West Red Lake Gold Intersects 114.26 g/t Au over 10.6m, 77.90 g/t Au over 3m and 24.48 g/t Au over 8.5m at South Austin – Madsen Mine
Wednesday, 26 February 2025 ()
VANCOUVER, British Columbia, Feb. 26, 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 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 *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*.
These results follow-up on the significant intercepts previously announced on September 24, 2024, where drilling returned *49.39 g/t Au over 4.48 meters (“m”) *and *18.46 g/t Au over 11.2m*, and on October 8, 2024, where drilling returned *37.09 g/t Au over 3.12m* and *18.11 g/t Au over 2.76m*.
The purpose of this drilling was definition and expansion within priority areas of South Austin 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. The Company recently filed a Technical Report for its Pre-Feasibility Study for Madsen on February 18, 2025.
*SOUTH AUSTIN ZONE HIGHLIGHTS:*
· *Hole **MM24D-08-4447-069 *Intersected *10.6m @ 114.26 g/t Au*, from 122.0m to 132.6m, Including *0.7m @ 1,609.26 g/t Au*, from 130.5m to 131.2m, within a broader high-grade interval of *4.25m @ 282.00 g/t Au*, from 127.80m to 132.05m. This high-grade intercept was complimented by *visible gold* hosted within a 0.85m wide diopside vein.· *Hole **MM24D-08-4447-064 *Intersected *3m @ 77.90 g/t Au*, from 120m to 123m, Including *1m @ 233.20 g/t Au*, from 121m to 122m.· *Hole **MM24D-08-4447-073 *Intersected *8.5m @ 24.48 g/t Au*, from 126.0m to 134.5m, Including *1.15m @ 30.19 g/t Au*, from 129.85m to 131.00m, Also including *2.9m @ 53.76 g/t Au*, from 131.6m to 134.5m.· *Hole **MM24D-08-4447-072 *Intersected *7m @ 29.22 g/t Au*, from 108m to 115m, Including *4m @ 48.87 g/t Au*, from 111m to 115m.· *Hole **MM24D-08-4447-067 *Intersected *10.15m @ 18.76 g/t Au*, from 127.85m to 138.00m, Including *1.75m @ 92.52 g/t Au*, from 128.85m to 130.60m.· *Hole **MM24D-08-4447-054 *Intersected *5m @ 21.12 g/t Au*, from 115.5m to 120.5m, Including *1m @ 103.39 g/t Au*, from 115.5m to 116.6m. This high-grade intercept was complimented by *visible gold* hosted within blue-grey quartz veinlets.· *Hole **MM24D-08-4447-063 *Intersected *1m @ 99.80 g/t Au*, from 79m to 80m. This high-grade intercept was complimented by *visible gold* hosted within a strongly altered foliated (“SAFZ”) zone.· *Hole **MM24D-08-4447-076 *Intersected *2m @ 33.18 g/t Au*, from 125m to 127m, Including *1m @ 66.05 g/t Au*, from 125m to 126m.· *Hole **MM24D-08-4447-071 *Intersected *3.65m @ 13.33 g/t Au*, from 121.55m to 125.20m, Including *0.5m @ 74.57 g/t Au*, from 124.1m to 124.6m.· *Hole **MM24D-08-4447-068 *Intersected *5.4m @ 7.87 g/t Au*, from 136.6m to 142.0m, Including *1m @ 34.47 g/t Au*, from 137.6m to 138.6m. This high-grade intercept was complimented by *visible gold* hosted within a 0.53m wide diopside vein.
Shane Williams, President & CEO, stated, “As we continue to define and expand this deeper portion of South Austin from the 08-4447 drill bay, it’s very encouraging to see consistent increases in grade and thickness of the mineralized zone as the drilling program advances. This success speaks to our Geology team’s understanding of the orebody and systematic approach to how data is received, processed and interpreted to ensure the next round of drilling is directed exactly where it needs to be. We see tremendous potential at depth in the Madsen orebody and results like the ones highlighted in this update illustrate the exceptional high-grade potential that exists within Red Lake gold systems.”
