Latest news with #WestRedLakeGoldMinesLtd
Globe and Mail
15-04-2025
- Business
- Globe and Mail
West Red Lake Gold Highlights New Exploration Targets at Rowan Property
VANCOUVER, British Columbia, April 15, 2025 — 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, geochemical sampling and core re-logging program (the ' Program ') at its 100% owned Rowan Property located in the Red Lake Gold District of Northwestern Ontario, Canada. HIGHLIGHTS: The Program at Rowan in 2024 consisted of a diamond drill core re-logging and sampling program, expansion of the 2023 till sampling grid, and compilation of a new deposit-scale 3D geologic model to enhance targeting of favorable structural and lithologic settings for gold mineralization at Rowan. The re-logging program included 50 diamond drill holes for a total of 16,830 meters ('m') of drill core – this core was predominately from historic drilling campaigns (Figure 2). A total of 3,070 samples were collected over 4,604m of core to fill analytical gaps in the historic data set and update mineralized domains at Rowan. A total of 984 till samples were collected in 2024 with an emphasis on prospective geology and interpreted structural trends that are believed to be important controls for gold mineralization at Rowan. This was in addition to the 344 till samples collected during 2023 (Figure 3). Geochemical data from 2023-2024 till sampling campaigns were integrated to refine what is interpreted to be the main mineralized structural trend at Rowan, which has been folded and conforms to a regional-scale east verging antiform (Figure 1). This structural trend is constrained geochemically by strong potassic ('K') alteration and Ag-Cd-Zn loading. Visible gold in drill core at Rowan is often associated with the presence of sphalerite (Zn-sulphide). Two (2) new till anomalies were defined at Rowan that also align spatially with deflections and folding in the main regional shear. These two newly defined target areas have seen very little previous drilling. The areas immediately northeast and southwest along strike from the main Rowan deposit, and the Mount Jamie area also remain highly prospective for expansion and discovery potential. Will Robinson, Vice President of Exploration, stated, 'The 2024 exploration program at Rowan achieved a number of key objectives in advancing our understanding of the geological controls on mineralization in this part of the Red Lake District. We now have a succinct and systematic logging convention for Rowan to pair with a high-confidence and detailed deposit-scale 3D geologic model, which will prove invaluable for targeting and data processing in future drilling programs. Many of the common themes we see at Madsen associated with gold are also present at Rowan, which further substantiates our regional targeting model. The till sampling program was highly successful in mapping out the footprint of the main controlling mineralized shear at Rowan, while also defining two high caliber gold-in-till anomalies at Big Bend and Apex. Inflections and folds in mineralized shears are great places to look for high-grade gold and we are excited to test these new targets with future drilling campaigns.' Figure 1. Map showing new target areas defined through 2023-2024 surface till sampling and characterized by strong K-alteration and Ag-Cd-Zn loading. The areas immediately northeast and southwest of the main Rowan deposit remain high-priority expansion targets. Figure 2. Map showing location of drill collars for re-logged holes relative to known gold deposits and mineral occurrences. Newly interpreted 2025 geology map shown as underlay. Figure 3. Map showing location of 2023-2024 till sampling grid with sampled and non-sampled sites displayed. Non-sampled sites were due to lack of viable sample material and/or swampy terrain. DISCUSSION Drill Core Re-logging and Sampling Program The re-logging program included 50 diamond drill holes for a total of 16,830m of drill core – this core was predominately from historic drilling campaigns from Rowan, Mount Jamie, Red Summit and the NT Zone (Table 1). A total of 3,070 samples were collected over 4,604m of core to fill analytical gaps in the historic data set and update mineralized domains at Rowan. Sample preparation and gold analysis were conducted at SGS in Red Lake, subsequent to which the master analytical pulps were picked up by WRLG contract employees and transported to ALS Minerals in Thunder Bay for multi-element ICP analysis. Table 1. Summary of drill holes, primary samples and QAQC samples from 2024 Rowan re-logging and sampling program. Till Sampling Program A total of 1,328 till samples (exclusive of duplicates) were taken by contracted field personnel between both phases of surficial sampling on the Rowan property in 2023 and 2024. Of these 1,328 samples, 984 were prepared in the lab with a -63 µm passing sieve, whereas the remaining samples were sieved to the -180+63 µm fractions size. The average sample weight received at the lab was 1.75 kg, with a following average weight of 245 g of sample material passing the -63µm fraction screen during preparation. Of the 984 field samples, 12 returned with insufficient material for analysis ('NSS'). These NSS samples had an average receival weight of 1.39 kg, but a post screen average weight of 36.07 grams. A review of sample commentary and field data shows that these 12 samples were taken either in sand rich till, or over shallow subcrop with low volumes of the appropriate sample medium. 