VANCOUVER, British Columbia, Jan. 29, 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 announce positive results from the 2024 regional surface mapping and geochemical sampling program (the "Program") across its 100% owned Madsen Property located in the Red Lake Gold District of Northwestern Ontario, Canada.
HIGHLIGHTS:
- The Program at Madsen was focused on the Confederation Assemblage of rocks, which has remained mostly unexplored until WRLG completed this first phase of work. The Confederation rocks are known to host significant gold mineralization in the Red Lake district, including Kinross Gold's Great Bear Project, located approximately 24km southeast of Madsen.
- The Program consisted of 1,460 till samples and 42 channel samples, as well as 69 representative lithologic samples collected to support the geological mapping program.
- Six (6) anomalous areas were defined with a geochemical signature of Au-W-As-Ag-Bi (Figure 1), which is analogous to the geochemical signature of Madsen-style alteration and mineralization. The most compelling of these targets is the North Shore anomaly which has already demonstrated high prospectivity from limited drilling completed in 2024, as well as its spatial association to the Russet Lake Ultramafic ("RLUMAF"). The area beneath the strongest part of the anomaly has never been drilled and will be a top target for 2025.
- Geologic resolution and understanding within the Confederation Assemblage was greatly enhanced through the detailed mapping program and will be a valuable dataset for advancing targets within this package of rocks.
Will Robinson, Vice President of Exploration, stated, "We are quite pleased with the results of our first ever regional surface exploration program across the Madsen property. The program was focused on the underexplored Confederation Assemblage and was successful in delineating a number of high-caliber geochemical anomalies that will warrant follow-up exploration work and possibly drilling in 2025. The grade and tenor of the surface anomalies defined within the Confederation rocks and their spatial association with the underlying geology is very encouraging and further reinforces our thesis that this mostly overlooked part of the property still presents excellent potential for discovery. Additionally, the till anomaly defined at the North Shore target within Balmer Assemblage rocks along the eastern margin of the Russet Lake Ultramafic fits our exploration model for this highly prospective corridor resulting in an exciting drill-ready target for 2025."
Figure 1. Map showing anomalous areas defined through 2024 surface till sampling and characterized by Au-W-As-Ag-Bi geochemical signature. This geochemical signature is synonymous with Madsen-style gold mineralization and representative of gold mineralization elsewhere in the Red Lake district.
DISCUSSION
The North Shore target returned the strongest and best constrained till anomaly during the 2024 surface sampling program. The anomaly is defined by a robust Au-W-As-Ag-Bi signature, which is very encouraging as this is the primary geochemical signature associated with gold mineralization at Madsen and elsewhere within the Red Lake district. The majority of the highest values are concentrated on the hanging wall, or eastern contact margin of the RLUMAF. This spatial association fits well with other known deposits and occurrences along the RLUMAF including Wedge-MJ, Fork and the newly discovered Upper 8 Zone. Limited drilling at North Shore in 2024 intercepted broad zones of Madsen-style alteration and polyphase veining with low gold values along the eastern hanging wall margin of the Venus ultramafic, which also lines up with the eastern edge of the 2024 North Shore sampling grid. The new till data suggests that the gold-rich portion of the system could be positioned further east and closer to the RLUMAF. This will be a top drilling target for regional exploration at Madsen in 2025.
The Faulkenham Southwest and Southeast targets are located south of the Faulkenham Stock in an area with almost no previous exploration work, aside from the exploratory Faulkenham Shaft. Prospecting in this area during 2024 did not identify any high priority targets, but till samples returned some of the highest Au-W anomalies on the property from the southwest area and strongly elevated Au-W-As-Ag-Bi levels in the southeast area - overall the anomalous area defined extends approximately 4km in an east-west direction. Outcrop exposure over this part of the property is good, but 2024 mapping was focused on rock classification as opposed to detailed prospecting. Follow-up detailed work searching for vein exposures is warranted, especially in the southwest where strong Au-W in till values persist immediately down-ice from the Faulkenham Shaft. This work will be completed in 2025, along with infill till sampling to tighten up the spacing on the existing grid.
The Killoran target represents a newly defined area of interest in the Confederation Assemblage along the western shore of Killoran Lake. The target is well defined with a strong Au-W-As-Ag-Bi till anomaly. Bedrock exposure is generally good in this area so follow-up high resolution mapping and prospecting with potential channel sampling and stripping will be completed in 2025.