*TABLE 1. Significant intercepts (>3 g/t Au) from drilling at South Austin Zone.*
*Hole ID* *Target* *From (m)* *To (m)* *Length (m)** *Au (g/t)*
MM24D-08-4447-054 South Austin *94.00* *95.00* *1.00* *17.71*
AND South Austin
*115.50* *120.50* *5.00* *21.12*
Incl. *115.50* *116.50* *1.00* *103.39*
MM24D-08-4447-055 South Austin 117.20 119.00 1.80 6.83
AND South Austin 123.00 125.00 2.00 9.46
MM24D-08-4447-056 South Austin No Assays > 3 g/t Au
MM24D-08-4447-057 South Austin No Assays > 3 g/t Au
MM24D-08-4447-058 South Austin 114.80 117.20 2.40 4.29
MM24D-08-4447-059 South Austin No Assays > 3 g/t Au
MM24D-08-4447-060 South Austin
*120.00* *123.00* *3.00* *4.60*
Incl. *122.00* *123.00* *1.00* *12.67*
MM24D-08-4447-061 South Austin 95.00 96.00 1.00 3.44
AND South Austin
*128.56* *130.00* *1.44* *11.09*
Incl. *129.30* *130.00* *0.70* *21.68*
MM24D-08-4447-062 South Austin *115.80* *120.23* *4.43* *7.87*
Incl. South Austin *119.23* *120.23* *1.00* *25.68*
MM24D-08-4447-063 South Austin 75.00 75.70 0.70 5.29
AND South Austin *79.00* *80.00* *1.00* *99.80*
AND South Austin 115.26 115.80 0.54 4.44
AND South Austin *119.12* *120.12* *1.00* *10.97*
MM24D-08-4447-064 South Austin
*120.00* *123.00* *3.00* *77.90*
Incl. *121.00* *122.00* *1.00* *233.20*
MM24D-08-4447-065 South Austin 106.00 107.00 1.00 4.18
AND South Austin
*118.00* *120.00* *2.00* *6.12*
Incl. *119.00* *120.00* *1.00* *11.25*
AND South Austin 123.00 125.00 2.00 3.10
AND South Austin
*126.75* *132.00* *5.25* *7.11*
Incl. *129.25* *130.62* *1.37* *11.78*
AND South Austin
*139.00* *142.00* *3.00* *13.06*
Incl. *140.00* *141.00* *1.00* *34.88*
MM24D-08-4447-066 South Austin 117.00 119.00 2.00 3.26
MM24D-08-4447-067 South Austin 89.50 91.00 1.50 4.12
AND South Austin 99.00 103.00 4.00 3.29
AND South Austin 121.00 124.00 3.00 5.57
AND South Austin
*127.85* *138.00* *10.15* *18.76*
Incl. *128.85* *130.60* *1.75* *92.52*
MM24D-08-4447-068 South Austin
*109.00* *115.00* *6.00* *11.18*
Incl. *110.00* *111.00* *1.00* *17.94*
Also Incl. *113.00* *115.00* *2.00* *19.77*
AND South Austin
*136.60* *142.00* *5.40* *7.87*
Incl. *137.60* *138.60* *1.00* *34.47*
MM24D-08-4447-069 South Austin 79.00 81.00 2.00 4.33
AND South Austin
*122.00* *132.60* *10.60* *114.26*
Incl. *127.80* *132.05* *4.25* *282.00*
Also Incl. *130.50* *131.20* *0.70* *1,609.26*
MM24D-08-4447-070 South Austin
*73.00* *75.00* *2.00* *6.55*
Incl. *73.00* *74.00* *1.00* *11.73*
AND South Austin 80.00 82.00 2.00 3.86
AND South Austin 114.83 116.64 1.81 3.48
AND South Austin
*119.60* *120.60* *1.00* *6.88*
Incl. *119.60* *120.10* *0.50* *12.34*
MM24D-08-4447-071 South Austin
*121.55* *125.20* *3.65* *13.33*
Incl. *124.10* *124.60* *0.50* *74.57*
MM24D-08-4447-072 South Austin
*108.00* *115.00* *7.00* *29.22*
Incl. *111.00* *115.00* *4.00* *48.87*
AND South Austin 139.00 139.56 0.56 4.26
AND South Austin
*150.90* *152.00* *1.10* *6.20*
Incl. *151.40* *152.00* *0.60* *10.73*
MM24D-08-4447-073 South Austin
*126.00* *134.50* *8.50* *24.48*
Incl. *129.85* *131.00* *1.15* *30.19*
Also Incl. *131.60* *134.50* *2.90* *53.76*
MM24D-08-4447-074 South Austin 128.75 129.50 0.75 4.63
AND South Austin 131.00 132.00 1.00 3.84
MM24D-08-4447-075 South Austin
*67.70* *69.00* *1.30* *32.56*
Incl. *67.70* *68.30* *0.60* *70.43*
AND South Austin 118.50 119.00 0.50 4.04
AND South Austin *119.50* *121.00* *1.50* *3.12*
MM24D-08-4447-076 South Austin 119.00 119.50 0.50 3.24
AND South Austin
*125.00* *127.00* *2.00* *33.18*
Incl. *125.00* *126.00* *1.00* *66.05*
*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 US$1,800/oz. Mineral resources as stated are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Madsen Mine also contains Probable reserves of 478 thousand ounces (“koz”) of gold grading 8.16 g/t Au. Mineral reserve estimates are based on a gold price of US$1,680/oz. Please refer to the technical report entitled “NI 43-101 Technical Report and Prefeasibility Study for the Madsen Mine, Ontario, Canada”, prepared by SRK Consulting (Canada) Inc. and dated January 7, 2025 (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: investors@wrlgold.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.
*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 results of the PFS, including, but not limited to, the anticipated post-tax NPV and IRR at the Madsen Mine, the anticipated average annual production and cash flow, the anticipated Madsen Mine start date, the probability of the additional opportunities to be able to convert more resource into reserves, the process plant gold recovery estimates, the anticipated number of people that will be employed to restart the Madsen Mine, the anticipated development and management of the Madsen Mine tailings, the remaining expenditure requirements, the projected sustaining capital requirements, the key assumptions, parameters and methods used to estimate the mineral resource and mineral reserve estimates relating to the PFS, the operational and economic results of the PFS, including grade or quality of mineral deposits, and the LOM projections and estimates 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, including the PFS; estimates of mineral resources and mineral reserves; anticipated costs and expenditures; future results of operations; ability to satisfy power infrastructure; availability and ability to procure personnel, machinery, supplies, and equipment from local sources where possible; the characteristics of the Madsen Mine; tax rates and royalty rates applicable to the Madsen Mine; the relationship between the Company and the local communities and its business partners; ability to operate in a safe and effective manner; 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.
A photo accompanying this announcement is available at
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