West Red Lake Gold Increases Rowan Indicated Resources by 70% to 335k oz at 13.03 Grams Per Tonne Gold

• Rowan indicated gold resources increased by 70% to 334,825 ounces grading 13.03 grams per tonne gold, while inferred gold resources increased by 52% to 179,013 ounces grading 15.31 grams per tonne gold.
• The resource update was supported by 37 drill holes totalling 6,300 metres and approximately $3.5 million in exploration spending, resulting in a discovery cost of about $17.60 per ounce of gold.
• West Red Lake Gold completed a maiden mineral resource estimate (MRE) for the Mount Jamie deposit, outlining 49,407 indicated ounces grading 14.13 grams per tonne gold and 35,791 inferred ounces grading 11.97 grams per tonne gold.
• Recent drilling expanded and upgraded several high-grade vein systems at Rowan and Mount Jamie, with mineralisation remaining open at depth and along strike, indicating potential for further resource growth.
• The updated Rowan MRE is expected to be incorporated into the planned Madsen-Rowan pre-feasibility study (PFS), targeted for release in the second half of 2026, supporting the company's long-term multi-deposit development strategy.

Company Overview

West Red Lake Gold Mines Ltd. (TSXV: WRLG | OTCQX: WRLGF) is a Canadian gold producer and developer advancing a high-grade, district-scale opportunity in the Red Lake district of Ontario. The company's flagship Madsen Mine has recently achieved commercial production and is positioned as the central hub of a growing multi-asset platform. The company controls a 47-square-kilometre land package in one of the world's most prolific mining districts, which has historically produced over 20 million ounces of gold from high-grade systems. West Red Lake Gold also owns the Rowan Property in Red Lake, covering 31 square kilometres and including 3 past producing mines, Rowan, Mount Jamie and Red Summit, representing a key source of future production growth.

Resource Update Overview

West Red Lake Gold Mines Ltd. has announced an updated 2026 Mineral Resource Estimate (MRE) for its Rowan Project, alongside a maiden MRE for the nearby Mount Jamie deposit. Effective June 1, 2026, the update follows a focused 6,300 metre resource conversion drill program prepared in accordance with National Instrument 43-101 (NI 43-101), and is expected to feed into a combined Madsen-Rowan Pre-Feasibility Study (PFS) planned for release in the second half of 2026.

Rowan indicated gold ounces increased by 70% to 334,825 ounces grading 13.03 grams per tonne gold, compared to 196,747 ounces grading 12.78 grams per tonne gold from 478,707 tonnes in the 2025 MRE, while Rowan inferred gold ounces increased by 52% to 179,013 ounces grading 15.31 grams per tonne gold, compared to 118,155 ounces grading 8.73 grams per tonne gold from 421,181 tonnes in the 2025 MRE. The resource expansion was achieved with exploration expenditures of $3.5 million and 6,300 metres of drilling, representing a discovery cost of approximately $17.60 per ounce of gold.

The maiden Mount Jamie MRE includes an Indicated resource of 49,407 ounces grading 14.13 grams per tonne gold and an Inferred resource of 35,791 ounces grading 11.97 grams per tonne gold. New drilling expanded and upgraded several high-grade vein structures, with mineralisation remaining open at depth and along strike at both Rowan and Mount Jamie.

Rowan Mineral Resource Update

The 2026 Rowan MRE incorporates 37 additional drill holes totalling 6,300 metres of oriented HQ diamond drill core completed since the June 2025 MRE. A total of 22 mineral domains were used to constrain the Rowan mineralisation, down from 26 domains in the June 2025 MRE. Reasonable Prospects for Eventual Economic Extraction (RPEEE) were applied using Mineable Stope Optimisation (MSO) with an assumed Smallest Mining Unit (SMU) of 1.5 metres, a cutoff grade of 2 grams per tonne gold, and a gold price of $3,200 per ounce.

Indicated resources at Rowan increased to 754,514 tonnes grading 13.03 grams per tonne gold for 334,825 ounces, while Inferred resources increased to 360,323 tonnes grading 15.31 grams per tonne gold for 179,013 ounces. Gold resource grade increased by 2% in the Indicated category and by 75% in the Inferred category compared to the 2025 MRE. The company stated that Rowan continues to rank among the highest-grade undeveloped gold deposits in Canada based on its Indicated resource grade.

Chief Executive Officer of West Red Lake Gold Mines Ltd., Shane Williams, commented on the resource update:

"The updated Rowan MRE reinforces our view that Rowan remains one of the most compelling growth assets within our Red Lake portfolio. Rowan is among one of the highest-grade undeveloped gold projects situated in a Tier-1 mining jurisdiction and continues to demonstrate the potential to become an important long-term source of high-margin ounces. Despite relatively limited drilling since the June 2025 estimate, we have significantly grown the resource, most importantly in the Indicated category, thereby de-risking the project while also enhancing its quality. Overall, Rowan is developing into a highly robust satellite deposit. These characteristics demonstrate our team's capital efficiency in expanding the resource, albeit with disciplined exploration spending. This success directly reflects the accuracy of our geologic model and our deep understanding of the controls on mineralisation at Rowan."

Maiden Mount Jamie Mineral Resource Estimate

A maiden MRE was prepared for the Mount Jamie deposit, located approximately 2 kilometres west of Rowan, using 5 mineral domains constrained by existing drilling data. The Mount Jamie MRE was estimated at a cutoff grade of 3.80 grams per tonne gold and a gold price of $3,200 per ounce. The company noted that the higher cutoff grade removes extraneous resource areas from the block model until future drilling can better define and constrain the mineral domains, and that the Mount Jamie MRE is not currently included in the upcoming Madsen-Rowan PFS.

Indicated resources at Mount Jamie total 108,775 tonnes grading 14.13 grams per tonne gold for 49,407 ounces, while Inferred resources total 92,972 tonnes grading 11.97 grams per tonne gold for 35,791 ounces. The company described Mount Jamie as showing strong potential to become an additional high-grade satellite within its Red Lake portfolio, with synergies for any future extraction scenario at Rowan.

Williams further commented on the company's broader development strategy: 

"Rowan is an important building block in our long-term hub-and-spoke growth strategy, currently being evaluated by the Company, where the Madsen mill and infrastructure act as a central processing hub for multiple high-grade deposits across the Red Lake District. Advancing Rowan strengthens this objective, and we believe this multi-asset approach will provide greater operational flexibility, expand margins, extend mine life, and support a larger production profile over time."

Next Steps

The 2026 MRE reflects the successful integration of recent drilling focused on both resource conversion and extension of the known mineralised system. The updated model incorporates new geological interpretations and demonstrates continuity across several primary vein structures at Rowan. The resource growth was achieved through a targeted exploration program requiring 6,300 metres of drilling and approximately $3.5 million in expenditures. The Rowan and Mount Jamie vein systems remain open at depth, with recent drilling continuing to intersect high-grade mineralisation outside the current resource envelope. The company stated that these geological characteristics support the potential for further resource expansion through future drilling programs.

The updated technical report for the Rowan mineral resource estimate, prepared in accordance with National Instrument 43-101, is expected to be filed on SEDAR+ within 45 days of the news release date. The Rowan MRE is also anticipated to be incorporated into the combined Madsen-Rowan PFS, which the Company plans to release in the second half of 2026.

FAQs (AI-Generated)

‍