Category: Base Metals

Wedge Plan View Location Map

2022 SRK Block Model

West Red Lake Gold Mines Property Location Map

VANCOUVER, British Columbia, Sept. 06, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) (OTCQB: WRLGF) is pleased to announce the commencement of surface drilling at the Wedge target, located approximately 2 kilometres (“km”) southwest from its 100% owned Madsen Mine in the prolific Red Lake Gold District of Northwestern Ontario, Canada. The drilling program will consist of up to 3,000 metres (“m”) with the goal of growing and upgrading the existing mineral resources at Wedge, which currently contain an Indicated mineral resource of 56,100 ounces (“oz”) grading 5.6 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 78,700 oz grading 5.7 g/t Au¹.

HIGHLIGHTS:

• Surface exploration drilling to commence at the Wedge target – located 2 km southwest from the Madsen Mine
  
• Drilling will be focused on extending high-grade zones at Wedge and increasing confidence in the overall mineral resource
  
• Wedge currently hosts an Indicated resource of 56,100 oz of gold grading 5.6 g/t Au¹ and an Inferred resource of 78,700 oz of gold grading 5.7 g/t Au¹
  
• The Wedge resource sits adjacent to the past-producing Starratt-Olsen Mine which historically processed 823,554 tonnes grading 6.16 g/t Au for approximately 163,000 oz of gold²  
  
• Previous drilling highlights from the Wedge target include:
  
  • Hole PG17-486 Intersected 10.33 m @ 24.94 g/t Au, from 16.67 m to 27 m
  • Hole PG17-467 Intersected 16.6 m @ 17.49 g/t Au, from 11.45 m to 28 m
  • Hole PG17-482 Intersected 14.4 m @ 8.35 g/t Au, from 28 m to 42.4 m
  • Hole PG19-643 Intersected 1 m @ 108.5 g/t Au, from 103 m to 104 m

Shane Williams, President & CEO, stated, “Our team is very excited to be back drilling near the Madsen Mine asset. We view Wedge as a key component in our overall vision of staying committed to exploration and unlocking the full potential of all our high-grade assets in the Red Lake Mining District. With Wedge being located just 2 km away from the existing mill facilities at Madsen, on fully patented claims and directly adjacent to the past-producing Starratt-Olsen mine, we can see a clear path forward for permitting at Wedge and view it as a high-caliber candidate for a future mill-feed source at Madsen.”

FIGURE 1. Plan view map showing location of Wedge deposit relative to the Madsen Mine.

FIGURE 2. Oblique view of Wedge resource showing 2022 SRK Block Model and location of previous drilling highlights noted in this press release.¹

DISCUSSION

The Wedge deposit comprises four resource zones (DV, CK, MJ and OL) and one mineralized zone (86) that remains at the exploration target stage. All five zones generally correspond with historical surface showings and mineralized areas (Branson, 2019a).

The DV and CK Zones lie within the same structure that hosts the Fork Main Zone, but about 900 m along strike to the southwest. The intervening area is prospective for potential resource expansion and this area includes the 86 Zone exploration target. The 86 Zone was explored in 1998 by mechanical stripping and recent mapping of these outcrops (Cooley and Leatherman, 2015) suggests that 86 Zone may represent the southern extension of the Fork deposit as the host rocks are continuous and the style of mineralization is similar. At 86 Zone, rock sampling by previous workers of outcropping iron formation characterized by banded magnetite, pyrrhotite and amphibole has returned highly anomalous gold values. Drilling directly underneath this surface mineralization in 2017 returned multiple intercepts exceeding 5 g/t Au (up to 22.9 g/t Au over 1.1 m). Gold is hosted in quartz veins spatially associated with both iron formation and altered basalt.

In detail, the DV and CK Zones comprise a series of up to three concordant resource shapes across a collective width of 70 m and a maximum strike length of 700 m. At the DV Zone, gold is hosted within discontinuous quartz ± chlorite-amphibole veins (VBGQ veins) with biotite-amphibole-diopside selvedges and minor pyrite, pyrrhotite, chalcopyrite and arsenopyrite (Branson, 2019b). These veins are hosted in weakly altered mafic volcanic rocks or more commonly within moderately to strongly altered mafic volcanic rock (BSLA or SAFZ). At the CK Zone, the geology and mineralization are comparable to the DV Zone, though the host basalt rocks have been cut by quartz porphyry. A key relationship is that the veins and the enveloping alteration zones are transected by and transposed into the main S2 foliation of the host rocks – an identical relationship to the Madsen deposit.

