West Red Lake Gold Mines Inc.: Deep Hole Confirms Exploration Potential 500 Metres Below Previous Drilling at Rowan Gold Mine
July 4, 2018 (Source) — West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FSE: HYK) (OTCQB: RLGMF) announces the completion of a deep diamond drill hole to test the extension of the Rowan gold mineralization at a depth of approximately 500 metres below the present resource and previous exploration drilling. The 1,272 metre length hole intersected the altered mafic volcanics that host the Rowan mineralization at a depth of 1,122 meters or approximately 1,050 metres below surface. The interval from 1,163.5 to 1,165.0 metres assayed 4.39 grams per tonne Au over 1.5 metres within a 6 meter sericite, carbonate altered feldspar porphyry hosted within the altered mafic volcanic sequence.
The presence of gold mineralization within the favourable hydrothermal alteration system hosting the Rowan mineralization 500 metres below the present resource estimate is very encouraging for future exploration to increase the resource at depth.
The Rowan Mine property presently hosts a National Instrument 43-101 (“NI 43-101”) inferred mineral resource of 4,468,900 tonnes at an average grade of 7.57 grams per tonne Au containing 1,087,700 ounces of gold with a cut-off grade of 3.0 grams per tonne (NI 43-101 Technical Report dated February 16, 2016 filed on sedar.com). The inferred resource is located along a 1.8 km strike length from surface down to a depth of 550 metres at the location of the historic underground Rowan Mine site.
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 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 under NI 43-101 “Standards of Disclosure for Mineral Projects”.
All drilling was completed using NQ size core. Gold analysis of the samples collected by West Red Lake Gold were assayed by SGS Laboratories Ltd. Analysis consisted of a fire assay of a 50-gram sample with an atomic absorption finish. Samples assaying over 10.0 gpt Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance Program is in place using control samples including blanks and standards.
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. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Mine property 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 12 kilometre 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. To find out more about West Red Lake Gold, please visit our website at http://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 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.
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