West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (OTCQB: RLGMF) (FSE: HYK) announces exploration plans on its West Red Lake Project property located in the prolific Red Lake Gold District, Northwestern Ontario, Canada.
2019 Exploration Plan
West Red Lake Gold plans to initiate an exploration drill program on the NT Zone at the beginning of October. This program will consist of approximately 12 drill holes and be designed to follow up and expand on the positive results from the 8 holes drilled into gold mineralization and reported on January 30, 2019.
2020 Exploration Plan
Beginning in 2020, the Company plans to continue exploration on the property with ongoing drilling to expand the NT Zone gold mineralization with drill programs throughout the year, subject to future financing in 2020.
West Red Lake Gold plans to focus exploration drilling on the southern 1 kilometer (“km”) portion of the 2 km long NT Zone, initially between surface and 200 metres depth. Additional exploration work on the northern portion of the NT Zone would also take place. The geology of the northern portion is more complex due to folding and the presence of intrusive rocks, which together provide attractive exploration potential in the area.
The NT Zone, which is located on the Rowan Property joint venture portion of the West Red Lake Project, trends north-east from the south property boundary for a distance of 2 kms to where this regional scale structure intersects with the east-west trending Pipestone Bay St Paul Deformation Zone. The area of planned exploration work on the southern portion of the NT Zone is located approximately 800 metres south of the former producing Rowan Mine.
The NT Zone is a large-scale alteration/deformation zone. The scale and style of the iron-carbonate alteration within the NT Zone is interpreted to be associated with large multi-stage hydrothermal systems. Gold mineralization in the NT Zone is associated with silica/sulphide replacement of the iron-carbonate zones within altered volcanic and sedimentary rocks.
Joint Venture Update: Opportunity to Increase Property Interest
West Red Lake Gold has been advised by Newmont Goldcorp Corporation (“Newmont Goldcorp”), its joint venture partner on the Rowan Mine property, that it does not intend to fund its pro rata share of proposed exploration expenditures on the Rowan Mine property during 2019 and 2020. As a result, exploration expenditures made on the Rowan Mine property by West Red Lake Gold during 2019 and 2020 would result in an increase in West Red Lake Gold’s ownership interest in the Rowan Mine property according to the joint venture agreement terms covering exploration expenditures. West Red Lake Gold currently holds a 60% interest in the Rowan Mine property and Newmont Goldcorp holds a 40% interest. West Red Lake Gold will continue to have regular joint venture management meetings with the Newmont Goldcorp Red Lake exploration team.
Subsequent to the combined exploration expenditures by the two partners having exceeded $5 million, Newmont Goldcorp’s back in right on the Rowan Mine property has expired.
Mr. John Kontak, President of West Red Lake Gold Mines stated “The upcoming exploration drilling at the gold-bearing NT Zone provides a good opportunity for expansion of property gold mineralization. We are looking forward to exploration drilling starting soon in 2019 and continuing in 2020 on this attractive gold exploration property.”
The Company property is situated on the Red Lake Archean Greenstone Belt which hosts the high-grade gold mines of the Red Lake Gold District. Twenty kms to the east of the Company property are the world class Red Lake Mine and Campbell Mine, which have a geologically similar setting illustrating the exploration potential for high-grade gold zones on the Company’s West Red Lake Project - which hosts three former producing gold mines.
The technical information presented in this news release has been reviewed and approved by Kenneth Guy, P.Geo., a consultant to West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).
For more information, please contact: John Kontak, President Phone: 416-203-9181 Email: firstname.lastname@example.org
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 forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
West Red Lake Project Diamond Drill Map