West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FWB: HYK) (OTC: HYLKF) announces that the Company filed a NI 43-101 technical report on the 3100 hectare West Red Lake Project located in the prolific Red Lake Gold District, 25 km west of Balmertown, Northwestern Ontario, Canada. The Ontario Securities Commission (the “OSC”) issued a Management Cease Trade Order on December 24, 2015 for failure to file an independent NI 43-101 technical report on the Company’s West Red Lake Project.
The Technical Report and Resource Estimate on the West Red Lake Project filed on sedar.com on February 18, 2016 (the “Technical Report”) included an underground inferred mineral resource estimate of 4,468,900 tonnes at an average grade of 7.57 grams gold per tonne containing 1,087,700 ounces of gold with a cut-off grade of 3.0 grams per tonne. The inferred resource is located along a 1.8 km strike length from surface down to a depth of 350 metres at the location of the historic underground Rowan Mine site.
The Technical Report was authored by John Kita, P.Eng , John C. Archibald, B.Sc., P.Geo. and Peter Bevan, P.Eng. and the authors have approved this news release.
The West Red Lake Project consists of two contiguous properties, the Rowan Mine property and the Mount Jamie Mine property. The Rowan Mine site is situated on the Rowan Mine property 60% owned and managed by the Company and 40% owned by Red Lake Gold Mines. West Red Lake Gold has sole responsibility for the Technical Report as per the OSC requirement for the Company to file an independent NI 43-101 technical report on the West Red Lake Project. The Company’s 40% partner had no involvement in the report.
The mineral resource estimate is based on a 3D Block Model interpolated using Inverse Distance squared (ID2) methods to extrapolate grades. The software used for all geostatistical analysis and computation was Dassault Systemes, Geovia GEMS version 6.5. The database utilized contained 570 diamond drill holes, and a total of 36,062 assay records.
Note: Price of Au: US$1150; Exchange rate US$: CDN $0.77; Block cut-off grade: 3.0 gpt Au; numbers may differ due to rounding
“An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.”
“An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.”
“An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101”.
Mineral Resources are not Mineral Reserves having demonstrated economic viability.
The technical information presented in this news release has been reviewed and approved by Ken Guy, P.Geo., a consultant to West Red Lake Gold and the Qualified Person responsible for the exploration at the West Red Lake Project property, as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).
The Company’s West Red Lake Project is situated on the Red Lake Archean Greenstone Belt which hosts the high grade gold mines of the Red Lake Gold District. The Pipestone Bay-St Paul Deformation Zone strikes east-west across the 12 km length of the property and then continues east towards the town of Red Lake. A second gold bearing regional structure, the Golden Arm Structure, trends on to the property from the southwest and trends northeast on the property for 2 km to where the structure intersects with the Pipestone Bay-St Paul Deformation Zone (the “Structural Intersection.”) The Structural Intersection is located approximately 1 km east of the Rowan Mine shaft. Twenty kilometres to the east is a similar geologically important intersection of two regional gold bearing structures proximal to the world class Red Lake Mine and Campbell Mine, which provides a highly favourable geological model that illustrates the exploration potential for the Company’s West Red Lake Project.
West Red Lake Gold Mines Inc. is a Toronto-based minerals exploration company focused on gold exploration and development in the prolific Red Lake Gold District of Northwest Ontario, Canada. The Red Lake Gold District is host to some of the richest gold deposits in the world and has produced 30 million ounces of gold from high grade zones. The Company has assembled a significant property position totalling 3100 hectares in west Red Lake (the “West Red Lake Project”) which contains three former producing gold mines. The Mount Jamie Mine and Red Summit Mine are 100% owned by the Company and the Rowan Mine is held in a 60%-owned joint venture with Red Lake Gold Mines, a partnership of Goldcorp Inc. and Goldcorp Canada Ltd. The West Red Lake Project property covers a 12km strike length along the West Red Lake Trend and the Company plans to continue to explore the property both along strike and to depth. To find out more about West Red Lake Gold, please visit our website at http://www.westredlakegold.com.
For additional information, please contact: John Kontak, President and acting CFO Phone: 416-203-9181 Email: email@example.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Certain statements contained in this news release constitute “forward looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold does not undertake any obligation to revise or update any forwardlooking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.