West Red Lake Gold’s (WRLG.V) Drills Hit High-Grade in The North Austin Zone

Nov 27, 2023

This first round of drill results from the Madsen Mine were all 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.

Vancouver, British Columbia, Canada - November 27, 2023 —

Global Stocks News – In a press release dated November 21, 2023, West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) reported drill results from the North Austin Zone at its 100% owned Madsen Mine located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

The company’s flagship asset - The Madsen Gold Mine – is debt free, fully permitted, with a brand-new 800+ tonne per day mill, a tailings and water treatment facility. [1]

The November 21, 2023 Madsen results follow six months of high-grade assays from WRLG’s Rowan Gold Project located about 15 kilometers as the crow flies from the Madsen mill:  May 23, 2023 - 10.34 g/t Au Over 8.0m; June 21, 2023 -  113.74 g/t Au Over 0.5m; August 1, 2023 - 50.52 g/t Au Over 4.0m; August 29, 2023 - 66.66 g/t Au Over 2.0m: September 12, 2023 - 70.80 g/t Au over 8.3 m; October 11, 2023 - 45.20 g/t Au over 2m and November 9, 2023 - 10.92 g/t Au over 2.4m.

“This first round of drill results from the Madsen Mine were all 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,” reports WRLG.

“The WRLG team believes these intercepts are indicative of the exceptional resource growth potential that still exists at the Madsen Mine asset,” continued WRLG. “The North Austin Zone sits adjacent to existing underground development marking it as a high caliber target that could potentially be developed early during future mine restart and production”.

The North Austin Zone remains open down-plunge and along strike to the northeast and will continue to be a priority expansion target as underground drilling continues.

North Austin Zone Drill Highlights:

• Hole MM23X-02-4980-003 Intersected 10.28m @ 27.15 g/t Au, from 28.72m to 39.00m, Including 1m @ 33.11 g/t Au, from 31.50m to 32.50, also Including 1m @ 226.85 g/t Au, from 32.50m to 33.5m.

• Hole MM23X-02-4980-001 Intersected 8.5m @ 22.31 g/t Au, from 26.95m to 35.45m,Including 0.55m @ 186.56 g/t Au, from 26.95m to 27.50m, also Including 1m @ 80.76g/t Au, from 27.50m to 28.50m.

• Hole MM23X-02-4980-004 Intersected 7.36m @ 8.98 g/t Au, from 29.74m to 37.10m,Including 1m @ 40.81 g/t Au, from 31.40m to 32.40m.

“Our geologic team quickly recognized the exploration potential in the North Austin area, which represents a high-grade expansion target that sits very close to existing underground infrastructure,” stated Shane Williams, President & CEO of WRLG.

“The Madsen deposit currently has resources defined down to depths of over one kilometer,” Will Robinson, VP of Exploration told Guy Bennett, the CEO of Global Stocks News. “High-grade drill intercepts down plunge and beneath the currently modeled resource suggest these zones run deeper.”

“North Austin is particularly exciting because it represents a near-surface high-grade target that can be advanced with shorter drill holes and minimal additional development,” continued Robinson. “This should provide more ‘bang for our buck’ as we allocate additional drill and development meters to continue expanding this new area of high-grade mineralization.” 

West Lake Red Gold will continue to focus on definition drilling increasing confidence in the current resource, while taking advantage of “near-mine organic growth opportunities” like the North Austin Zone that could materially enhance and increase the mineral resource inventory at Madsen.

The Red Lake District is known for deep deposits. In 2003 Gold Corp hit an intersection of 57 grams/tonne gold at its Red Lake Mine 2,146 meters below surface.

Since underground drilling began eight weeks ago, WRLG has completed 848 meters of Exploration Drilling and 3,369 meters of Definition Drilling.

In total, 70 diamond drill holes for 4,217 meters have been completed so far in 2023 at the Madsen Mine. Fire and metallic screen assays have been returned for 65 out of 70 holes completed, with 5 holes pending assays and QAQC.

On November 7, 2023 West Red Lake Gold announced an upsize of marketed private placement of units to CND $13 million at .52 per unit.

WRLG CEO Shane Williams has designed, built and operated mines (open pit and underground) for Eldorado Gold and Rio Tinto. He has a stellar track record of moving mineral assets into production.

“The current underground drilling program at the Madsen Mine is focused on further definition of near-term mining inventory,” confirms WRLG, “as well as growth of the current mineral resource.”

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. https://www.globenewswire.com/en/news-release/2022/08/10/2495601/0/en/PureGold-Announces-Updated-Mineral-Resource-Estimate-for-PureGold-Mine.html

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