West Red Lake Gold Reports High-Grade Intersections at Madsen Mine, Advancing Towards 2025 Restart

• West Red Lake Gold reports high-grade gold intersections from Austin and McVeigh Zones at Madsen Mine
• Highlights include 107.61 g/t Au over 2.5m at Austin and 106.99 g/t Au over 2.35m at McVeigh
• Drilling aimed at building high-confidence ounces inventory for mine restart in H2 2025
• Pre-feasibility study expected in coming months to support restart goal
• Results underscore potential for resource expansion and high-grade mineralization

West Red Lake Gold Mines: An Overview

West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) is a mineral exploration company focused on advancing and developing its flagship Madsen Gold Mine in the prolific Red Lake district of Ontario, Canada. The company controls a highly prospective 47 km² land package in one of the world's most productive gold districts, which has yielded over 30 million ounces of gold from high-grade zones. In addition to the Madsen Mine, West Red Lake Gold also holds the wholly owned Rowan Property in Red Lake, encompassing 31 km² and including three past-producing gold mines – Rowan, Mount Jamie, and Red Summit. With a strategic focus on resource expansion and near-term production potential, West Red Lake Gold is positioning itself as a key player in the resurgence of the Red Lake mining district.

Drill Results Highlight High-Grade Potential at Madsen Mine

West Red Lake Gold Mines has announced impressive drill results from its ongoing underground definition drilling program at the 100% owned Madsen Mine. The results, focused on the high-grade Austin and McVeigh Zones, demonstrate the continued potential for resource expansion and the presence of exceptional gold grades within the existing mine framework.

The Austin Zone, which currently hosts an Indicated mineral resource of 914,200 ounces grading 6.9 g/t Au and an Inferred resource of 104,900 ounces grading 6.5 g/t Au, delivered several standout intersections. Most notably, Hole MM24D-09-4796-018 returned an impressive 107.61 g/t Au over 2.5m, including a spectacular 252.10 g/t Au over 1m. This intersection not only confirms the high-grade nature of the Austin Zone but also suggests the potential for localized bonanza-grade pockets within the broader mineralized system.

Other significant results from the Austin Zone include:

• 7m @ 5.70 g/t Au in Hole MM24D-09-4796-005
• 5m @ 7.68 g/t Au in Hole MM24D-09-4796-007
• 11.77m @ 7.04 g/t Au in Hole MM24D-09-4796-006

These intersections demonstrate consistent gold mineralization over wider intervals, which is crucial for defining robust mining shapes and potentially improving the overall economics of the deposit.

The McVeigh Zone, while smaller in current resource size with an Indicated resource of 79,800 ounces grading 6.4 g/t Au and an Inferred resource of 14,300 ounces grading 6.9 g/t Au, also delivered impressive results. Hole MM24D-01-4081-019 intersected 106.99 g/t Au over 2.35m, including an eye-catching 479.09 g/t Au over 0.5m. This result underscores the potential for high-grade shoots within the McVeigh Zone and suggests that further exploration could significantly expand the known resource.

Additional notable intersections from McVeigh include:

• 3.33m @ 14.61 g/t Au in Hole MM24D-01-4081-011
• 4.1m @ 10.13 g/t Au in Hole MM24D-01-4081-017

These results from both the Austin and McVeigh Zones are part of West Red Lake Gold's strategy to build an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is targeted for the second half of 2025. The company expects to complete a pre-feasibility study in the coming months, which will provide a more detailed roadmap for bringing the mine back into production.

Geological Context & Mineralization Characteristics

The Austin and McVeigh zones, like other mineralized domains at the Madsen Mine, are hosted within broad, kilometer-scale planar alteration and deformation corridors. These structures have been repeatedly reactivated during gold mineralization events and subsequent deformation and metamorphism, resulting in a complex but potentially rich gold system.