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 1.2 %, this is deemed to be within acceptable tolerance for sample collection. QUALITY ASSURANCE/QUALITY CONTROL The Rowan Mine deposit presently hosts a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101') Indicated resource of 195,746 ounces (' oz ') of gold grading 12.78 g/t Au and an Inferred resource of 115,719 oz of gold grading 8.76 g/t Au. Mineral resources are estimated at a cut-off grade of 3.80 g/t Au and a gold price of US$1,800/oz. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report entitled 'Technical Report on The Updated Mineral Resource Estimate for The Rowan Property, Ontario, Canada', prepared by SIMS Resources LLC and dated April 26, 2024 (the ' Rowan Report '). The Rowan Mine Resource Estimate has an effective date of March 1, 2024. A full copy of the Rowan Report is available on the Company's website and on SEDAR+ at The technical information presented in this news release has been reviewed and approved by Will Robinson, 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@ or visit the Company's website at 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 on the Rowan property, 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 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 Featured Image @ Freepik Read more investing news on to the PressReach RSS feeds:
Yahoo
19-03-2025
- Business
- Yahoo
Madsen Mine Update: Mill Restart and Key Operational Milestones Achieved
VANCOUVER, British Columbia, March 19, 2025 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ('West Red Lake Gold' or the 'Company') (TSXV: WRLG) (OTCQB: WRLGF) is pleased to provide an update on mine restart activities at the Madsen Mine, where the mill is now processing low-grade material ahead of introducing Stope 1 of the bulk sample next week. In addition, the camp is now housing workers, the pace of underground development continues to rise, and the Connection Drift is within 84 metres (94%) of completion. There is active development and mining in multiple areas of the mine. 'Turning on the Madsen Mill to process the bulk sample was a very exciting moment for the entire West Red Lake Gold team, who have been working tirelessly in recent months as we push towards production,' said Shane Williams, President and CEO. 'A smooth restart of this major piece of infrastructure reinforces that our level of preparation has created translated into successful operational readiness ahead of initial production. With gold prices trading at record levels, it is an exciting and fortuitous time to be making the transition from developer to producer.' Figure 1. Recently collected rock sample with visible gold from South Austin 11 Level, specifically from Heading SA_11_987_SIL. Mill Restarted The mill was started up on Monday March 10th after 28 months of maintained dry shutdown. Ahead of restart the Company's mill team completed extensive pre-commissioning work, including replacing mill liners and discharge lines, cycling process water through the system, and revitalizing the CIP and carbon circuits. The mill encountered no operational issues on restart. For the first five days the facility processed material from a legacy low-grade stockpile, after which feed transitioned to a modern stockpile of low-grade material. Next week the first batch of bulk sample material from Stope 1 will be processed. The stopes of the bulk sample will be processed sequentially, after which independent authorities will complete full reconciliation calculations between expected and actual tonnes, grade, and ounces for each stope. Figure 2. Material moving on the conveyer into the Semi-Autogenous Grinding ('SAG') mill. Figure 3. Thickener tanks at the Madsen Mill, full and operational three days after the mill was restarted. Figure 4. One of the six leach tanks at the Madsen Mill, full and operational three days after the mill was restarted. Camp Operational The new 114-person workforce accommodations facility at the Madsen Mine is now housing workers. All rooms in the camp are executive junior suites. On March 18th the Company hosted a Camp Opening Celebration, with Mr. Williams cutting the ribbon. 'We are very glad that we can hire 60% of our workforce locally, which supports Red Lake and enables workers to live at home,' said Hayley Halsall-Whitney, Vice President of Operations. 'This new, comfortable camp will help us attract additional quality personnel to work at Madsen and will ease pressure on housing in the community.' Figure 5. Shane Williams speaking ahead at the opening of the Madsen Mine camp. Underground Development The pace of underground development continues to increase, rising from 20 metres per day average in January to 23.8 metres per day average in February. Being able to access mining areas efficiently and thus create operational flexibility is essential in an underground mine, especially when a deposit requires multiple working faces. 'Attaining a sufficient rate of development is an important requirement at Madsen and it is achieved through focused attention and strong teamwork,' said Halsall-Whitney. 