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.
The purpose of this drilling was definition
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 expects to complete a pre-feasibility
study outlining its restart plans in Q4.
SOUTH AUSTIN ZONE
HIGHLIGHTS:
- Hole MM24D-08-4447-035
Intersected 4.48m @ 49.39 g/t Au, from 114.91m to
119.39m, Including 2.5m @ 76.51 g/t Au, from
116.0m to 118.5m.
- Hole MM24D-08-4447-025
Intersected 11.2m @ 18.46 g/t Au, from 106.0m to
117.2m, Including 4m @ 34.41 g/t Au, from 107m to
111m, Also including 0.5m @ 10.21 g/t Au, from
113.0m to 113.5m, Also including 1.5m @ 32.13 g/t
Au, from 114.5m to 116.0m.
- Hole MM24D-08-4447-033
Intersected 1.74m @ 74.92 g/t Au, from 100.26m to
102.00m.
- Hole MM24D-08-4447-028
Intersected 4m @ 20.63 g/t Au, from 118.5m to
122.5m, Including 0.7m @ 95.59 g/t Au, from 120.3m
to 121.0m.
- Hole MM24D-08-4447-019
Intersected 6.3m @ 12.38 g/t Au, from 105.0m to
111.3m, Including 1m @ 31.39 g/t Au, from 106m to
107m, Also including 2m @ 17.19 g/t Au, from 108m
to 110m.
- Hole MM24D-08-4447-014
Intersected 3.3m @ 15.69 g/t Au, from 74.05m to
77.35m, Including 0.8m @ 39.93 g/t Au, from 75.0m
to 75.8m, Also including 0.5m @ 19.43 g/t Au, from
76.85m to 77.35m.
- Hole MM24D-08-4447-016
Intersected 5m @ 9.16 g/t Au, from 89m to 94m,
Including 1m @ 35.00 g/t Au, from 89m to 90m.
- Hole MM24D-08-4447-023
Intersected 2.2m @ 19.05 g/t Au, from 111.7m to
113.9m, Including 1.65m @ 22.77 g/t Au, from
112.25m to 113.90m.
- Hole MM24D-08-4447-020
Intersected 6.5m @ 6.19 g/t Au, from 105.0m to
111.5m, Including 0.5m @ 21.81 g/t Au, from 110.5m
to 111.0m.
Shane Williams, President & CEO, stated,
“The team is doing a fantastic job advancing the definition
drilling program at Madsen that is essential for developing an
inventory of high-confidence ounces to support the mine restart
plan and our goal of getting Madsen back into production by H2
2025. The intercepts out of South Austin highlighted in this update
are right on par with the exceptional results out of the Austin and
McVeigh zones that have been announced over the last month. This
consistency and quality between different mineral zones help to
demonstrate the potential we see within the entirety of the Madsen
deposit.”
Plan maps and section for the Austin and McVeigh
drilling outlined in this release are provided in Figures 1 through
8. To see these drill holes in the context of a 3-dimensional model
of the Madsen project mineral resource, click here.
https://vrify.com/editor/decks/16990
TABLE 1. Significant intercepts (>3 g/t Au) from
drilling at Austin Zone.
