(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 28 , 2024 - Red Lake Gold Inc. (CSE: RGLD)(“ Red Lake Gold ” or the " Corporation ") is pleased to announce that Thunder Bay-based FladgateExploration Consulting Corporation (“Fladgate”) has deployed afour-person team to perform field exploration at the Corporation’sWhirlwind Jack Gold Project near Red Lake, Ontario (see also newsrelease, Red Lake Gold Inc. Retains Fladgate Exploration for GoldExploration in Ontario, dated April 19, 2024).
“This environmentally conscious exploration programcould help provide insight into the nature of the widespread mag lowcorridor situated within the eastern-most priority area of ourproject. Red Lake Gold believes the mag low area may correspond tocoverage of the LP Fault, a regional structure that is gold-bearing atthe adjoining Great Bear project, which in turn is contiguous with ourWhirlwind Jack project. Red Lake Gold’s near-term explorationobjective is to further test the potential extension of this fault andto explore for gold-related prospectivity at our project, with ourpresent exploration being guided by the wide-scale magnetic lowidentified by Red Lake Gold’s preceding and proprietary geophysicalwork. Depending upon the results of this field program, we aim toposition Red Lake Gold with follow-up exploration opportunities thatmay 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 onsoil sampling a magnetic low corridor of multi-kilometric length thatextends westerly from the Great Bear Project held by Kinross GoldCorporation. It is anticipated that the program will target hundredsof planned locations on a grid basis (see Figure 1), with the finalnumber of sampled locations being subject to variation to accommodatefield and weather conditions alongside their relationship to theprogram’s budget (which will be primarily funded using proceeds froma recently completed flow-through financing)(see news release, RedLake Gold Inc. Closes Financings, dated April 5, 2024).
Figure1 – Whirlwind JackGeophysical Project Map with Planned Sample Locations.
Lab assays are expected to be received by theCorporation’s geological consultants within 6 to 8 weeks followingcompletion of the field program, with results anticipated to becompiled for Red Lake Gold before late-August (the process cyclerepresenting an approximate 90-day period to perform the fieldexploration, receive back the laboratory assay data and compile anyresulting highlights).
Supplementing the soil sampling, otherenvironmentally-respectful exploration is expected to be completed aspart of the field program performed by Fladgate, including in-tandemgeological mapping and prospecting.
The planned field program is also anticipated toinclude certain preliminary sampling over an area that incorporates anEM anomaly located during the Corporation’s TDEM survey flown thispast year (see news release, Red Lake Gold Inc. Engages ProspectAirfor a TDEM Exploration Survey at Whirlwind Jack, dated July 20,2023).
Depending upon the results of the current program andfunding availability, the Corporation may consider additional in-fillsampling in the future on any target areas that emerge, as well asstudying exploration techniques (e.g. lake sediment surveys) for coreproject areas that are situated within the magnetic low corridor (seeFigure 1 above) but are not otherwise examined through traditionalsoil sampling due to their topographical nature.
The Corporation cautions that theexploration potential of and any exploration results from theWhirlwind Jack Gold Project may differ, materially, from explorationresults of adjoining and/or regional projects, including but notlimited to the adjacent Great Bear Project being advanced by KinrossGold Corporation.
Qualified Person
The technical information in this news release has beenreviewed and approved by Michael Thompson, P.Geo, Fladgate ExplorationConsulting Corporation’s President, who is a Qualified Person asdefined by National Instrument 43-101 and responsible for thetechnical information for this phase of exploration on the WhirlwindJack Gold Project.
About Red Lake Gold Inc.
Red Lake Gold Inc. is a Vancouver-based junior miningexploration company, traded on the Canadian Securities Exchange (CSE)under the symbol “RGLD”. For more information, please visitwww.redlakegold.ca.
The Corporation is subject to various risks anduncertainties, including those risks and uncertainties set out in itspublic filings, such public filings generally being available, withoutlimitation, through SEDAR+ (www.sedarplus.ca) and the Corporation’sDisclosure Hall on the CSE website(thecse.com/listings/red-lake-gold-inc/#disclosure).
On Behalf of the Board ofDirectors
Ryan Kalt
Chief Executive Officer
T: 604.687.2038
Email: info@redlakegold.ca
Forward-Looking Statements
This news release contains forward-looking statements. Forward-lookingstatements address future events and conditions and therefore involveinherent risks and uncertainties, including but not limited to theCorporation’s exploration plans at its Whirlwind Jack Gold Project,the timing, completion and extent of such exploration plans and theresults of any such exploration work to the extent such work issuccessfully completed, as well as to the general explorationpotential of the Whirlwind Jack Gold Project held by the Corporation.Actual results may differ materially from those currently expected orforecast in such statements.
Neither the CSE nor its RegulationServices Provider (as that term is defined in the policies of the CSEExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
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