West Red Lake Gold Mines drills 68.36 g/t gold over 1.1 metres at Madsen mine, Ontario
West Red Lake Gold Mines Ltd. [TSXV-WRLG; OTCQB-WRLGF] reported drill results from its 100%-owned Madsen mine located in the Red Lake gold district of northwestern Ontario, Canada.
The drill results featured in this news release were focused on the high-grade South Austin Zone, which currently contains an Indicated mineral resource of 474,600 oz grading 8.7 g/t gold with an additional Inferred resource of 31,800 oz grading 8.7 g/t gold.
The purpose of this drilling was definition within South Austin to continue building an inventory of high-confidence ounces for eventual restart of the Madsen mill.
Highlights: Hole MM24D-07-4198-001 Intersected 1.1m of 68.36 g/t Au, from 74.25m to 75.35m, including 0.5m of 145.44 g/t Au, from 74.85m to 75.35m.
Hole MM24D-07-4198-002 Intersected 3.95m of 13.83 g/t Au, from 7.55m to 11.5m, including 0.5m of 105.72 g/t Au, from 7.55m to 8.05m.
The high-grade mineralization encountered near the collar (top of hole) in Holes MM24D-07-4198-002 and MM24D-07-4198-006 is believed to be the down-dip continuation of a mineralized zone defined further up in the system. These intercepts are expected to extend this zone in future model updates.
Shane Williams, President & CEO, stated, “We are very pleased with the results that have been coming out from the South Austin definition program. The team has been intercepting zones of mineralization where expected, which is helping to increase our confidence in the higher priority areas of the resource model and validates our interpretation of the geology. Now that we have added a second underground drill at North Austin, we expect to be generating a steady stream of positive news flow from North and South Austin over the coming months.”
Accessed through the Madsen Mine West Portal, the South Austin Zone sits south in the hanging wall of the main Austin Zone. Like the other mineralized domains that comprise the Madsen Mine, the South Austin structure is hosted within broad, kilometer-scale planar alteration and deformation corridors that have been repeatedly reactivated during gold mineralization and subsequent deformation and metamorphism.
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 through 2024.
The Madsen Mine deposit presently hosts a NI 43-101 Indicated resource of 1.65 million ounces of gold grading 7.4 g/t Au and an Inferred resource of 0.37 Moz of gold grading 6.3 g/t Au. Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz.
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 prospective land package in the Red Lake district, 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.