|
Hole ID |
Target |
From (m) |
To (m) |
Length (m)* |
Au (g/t) |
|
MM24D-08-4447-001 |
South Austin |
101.09 |
105.00 |
3.91 |
7.08 |
|
Incl. |
102.00 |
103.00 |
1.00 |
13.25 |
|
AND |
South Austin |
114.00 |
117.60 |
3.60 |
7.76 |
|
Incl. |
116.00 |
117.00 |
1.00 |
17.67 |
|
MM24D-08-4447-002 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-003 |
South Austin |
108.00 |
110.87 |
2.87 |
6.65 |
|
Incl. |
109.40 |
109.95 |
0.55 |
12.86 |
|
MM24D-08-4447-004 |
South Austin |
85.04 |
87.00 |
1.96 |
5.81 |
|
Incl. |
86.00 |
87.00 |
1.00 |
10.64 |
|
AND |
South Austin |
96.00 |
97.50 |
1.50 |
5.76 |
|
Incl. |
96.00 |
96.52 |
0.52 |
11.38 |
|
MM24D-08-4447-005 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-006 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-007 |
South Austin |
110.00 |
111.00 |
1.00 |
3.17 |
|
MM24D-08-4447-008 |
South Austin |
93.00 |
94.00 |
1.00 |
4.86 |
|
MM24D-08-4447-009 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-010 |
South Austin |
91.00 |
92.00 |
1.00 |
4.67 |
|
MM24D-08-4447-011 |
South Austin |
102.69 |
104.00 |
1.31 |
5.91 |
|
MM24D-08-4447-012 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-013 |
South Austin |
94.00 |
97.00 |
3.00 |
3.42 |
|
AND |
South Austin |
103.70 |
105.10 |
1.40 |
20.28 |
|
MM24D-08-4447-014 |
South Austin |
74.05 |
77.35 |
3.30 |
15.69 |
|
Incl. |
75.00 |
75.80 |
0.80 |
39.93 |
|
Also Incl. |
76.85 |
77.35 |
0.50 |
19.43 |
|
MM24D-08-4447-015 |
South Austin |
109.00 |
109.70 |
0.70 |
3.62 |
|
MM24D-08-4447-016 |
South Austin |
89.00 |
94.00 |
5.00 |
9.16 |
|
Incl. |
89.00 |
90.00 |
1.00 |
35.00 |
|
MM24D-08-4447-017 |
South Austin |
77.00 |
79.85 |
2.85 |
3.71 |
|
AND |
South Austin |
88.00 |
89.00 |
1.00 |
3.24 |
|
MM24D-08-4447-018 |
South Austin |
107.00 |
109.00 |
2.00 |
3.82 |
|
MM24D-08-4447-019 |
South Austin |
105.00 |
111.30 |
6.30 |
12.38 |
|
Incl. |
106.00 |
107.00 |
1.00 |
31.39 |
|
Also Incl. |
108.00 |
110.00 |
2.00 |
17.19 |
|
MM24D-08-4447-020 |
South Austin |
93.45 |
96.00 |
2.55 |
3.42 |
|
AND |
South Austin |
105.00 |
111.50 |
6.50 |
6.19 |
|
Incl. |
110.50 |
111.00 |
0.50 |
21.81 |
|
AND |
South Austin |
112.00 |
113.00 |
1.00 |
3.63 |
|
MM24D-08-4447-021 |
South Austin |
98.00 |
100.00 |
2.00 |
3.36 |
|
MM24D-08-4447-022 |
South Austin |
98.00 |
98.50 |
0.50 |
20.77 |
|
AND |
South Austin |
102.00 |
102.60 |
0.60 |
29.57 |
|
MM24D-08-4447-023 |
South Austin |
111.70 |
113.90 |
2.20 |
19.05 |
|
Incl. |
112.25 |
113.90 |
1.65 |
22.77 |
|
MM24D-08-4447-024 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-025 |
South Austin |
106.00 |
117.20 |
11.20 |
18.46 |
|
Incl. |
107.00 |
111.00 |
4.00 |
34.41 |
|
Also Incl. |
113.00 |
113.50 |
0.50 |
10.21 |
|
Also Incl. |
114.50 |
116.00 |
1.50 |
32.13 |
|
MM24D-08-4447-026 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-027 |
South Austin |
114.00 |
114.80 |
0.80 |
3.82 |
|
AND |
South Austin |
125.90 |
126.40 |
0.50 |
8.40 |
|
MM24D-08-4447-028 |
South Austin |
118.50 |
122.50 |
4.00 |
20.63 |
|
Incl. |
120.30 |
121.00 |
0.70 |
95.59 |
|
MM24D-08-4447-029 |
South Austin |
120.25 |
124.00 |
3.75 |
3.06 |
|
AND |
South Austin |
125.95 |
128.00 |
2.05 |
3.53 |
|
MM24D-08-4447-030 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-031 |
South Austin |
95.00 |
96.80 |
1.80 |
16.06 |
|
MM24D-08-4447-032 |
South Austin |
88.95 |
89.80 |
0.85 |
3.50 |
|
AND |
South Austin |
91.45 |
94.00 |
2.55 |
3.47 |
|
MM24D-08-4447-033 |
South Austin |
100.26 |
102.00 |
1.74 |
74.92 |
|
MM24D-08-4447-034 |
South Austin |
No Assays > 3 g/t Au |
|
MM24D-08-4447-035 |
South Austin |
114.91 |
119.39 |
4.48 |
49.39 |
|
Incl. |
116.00 |
118.50 |
2.50 |
76.51 |
*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 <0.1 g/t Au.