The OL Zone exploration target lies about 450 m southwest along strike from the edge of the CK Zone resource shape in an area characterized by deformed gold-bearing quartz veins hosted in zones of deformed quartz porphyry (QZPY) and strongly altered foliated zones (SAFZ). Outcrop stripping, surface rock sampling and diamond drilling by previous workers have delineated two parallel trends of alteration and veining separated by approximately 25 m and extending for a strike length of 200 m. The zone is open both along strike and at depth.

The MJ Zone is hosted by two concordant shear zones up to 40 m in width characterized by deformed gold-bearing quartz veins hosted within altered and deformed basalt and peridotite within the Russet Lake Ultramafic. Current drilling has delineated these shear zones over 500 m of strike length and to 320 m depth with the structure remaining open along strike and down-dip.

In addition to being a part of the recognized property-wide structural architecture associated with gold mineralization responsible for mineralization at Madsen, Fork and Russet, the Wedge deposit exhibits similar high-level characteristics to the Madsen deposit (same alteration and structural timing), however gold tends to be more often hosted in discrete quartz veins rather than disseminated within intervals of pervasively silicified rock, as is more common in the Madsen deposit.

The apparent plunge of mineralization along these structures – best demonstrated at the well-tested DV Zone – appears to be associated with the intersection of the structures and major rheological and geochemical contrasts between relatively rigid and massive basalt and adjoining IRFM and ultramafic units (Branson, 2019b). This architecture is comparable to the plunge at the Austin and South Austin zones in the Madsen deposit which are defined by intersection of the mineralized zones and mafic/ultramafic contacts.

MARKETING AGREEMENT

The Company has entered into an agreement with OGIB Corporate Bulletin Ltd. (“OGIB”) dated August 23, 2023 (the “OGIB Agreement”), whereby OGIB has agreed to provide marketing services to the Company, including the publication of a series of online articles about the Company. The term of the OGIB Agreement is 6 months, commencing on September 1, 2023.

The Company paid OGIB a cash fee of CAD $125,000 upon entry into the OGIB Agreement.
OGIB is a subscription service based out of Victoria, British Columbia which provides research on public companies and is wholly-owned by Keith Schaefer. OGIB and Keith Schaefer are arm’s length from the Company and hold directly, or indirectly 171,429 common shares of the Company.

QUALITY ASSURANCE/QUALITY CONTROL

West Red Lake Gold’s Wedge target presently hosts a National Instrument 43-101 (“NI 43-101”) Indicated Mineral Resource of 56,100 oz grading 5.6 g/t Au and an Inferred Mineral Resource of 78,700 oz grading 5.7 g/t Au. 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. A full copy of the SRK report is available on the Company’s website and on SEDAR.

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”.

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km² highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km² including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams        
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Amandip Singh, VP Corporate Development
Tel: 416-203-9181
Email: investors@westredlakegold.com or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 Ltd. 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.

^{___________________________________
1} Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/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. A full copy of the SRK report is available on the Company’s website and on SEDAR.
² http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52K13NW00011.html

Photos accompanying this announcement are available at

Vancouver, British Columbia, Sept. 05, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce the discovery of a new mineralized structure over 600 m northwest from the 2022 discovery made at the Cumavici Ridge epithermal vein target within its principal Viogor-Zanik project in eastern Bosnia and Herzegovina.

Highlights

• Shallow, polymetallic mineralization has been intersected over 600 m northwest of the 2022 high grade, silver discovery at Cumavici Ridge through drill testing of a new parallel structure (Figure 1);
  
• All 5 drill holes hit the target structure, with drill holes CMV23007, CMV23009 and CMV23010 macroscopically displaying polymetallic mineralization (Figure 2);
  
• Step out structure is continuous for 193 m northwest-southeast and open along strike and down-dip;
  
• Geochemical assay results from the Phase II drilling at the Cumavici polymetallic prospect are pending laboratory release and will be imminently reported.
  

