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VANCOUVER, British Columbia, Jan. 20, 2025 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to report definition 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 are focused on the high-grade McVeigh Zone . The McVeigh Zone currently contains an Indicated mineral resource of 79,800 oz grading 6.4 g/t Au , with an additional Inferred resource of 14,300 oz grading 6.
9 g/t Au . These results follow-up on the significant intercepts previously announced on August 12, 2024 and August 27, 2024 from McVeigh - where drilling highlights included 106.99 g/t Au over 2.
35 meters (“m”) and 17.77 g/t Au over 5.5 m , respectively.
The purpose of this drilling was definition within priority areas of McVeigh to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen Mine, which is expected to commence in 2025. MCVEIGH ZONE HIGHLIGHTS: Hole MM24D-02-4090-010 Intersected 3.85m @ 45.
70 g/t Au , from 14.00m to 17.85m, Including 0.
85m @ 127.27 g/t Au , from 17.00m to 17.
85m; And 1.55m @ 44.89 g/t Au , from 22.
45m to 24.00m. Hole MM24D-02-4090-015 Intersected 3m @ 50.
99 g/t Au , from 14m to 17m, Including 1m @ 141.53 g/t Au , from 15m to 16m. Hole MM24D-02-4090-006 Intersected 16m @ 8.
75 g/t Au , from 20m to 36m, Including 1m @ 77.92 g/t Au , from 21m to 22m, Also Including 1m @ 15.63 g/t Au , from 24m to 25m, Also Including 1.
5m @ 14.68 g/t Au , from 30.0m to 31.
5m, Also Including 2m @ 11.16 g/t Au , from 33m to 35m. Hole MM24D-02-4090-004 Intersected 3m @ 33.
66 g/t Au , from 18m to 21m, Including 1m @ 97.16 g/t Au , from 18m to 19m. Hole MM24D-02-4090-012 Intersected 3m @ 28.
64 g/t Au , from 19m to 22m, Including 2m @ 40.17 g/t Au , from 20m to 22m. Hole MM24D-02-4090-053 Intersected 8m @ 7.
67 g/t Au , from 58.85m to 66.85m, Including 0.
5m @ 24.83 g/t Au , from 59.35m to 59.
85m, Also Including 0.5m @ 46.99 g/t Au , from 65.
85m to 66.35m. Hole MM24D-02-4090-020 Intersected 4m @ 13.
22 g/t Au , from 15m to 19m, Including 1m @ 23.68 g/t Au , from 16m to 17m, Also Including 1m @ 22.78 g/t Au , from 18m to 19m.
This interval was complimented by eight (8) specks of visible gold . Hole MM24D-02-4090-024 Intersected 4m @ 11.47 g/t Au , from 17m to 21m, Including 1m @ 33.
64 g/t Au , from 19m to 20m. Hole MM24D-02-4090-016 Intersected 7m @ 6.50 g/t Au , from 37m to 44m, Including 1m @ 31.
57 g/t Au , from 39m to 40m. Shane Williams, President & CEO, stated, “As the site operational team advances test mining and stockpiles the bulk sample, the two underground drills continue to turn and continue to intercept broad zones of high-grade gold mineralization. The McVeigh zone is a shallow and easily accessible portion of the Madsen deposit and will be a key focus area during early phases of mining.
The tight spaced drilling we are completing at McVeigh coupled with our enhanced geologic model and understanding of the structural controls will enable the engineering team to produce a very robust and high confidence mine plan that will reduce both external and internal dilution during mining.” Plan maps and section for the Austin and McVeigh drilling outlined in this release are provided in Figures 1 through 16. TABLE 1.
Significant intercepts (>3 g/t Au) from drilling at McVeigh Zone. *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.
Internal dilution for composite intervals does not exceed 1m for samples grading 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 – Standards of Disclosure for Mineral Projects (“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, and amended April 24, 2024 (the “ Madsen Report ”).
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 Madsen Report. A full copy of the Madsen 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 km 2 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 km 2 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: Gwen Preston Vice President Communications Tel: (604) 609-6132 Email: [email protected] 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. CAUTIONARY STATEMENT AND 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, the significance of the drill results, planned and ongoing drilling and the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an upcoming technical report and resource modelling, the timing and ability to restart the Madsen Mine, 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; timing and results of the cleanup and recovery at the Madsen Mine; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, the accuracy and reliability of technical data, forecasts, estimates and studies,; estimates of mineral resources and mineral reserves; anticipated costs and expenditures; future results of operations; the success of exploration, development and processing activities; 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 .
_________________________________ [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, and amended April 24, 2024. A full copy of the Madsen Report is available on the Company’s website and on SEDAR+ at www.sedarplus.
ca . Photos accompanying this announcement are available at: https://www.globenewswire.
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