TABLE 2: Drill collar summary for holes reported in this
News Release.
|
Hole ID |
Target |
Easting |
Northing |
Elev (m) |
Length (m) |
Azimuth |
Dip |
|
MM24D-08-4447-001 |
South Austin |
435513 |
5646365 |
9 |
50.6 |
125 |
-24 |
|
MM24D-08-4447-002 |
South Austin |
435513 |
5646365 |
9 |
83.0 |
136 |
-18 |
|
MM24D-08-4447-003 |
South Austin |
435513 |
5646365 |
9 |
88.8 |
138 |
-26 |
|
MM24D-08-4447-004 |
South Austin |
435513 |
5646365 |
9 |
81.0 |
139 |
-17 |
|
MM24D-08-4447-005 |
South Austin |
435513 |
5646365 |
9 |
95.1 |
139 |
-31 |
|
MM24D-08-4447-006 |
South Austin |
435513 |
5646365 |
9 |
75.2 |
141 |
-18 |
|
MM24D-08-4447-007 |
South Austin |
435513 |
5646365 |
9 |
111.0 |
143 |
-24 |
|
MM24D-08-4447-008 |
South Austin |
435513 |
5646365 |
9 |
100.3 |
146 |
-10 |
|
MM24D-08-4447-009 |
South Austin |
435513 |
5646365 |
9 |
105.0 |
146 |
-17 |
|
MM24D-08-4447-010 |
South Austin |
435513 |
5646365 |
9 |
102.3 |
147 |
-6 |
|
MM24D-08-4447-011 |
South Austin |
435513 |
5646365 |
9 |
111.0 |
147 |
-14 |
|
MM24D-08-4447-012 |
South Austin |
435513 |
5646365 |
9 |
81.0 |
149 |
-23 |
|
MM24D-08-4447-013 |
South Austin |
435513 |
5646365 |
9 |
90.0 |
148 |
-13 |
|
MM24D-08-4447-014 |
South Austin |
435513 |
5646365 |
9 |
75.0 |
151 |
-7 |
|
MM24D-08-4447-015 |
South Austin |
435513 |
5646365 |
9 |
57.0 |
151 |
-16 |
|
MM24D-08-4447-016 |
South Austin |
435513 |
5646365 |
9 |
66.0 |
155 |
-11 |
|
MM24D-08-4447-017 |
South Austin |
435513 |
5646365 |
9 |
60.0 |
155 |
-7 |
|
MM24D-08-4447-018 |
South Austin |
435513 |
5646365 |
9 |
90.0 |
155 |
-25 |
|
MM24D-08-4447-019 |
South Austin |
435513 |
5646365 |
9 |
63.0 |
155 |
-16 |
|
MM24D-08-4447-020 |
South Austin |
435513 |
5646365 |
9 |
72.0 |
160 |
-13 |
|
MM24D-08-4447-021 |
South Austin |
435513 |
5646365 |
9 |
78.0 |
160 |
-9 |
|
MM24D-08-4447-022 |
South Austin |
435513 |
5646365 |
9 |
84.0 |
162 |
-20 |
|
MM24D-08-4447-023 |
South Austin |
435513 |
5646365 |
9 |
66.0 |
162 |
-24 |
|
MM24D-08-4447-024 |
South Austin |
435513 |
5646365 |
9 |
72.0 |
163 |
-10 |
|
MM24D-08-4447-025 |
South Austin |
435513 |
5646365 |
9 |
66.0 |
163 |
-15 |
|
MM24D-08-4447-026 |
South Austin |
435513 |
5646365 |
9 |
63.0 |
167 |
-21 |
|
MM24D-08-4447-027 |
South Austin |
435513 |
5646365 |
9 |
75.0 |
167 |
-16 |
|
MM24D-08-4447-028 |
South Austin |
435513 |
5646365 |
9 |
66.0 |
169 |
-26 |
|
MM24D-08-4447-029 |
South Austin |
435513 |
5646365 |
9 |
63.0 |
173 |
-8 |
|
MM24D-08-4447-030 |
South Austin |
435513 |
5646365 |
9 |
75.0 |
173 |
-25 |
|
MM24D-08-4447-031 |
South Austin |
435513 |
5646365 |
9 |
75.0 |
173 |
-21 |
|
MM24D-08-4447-032 |
South Austin |
435513 |
5646365 |
9 |
85.0 |
173 |
-15 |
|
MM24D-08-4447-033 |
South Austin |
435513 |
5646365 |
9 |
72.0 |
173 |
-19 |
|
MM24D-08-4447-034 |
South Austin |
435513 |
5646365 |
9 |
66.0 |
171 |
-18 |
|
MM24D-08-4447-035 |
South Austin |
435513 |
5646365 |
9 |
69.0 |
171 |
-24 |
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 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, North Austin and McVeigh
Zones. This will continue to be the strategy through 2024.