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “The 2023 drill campaign started off on the right foot with a significant step out from the centre of the mineralized zone discovered at Cumavici Ridge in 2022. The footprint of silver–dominated, polymetallic mineralization now extends over 700 m along the NW-SE corridor at this locality, only one of five separate targets along the 7.2 km long Cumavici corridor. The laboratory assays from these step-out drill holes and the central part of Cumavici Ridge are expected to come back shortly. We will continue to carry on further drilling at the Cumavici Ridge target in our Phase II drilling.”

The Company commenced its Phase II drilling program at Cumavici Ridge, which was the location of the 2022 high-grade polymetallic discovery which returned up to 505 g/t Ag Eq. over 11 m (see Company news release dated 18^th April 2023). Over 600 m to the northwest Drillholes CMV23006-010 successfully discovered another mineralized structure, attesting to the prospectivity of the Cumavici Ridge target. Much of the > 7 km strike length structural corridor remains untested, with several mineralized structures outcropping at surface, offering Terra significant exploration opportunity to discover more polymetallic epithermal veins.

Drill Core Observations
Drill hole CMV23007 is situated 520 m northwest of CMV23001 and targets another shallow structure prospective for polymetallic mineralization. Between 39.1 and 41.8 m a series of fault hosted veins, dominated by radiating aggregates of stibnite are observed within a silicified lapilli tuff.

Figure 1. Geological map illustrating the newly discovered structure > 600 m northwest of the Cumavici Ridge discovery. 2022 discovery holes are also illustrated alongside the 4 previously released 2023 drillholes to the southeast, which all intercepted massive sulphide mineralization. See company news release 18^th April 2023 (click here to view image).

Figure 2. HQ3 diameter drill core from drillhole CMV23007 illustrating silicified lapilli tuffs with sulphide veinlets and interval of semi-massive sulphide comprising stibnite, sphalerite, and quartz within white, dashed squares (click here to view image).

Drill hole CMV23009 collared 74.0 m northwest of CMV23007 intercepted a zone of sulphide mineralization within a tuffaceous breccia between 39.4 and 45.7 m downhole. Within the mineralized structure there are intervals of complete replacement of the breccia matrix by sulphide and a 10 cm sulphide vein comprising stibnite-sphalerite-galena.

Drill hole CMV23010 stepped 59.0 m west-northwest and intersected a mineralized zone between 83.8 and 90.3 m downhole with aggregates of sphalerite within the structure. A sulphide vein is present at 86.85 m depth consisting of stibnite, banded sphalerite, and galena. Confirmation of sulphide mineralization in CMV23010 extends the Cumavici Ridge system 642 m to the northwest and the system remains open.

Ongoing Exploration Program
Further drilling at the Cumavici Ridge target will be focused on extending strike length towards the northwest from the 2022 drillholes (CMVDD001-004). It is interpreted that where the northwest-southeast structure is intersected by a 2^nd order northeast-southwest structure a dilation zone is present, resulting in thicker intervals of mineralization. The down-dip section of the high-grade, polymetallic intercepts released in 2022 will also be tested with further drilling to target the mineralization potential at depth.

Table 1. Collar locations for reported Phase II drillholes. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).

Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.

About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

ON BEHALF OF THE BOARD OF DIRECTORS

Terra Balcanica Resources Corp.
“Aleksandar Mišković”

Aleksandar Mišković
President and CEO

For further information, please contact Alex Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Cautionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

VANCOUVER, BC / ACCESSWIRE / September 1, 2023 / Blackwolf Copper and Gold Ltd. (“Blackwolf“, or the “Company“) (TSXV:BWCG)(OTC PINK:BWCGF) is pleased to announce that the Company’s proposed acquisition of all of the outstanding securities of Optimum Ventures Ltd. (“Optimum“) by way of plan of arrangement (the “Transaction“) was overwhelmingly approved at Optimum’s annual general and special meeting of securityholders held on August 31, 2023.

