Red Lake Gold Inc. Commences 2024 Exploration Program at Whirlwind Jack
Vancouver, May 28, 2024 - Red Lake Gold Inc. (CSE: RGLD)("Red Lake Gold" or the "Corporation") is pleased to announce that Thunder Bay-based Fladgate Exploration Consulting Corporation ("Fladgate") has deployed a four-person team to perform field exploration at the Corporation's Whirlwind Jack Gold Project near Red Lake, Ontario (see also news release, Red Lake Gold Inc. Retains Fladgate Exploration for Gold Exploration in Ontario, dated April 19, 2024). "This environmentally conscious exploration program could help provide insight into the nature of the widespread mag low corridor situated within the eastern-most priority area of our project. Red Lake Gold believes the mag low area may correspond to coverage of the LP Fault, a regional structure that is gold-bearing at the adjoining Great Bear project, which in turn is contiguous with our Whirlwind Jack project. Red Lake Gold's near-term exploration objective is to further test the potential extension of this fault and to explore for gold-related prospectivity at our project, with our present exploration being guided by the wide-scale magnetic low identified by Red Lake Gold's preceding and proprietary geophysical work. Depending upon the results of this field program, we aim to position Red Lake Gold with follow-up exploration opportunities that may vector us towards making a gold discovery at Whirlwind Jack," stated Ryan Kalt, Chief Executive Officer of Red Lake Gold.
The field exploration work now underway is focused on soil sampling a magnetic low corridor of multi-kilometric length that extends westerly from the Great Bear Project held by Kinross Gold Corp.. It is anticipated that the program will target hundreds of planned locations on a grid basis (see Figure 1), with the final number of sampled locations being subject to variation to accommodate field and weather conditions alongside their relationship to the program's budget (which will be primarily funded using proceeds from a recently completed flow-through financing)(see news release, Red Lake Gold Inc. Closes Financings, dated April 5, 2024).
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Figure 1 - Whirlwind Jack Geophysical Project Map with Planned Sample Locations.
Lab assays are expected to be received by the Corporation's geological consultants within 6 to 8 weeks following completion of the field program, with results anticipated to be compiled for Red Lake Gold before late-August (the process cycle representing an approximate 90-day period to perform the field exploration, receive back the laboratory assay data and compile any resulting highlights).
Supplementing the soil sampling, other environmentally-respectful exploration is expected to be completed as part of the field program performed by Fladgate, including in-tandem geological mapping and prospecting.
The planned field program is also anticipated to include certain preliminary sampling over an area that incorporates an EM anomaly located during the Corporation's TDEM survey flown this past year (see news release, Red Lake Gold Inc. Engages ProspectAir for a TDEM Exploration Survey at Whirlwind Jack, dated July 20, 2023).
Depending upon the results of the current program and funding availability, the Corporation may consider additional in-fill sampling in the future on any target areas that emerge, as well as studying exploration techniques (e.g. lake sediment surveys) for core project areas that are situated within the magnetic low corridor (see Figure 1 above) but are not otherwise examined through traditional soil sampling due to their topographical nature.
The Corporation cautions that the exploration potential of and any exploration results from the Whirlwind Jack Gold Project may differ, materially, from exploration results of adjoining and/or regional projects, including but not limited to the adjacent Great Bear Project being advanced by Kinross Gold Corp..
Qualified Person
The technical information in this news release has been reviewed and approved by Michael Thompson, P.Geo, Fladgate Exploration Consulting Corporation's President, who is a Qualified Person as defined by National Instrument 43-101 and responsible for the technical information for this phase of exploration on the Whirlwind Jack Gold Project.
About Red Lake Gold Inc.
Red Lake Gold Inc. is a Vancouver-based junior mining exploration company, traded on the Canadian Securities Exchange (CSE) under the symbol "RGLD". For more information, please visit www.redlakegold.ca.
The Corporation is subject to various risks and uncertainties, including those risks and uncertainties set out in its public filings, such public filings generally being available, without limitation, through SEDAR+ (www.sedarplus.ca) and the Corporation's Disclosure Hall on the CSE website (thecse.com/listings/red-lake-gold-inc/#disclosure).
On Behalf of the Board of Directors
Ryan Kalt
Chief Executive Officer
T: 604.687.2038
Email: info@redlakegold.ca
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including but not limited to the Corporation's exploration plans at its Whirlwind Jack Gold Project, the timing, completion and extent of such exploration plans and the results of any such exploration work to the extent such work is successfully completed, as well as to the general exploration potential of the Whirlwind Jack Gold Project held by the Corporation. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
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