The High Lake and Faulkenham North anomalies are both well defined with strong Au-W-As-Ag-Bi in till signatures. Much of the High Lake till anomaly is down-ice from the #1 Vein which likely explains the anomalous geochemical response in this area. The till geochemical anomaly also extends up-ice from the #1 Vein exposure which suggests a continuation of the vein system to the northeast. The #1 Vein, located within the Confederation Assemblage, was the original area being mined at Madsen (#1 Shaft) before the discovery of the surface expression of the Austin Zone. The Faulkenham North anomaly is similar in character to the High Lake anomaly but lacks a bedrock source to explain the anomalous till geochemistry. It is possible that the anomalous till geochemistry at Faulkenham North is indicating additional #1 Vein style mineralization along strike and under cover to the northeast.
QUALITY ASSURANCE/QUALITY CONTROL
A total of 1,460 till samples (inclusive of duplicates) were taken by contracted field personnel between both phases of surficial sampling on the Madsen property in 2024. The average sample weight received at the lab was 1.72 kg, with a following average weight of 114 g of sample material passing the -64µm fraction screen during preparation. Of the 1460 field samples, 45 returned with insufficient material for analysis. These NSS samples had an average receival weight of 1.68 kg, but a post screen average weight of 19.37 g. A review of sample commentary and field data shows that most of these 45 samples were recorded as having a high sand content. With a required nominal weight of 50 g required for the AuME-ST44 analysis method, field sampling protocols are deemed adequate to ensure the required volume of material has been collected. At a failure rate of 3.1%, this is deemed to be within acceptable tolerance for sample collection. Protocols for sampling within sand and coarser grained till material should still be reviewed with field crew, as a nominal field weight of 2.5-3.5 kg may be the required minimum for such coarser grained material.
In total, 1,977 proposed samples sites across both phases of work were generated during sampling program design. Of these, 517 sites were not sampled. A review of dropped sample sites against site comments, aerial imagery, and LIDAR surveys indicated that the deselection of sites for sampling by field personnel is considered appropriate. The majority of deselected sites either occur over areas of locally boggy, low-lying ground with thick organic soil, or atop outcrop/subcrop with limited to no till deposition. No trends are evident that would indicate consistent individual sampler error in assessing a site for sample suitability.
The performance of the OREAS 46 CRM is shown in Figure 2. The majority of CRMs samples returned within +/- 2 SD for both Au and pathfinders, and all returned within +/- 3 SD, except for a singular sample in its Au result; J086980. With a Z-score of 8.99, and associated assay result of 0.0106 Au ppm (10.6 Au ppb), this CRM sample return is outside of QAQC expectations as recorded on the OREAS certificate for this material of 1.6 Au ppb. In pathfinder elements, however, the assay results for this sample are all within acceptable tolerances. A review of the assay certificate for samples immediately preceding and succeeding this elevated Au result did not indicate inter-sample contamination occurred during laboratory sample preparation or analysis. Contrarily, samples immediately succeeding this result are below the anomalous threshold for Au. Consequently, the elevation in this CRM sample has been attributed to heterogeneity within the CRM material itself, and a batch re-run was not required
Figure 2. Shewhart Performance Chart for OREAS 46, in elements Au, As, Cu, Mo, and W.
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 COMPENSATION SECURITIES
The Company further announces the grant of stock options, restricted share units ("RSUs") and deferred share units ("DSUs") in accordance with the Company's stock option plan, and its RSU, PSU and DSU Compensation Plan.
Directors and Officers of the Company were granted an aggregate of 2,971,500 stock options vesting over a three year period with 25% vesting in 3 months from the grant date and 25% vesting on the first, second and third anniversary of the grant date at an exercise price of $0.63 and will be exercisable for a 5 year period from the date of grant.
In addition, 3,692,000 RSUs were granted to Officers of the Company and 1,197,000 DSUs were granted to non-executive Directors. The RSUs will vest over three years in three equal tranches on the first, second and third anniversary of the grant date and DSUs will vest on the first anniversary of the grant date.
The grant of Stock Options, RSUs and DSUs 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:
Gwen Preston
Vice President Communications
Tel: (604) 609-6132
Email: 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.
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, statements relating to the potential for mineralization in the Red Lake district, the anticipated value of the dataset for advancing targets from the Confederation Assemblage, the possibility of drilling in 2025, the actual potential for discovery within the Confederation rocks, the anticipated timing for completion of the follow-up detailed work at the Faulkenham region and Killoran target, and all other 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; 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, risks associated with mineral exploration and development activities, environmental risks, 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.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef6c97a1-06c8-4ef2-a8bb-b4496dac2eb9
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/04c1ec68-a1b5-43f3-a309-cdf2088b6479
