West Red Lake Gold Mines exploring Madsen Project, Ontario
West Red Lake Gold Mines Ltd. [TSXV: WRLG; OTCQB: WRLGF; FSE: UJ0] released positive results from the 2024 regional surface mapping and geochemical sampling program across its 100%-owned Madsen property in the Red Lake gold district of northwestern Ontario, Canada.
Highlights: The program at Madsen was focused on the Confederation Assemblage of rocks, which remained mostly unexplored until West Red Lake 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 24 kilometres 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 anomalous areas were defined with a geochemical signature of Au-W-As-Ag-Bi (gold-tungsten-arsenic-silver-bismuth), 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 data set 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-calibre 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.”
The company granted 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 three months from the grant date and 25% vesting on the first, second and third anniversary of the grant date at an exercise price of 63 cents and will be exercisable for a five-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.
West Red Lake Gold Mines is advancing and developing its flagship Madsen gold mine and the associated 47 km2 prospective land package in the Red Lake district, Ontario. West Red Lake 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.