Closing of the Transaction remains subject to court approval as well as other customary closing conditions. Assuming the timely completion of these conditions, the Company expects the Transaction to close on or about September 12, 2023.

Further to the Company’s news release of July 28, 2023, the Company clarifies terms of the market maker agreement (the “Agreement“) it has entered into with PI Financial Corp. (“PI“). Pursuant to the Agreement, PI has been engaged to trade the securities of Blackwolf on the TSX‐V for the purposes of maintaining an orderly market. In consideration of the services provided by PI, the Company will pay PI a monthly cash fee of $5,000 for a minimum term of six months and thereafter the Agreement is automatically renewable on a month-to-month basis. As of the date the Company entered into the Agreement with PI, neither PI nor their authorized person held any securities directly in the Company.

About Blackwolf Copper and Gold Ltd.

Blackwolf’s founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the Company’s website at www.blackwolfcopperandgold.com.

On behalf of the Board of Directors of Blackwolf Copper and Gold Ltd.

“Morgan Lekstrom”
CEO and Director

For more information, contact:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Statements

This news release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian securities legislation (collectively herein referred to as “forward-looking information”). Wherever possible, words such as “expects”, “expected”, “strategic” and similar expressions or statements that certain actions, events or results “will” or “may” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking information. Forward-looking information contained herein includes, but is not limited to, the consummation and timing of the Transaction, the satisfaction of the conditions precedent to the Transaction, the date of the hearing of the application for a final order in respect of the Transaction, and discussion of future plans, projects, objectives, estimates and forecasts and the timing related thereto.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking information, including, without limitation, the risk that the Transaction is not completed, on the timeline currently contemplated or at all, the potential of a third party making a superior proposal to the Transaction and such other risks as are identified in the public disclosure documents of the Company and Optimum filed on SEDAR+ at www.sedarplus.ca (the “Disclosure Documents”). This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.

Our forward-looking information is based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond our control. In connection with the forward-looking information contained in this news release, we have made certain assumptions about, among other things, our ability to satisfy the terms and conditions precedent to the Transaction. Although we believe that the assumptions inherent in forward-looking information are reasonable as of the date of this news release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained in this news release.

Additional information about the risks and uncertainties concerning forward-looking information and material factors or assumptions on which such forward-looking information is based is provided in the Disclosure Documents. Forward-looking information is not a guarantee of future performance. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this news release and the Disclosure Documents. For the reasons set forth above, readers and prospective investors should not place undue reliance on forward-looking information.

We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law.

SOURCE: Blackwolf Copper and Gold Ltd.

View source version on accesswire.com:
https://www.accesswire.com/779264/blackwolf-announces-securityholder-approval-of-plan-of-arrangement

Section 1: Looking Southwest

Section 2: Looking Southwest

Rowan Project Section Location Plan

Vein 102 Long Section Looking North

Vein 101 Long Section Looking North

Vein 103 Long Section Looking North

Rowan Project Location Map

VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) (OTCQB: WRLGF) is pleased to report additional drill results from its Phase 1 exploration program on its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada. Hole RLG-23-153 intersected 66.66 grams per tonne (“g/t”) gold (“Au”) over 2.0 metres (“m”), when compared to much of the historical drilling, mineralized zones encountered in this years campaign demonstrate increased widths and continuity. The company has now completed 37 drill holes and 11,467 m of drilling to date of a 17,000 m drilling campaign that has been expanded to 25,000 m on the back of a very successful exploration season thus far.

HIGHLIGHTS:

• Hole RLG-23-153 Intersected 2.0m @ 66.66 g/t Au, from 235m to 237m, Including 0.5m @ 266.27 g/t Au, from 235.5m to 236m.
  
• Hole RLG-23-156B Intersected 3.11m @ 21.84 g/t Au, from 275m to 278.11m, Including 0.83m @ 77.64 g/t Au, from 277.28m to 278.11m.
  
• Hole RLG-23-154 Intersected 10.1m @ 6.27 g/t Au, from 214.9m to 225m, Including 0.6m @ 84.13 g/t Au, from 223.45m to 224.05m.

