Summer is a busy time for explorers; the right preparation now can help define targets for the fall. Resource Maven’s Gwen Preston highlights three companies whose summer work could set the stage for a very productive fall.
West Red Lake Gold Mines Inc. (RLG:CSNX) is actively setting the stage for exploration work in the fall. I recently met with Executive Chairman Thomas Meredith and President John Kontak in Toronto.
The established resource, which stands at 4.5 million Inferred tonnes grading 7.57 g/t gold for 1.1 million ounces, in the prolific Red Lake Gold District in northwestern Ontario, grounds the company.
Last winter a set of five holes stepped east from the resource along the Pipestone Bay-St. Paul deformation zone—the major gold-bearing structure in the region—toward the northeast-southwest Golden Arm structure.
That structural intersection is the real area of interest, as major deposits in the Red Lake area occur at intersections like that. The last hole of that program returned 1.5 meters grading 69.55 g/t gold, in the closest hole to the structural intersection to date.
Interest certainly got piqued.
West Red Lake Gold raised $575,000 in March, which it used to fund a spring drill program. Most of the spring program holes continued to step east, from that high-grade hit toward the structural intersection. I say “most” of those holes because one of the spring holes was used for a slightly different end.
This one hole was drilled from west to east, parallel to the known vein sets. Why? Because West Red Lake has information from a new geophysical survey that suggests there should also be north-south breaks between the east-west veins.
The company hit mineralization exactly where the AMT map predicted, even within meters of the depth prediction.
The real test will take another three holes. Those will punch …read more