'I am very pleased to see this rate rising and expect to see this trend continue as the Madsen team's skills and coordination continue to improve.' Figure 6: Average underground development per day, month by month, at the Madsen Mine. Connection Drift 94% Complete Work on the Connection Drift continues to advance on schedule. Of the 1.4-km distance, 1,380 metres have been completed, leaving just 84 metres or 6% to go. As is standard near completion of a drift, a diamond drill rig was used to drill from the west side and successfully intercepted the approaching westward advance, ensuring precise alignment between the two advancing faces. Nebari Credit Facility: Additional US$7.5 Million Drawn West Red Lake Gold also announces that it has drawn US$7.5 of the US$15-million second tranche ('Tranche 2') of its previously announced US$35 million credit facility (the 'Credit Facility'), with Nebari Natural Resources Credit Fund II LP ('Nebari'). The Credit Facility was entered into on December 31, 2024 and announced on January 2, 2025 [see with the first drawdown of US$15 million received on December 31, 2024 ('Tranche 1'). The Credit Facility also provides for the remaining up to US$7.5 million under Tranche 2 and a third tranche of up to US$5 million, at the election of the Company, subject to satisfaction of certain conditions precedent. The proceeds from Tranche 2 of the Credit Facility will be used for: 1) completing the remaining capital costs to restart the Madsen Mine, and 2) other corporate, exploration and working capital expenses. Repayment of 50% of principal outstanding via fixed straight-line amortization commences on the 15th month following the draw-down of Tranche 1. The remaining 50% of borrowed funds are due on the maturity date. The Credit Facility may be repaid prior to maturity at any time subject to the additional payment of a make-whole threshold. Interest will accrue on the advanced outstanding principal amount of the loan based on a floating rate per annum equal to the sum of: (i) the three-month term SOFR reference rate administered by CME Loan Party Benchmark Administration Limited (CBA) (the 'Term SOFR'), as determined on the first date of each calendar month; and (ii) 8.0% per annum, provided that, if the Term SOFR is less than 4.0%, it shall be deemed to be 4.0%. In addition, the Company is paying to Nebari an administration fee of US$30,000 per annum and an arrangement fee in the amount of 1.5% of the funded amount for each tranche, further details set out in the Loan Agreement. No finder's fees are payable in connection with the Credit Facility. The maturity date of the Credit Facility will be June 30, 2028. In connection with drawing this portion of Tranche 2, the Company issued 2,691,934 non-transferable common share purchase warrants (the "Tranche 2 Loan Bonus Warrants") at an exercise price of CAD$0.7969 (using a USD/CAD exchange rate of 1.4301) per common share, which expire on June 30, 2028, subject to a pro-rata reduction if the funded amount is prepaid in whole or in part, then a pro rata number of the total Tranche 2 Loan Bonus Warrants issued in relation to Tranche 2 will have their term reduced to the later of one year from the date of issuance of the Warrants and 30 days from the reduction, in accordance with TSXV policies. The Lender will receive cash compensation for any pro-rata reduction. The Tranche 2 Loan Bonus Warrants are subject to a statutory hold period of four months and one day under applicable securities laws. The Tranche 2 Loan Bonus Warrants represent the Canadian equivalent of 20% of the loan amount being drawn in respect of Tranche 2 divided by a Canadian dollar amount equal to a 30% premium to the lower of: (A) the lowest 20-day VWAP of the Company's share price prior to: (i) the date which the Company issues its request for the advance in respect of each Tranche; (ii) the date of this press release; and (iii) the closing date of the advance of Tranche 2, and (B) the common share price of the most recent equity raise, subject to compliance with TSXV policies. Nebari is at arms-length to the Company and currently owns 8,559,310 common share purchase warrants issued in connection with the Tranche 1 and Tranche 2 Loan Bonus Warrants. Nebari does not own any other securities of the Company. QUALIFIED PERSON The technical information presented in this news release has been reviewed and approved by Maurice Mostert, Vice President of Technical Services for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by National Instrument 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 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 WilliamsPresident & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Gwen PrestonVice President CommunicationsTel: (604) 609-6132Email: investors@ or visit the Company's website at 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 Company's intended use of proceeds from the Credit Facility; final approval of the Loan Bonus Warrants by the TSXV, statements relating to the plans and timing for the potential restart of mining operations at the Madsen Mine, the potential (including the amount of tonnes of material from the bulk sample program) of the Madsen Mine; the benefits of test mining; the timing for the completion of the Connection Drift; the timing of completion of the Madsen Mine Camp; 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, 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 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 Photos accompanying this announcement are available at: in to access your portfolio