High resolution versions of all the figures contained in this
press release can be found at the following web address:
https://westredlakegold.com/september-24th-news-release-maps/
FIGURE 1. Madsen Mine long section showing location of
08-4447 Drill Bay in the South Austin
Zone.[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, and amended April 24, 2024. A full copy of the SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 2. South Austin plan view drill section showing
assay highlights for Holes MM24D-08-4447-001 through
-035.[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, and amended April 24, 2024. A full copy of the SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 3. South Austin section view showing assay
highlights for Holes MM24D-08-4447-001 through
-007.[1] Holes -002 through -007
broke into historic stopes.
[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 SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 4. South Austin section view showing assay
highlights for Holes MM24D-08-4447-008 through
-012.[1] Holes -008, -009, -011
and --012 broke into historic stopes.
[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 SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca
FIGURE 5. South Austin section view showing assay
highlights for Holes MM24D-08-4447-013 through
-016.[1] Holes -013, -015 and
-016 broke into historic stopes.
[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 SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 6. South Austin section view showing assay
highlights for Holes MM24D-08-4447-017 through
-021.[1] Holes -018 through -021
broke into historic stopes.
[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 SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 7. South Austin section view showing assay
highlights for Holes MM24D-08-4447-022 through
-028.[1] Hole -025 broke into a
historic stope.
[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 SRK report
is available on the Company’s website and on SEDAR+ at
www.sedarplus.ca.
FIGURE 8. South Austin section view showing assay
highlights for Holes MM24D-08-4447-029 through
-035.[1] Holes -033 and -034
broke into historic stopes.
[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 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 – 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”.
GRANT OF RESTRICTED SHARE
UNITS
The Company also announces the grant of
restricted share units (“RSUs”) in accordance with the Company’s
restricted share unit, performance share unit, and deferred share
unit compensation plan. Certain Officers and employees of the
Company were granted an aggregate of 450,000 RSUs which will vest
over three years in three equal tranches on the first, second and
third anniversary of the grant date. The grant of RSUs is subject
to regulatory acceptance 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 Williams President
& Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Freddie LeighTel: (604) 609-6132Email: investors@wrgold.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
plans for the potential restart of mining operations at the Madsen
Mine, the potential of the Madsen Mine; any untapped growth
potential in the Madsen deposit or Rowan deposit; timing of
pre-feasibility study 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, 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/3b018266-6585-4444-b577-c428b06d2027
https://www.globenewswire.com/NewsRoom/AttachmentNg/68a98016-a353-4f6f-b38d-5ab60905f686
https://www.globenewswire.com/NewsRoom/AttachmentNg/c323853d-ca27-4911-9981-87b4eacbfc3a
https://www.globenewswire.com/NewsRoom/AttachmentNg/b80d1dcc-9b35-496e-840b-94cebe450b7b
https://www.globenewswire.com/NewsRoom/AttachmentNg/659de9fa-0fe1-4f4a-b79b-8791dafff0c5
https://www.globenewswire.com/NewsRoom/AttachmentNg/7af663d2-4cac-4162-8b68-ab41501e534c
https://www.globenewswire.com/NewsRoom/AttachmentNg/803ad9ce-e032-4e99-bddf-c29fa8479b52
https://www.globenewswire.com/NewsRoom/AttachmentNg/7710de20-e88e-4d13-8d32-945b58aadace
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f0e3715-0857-4bba-aae6-8056d690fb23
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