Shane Williams, President & CEO, stated, “Our team is very impressed with the drill results coming out of the Rowan Mine target. What was previously believed to be a very narrow high-grade gold system continues to deliver results that demonstrate real potential for broader zones of high-grade gold mineralization which could prove advantageous for any future mining scenario. With every hole drilled at Rowan, not only does our confidence in this asset grow, but its viability as a potential future source of high-grade mill-feed for Madsen increases as well. In the mining industry it is very rare to have size and grade working in your favor, but at Rowan we are seeing both.”

The high-grade mineralized vein zones encountered at the Rowan Mine target area (the “Rowan Mine Target”) continue to exceed expectations, confirm the geologic model, and further improve the existing high-grade (9.2 g/t Au) 827,462 ounce Inferred Mineral Resource at the Rowan Mine. Sections for the Rowan Mine drilling outlined in this release are provided in Figures 1 through 6.

TABLE 1. Significant intercepts (>4 g/t Au) from drilling at Rowan Mine Target.

^{*The “From-To” intervals in Table 1 are denoting overall downhole length of the intercept. True thickness has not been calculated for these intercepts but is expected to be ≥ 70% of downhole thickness based on intercept angles observed in the drill core. Composite intervals do not cross sample boundaries < 0.1 g/t Au. Under ‘Zone’ column, (hw) is indicating ‘hanging wall to’ and (fw) is indicating ‘footwall to’ main vein zones.}

A total of 17,000m of infill and expansion drilling was originally proposed for the Rowan Mine target in 2023. Based on the positive results received to date, the program has been expanded to 25,000m and is expected to be completed by year end 2023. The additional drill meters will be used to continue de-risking the Rowan Mine resource, and test the growth potential down-plunge on the highest-grade portions of the resource. Current drilling at Rowan has only tested mineralization down to a depth of approximately 550m. All of the high-grade zones still remain open below this vertical depth. The Red Lake Mining District is known to host orebodies that extend down to +4 kilometre (“km”) depth, which bodes well for the down-plunge growth potential at Rowan.

It is the Company’s belief that potential synergies could exist between high-grade resources at the Rowan Mine target area and Madsen. The Company has initiated a metallurgical study at Rowan to begin evaluating this potential opportunity, as well as a geotechnical study to better characterize the rock mass properties within the mineralized vein zones at Rowan.

In conjunction with infill and expansion drilling, the Company is also initiating the necessary baseline environmental and archaeological assessments to begin moving the project towards an Advanced Exploration Permit status.

FIGURE 1. Deposit-scale plan map of Rowan Mine Target area showing traces and intercepts for holes highlighted in this News Release.

TABLE 2: Drill collar summary for holes reported in this News Release.

DISCUSSION

The Rowan Mine Target consists of more than seven sub-parallel, near-vertical, east-west trending veins that are currently defined over a strike length of approximately 1.1 km – mineralization remains open along strike and at depth. The orientation of the veins at the Rowan Mine tend to follow the direction of D2 deformation, which is oriented in an east-west direction over this part of the property. Individual mineralized vein zones usually average 1.0 to 1.5m in thickness, with an overall thickness of the Rowan vein corridor at around 115m. Gold mineralization is typically localized within quartz-carbonate veins hosted within and along the ‘footwall’ margin of a porphyritic felsic intrusive, with increased grades often associated with the presence of visible gold and base metal sulphides (e.g. galena, sphalerite). High-grade dilation zones or ‘ore chutes’ along the Rowan vein trend have been recognized as important controls for localizing thicker and higher-grade zones of gold mineralization. The position and geometry of these dilation zones is well understood at Rowan.

The drilling completed at the Rowan Mine Target in 2023 has been focused on validating historical data across the Inferred Resource, and also infilling apparent gaps in the analytical data set which was a product of very selective sampling techniques implemented during previous drilling campaigns. Assay results received from the 2023 drilling program continue to confirm our thesis that quartz veining and gold mineralization continue at depth and along strike, with grades consistent with, or higher than those outlined in the current Inferred Mineral Resource which remains open in all directions. For example, the 100 Vein Zone – which is the furthest north vein currently modeled within the overall Rowan vein corridor – was previously interpreted to be a lower grade portion of the block model. Recent drilling has confirmed that higher grades are present within the 100 Vein Zone below 150m elevation, suggesting that gold grades are increasing at depth within this zone which is a trend that has been observed elsewhere in the Red Lake district. Drilling at the Rowan Mine Target area will continue with an emphasis on infill and expansion of the existing high-grade mineral resource.

