West Red Lake Gold Mine Restart Supported by Drill Results from High-grade Austin and McVeigh Zones

Vancouver, BC, August 14, 2024 – TheNewswire – Global Stocks News – Sponsored content disseminated on behalf of West Red Lake Gold.  On August 12, 2024 West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) reported drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

AUSTIN ZONE HIGHLIGHTS:

• Hole MM24D-09-4796-018Intersected 2.5m @ 107.61 g/t Au, from 80.0m to 82.5m 

• Hole MM24D-09-4796-006Intersected 11.77m @ 7.04 g/t Au, from 62.23m to 74.00m 

• Hole MM24D-09-4796-005Intersected 7m @ 5.70 g/t Au, from 53m to 60m 

• Hole MM24D-09-4796-007Intersected 5m @ 7.68 g/t Au, from 45m to 50m 

“The Austin Zone makes up the bulk of the existing resource,” stated Shane Williams, President and CEO. “To see this zone capable of producing gold grades in excess of 250 grams per tonne over meaningful widths is particularly exciting and underscores the upside that still exists within the main deposit.”

MCVEIGH ZONE HIGHLIGHTS:

• Hole MM24D-01-4081-019Intersected 2.35m @ 106.99 g/t Au, from 37.65m to 40.00m 

• Hole MM24D-01-4081-011Intersected 3.33m @ 14.61 g/t Au, from 58.00m to 61.33m 

• Hole MM24D-01-4081-017Intersected 4.1m @ 10.13 g/t Au, from 36.0m to 40.1m 

“The results coming out of McVeigh are quite positive,” added Williams. “With a better understanding of the geologic model, structural controls and ore distribution in McVeigh, we are seeing renewed potential in this area.”

“We have an in-depth understanding of the geology in McVeigh,” Will Robinson, VP of Exploration told Guy Bennett, CEO of Global Stocks News (GSN). “Even though McVeigh is structurally complex, it’s the part of the deposit we know the most about, because it was recently mined by our predecessor. With an oversimplified geologic model, the former operator experienced excessive internal dilution in the mined material.”

“The McVeigh zone is very shallow and close to the west portal,” added Robinson. “The short haulage distances and high grades help justify McVeigh as a possible early sequenced part of the mine restart plan”.

“In both the Austin and McVeigh zone, we have an updated geologic model that accurately defines the location of the gold.”

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On June 5, 2024 WRLG stated that the company “has a goal to restart the high-grade Madsen gold mine in the second half of 2025.”

While the company news flow is dominated by drill results, much of the required work is happening behind the scenes on a pre-feasibility study detailing the restart plan. This study is targeted for release in early 2025.

Mine Restart Projects Underway or Imminent:

• Connection Drift: 1,200-meter haulage way to connect the East and West portals/declines to enable bigger trucks, more efficient routings, and better ventilation and to eliminate surface trucking restrictions by moving mineralization underground. 

• Primary Crusher: Install a permanent primary crusher as part of the Madsen mill, which previously relied on a temporary crusher. 

• Test Mining: Initiate a test mining program to assess longhole stoping and cut-and-fill mining methods on the range of mining environments at Madsen. This will be an essential step in further de-risking the asset. 

• Camp: Procure and install a mine camp to house 100 workers at the Madsen mine site. 

• Mine Dry: Procure, install, and staff a facility with showers, change areas, and laundry where workers can transition into and out of work shifts. 

• Evaporators: Install two (2) evaporator fans with the ability to manage 2,000 cubic meters of water daily, to increase overall water management capacity at the mine site. 

• Shaft Rehabilitation: Continue the process of dewatering the mine and rehabilitating the existing shaft, which is now certified to move people for the purpose of inspecting shaft conditions. 

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WRLG CEO Shane Williams’ specific expertise is moving mineral assets along the development chain into production, on schedule and on budget. He has designed, built and operated mines (open pit and underground) in Greece, Turkey and Canada - for Skeena Resources, Eldorado Gold and Rio Tinto.

In this July 11, 2024 interview with Steve Hayland at The Rule Symposium in Boca Raton, Florida, Williams discusses the company’s plans to restart the Madsen mine project.

“We have reported a lot of good drill results over the last 12 months,” Williams told Hayland. “You'll see the de-risking as we move closer to production. We anticipate a robust pre-feasibility study, because of all the capital that has already been spent.”

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The Madsen Gold Mine is fully permitted and has a brand-new 800+ tonne per day mill, a tailings and water treatment facility. [1]

The Madsen Mine deposit presently hosts an NI 43-101 Indicated resource of 1.65 million ounces of gold grading 7.4 g/t gold and an Inferred resource of 0.37 Moz of gold grading 6.3 g/t gold. [2.] [3.]

“We are keen to continue building confidence in the Madsen resource with definition holes ahead of our prefeasibility study,” stated Robinson. “And to test additional high caliber targets close to existing underground infrastructure where historic drill intercepts suggest there is good potential to define additional mineralization, like the 8 Zone.”

Contact: guy.bennett@globalstocksnews.com

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References:

1. SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada.  

2. 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  

3. 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 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 updated report. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca  

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