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Operating in the Red Lake Gold District of North Western Ontario, Canada, this prolific gold district is host to some of the richest gold deposits in the world having produced nearly 30 million ounces of gold from high grade zones. This includes 18 million ounces from the nearby Red Lake Mine and Campbell Mine operated by Goldcorp.
Toronto based West Red Lake Gold Mines Inc. (CSE: RLG | OTCQB: RLGMF) is a Canadian company that focuses on gold exploration and development that has assembled a 3,100 hectare property which has a 12 km strike length and 3 former gold mines (Rowan Mine, Red Summit Mine, Mount Jamie Mine). 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%/40% owned joint venture with Goldcorp Inc. Access and infrastructure are good as the township of Red Lake acts as a cargo, passenger and tourism hub for North-Western Ontario and is located at the northern terminus of Highway 105. It is the northernmost town in Ontario.
On July 4, 2018, West Red Lake Gold Mines Inc. announced the completion of a deep diamond drill hole at the Rowan Mine. This was to test the extension of the Rowan gold mineralization at a depth of approximately 500 meters below the present resource and previous exploration drilling. The 1,272 meter length hole intersected the altered mafic volcanics that host the Rowan mineralization at a depth of 1,122 meters or approximately 1,050 meters below surface. The interval from 1,163.5 to 1,165.0 meters assayed 4.39 grams per tonne Au over 1.5 meters within a 6 meter sericite, carbonate altered feldspar porphyry hosted within the altered mafic volcanic sequence. The presence of gold mineralization within the favorable Rowan mineralization, that is 500 meters below the present resource estimate, is very encouraging for future exploration to increase the resource at depth. Further drilling is planned in the second half of 2018.
The Rowan Mine (60%)
The Rowan Mine property presently hosts an 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. The inferred resource is located along a 1.8 km strike length from surface down to a depth of 550 meters at the location of the historic underground Rowan Mine site.
The Mount Jamie Mine (100%)
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The Mount Jamie Mine had historic gold production with an average grade of 13.3 grams per tonne. Several gold zones have been outlined over a 200 metre strike length in the area of the Mount Jamie Mine. Good exploration potential exists to expand the Mount Jamie Mine gold zones along strike and to depth.
The Red Summit Mine (100%)
The Red Summit Mine claims consist of two 100% owned patented claims situated within the Rowan Mine property. Limited surface diamond drilling over the years has resulted in the discovery of several gold bearing zones in the vicinity of the mine shaft. The Red Summit Mine claims have good exploration potential to expand the high grade gold vein system in the area of the former producing mine.
West Red Lake Gold Mines Inc. has a current market cap of C$ 8 m.
When people think of gold, they often associate it with wealth, power, and success. The Red Lake Gold District has proven wealth and success with having historically produced nearly 30 million ounces of gold from high grade zones. With West Red Lakes Rowan Mine already having an inferred mineral resource of 1,087,700 ounces of gold, we should expect to see good results in the second half of 2018 as further drilling continues. Watch this one with interest.
Matthew Bohlsen holds a Graduate Diploma in Applied Finance and Investment (similar to CFA), and a Graduate Diploma in Financial Planning. He has 30 years ... <Read more about Matthew Bohlsen>