM24D-12-4640-009 |
South Austin |
435752 |
5646518 |
-125 |
100.5 |
137 |
-18 |
MM24D-12-4640-010 |
South Austin |
435752 |
5646518 |
-125 |
50.0 |
121 |
4 |
MM24D-12-4640-011 |
South Austin |
435752 |
5646518 |
-125 |
81.0 |
121 |
25 |
MM24D-12-4640-012 |
South Austin |
435752 |
5646518 |
-125 |
51.0 |
140 |
30 |
MM24D-12-4640-013 |
South Austin |
434978 |
5646977 |
-125 |
57.0 |
161 |
30 |
MM24D-12-4640-014 |
South Austin |
435752 |
5646518 |
-125 |
57.0 |
161 |
45 |
MM24D-12-4640-015 |
South Austin |
435751 |
5646518 |
-125 |
60.0 |
106 |
-14 |
MM24D-12-4640-016 |
South Austin |
435752 |
5646518 |
-125 |
79.0 |
125 |
-41 |
MM24D-12-4640-017 |
South Austin |
435752 |
5646518 |
-125 |
81.0 |
106 |
-37 |
MM24D-12-4640-018 |
South Austin |
435750 |
5646517 |
-125 |
87.0 |
186 |
21 |
MM24D-12-4640-019 |
South Austin |
435750 |
5646517 |
-125 |
81.0 |
174 |
18 |
MM24D-12-4640-020 |
South Austin |
435750 |
5646517 |
-125 |
81.0 |
181 |
31 |
MM24D-12-4640-021 |
South Austin |
435752 |
5646518 |
-125 |
66.0 |
125 |
-22 |
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/march-news-release-maps/
FIGURE 3. Madsen Mine long section showing location of
12-4640 Drill Bay in South Austin
Zone.[1]
FIGURE 4. South Austin plan view drill section showing
assay highlights for Holes MM24D-12-4640-001 through
-021.[1]
FIGURE 5. South Austin section view showing assay
highlights for Holes MM24D-12-4640-001, -006, -009 and -012.
Location of visible gold intercept highlighted in hole
-008.[1]
FIGURE 6. South Austin section view showing assay
highlights for Holes MM24D-12-4640-008, -010, -011, -016 and -021.
Location of visible gold intercept highlighted in hole
-012.[1]
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. 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. 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 WilliamsPresident & Chief Executive
Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Freddie LeighTel: (604) 609-6132Email:
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.
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 the
potential of the Madsen Mine; any untapped growth potential in the
Madsen depositor; the Company’s intention to establish additional
drilling platforms; 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 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 three and
nine months ended August 31, 2023 and 2022, and the Company’s
annual information form for the year ended November 30, 2022,
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/627f7dc9-8954-4753-bec6-9c206cddf434https://www.globenewswire.com/NewsRoom/AttachmentNg/cafecaea-c67e-4054-b1c9-ffb8bce45b9ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/e25f603e-e5b7-4080-a76a-bb9fbc1d2256https://www.globenewswire.com/NewsRoom/AttachmentNg/8a2d58ee-fdb1-454b-a4a4-bb391ed62de9https://www.globenewswire.com/NewsRoom/AttachmentNg/4dddab5b-f124-4d05-a1eb-e38899fab1e3https://www.globenewswire.com/NewsRoom/AttachmentNg/e6321fb6-2cea-4e84-ab46-495ce89d4477https://www.globenewswire.com/NewsRoom/AttachmentNg/49f8d9c8-587b-4255-8300-2aefd142ab13
____________________
[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.
Grafico Azioni West Red Lake Gold Mines (TSXV:WRLG)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni West Red Lake Gold Mines (TSXV:WRLG)
Storico
Da Giu 2023 a Giu 2024