Red Lake Gold has been with -
1.1 million ounces of gold for several years.
Depending on which way one carves the resource and applies cut off - the same resource can inflate to as much as,
1.3 million ounces. Several years have passed, Gold Corp now gone and Evolution now in the picture.
Evolution has their hands full with their own Red Lake mine but... is it so full that they will shun RLG a while longer - or - are they willing to chip in ?
In previous RLG videos - the goal of this junior appears to revolve around the achievement of amassing 2 million gold ounces - yet... at this valuation i don't think it's a fair ball game for shareholders with a Major in with 30% interest while small junior strives to add the ounces with a nickel or so valuation.
Just how many ounces does RLG have ?
Yup... a new revised 43 101 resource calculation would be good right about now.
All those drills over the last few years have hit some very nice grades.
Though the junior has descibed the ( core ) deposit is with one main vein - i have of recent given this some thought and questioned the possibility of - could there be more to this one vein stigma - after all, when one analyzes the drill cores headed easterly, the high grade gold intercepts are at several varied depths - which lends the thought of not just one main vein but rather, QUASI VEINLET nature - it's a thought, and a thought that would solve this wonderment if the junior pushed ot a 3D drill intercept map - showing the gold lenses - to know for sure if it is vein oriented or, quasi veinlet. ( preference being - quasi - more broad )
I read an article from 2017 discussing the comparison of carving the deposit with 1.1 million ounces having over 4 million ore tonnes to nearly 900k ounces and afraction of the ores needed to be milled. Only targeting the extremely high grade gold. It was actually a good artilce.
EARLIER THIS YEAR - Drill Highlights of Southern NT Zone Exploration Drilling (including previous news releases of January 30, 2019 ; January 15, 2020 ; and September 24, 2020 ) plus results reported today.
January 30, 2019 :
14.18 gpt Au over 7.8 m from 85.2 m to 93 m at a dip of -55
6.51 gpt Au over 9.3 m from 59.5 m to 68.8 m at a dip of -55
13.80 gpt Au over 1.8 m from 100.2 m to 102 m at a dip of -45
3.76 gpt Au over 5.6 m from 62.7 m to 68.3 m at a dip of -45
January 15, 2020 :
12.14 gpt Au over 13.5 m from 82.5 m to 96 m at a dip of -45
9.14 gpt Au over 7.5 m from 232m to 239.5 m at a dip of -50
5.38 gpt Au over 21.0 m from 132 m to 153 m at a dip of -60
11.13 gpt Au over 3.0 m from 41 m to 44 m at a dip of -45
September 24, 2020 :
7.92 gpt Au over 3.0 m from 312 m to 315 m at a dip of -47
Incl. 14.71 gpt over 1.5 m
5.91 gpt Au over 6.0 m from 106.5 m to 112.5 m at a dip of -72
7.34 gpt Au over 1.5 m from 106.5 m to 108 m at a dip of -45
February 18, 2021 :
10.16 gpt Au over 1.5 m from 140.5 m to 142 m at a dip of -45
10.36 gpt Au over 1.5 m from 192.5 m to 194 m at a dip of -45
2.94 gpt Au over 12.8 m from 213.5 m to 226.3 m at a dip of -45
Incl. 10.34 gpt over 1.5 m
Mr. John Kontak , President of West Red Lake Gold stated "We are very pleased that the exploration drill program successfully outlined gold mineralization along the southern 1 km portion the NT Zone. These drill results demonstrate that the 2 km long north-east trending NT Zone holds significant exploration potential both along strike and to greater depth."
The 40 shallow holes reported in 2019, 2020 and today were drilled into the southern kilometer of the NT Zone which consists of a broad hydrothermal deformation zone comprised of ultramafic, mafic and felsic volcanics as well as iron formation. All the lithologies have undergone intensive pervasive hydrothermal alteration consisting of extensive sericitization, silicification and carbonatization. This results in a sequence of rocks consisting of predominately sericite, iron carbonate, silica / quartz and fuchsite. Sulphide mineralization, consisting of pyrite, pyrrhotite and sphalerite, is also associated with the alteration package.
YES.... I had to highlight the - Sphalerite. ( lol )
Just to confirm in a suportive context that
ZINC is present in the sulphide ores -
I also decided to reopen the 2016 43 101 tech report to compare my notes in former post - applied to - sphalerite.
