West Red Lake Gold Mines Ltd. (“West Red
Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG)
(OTCQB: WRLGF) announces an updated Mineral
Resource Estimate (“
MRE”) effective as of March 1,
2024, on its 100% owned Rowan Mine Deposit, located in the Red Lake
Gold District of Northwestern Ontario, Canada.
- Indicated
resources of 476,323 tonnes grading 12.78 grams per tonne
("g/t") gold ("Au"), for a total
of 195,746 ounces ("oz") Au.
- Inferred resources
of 410,794 tonnes grading 8.76 g/t Au, for a total of 115,719 oz
Au.
KEY TAKEAWAYS:
- The 2024 MRE has added a
significant portion of higher confidence Indicated ounces at grades
40% higher than the 2022 MRE.
- Relative to the 2022 Rowan MRE,
there was a decrease in the Inferred mineral resources from
approximately 827,000 ounces to 116,000 ounces and an increase in
Indicated mineral resources from zero to approximately 196,000
ounces. The drop in Inferred metal content is mainly attributed to
1) conversion of Inferred to Indicated resources, 2) a more
rigorous modeling approach, and 3) more stringent resource
estimation parameters implemented to account for the high gold
grades typically seen at Rowan.
- The integration of oriented
drilling data and top-to-bottom geochemical analysis allowed the
team to reconstruct the geologic interpretation at Rowan resulting
in a much more tightly constrained, higher-grade resource that
should lend itself more effectively to any future reserve
calculation and underground mining design (Figure 1).
- A $4.5M drill
program is planned and fully funded for up to 15,000m of drilling
at Rowan in 2024, focused on growth and resource expansion on the
main Rowan Mine deposit (Figure 3).
Shane Williams, President & CEO, stated,
"The 2024 Rowan MRE model represents a complete reinterpretation of
the structural controls on mineralization and reflects a more
conservative estimation approach in-line with industry best
practices. When drilling off structurally complex high-grade gold
systems that contain significant amounts of coarse gold it is
essential to have a solid understanding of the geology and controls
on mineralization early in the process. We are very encouraged to
see a significant portion of higher confidence Indicated resources
come from this MRE update - and at grades 40% higher than the 2022
MRE. The objective for this year at Rowan will be growth, and we
continue to see significant potential for expanding this deposit at
depth and along strike."
ROWAN 2024 MINERAL RESOURCE
ESTIMATE:
- The 2024 MRE update for Rowan
incorporated an additional 62 holes for 20,211.4m of oriented NQ
diamond drill core since the December 2022 MRE.
- A total of twenty-six (26) mineral
domains were created to constrain the mineralization.
- For more detailed information on
the Rowan 2024 MRE model please refer to the Technical Report
entitled “Updated Mineral Resource Estimate for the Rowan Property,
Ontario, Canada” dated April 26, 2024 and filed contemporaneously
with this press release on April 26, 2024, prepared for WRLG by
Sims Resources, LLC (the “Technical Report”),
copies of which can be found on SEDAR+ at www.sedarplus.ca.
TABLE 1. Summary of the Rowan 2024
Mineral Resources as of April 26, 2024
Mineral Resource Statement - Rowan Mine
Deposit |
Classification |
Tonnes (t) |
Gold Grade (g/t) |
Gold Troy Ounces (oz Au) |
Indicated |
476,323 |
12.87 |
195,746 |
Inferred |
410,794 |
8.76 |
115,719 |
Notes: 1) CIM (2014)
definitions were followed for Mineral
Resources.2) Mineral Resources were estimated at a
gold cut-off grade of 3.80 g/t using a long-term gold price of
$1,800 USD per ounce.3) Density used for the
estimation on all domains was set at 2.8
g/cm3.4) There are no Mineral Reserves currently
estimated at the Rowan Project.5) Mineral
Resources that are not Mineral Reserves do not have demonstrated
economic viability.6) Mineral Resources are
reported within vein wireframes at the stated cut-off grade of 3.80
g/t Au.7) The effective date of the Mineral
Resources is March 1, 2024.
FIGURE 1. Plan view image comparing the
2022 MRE domains to 2024 MRE domains.
DISCUSSION
The Rowan Vein System has been the focus of most
of the exploration on the Property since the initial discovery of
four sub-parallel narrow veins on surface at “Discovery Hill”.
Since then, these veins have been drifted upon from underground on
three levels and extensively drilled, including 62 drill holes for
20,211.4m in 2023. The drilling completed at the Rowan Mine deposit
in 2023 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.
The overall deposit consists of numerous, narrow, high-grade quartz
veins that define an east-northeast trending corridor,
approximately 150 m wide. This corridor mainly transects the lower
mafic to intermediate metavolcanic units of the Ball assemblage in
the hinge of the property scale antiform and appears to dissipate
once it intersects the unconformity with the metasedimentary Slate
Bay assemblage to the east (Figure 2).
