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Toronto, ON – January 28, 2021 – West Red Lake Gold Mines Inc. (CSE: RLG) (OTCQB: RLGMF) (FSE: HYK) (“West Red Lake Gold” or the “Company”) is pleased to announce that exploration diamond drilling is planned to continue throughout 2021 on the West Red Lake Gold Project located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.
During the first quarter of 2021, West Red Lake Gold plans to drill along the northern 1 km of the NT Zone as follow-up to successful drill results generated over the southern 1 km portion of the NT Zone during 2019 and 2020. The northern portion of the NT Zone continues to trend north-east before it folds around to the north-west and to the north side of the Rowan Mine. The folding of the NT Zone occurs where it intersects with the east-west trending Pipestone Bay St Paul Deformation Zone (“PBS Zone”) which hosts the Rowan, Mount Jamie and Red Summit Mines which are all located on the West Red Lake Project property.
During 2021, after drilling the north-eastern 1 km portion of the NT Zone, West Red Lake Gold plans to carry out deeper drilling below positive results previously reported in the southern 1 km portion of the NT Zone.
Mr. John Kontak, President of West Red Lake Gold Mines stated, “We are very pleased to begin to explore the second kilometer of the NT Zone for expansion of gold mineralization further along the geological strike to the north-east. After the expansion drilling along strike takes place, the Company also plans to expand the entire 2 km strike length of the NT Zone to greater depth”.
West Red Lake Gold also plans to drill approximately 10 shallow holes to target gold mineralization above the first level of the Rowan Mine. Only minimal drilling has been undertaken to date in the area where historic sampling on the first mine level and at surface indicate good potential for a gold-rich surface bulk sample sometime in the future. (NI 43-101 Rowan Mine Mineral Resource: 4,468,900 tonnes grading 7.57 gpt Au for 1,087,700 inferred oz of Au from the Technical Report and Resource Estimate on the West Red Lake Project filed on February 18, 2016 authored by John C. Archibald, B.Sc., P.Geo. and Peter Bevan, P.Eng., and John Kita, P.Eng.).
The Company also announces the grant of 2,900,000 options at an exercise price of $0.12 for a term of 2 years to service providers.
Technical Information
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”).
About West Red Lake Gold
West Red Lake Gold 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 3,100 hectares in west Red Lake (the “West Red Lake Project”) which contains three former gold mines located 15 km west of the Red Lake mine complex. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Mine property is held in a 64%/36% joint venture with Evolution Mining Limited. The West Red Lake Project property covers a 12 km strike length along the Pipestone Bay St Paul Deformation Zone and the Company plans to continue to explore the property both along strike and to depth during 2021.
For more information, please contact: John Kontak, President Phone: 416-203-9181
email: jkontak@rlgold.ca or visit our website: www.westredlakegold.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 Mines 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
SOURCE: West Red Lake Gold Mines Inc.
Toronto, ON – January 5, 2021 – West Red Lake Gold Mines Inc. (CSE: RLG) (OTCQB: RLGMF) (FSE: HYK) (“West Red Lake Gold” or the “Company”) announces that it completed a non-brokered private placement of flow-through share units for aggregated gross proceeds of $400,008.
The Company issued 3,333,400 flow-through units (the “Flow-Through Units”) at a price of $0.12 per Flow-Through Unit for aggregated gross proceeds of $400,008. Each Flow-Through Unit consists of one common share in the capital of the Company issued on a “flow- through” basis pursuant to the Income Tax Act (Canada) and one half of one common share purchase warrant. Each full warrant issued in connection with the Flow-Through Units entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 18 months from the date of issuance.
Gross proceeds from the Flow-Through Units will be used by the Company for exploration expenditures on its 3,100 hectare West Red Lake Project property located in the prolific Red Lake Gold District of Northwest Ontario.
In connection with the financing, the Company paid finders fees in the form of $14,000 in cash and issued 116,669 common shares priced at $0.12.
As a result of the financing, Accilent Capital Management Inc., a principal shareholder of the Company as a finder and also as a subscriber of Flow-Through Units through its affiliate Pavilion Flow-Through L.P., has increased its direct and indirect holding of the voting securities of the Company from 18.96% to 20.33% on a fully diluted basis.
The Company announces that it has issued 1,678,334 common shares at a deemed price of $0.12 per share for $201,400 of services to the Company by several service providers.
The Company also announces that options have been granted to consultants of the Company to purchase, in aggregate, 6,250,000 common shares in the capital of the Company at an exercise price of $0.12 per common share for a period of 24 months.
West Red Lake Gold Mines 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 3,100 hectares in west Red Lake (the “West Red Lake Project”) which contains three former gold mines. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Mine property is held in a 64%/36% joint venture with Evolution Mining Limited. The West Red Lake Project property covers a 12 km strike length along the Pipestone Bay St Paul Deformation Zone and the Company plans to continue to explore the property both along strike and to depth during 2021.
For more information, please contact: John Kontak, President Phone: 416-203-9181 Email: jkontak@rlgold.ca or visit our website: www.westredlakegold.com
Twitter: @WestRedLakeGold
LinkedIn: west-red-lake-gold/
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.
