West Red Lake Gold Mines Ltd. (“West Red
Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG)
(OTCQB: WRLGF) is pleased to announce the arrival
of a second underground diamond drill at its 100% owned Madsen Mine
located in the Red Lake Gold District of Northwestern Ontario,
Canada.
In response to the recent drilling success at
the newly defined North Austin zone, a second diamond drill has
been added at Madsen to continue growing and de-risking this
high-priority, near-mine resource area.
Based on positive results from recent
underground drilling programs at Madsen, two near-mine expansion
areas - North and South Austin - have been prioritized for
immediate expansion and infill drilling (Figures 1 & 2). The
two focus areas sit adjacent to existing underground development
marking them both as high caliber targets that could potentially be
developed early during future mine restart and production. It’s
important to note that successful drilling in these areas is
expected to add growth to the existing Madsen resource, bringing
new ounces onto the books in areas not previously mined.
Shane Williams, President & CEO, stated,
“The addition of a second underground drill at Madsen will expedite
our efforts in de-risking the resource and building a runway of
high-confidence mineable inventory that will be critical during
restart of mining operations. The North and South Austin Zones have
already demonstrated potential for grade and continuity and our
team looks forward to continuing to advance these two high-priority
areas simultaneously with the underground drilling program.”
Previously announced highlights on the North and
South Austin drilling can be viewed at the following links:
- West Red Lake Gold Intersects 27.15 g/t Au over 10.28m and
22.31g/t Au over 8.5m at North Austin Zone – Madsen Mine (November
21, 2023)
- West Red Lake Gold Intersects 47.44 g/t Au over 3.2m, 21.64 g/t
Au over 7m and 296.83 g/t Au over 1m at South Austin Zone – Madsen
Mine (December 5, 2023)
- West Red Lake Gold Intersects 9.15 g/t Au over 3.3m and 10.66
g/t Au over 2.6m at North Austin Zone – Madsen Mine (February 7,
2024)
- West Red Lake Gold Intersects 25.12 g/t Au over 5.5m, 39.46 g/t
Au over 2m and 18.60 g/t Au over 4m at South Austin Zone – Madsen
Mine (March 4, 2024)
Since underground drilling resumed in early
January 2024 the Company has completed 3,671m of Expansion drilling
and 2,916m of Definition drilling. In total, 65 diamond drill holes
for 6,587m have been completed so far in 2024 at the Madsen
Mine.
FIGURE 1. Deposit-scale plan map of
Madsen Mine highlighting North and South Austin Zones.
FIGURE 2. Madsen Mine long section showing location of
North and South Austin growth areas and recent drilling
highlights.[1]
[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. 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”.
MARKETING CAMPAIGN SERVICE
AGREEMENT
The Company has entered into a service agreement
with Native Ads, Inc. (“Native Ads”) dated March 28, 2024, pursuant
to which Native Ads will provide a marketing campaign for a total
retainer of up to US$150,000, with a term of up to twenty four
months or until the retainer is depleted. Under the agreement,
Native Ads will execute a comprehensive digital media advertising
campaign for the Company, where approximately 75% of the campaign
budget will be allocated to cost per click costs, media buying and
content distribution, and search engine marketing. The remaining
budget will be allocated for content creation, web development,
advertising creative development, search engine optimization,
campaign optimization, and reporting and data insights services.
Native Ads is a full-service advertising agency based out of New
York and Vancouver, BC. Native Ads and its principal Jon Malach are
arms length to the Company and hold no interest, directly or
indirectly, in the securities of the Company or any right to
acquire such an interest. The engagement of Native Ads is subject
to the approval of the TSX Venture Exchange.
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 year ended
November 30, 2023, 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/6a726fb9-c246-4620-b76c-0ba22064057d
https://www.globenewswire.com/NewsRoom/AttachmentNg/81ac82d1-f2a3-4d87-a127-5e4314639fbb
https://www.globenewswire.com/NewsRoom/AttachmentNg/491d3b2e-d917-417c-ac35-9ffc2a005402
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