At the deposit scale, the mineralized zones have been subjected to intense deformation, including folding and structural dismemberment. The gold-bearing veins and alteration have also undergone extensive recrystallization due to amphibolite facies metamorphism, leading to the development of a skarn-like replacement mineral assemblage consisting of diopside-amphibole-quartz-biotite.

Importantly, all significant gold mineralization at Madsen is early relative to the most significant deformation and metamorphic events. This timing relationship is favorable for the preservation of high-grade zones and the potential for discovering additional mineralization along strike and at depth.

In drill core and underground exposures, gold-bearing zones are typically identified by fine grains of free gold within strong alteration and veining. The presence of pervasive silicification, often accompanied by quartz-carbonate or diopside veining, is a key indicator of high-grade mineralization along the structures.

Exploration Strategy & Future Prospects

West Red Lake Gold's current underground drilling program at the Madsen Mine is strategically focused on further defining near-term mining inventory and growing the current mineral resource. The company is targeting the more continuous and higher-grade portions of the Austin, South Austin, North Austin, and McVeigh Zones, a strategy that is expected to continue throughout 2024.

The North Austin Zone, in particular, shows promise for expansion. It displays typical 'mine-style' alteration and mineralization, with multiple mineralized domains defined over a strike length of 0.5km. Importantly, mineralization remains open at depth and along strike to the northeast, providing clear targets for future exploration and potential resource growth.

The Investment Thesis for West Red Lake Gold Mines

For investors considering West Red Lake Gold Mines, several key factors contribute to an attractive investment proposition:

• High-Grade Asset in a Prolific District: The Madsen Mine is located in the Red Lake district, one of the world's most productive gold camps. The recent drill results, showing grades well above 100 g/t Au, confirm the high-grade nature of the deposit and its potential for hosting bonanza-grade zones.
• Near-Term Production Potential: With a targeted restart in H2 2025, West Red Lake Gold offers investors exposure to a potentially near-term gold producer. The ongoing definition drilling and upcoming pre-feasibility study are critical steps towards achieving this goal.
• Resource Expansion Potential: The current drilling program has demonstrated that both the Austin and McVeigh Zones remain open for expansion. The North Austin Zone, in particular, shows promise for significant growth along strike and at depth.
• Experienced Management: While not explicitly mentioned in the news release, investors should research the company's management team, which likely has experience in developing and operating gold mines in similar geological settings.
• Strategic Land Package: In addition to the Madsen Mine, West Red Lake Gold controls a large, highly prospective land package in the Red Lake district, including other past-producing mines. This provides multiple avenues for value creation beyond the current focus on Madsen.
• Potential for M&A Activity: As the company advances the Madsen Mine towards production, it may become an attractive acquisition target for larger gold producers looking to establish or expand their presence in the Red Lake district.

Key Takeaways & Implications

West Red Lake Gold Mines' recent drill results from the Madsen Mine underscore the significant potential of this high-grade gold asset in the heart of the Red Lake district. The intersections of bonanza-grade gold in both the Austin and McVeigh Zones not only validate the company's exploration model but also suggest that the full potential of the deposit may not yet be fully realized.

As the company progresses towards its goal of restarting production in the second half of 2025, investors should closely monitor the upcoming pre-feasibility study, which will provide crucial details on the project's economics and development plan. The continued success in identifying and delineating high-grade zones bodes well for the potential to expand the current resource base and possibly improve the overall grade profile of the deposit.

However, it's important to recognize that bringing a mine into production involves numerous challenges, including securing financing, obtaining necessary permits, and managing operational risks. The company's ability to navigate these hurdles successfully will be critical in realizing the value potential of the Madsen Mine.

In conclusion, West Red Lake Gold Mines represents an intriguing opportunity for investors seeking exposure to a high-grade gold project with near-term production potential in a world-class mining district. As with any junior mining investment, thorough due diligence and an understanding of the inherent risks are essential. If the company can successfully execute its plans, the Madsen Mine could become a significant contributor to the resurgence of the Red Lake gold district.