SOURCE: West Red Lake Gold Mines Inc.
About West Red Lake Gold Mines
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 gold mines. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Mine property is held in a 64%-owned joint venture with Evolution Mining. The West Red Lake Project property covers a 12 kilometre strike length along the Pipestone Bay St Paul Deformation Zone. West Red Lake Gold Mines plans to continue to explore the property both along strike and to depth.
Highlights include:
- High grade Rowan gold deposit in the prolific Red Lake Gold District of Ontario, Canada – exploration potential open at depth
- West Red Lake Project hosts three former gold mines located 15 km west of the Red Lake mine complex operated by Evolution Mining
- Evolution Mining is a partner at the Rowan Mine property (RLG owns 64% and is the operator; Evolution Mining owns 36%)
- Management team track record: growing junior resource companies and attracting high profile acquisition partners
NI 43-101 inferred 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 at the Rowan Mine deposit dated February 16 2016 NI 43-101
West Red Lake Gold Mines trades on the Canadia Securties Exchange under the symbol RLG, on the Frankfurt Stock Exchange under the symbol HYK, and on the OTCQB under the symbol RLGMF.
West Red Lake Project Highlights
- 3100 hectare property encompassing three former gold mines:
- Rowan Mine
- Red Summit Mine
- Mount Jamie Mine
- Property has a 12km strike length and includes the intersection of key geological structures – Pipestone Bay St Paul Deformation Zone and the NT Zone
- Major gold deposits in the Red Lake Gold District are associated with regional scale deformation zones
- Exploration work is focused on drilling high grade gold zones on the Rowan Mine property (RLG owns 64% and is the operator; Evolution Mining owns 36%)
- Potential to increase the current Rowan Deposit inferred resource (Feb. 2016 NI 43-101)
- Good exploration potential and positive initial results at the 2km long NT Zone
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.
The 3100 hectare West Red Lake Project has 12km of strike length on the regional east-west trending Pipestone Bay St Paul Deformation Zone. Three former gold mines – Rowan Mine, Mount Jamie Mine, and Red Summit Mine – are all situated along the deformation zone on the Company property.
A second regional gold bearing structure, the NT Zone, trends northeast on to the property and intersects with the Pipestone Bay St Paul Deformation Zone approximately 1km east of the Rowan Mine.
Fifteen km to the east of the West Red Lake Project a similar intersection of two regional gold bearing geological structures occurs proximal to the world-class Red Lake Mine and Campbell Mine, providing a favourable geological model. This similar structural intersection illustrates the significant exploration potential for high-grade gold zones on the Company’s West Red Lake Project.
Exploration work is focused on drilling high grade gold zones at the West Red Lake Project.
Geologically, the West Red Lake Project is situated at the west end of the Red Lake Gold District which is comprised of a series of six metavolcanic/metasedimentary supracrustal assemblages intruded by several bodies of variable size, form, and composition. All of the assemblages have undergone several phases of deformation and metamorphism. The rocks, of Mesoarchean and Neoarchean age, form part of the larger Uchi Subprovince of the Superior Province of the Canadian Shield. At least two major deformation events have affected the rocks of the Red Lake Gold District resulting in the generation of interference fold structures on all scales. Major gold deposits in the Red Lake Gold District are associated with regional scale deformation zones. The most significant deposits occur where two of the regional structures intersect.
ADDITIONAL DETAILS
ROWAN MINE PROPERTY
The Rowan Mine property is comprised of 119 claims. A joint venture with Evolution Mining includes 117 of these claims and the other two claims, which host the Red Summit Mine, are owned 100% by the Company. The joint venture claims are 64% owned by West Red Lake Gold and 36% owned by Evolution Mining, and include 50 patented, 18 leased, and 49 staked claims. The Rowan Mine property hosts significant regional gold bearing structures which intersect near the former producing Rowan Mine. The Rowan Mine was in development from the late 1930s to the 1950s with mine workings consisting of a vertical shaft, three levels including an adit on the first level, and underground exploration of drifting and raising along several gold zones.
NT ZONE
The NT Zone is located on the Rowan Mine Property portion of the West Red Lake Project. The NT Zone trends north-east from the south property boundary for a distance of 2 km and then appears to fold around to the north-west where this regional scale structure intersects with the east-west trending Pipestone Bay St Paul Deformation Zone. The NT Zone is located approximately 800 metres south-east of the Rowan Mine gold deposit.
MOUNT JAMIE MINE PROPERTY
The Mount Jamie Mine property is 100% owned and consists of 26 claims – 9 patented, 1 leased, and 16 staked claims. The property hosts the past producing Mount Jamie Mine which is situated on the east-west trending regional gold bearing structure known as the Pipestone Bay St Paul Deformation Zone.
RED SUMMIT MINE PROPERTY
The Red Summit Mine Property consist of two 100% owned patented claims situated within the Rowan Mine property. The Red Summit Mine claims are situated on a regional east-west trending gold bearing structure known as the Pipestone Bay St Paul Deformation Zone.
SOURCE: https://www.westredlakegold.com/
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