Vancouver, BC – July 11, 2024 – TheNewswire – Global Stocks News – Disseminated on behalf of West Red Lake Gold Mines. On July 9, 2024 West Red Lake Gold Mines (TSXV:WRLG) (OTCQB: WRLGF) reported drill results from the Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

The North Austin Zone sits adjacent to existing underground development marking it as a high caliber, near-surface target that could potentially be developed early during future mine restart and production.

The holes reported on July 9, 2024 were drilled from underground on the North Austin Zone, which represents a new area of high-grade mineralization extending the current Madsen resource to the northeast.

HIGHLIGHTS:

• Hole MM24X-03-5195-018 Intersected 10m @ 13.40 grams per tonne gold (“g/t Au”), from 82m to 92m, Including 1.0m @ 17.75 g/t Au, from 82m to 83m, also Including 1.0m @ 85.61 g/t Au, from 88.31m to 89.31m, also Including 1.0m @ 14.05 g/t Au, from 89.31m to 90.31m. 

• Hole MM24X-03-5127-012 Intersected 3m @ 12.21 g/t Au, from 58m to 61m, Including 1m @ 32.84 g/t Au, from 60m to 61m. 

• Hole MM24X-03-5195-015 Intersected 16.98m @ 3.12 g/t Au, from 82m to 92m, Including 0.98m @ 11.78 g/t Au, from 72.52m to 73.50m, also Including 1.0m @ 14.69 g/t Au, from 74.45m to 75.45m, also Including 0.79m @ 15.60 g/t Au, from 87.21m to 88.00m. 

“There are two portals at Madsen: the West Portal that accesses the Austin, South Austin and McVeigh zones, and the East portal which accesses the North Austin zone,” Will Robinson, WRLG VP of Exploration told Guy Bennett, CEO of Global Stocks News.

“The success that we're having in North Austin is a credit to our geological team. All WRLG team members work on the drill plans. With this type of deposit, it is vital to understand how the mineralisation is trending.  The team’s preparation and familiarity with the Madsen deposit is one reason we seldom see misses with the drill bit.”

“The results we have been seeing with the North Austin expansion program, with excellent grades over mineable widths, are encouraging as this new area has the potential to positively impact our mine restart scenario,” added Robinson.

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The North Austin drill program is part of the Madsen Mine Restart Plan announced June 5, 2024.

Mine Restart Infrastructure & Development Projects:

• Connection Drift: 1,200-meter haulage way to connect the East and West portals/declines at the Madsen Mine, to increase material hauling efficiency, ventilation, and safety. 

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

• Test Mining: Initiate a test mining program to assess longhole stoping and cut-and-fill mining methods 

• Bulk Sample: Analyze samples from the test mining program through a sample tower to determine representative grade of a bulk sample. 

• 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 

Concurrent with the above infrastructure and development, WRLG has two diamond drills operating regularly in a program totaling up to 39,000 meters.

The program has two prongs: Resource Expansion Drilling (approximately 12,000 meters) and Resource Definition Drilling (approximately 27,000 meters) to increase resource confidence across all known resource domains, in support of the mine restart plan.

“Our drill holes have been stepping out from known domains in recent months,” stated Robinson, “We are testing additional high caliber targets close to existing underground infrastructure where historic drill intercepts suggest there is good potential to define additional mineralization.”

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“The North Austin drilling continues to deliver meaningful results which is a testament not only to the quality of this resource area, but also to our technical team’s understanding of the structural controls and ore shoot geometries in this emerging part of the Madsen deposit.”

“With the team now working towards a planned mine restart in the second half of 2025,” stated Shane Williams, President & CEO, “The drills at Madsen will continue to delineate and define the high-value mineral inventory needed to support that objective.”

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The North Austin Zone displays ‘mine-style’ alteration and mineralization and consists of multiple mineralized domains defined over a strike length of 500 meters. 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.

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, and North Austin Zones. This will continue to be the strategy moving into 2025.

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“We know what needs to be procured, built, and developed at the mine site over the next six to twelve months to achieve our goal of restarting the mine in 2025,” stated Shane Williams, WRLG President & CEO.

WRLG is working on a pre-feasibility study detailing that restart plan, which is targeted for release in early 2025.

There over 100 WRLG employees currently on site, preparing for amine restart which involves constant underground development and drilling.

WRLG has about $44 million in the bank to fund its mine restart development activities.

The July 9, 2024 drill results build on the positive North Austin drill results previously announced on May 21, 2024 and Feb 7, 2024.

“Analysts from the World Gold Council reported that global gold-backed exchange-traded funds saw their second consecutive month of inflows in June,” reported Kitco News on July 9, 2024. “According to the report, global holdings increased by 17.5 tonnes, valued at $1.4 billion last month.

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 . [1.] [2.] [3.]

Contact: guy.bennett@globalstocksnews.com

Disclaimer: West Red Lake Gold paid GSN $1,500 CND for the research, writing and dissemination of this content.

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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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