1 - 12% zinc showing was still present in the - pdf.
2 - the 35ft away from shaft #1 massive sphalerite was still present.
3 - but the 10's to hundreds of feet was not in clse proximity to the words - 35 ft near shaft #1
massive sphalerite.
What i did notice that was unusal -
1 - the pages of the pdf were off when compared to my post pdf pages to refer to.
ex- page 24 was now 26 - hmm.
2- there were originally 2 places in the pdf on separate pages where it spoke of
10's to hundreds of feet -
When i opened the pdf today- i noticed there was only ( one ) mention placement of this
10's to hundreds of feet which was 2 pages away from my original reference.
So... it's an anomaly - indeed.
Nonetheless, at least - massive sphalerite - is still present in the pdf....
It's just a question of.... what exactly do the sulphide ores have in ( zinc ) values and how far reaching ( ore blocking ) could the zinc + copper contribute to the gold resource ?
I also read other hisdtorical reports that mentioned zinc values near one of the lake bay area on the cliams.... again, another suppofrt for - zinc presence.
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What Is Red Lake Gold up to ? Surface sampling 200m strike ?
Bulk testing ?
How did this high grade gold go overlooked so close to the shaft over the years ?
Will we see a full assay of all mineral content of these surface samples ?
Specifically - copper and zinc values ?
,
Surface channel sampling program at the Rowan Mine was designed to test gold mineralization for a potential bulk sample along a
200 m strike length near the Rowan Mine Shaft.
Surface Channel Sample Assay Highlights Include:
149.64 gpt Au over 1.0m, 34m east of the Rowan Mine Shaft ("Shaft")
45.68 gpt Au over 2.0m, 16m east of the Shaft
including 169.20 gpt Au over 0.5m
60.41 gpt Au over 1.2m, 27m west of the Shaft
including 144.81 gpt Au over 0.5m
49.32 gpt Au over 1.3m, 28m west of the Shaft
including 188.52 gpt Au over 0.31m
48.77 gpt Au over 0.9m, 30m west of the Shaft
including 134.33 gpt Au over 0.31m
53.87 gpt Au over 0.34m, 56m west of the Shaft
Additional Surface Channel Sample Highlights Include:
10.98 gpt Au over 1.2m, 25m west of the Shaft
including 18.19 gpt Au over 0.7m
2.93 gpt Au over 3.5m, 75m west of the Shaft
including 6.67 gpt Au over 1.0m
10.82 gpt Au over 0.5m, 25m east of the Shaft
12.38 gpt Au over 0.5m, 27m east of the Shaft
7.35 gpt Au over 1.2m, 33m east of the Shaft
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What if Red Lake Gold only achieves say,
1,500,000 ounces -
what would RLG's contingency plan be with a Majoe involved with 30% ?
At what point does one say.... no more shares - it will only dilute the share count trying ot prove more gold ounces ?
Another tohught i had today was....
What if there was another interersted party that wanted RGL's gold ounces ?
Is there a better suitor nearby that is willing to assist the junior with more regard ?
After all... i don't think i've come across any other junior with this many gold ounces and a Major involved and the junior is basically going it alone at an incredible discount on their valuation - right ?
Having this project sit for a few more years would be nonsensicle.
Other juniors nearby with no resources have far higher valuations.
In 2017 - RLG said by approx 2021 they'd have this alomost wrapped up.
Fastforward - 2021 - they're saying a few more years...
But.... could the share count endure another few years ?
Should RLG invite amongst theirt team a - go getter - advisor ?
One with sharp pencil and superb arbitration skill sets ?
Maybe RLG needs a new suitor - on who likes the present high grade gold ounces - as is ?
This whole notion of - must be 2 million ounces - has got to go.
Why not lok at the project and aim for - 1.5 million ounces ?
Again... taking into consideration - mindfulof keeping the share count low for shareholder sake,
Performing a round robin on - Rowan, NT zone - Jamie - will certainly bleed the shares.
Hence - focus on finding a buyer for the current resource on hand.
But first - push out a NEW revised 43 101 - for shareholder maximum value.
Wink.
Junior has done a very good job ths far...
Stoked to see a new updated resource size.
But... aiming for 2 million ounces could put a dent in the shares outstanding.
Yup... find a less fuzzy buyer for the gold ounces - could be the solve all.
Having another party interested in the gold ounces - would put the push on - Evolution.
Tease.
Cheers....