FIGURE 2. Rowan Mine drill section showing assay highlights for Holes RLG-23-153, -156B, -157 and -158^[1].

____________________________
¹ Mineral Resources are estimated at a cut-off grade of 9.2 g/t Au and using a gold price of US$1,600/oz. Please refer to the technical report entitled “Technical Report and Resource Estimate on the West Red Lake Project” dated December 13, 2022 prepared for WRLG by John Kita, P.Eng., and filed December 30, 2022 on www.sedar.com.

FIGURE 3. Rowan Mine drill section showing assay highlights for Holes RLG-23-154 and -155B^[1].

____________________________
¹ Mineral Resources are estimated at a cut-off grade of 9.2 g/t Au and using a gold price of US$1,600/oz. Please refer to the technical report entitled “Technical Report and Resource Estimate on the West Red Lake Project” dated December 13, 2022 prepared for WRLG by John Kita, P.Eng., and filed December 30, 2022 on www.sedar.com.

FIGURE 4. Rowan Mine longitudinal section for Vein 101 showing 2023 intercepts > 4 g/t Au. Assay highlights from current press release shown in red^[1].

____________________________
¹ Mineral Resources are estimated at a cut-off grade of 9.2 g/t Au and using a gold price of US$1,600/oz. Please refer to the technical report entitled “Technical Report and Resource Estimate on the West Red Lake Project” dated December 13, 2022 prepared for WRLG by John Kita, P.Eng., and filed December 30, 2022 on www.sedar.com.

FIGURE 5. Rowan Mine longitudinal section for Vein 102 showing 2023 intercepts > 4 g/t Au. Assay highlights from current press release shown in red^[1].

____________________________
¹ Mineral Resources are estimated at a cut-off grade of 9.2 g/t Au and using a gold price of US$1,600/oz. Please refer to the technical report entitled “Technical Report and Resource Estimate on the West Red Lake Project” dated December 13, 2022 prepared for WRLG by John Kita, P.Eng., and filed December 30, 2022 on www.sedar.com.

FIGURE 6. Rowan Mine longitudinal section for Vein 103 showing 2023 intercepts > 4 g/t Au. Assay highlights from current press release shown in red^[1].

____________________________
¹ Mineral Resources are estimated at a cut-off grade of 9.2 g/t Au and using a gold price of US$1,600/oz. Please refer to the technical report entitled “Technical Report and Resource Estimate on the West Red Lake Project” dated December 13, 2022 prepared for WRLG by John Kita, P.Eng., and filed December 30, 2022 on www.sedar.com.

High resolution versions of all the figures contained in this press release can be found at the following web address: https://westredlakegold.com/august-28th-news-release-maps/.

Longitudinal sections showing all intercepts > 3 g/t Au on Veins 101, 102 and 103 can be viewed here: https://westredlakegold.com/august-1st-news-release-maps/.

QUALITY ASSURANCE/QUALITY CONTROL

Drilling completed at the Rowan Property consists of oriented NQ-sized diamond drill core. All drill holes are systematically logged, photographed, and sampled by a trained geologist at WRLG’s Mt. Jamie core processing facility. Minimum allowable sample length is 0.5m. Maximum allowable sample length is 1.5m. Standard reference materials and blanks are inserted at a targeted 5% insertion rate. The drill core is then cut lengthwise utilizing a diamond blade core saw along a line pre-selected by the geologist. To reduce sampling bias, the same side of drill core is sampled consistently utilizing the orientation line as reference. For those samples containing visible gold (“VG”), a trained geologist supervises the cutting/bagging of those samples, and ensures the core saw blade is ‘cleaned’ with a dressing stone following the VG sample interval. Bagged samples are then sealed with zip ties and transported by WRLG personnel directly to SGS Natural Resource’s Facility in Red Lake, Ontario for assay.