The best gold grades often occur when coarse and
visible native gold is present. This occurs within distinct 10 cm
to 30 cm up to a metre of bluish to grey, glassy quartz
veins/stringer zones. Rarely do these individual veins exceed 60 cm
wide with alteration halos tending to be localized. Broad zones of
diffuse silicification have generally not been found. Trace to 1%
pyrite and pyrrhotite is common within these veins/stringers. Less
common but a better positive indicator of gold grade is the
occurrence of sphalerite, galena, arsenopyrite, and chalcopyrite.
Generally total sulphides make up less than 2%. Metallurgical tests
indicate favourable recovery characteristics.
The previous interpretation of the Rowan Vein
System (Kita, 2022) was that the veins were emplaced after D2 and
were essentially undeformed and highly continuous over hundreds of
meters. Such an interpretation was supported by the consistency of
multiple narrow vein occurrences in drillholes spanning long strike
lengths. With the benefit of a tighter drill spacing and oriented
core following the 2023 WRLG drill campaigns, this interpretation
is no longer tenable. Strictly planar vein continuity could no
longer be demonstrated since east-west trending veins appeared to
line up along east-northeast trends. Such an arrangement requires
long trains of minor folds, and transposition into the dominant
fabric. This is further supported by: (i) strongly recrystallized
textures in the quartz veins, (ii) dominant parallelism with the
strong penetrative S2 foliation, (iii) the great-circle
distribution of poles to foliation as measured in oriented core,
and (iv) locally observed minor folds, showing that the veins are
overprinted by the strong ductile D2 deformation.
Modelling such complex geological shapes as
transposed veins systems can be achieved using implicit methods in
Leapfrog provided enough closely spaced data are present to capture
the variability of the deformed vein geometries. This method is
being used successfully at the Madsen mine where drill spacing is
predominantly six meters or less. At Rowan, the drill spacing is
not nearly as tight, but still tight enough to produce geologically
plausible representations of the transposed vein geometries.
Unfortunately, due to the wider drill spacing in some areas, the
implicit shapes could not be adequately controlled for unsupported
‘blowouts’, which could lead to unreasonably inflated tonnage
estimates. For this reason, and to minimize dilution in the model,
the implicit shapes were used only as a guide for manually
constructed vein models, using the vein modelling tool in Leapfrog.
This approach allowed the construction of more tightly controlled
shapes that capture the structural style of the vein system yet
remain optimized for use in resource estimation.
The result is a much more realistic model of the
vein system that agrees with the structural observations at the
deposit and core scales, and that aligns with the structural
setting and controls seen at other deposits within the belt, such
as at the Madsen and Red Lake mines.
FIGURE 2. Plan view of Rowan deposit
projected to surface, with a transparent geology
overlay.
FIGURE 3. Rowan Deposit longitudinal
section showing high-priority expansion target areas for 2024 drill
program[1].
Drill intercepts shown in this figure have been composited to 2m
intervals.
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 > 10 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 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) Indicated Mineral
Resource of 473,974 t at an average grade of 12.87 g/t Au
containing 196,120 ounces of gold, and an Inferred Mineral Resource
of 379,571 t at and average grade of 8.49 g/t Au, with a cut-off
grade of 3.8 g/t Au (as set out in the Technical Report).. The
Indicated and Inferred Mineral Resources are 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.
For a better understanding of the Rowan deposit,
readers are encouraged to read the Technical Report and other
public disclosure of the Company, including all qualifications,
assumptions, exclusions and risks that relate to the Mineral
Resource and Mineral Reserve estimates. The Technical Report is
intended to be read as a whole, and sections should not be read or
relied upon out of context.
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. Mr. Robinson is not independent of West Red
Lake Gold.
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:
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 and Rowan Mine; any untapped growth
potential in the Madsen deposit or Rowan deposit; 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, 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.
Photos accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/de8439be-138f-47cb-aa4a-ad10fcc6da97https://www.globenewswire.com/NewsRoom/AttachmentNg/e8ba13a8-5ec7-45cb-b390-e25624b0b889https://www.globenewswire.com/NewsRoom/AttachmentNg/ad458356-0622-426c-b41c-71941c10c9d6https://www.globenewswire.com/NewsRoom/AttachmentNg/4b116511-5870-4e56-a9ee-d1021dc82c26
1 Mineral Resources are estimated at a cut-off
grade of 3.8 g/t Au and using a gold price of US$1,800/oz. Please
refer to the technical report entitled “Updated Mineral Resource
Estimate for the Rowan Property, Ontario, Canada” dated April 26,
2024 prepared for WRLG by Sims Resources, LLC.
Grafico Azioni West Red Lake Gold Mines (TSXV:WRLG)
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Grafico Azioni West Red Lake Gold Mines (TSXV:WRLG)
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