Yahoo
13-02-2025
- Business
- Yahoo
Madsen Mine Site Update: Bulk Sample Underway, Connection Drift 80% Complete, Underground Development and Facility Installs Progressing
VANCOUVER, British Columbia, Feb. 13, 2025 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ('West Red Lake Gold' or the 'Company') (TSXV: WRLG) (OTCQB: WRLGF) is pleased to provide an update on restart readiness activities, including the in-progress bulk sample, at its 100% owned Madsen Mine project in the Red Lake Gold District of Northwestern Ontario, Canada. 'With test mining underway, bulk sample stockpiles building on surface, and the mill set to initiate campaign processing in the coming weeks, we have achieved many key operational milestones at the mine site,' said Shane Williams, President and CEO. 'The connection drift development and test mining efforts have been very successful to date, which is a testament to our mine crews' ability to operate safely and efficiently. I'm proud to say that the ramps, sills, and stopes we are developing at Madsen are best in class.' 'Things are increasingly busy across the site with final installation work underway for the camp and mine dry facilities, mine engineering picking up pace, and a headcount that stands at 185 employees and 50 contractors currently active on site. The team is excited to get the bulk sample complete, which is expected to demonstrate that our approach to mining at Madsen works, followed by rolling into production mining and processing with an aim to start selling gold into this record price environment, where gold is selling for over CAD$4,100 per ounce today.' Bulk SampleThe bulk sample program includes plans to mine at least 10,000 tonnes of material from six stopes. The Company prioritized parts of the Madsen resource for extraction early in the mine life based on grade, tonnage, and ease of access. These areas saw access development, definition drilling, and mine engineering over the last 16 months and now constitute the mineral inventory in the 12-month detailed mine plan. The bulk sample program targets stopes in three such areas: the 1099/1100 area of the Austin resource, the 1407 area of the McVeigh resource, and the 987 area of the South Austin 1: Long section showing part of the Madsen Mine deposit with bulk sample areas highlighted. Modern workings (post 2019) shown in green; Connection Drift in blue. Bulk sampling from several areas amplifies the benefits of test mining by: Testing drill density and modeling techniques for different zones of the deposit, Allowing crews to deploy the range of mining methods that will be used at Madsen, and Helping to solidify mining procedures in proximity to old workings by validating historical data and confirming geotechnical competence assumptions (with respect to both void and backfilled historical stopes). At present, 3,380 tonnes of bulk sample material are on surface from two stopes. The remaining stopes will be drilled, blasted, and mucked over the coming weeks. 'The first stopes mined have provided valuable insights into the effectiveness of the drill and blast designs, the geological modelling techniques, and the overall development processes required,' said Maurice Mostert, Vice President Technical Services. 'Initial results are showing that our drill and blast techniques and design criteria are very effective at controlling fragmentation size and dilution.'FIGURE 2: Bulk sample stockpiles at the Madsen Mine site. West Red Lake Gold has engaged independent third-party engineering contractors Entech Inc. and Soutex Inc. to audit the mining and processing portions of the bulk sample process, respectively. Entech is monitoring the mining schedule and providing third-party QA/QC on all sampling and stoping activities. Soutex will review all processing plans and will supervise operations and analyses. 'The bulk sample program is our first opportunity to demonstrate that our Madsen Mine approach, based on intensive definition drilling, clear confidence and financial requirements for mine engineering, and appropriate mining methods, can deliver the expected tonnes and grades to the mill,' said Williams. 'We hired Entech and Soutex because we want the results of this bulk sample to be further substantiated by third party independent review.'FIGURE 3: An underground sampler measuring interval length along the sampling line across an ore face. Mill Startup for Bulk Sample ProcessingThe mill is scheduled to restart later this month, after 28 months of maintained dry shutdown. First feed will be 3,000 tonnes of legacy low-grade material to pack out the grinding mills and establish dead beads in the process tanks. Feed will then transition to low-grade material mined by West Red Lake Gold. Once re-commissioned, the mill will process the bulk sample. Each stope will be processed individually to enable full reconciliation calculations between expected and actual tonnes, grades, and ounces. West Red Lake Gold has completed multiple pre-commissioning projects and tests at the mill. This includes replacing the mill liners and discharge lines, reclaiming water feed lines, recycling process water through the system, revitalizing the CIP circuit, carbon circuit, and carbon kiln, reassembling the flocculant and reagent systems and leach agitators, and commissioning the refinery. 