Samples are then prepped by SGS, which consists of drying at 105°C and crushing to 75% passing 2mm. A riffle splitter is then utilized to produce a 500g course reject for archive. The remainder of the sample is then pulverized to 85% passing 75 microns from which 50g is analyzed by fire assay and an atomic absorption spectroscopy (AAS) finish. Samples returning gold values > 5 g/t Au are reanalyzed by fire assay with a gravimetric finish on a 50g sample. Samples with visible gold are also analyzed via metallic screen analysis (SGS code: GO_FAS50M). For multi-element analysis, samples are sent to SGS’s facility in Burnaby, British Columbia and analyzed via four-acid digest with an atomic emission spectroscopy (ICP-AES) finish for 33-element analysis on 0.25g sample pulps (SGS code: GE_ICP40Q12). SGS Natural Resources analytical laboratories operates under a Quality Management System that complies with ISO/IEC 17025.

West Red Lake Gold’s Rowan Property presently hosts a National Instrument 43-101 (“NI 43-101”) Inferred Mineral Resource of 2,790,700 t at an average grade of 9.2 g/t Au containing 827,462 ounces of gold with a cut-off grade of 3.8 g/t Au (NI 43-101 Technical Report authored by John Kita, P.Eng., dated December 13, 2022 and filed December 30, 2022 on www.sedar.com). The Inferred Mineral Resource is located in the area of the historic underground Rowan Mine site and situated within a 1.8 km strike length portion of the regional scale Pipestone Bay St Paul Deformation Zone.

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”.

DEFERRED CONSIDERATION PAYMENT TO SPROTT

On August 24, 2023 the Company issued 2,400,000 common shares in the capital of the Company at deemed price of C$0.70 per common share as payment of US$1,250,838 to a fund managed by Sprott Resource Lending Corp (“Sprott”) for deferred consideration related to the Company’s acquisition of Pure Gold Mining Inc. (the “Obligation”), and issued a replacement promissory note dated August 24, 2023 in the amount of US$5,533,094 to Sprott for the remaining Obligation.

MARKETING CONTRACT

Further to its news release of August 14, 2023, the Company clarifies terms of the marketing service agreement it has entered into with Gold Standard Media LLC (“GSM”) (the “Marketing Agreement”).. The Marketing Agreement has a twelve-month term, which commences on the later of August 9, 2023, and the approval of the TSXV, and has an upfront payment of US$500,000 payable to GSM upon the approval of the TSXV.

Marketing services to be provided by GSM will include email marketing campaigns, landing pages, advertisements, and other related services to assist the Company in raising its public awareness and online presence. GSM may engage its affiliates including Future Money Trends, Wealth Research Group LLC and Portfolio Wealth Global LLC to provide these marketing services.

GSM is a limited liability company existing under the laws of the State of Texas with an office at 723 W, University Ave. #110-283 Georgetown Texas and is owned and operated by Kenneth Ameduri, Juliet Ameduri, and Lior Gantz, each of who are arm’s length to the Company. GSM nor its affiliates directly or indirectly hold any securities of the Company.

None of the Company or its officers are involved directly with the creation of the materials distributed by GSM. The Company will provide GSM with publicly available source information for their disclosure and the Company will be involved in reviewing the materials for accuracy prior to dissemination.

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km² highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km² including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams        
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Amandip Singh, VP Corporate Development
Tel: 416-203-9181
Email: investors@westredlakegold.com or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 Ltd. 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.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb7902bc-4717-45a7-b550-0bc298c47725
https://www.globenewswire.com/NewsRoom/AttachmentNg/ea3576f1-480b-4b61-8732-0c938a30a8bd
https://www.globenewswire.com/NewsRoom/AttachmentNg/f7415987-6056-4975-b03a-fa4ca9be39e2
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c9e4092-762c-4b5c-b813-e6062bc86927
https://www.globenewswire.com/NewsRoom/AttachmentNg/33a85678-30b0-40eb-b798-cbe02bf853fd
https://www.globenewswire.com/NewsRoom/AttachmentNg/71bc4522-7a74-4222-9c98-a499b0e7791b
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2b0b3b6-1221-483d-9864-4d90b6bcef6a