West Red Lake Gold Exploration Update and MCTO Update
Toronto, Ontario (FSCwire) - West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FWB: HYK) (OTC: HYLKF) announces an update to the Fall 2015 exploration plan on the Company’s 3100 hectare West Red Lake Project located in the prolific Red Lake Gold District, 20 km west of Balmertown, Northwestern Ontario, Canada.
The purpose of the Fall 2015 program is to explore the east-west trending regional geological structure further to the east of the established Rowan Mine gold system where exploration drilling took place in 2014 on a 1km long portion of the structure. The 2015 program traced the geological structure further to the east to identify potential exploration targets.
The Company drilled six holes with a total 1657 metres drilled. The six holes were located along the east-west trending geological strike length and all holes were drilled from south to north. Drill samples have been sent out for assay at SGS Canada Inc.
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 Pipestone Bay-St Paul Deformation Zone strikes east-west across the 12 km length of the property, and then continues east towards the town of Red Lake. A second gold bearing regional structure, the Golden Arm structure, trends on to the property from the southwest and trends toward and then intersects with the Pipestone Bay-St Paul Deformation Zone (the “Structural Intersection”) approximately 1 km east of the Rowan Mine shaft. Twenty kilometers to the east a similar geologically important intersection of two regional gold bearing structures occurs proximal to the world class Red Lake Mine and Campbell Mine, providing a highly favourable geological model and illustrating the exploration potential for high grade gold zones on the Company’s West Red Lake Project.
The technical information presented in this news release has been reviewed and approved by Ken Guy, P.Geo., a consultant to West Red Lake Gold and the Qualified Person responsible for the exploration program at the Rowan Mine property, as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).
West Red Lake Gold is 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 producing 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 properties cover a 12km strike length along the West Red Lake Trend and the Company plans to continue to explore these properties both along strike and to depth.
MCTO Update: The Company also announces that, further to its news release on December 24, 2015, the Ontario Securities Commission issued a permanent management cease trade order (the “MCTO”) as of today for failure to file an independent technical report on its West Red Lake Project substantiating its disclosure of a resource calculation inserted into the investor presentation on the Company website by previous management as early as February 4, 2014. The MCTO prohibits all trading by certain insiders of the Company in securities of the Company until the order is revoked. The Company is required to provide bi-weekly status updates in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults until the MCTO has been revoked or a full cease trade order issued.
To find out more about West Red Lake Gold, please visit our website at http://www.westredlakegold.com or contact: John Kontak, President and acting CFO.
Phone: 416-203-9181 Email: jkontak@rlgold.ca
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/westredlake01062016.pdf
Source: West Red Lake Gold Mines Inc. (CSE:RLG) http://www.westredlakegold.com/
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