'All operational readiness milestones have been met for the process plant,' said Hayley Halsall-Whitney, Vice President Operations. 'The facility is fully staffed and ready for this first phase of mill operations.' Connection Drift 80% CompleteThe Connection Drift, the largest of the capital projects supporting restart of the Madsen Mine and a cornerstone of West Red Lake Gold's approach to efficient mine operations, is now 80% complete. To date 1,148 metres have been completed, of the 1,440-metre total length. The project remains on track for completion by the end of March 2025. 'The Connection Drift is a best-in-class haulage way,' said Mostert. 'This large cross-section, moderately inclined, straight ramp with sufficient passing bays will optimise our trucking operations. I am extremely proud of the quality of work our teams have put into this key project.' The Connection Drift is a 1.4-km haulage way connecting the small historic West Portal, which through extensive workings provides access to most parts of the Madsen mine, and the East Portal, a modern portal from which development only extends a modest distance into one resource area. With the Connection Drift, West Red Lake Gold will be able to move all material on large haul trucks through the East Portal, which is situated close to the crusher and the mill. Underground DevelopmentThe ability to develop access to mining areas efficiently and accurately is essential in an underground mine, in particular a mine where the deposit necessitates multiple working faces. For this reason, West Red Lake Gold focused in H2 2024 on increasing the pace of underground development, while maintaining strong emphasis on safety and quality. The effort has generated good results. In January 2024 new development at the mine averaged just over 4 metres per day. This increased modestly to 6.6 metres a day by mid-2024. From August 2024 to January 2025 the pace of new underground development increased notably, with average daily meterage rising 23% each month. In January underground development averaged above 20 metres per day and the pace continues to 4: Total underground development at the Madsen mine by month. Camp and Mine Dry InstallationsThe last outstanding construction permit for the Madsen Mine camp was received from the Municipality of Red Lake on January 31st. Final installation work is now underway, which is primarily power, water, sewer, and propane connections. The Company expects to start housing workers in the camp in the second half of March, pending receipt of an occupancy permit that is in progress. The camp is a 114-person facility. It offers individual rooms with ensuite bathrooms for each worker, a kitchen and dining hall, and recreation space. The mine dry facility is largely constructed. Once a final permitting requirement is met, the Company expects to be able to complete the installation and have the facility in service for miners transitioning in and out of shifts by the end of 5: The dining hall of the Madsen mine camp, with accommodation buildings visible behind. QUALIFIED PERSONThe technical information presented in this news release has been reviewed and approved by Maurice Mostert, Vice President of Technical Services for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. ABOUT WEST RED LAKE GOLD MINESWest 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 BEHALF OF WEST RED LAKE GOLD MINES LTD.'Shane Williams'Shane WilliamsPresident & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Gwen PrestonVice President CommunicationsTel: (604) 609-6132Email: investors@ or visit the Company's website at 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 INFORMATIONCertain 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 plans and timing for the potential restart of mining operations at the Madsen Mine, the potential (including the amount of tonnes of material from the bulk sample program) of the Madsen Mine; the benefits of test mining; the timing for the completion of the Connection Drift; the timing of completion of the Madsen Mine Camp; 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, 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 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 Photos accompanying this announcement are available at: in to access your portfolio
Yahoo
29-01-2025
- Business
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West Red Lake Gold Highlights New Targets from Regional Surface Sampling at Madsen
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, 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 WilliamsPresident & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT: Gwen Preston Vice President Communications Tel: (604) 609-6132 Email: investors@ or visit the Company's website at 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 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 A photo accompanying this announcement is available at A photo accompanying this announcement is available at A photo accompanying this announcement is available at in to access your portfolio
