The Upper 8 target is a shallower geologic analog to the well-known high-grade 8-Zone. It is hosted in ultramafic rocks approximately 750 meters up-plunge from the main 8-Zone deposit.
Vancouver, BC, October 9, 2024 – Global Stocks News – Sponsored content disseminated on behalf of West Red Lake Gold. On October 2, 2024 West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) reported initial drill results from the Upper 8 Target at its 100% owned Madsen Property located in the Red Lake Gold District of Northwestern Ontario, Canada.
UPPER 8 HIGHLIGHTS:
- Hole WRL24-002 Intersected 4.1m @ 14.20 g/t Au, from 354.8m to 358.9m, Including 1.3m @ 44.17 g/t Au, from 357.0m to 358.3m.
- Hole WRL24-003 Intersected 1.85m @ 6.33 g/t Au, from 332.45m to 334.30m, Including 0.5m @ 20.63 g/t Au, from 333.8m to 334.3m.
The Upper 8 target is a shallower geologic analog to the well-known high-grade 8-Zone. It is hosted in ultramafic rocks approximately 750 meters up-plunge from the main 8-Zone deposit.
The 8 Zone currently contains an Indicated mineral resource of 87,700 ounces (“oz”) grading 18 grams per tonne gold, with an additional Inferred resource of 18,200 oz grading 14.6 g/t Au.
“For decades, the 8-Zone has been the shiny penny of the Madsen project,” Will Robinson, VP of Exploration told Guy Bennett, CEO of Global Stocks News (GSN). “Highlighted by previous operators, it is geologically similar to the High-Grade Zone that transformed The Red Lake Complex next door to us.”
“The Upper 8 Target sits in the same type of rocks as the 8-Zone, so naturally when we began putting together our regional surface drill program, it was flagged as an area of interest,” continued Robinson. “There is limited drilling in this area, but while reviewing the available data, the team discovered an anomaly that piqued our interest even further.”
“There was one hole drilled in this area by Placer Dome in 2004 that hit anomalous gold mineralization. When the team went to pull the physical core from the archive, that interval was missing. The rest of the core from that hole was there, except that one interval. It’s presumed that this interval was pulled for show core or metallurgical work, though that cannot be verified. This clue, along with 8-Zone style alteration and shearing within a few adjacent holes along the same projected structural plane was enough to warrant a few test holes,” stated Robinson.
The October 2, 2024 reported assays are the first drill results announced from an ongoing 10,000m surface exploration drilling program designed to test a number of high-priority targets across the Madsen property.
“The initial results from Upper 8 drilling reinforce our thesis that there is a real potential for discovery of another 8-Zone type deposit on our highly prospective Madsen property,” stated Robinson in the company press release.
“The relatively shallow position of Upper 8 allows for us to drill this target effectively from surface with a high degree of accuracy. With two out of three of the initial holes drilled at Upper 8 returning high-grade gold mineralization where projected, we have already added a second drill dedicated to drilling at Upper 8.”
Total U.S. debt is currently $35 trillion - about 120% of the U.S. GDP.
“All the emerging economies are de-dollarizing,” explained West Red Lake Gold co-founder and major shareholder Frank Giustra, “They are selling their dollars and buying gold. There's no control to reel in that debt. At some point, you're going to get a fiat currency crisis.”
No act of Congress can magically make a tonne of gold appear on the lawn of the White House. In this inflationary environment, investing in hard assets like gold, becomes a viable strategy to protect and grow wealth.
“Since the pandemic, global money supply has skyrocketed. The US Dollar has lost 25% of its purchasing power over the last 4 years alone. Clearly, inflation was not ‘transitory,” reported Kitco.com on October 4, 2024.
“The most popular gold ETF, $GLD, has recorded $644 million cumulative inflows year-to-date. Historically high demand has put gold on track for its best annual return since 1979, up 28% year-to-date.”
Source: https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/#the-growing-national-debt
On September 26 2024, Business Television (BTV) interviewed WRLG CEO Shane Williams about current work programs and the mine re-start plan.
“Over 40 million ounces of gold have been pulled out of this region, all high grade,” Williams told BTV, “It produced over 2 million ounces at an average grade of nine grams gold per tonne. From an infrastructure perspective; it has a mill in place, it has a tailings facility and it has permits.”
“Madsen is set up to go straight back into production,” continued Williams. “We're looking at this as a base for a large gold mining company. We've assembled the technical team, and we have great backers, like Frank Giustra and his network.”
WRLG expects to complete a pre-feasibility study (PFS) in support of the mine restart goal in 2025.
The Madsen Mine deposit presently hosts an NI 43-101 Indicated resource of 1.65 million ounces of gold grading 7.4 g/t gold and an Inferred resource of 0.37 Moz of gold grading 6.3 g/t gold. [1.] [2.] [3.]
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.
Contact: guy.bennett@globalstocksnews.com
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References:
- SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada.
- Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc., and dated June 16, 2023, and amended April 24, 2024. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca
- Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc., and dated June 16, 2023, and amended April 24, 2024. The Madsen Resource Estimate has an effective date of December 31, 2021 and excludes depletion of mining activity during the period from January 1, 2022 to the mine closure on October 24, 2022 as it has been deemed immaterial and not relevant for the purpose of the updated report. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca
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