EXPLORATION & DEVELOPMENT

Goldcorp's junior partner finds gold

Goldcorp’s junior exploration partner at the historic Rowan gold mine in Ontario says it has confirmed mineralisation 500m below the existing resource.

Staff reporter
Hits gold 500m below historic mine

Hits gold 500m below historic mine

West Red Lake Gold Mines (CSE: RLG) says a deep diamond drill hole designed to test the extension of Rowan mineralisation hit 1.5m at 4.39g/t gold from 1,163.5m.

Rowan has a 1.087 million ounce inferred resource (of 4.47 million tonnes at 7.57g/t) to a depth of 550m at the historic mine.

"The 1,272m length hole intersected the altered mafic volcanics that host the Rowan mineralisation, at a depth of 1,122m or approximately 1,050m below surface," West Red Lake said.

The junior holds 40% of the Rowan property in a joint venture with Goldcorp's Red Lake Gold Mines.

West Red Lake owns 100% of two other past-producing mines on its 3,100ha land package in the gold district.

The company's executive chairman is Tom Meredith, who was previously president and CEO of Lexam VG Gold.

It had raised C$755,000 (US$574,000) at 15c per flow-through unit in January to fund exploration at its West Red Lake property.

Shares in the company, which were trading above C20c a year ago, closed unchanged yesterday at 7.5c.

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