West Red Lake Gold Reports 215.46 g/t Au over 5.35m, 50.34 g/t Au over 4.05m and 61.70 g/t Au over 3m in Austin 904 Complex – Madsen Mine
West Red Lake Gold Reports 215.46 g/t Au over 5.35m, 50.34 g/t Au over 4.05m
and 61.70 g/t Au over 3m in Austin 904 Complex – Madsen Mine
VANCOUVER, British Columbia, April 13, 2026 (GLOBE NEWSWIRE) -- West Red
Lake Gold Mines Ltd. (“West Red Lake Gold ” or “WRLG” or the “Company”)
(TSXV: WRLG) (OTCQB: WRLGF) is pleased to report drill results from its 100%
owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario,
Canada.
Will Robinson, Vice President of Exploration, stated, “The 904 Complex in lower
Austin is steadily growing into a very important part of the future at Madsen. Having
only just gained access to this area for drilling in late 2025, the results received to date
are highly encouraging. For historic comparison, the High -Grade Zone discovery by
Goldcorp Inc. in Red Lake was initially established on nine holes with a weighted
average grade of 311 grams per tonne gold, uncapped, over 2.3 metres1 - we already
have multiple results received to date out of 904 that exceed these grades and
thicknesses.”
“Additionally, our definition drills have only begun testing the upper 30 metres of the
currently modeled 200 metre by 200 metre mineralized panel in 904 - which is believed
to be fully intact and has had no historic mining. This allows for our geologists to
observe complete cross sections of the Austin zone in drill core which is also adding
to our understanding of structural controls on gold deposition. In a way, we are seeing
this area of the Madsen deposit for the first time which is quite exciting and
informative. We see growth potential at depth in the 904 area and will continue to drill
and define this area throughout 2026.”
The results from Austin 904 Complex presented in this update were all drilled from
the 13 Level of the Madsen Mine at approximately 650m depth. These results are
in addition to those recently announced on February 25, 2026 which highlighted 219.73
grams per tonne ( “g/t”) gold (“Au”) over 4.8 metres ( “m”), 148.36 g/t Au over
3m and 133.13 g/t Au over 2.5m.
The Austin 904 presents a unique opportunity in Madsen as a completely intact
panel of gold mineralization approximately 200m by 200m in size. This area of the
deposit was not historically mined which is rare for the Madsen deposit and places
WRLG in a favorable position to have full access to the entire mineralized zone for
mining – this is expected to result in larger stopes and increased efficiency
during design and extraction.
Recent drilling success from the Austin 904 demonstrates the potential for
discovery of additional high -grade lenses of gold mineralization in the main
Austin Zone very similar to those that have already been delineated in the South Austin
4447 area during the 2025 campaign (see press releases for South Austin dated
August 12, 2025, May 27, 2025 and February 26, 2025). It is anticipated that the 904
Complex will continue to be a primary focus of drilling at Madsen for the remainder of
2026 with initial production from this area expected in H1 2027.
AUSTIN 904 COMPLEX HIGHLIGHTS:
Hole MM26D-13-4881-031 intersected 5.35m @ 215.46 g/t Au, from 135.10m
to 140.45m, including 2.95m @ 388.90 g/t Au, from 136.00m to 138.95m. This
intercept was complemented by multiple occurrences of visible gold spatially
associated with quartz veining and strong silicification (Figure 1).
FIGURE 1. Visible gold showing in hole MM26D-13-4881-031 at 138.65m
downhole depth.
FIGURE 1. Visible gold showing in hole
MM26D -13-4881-031 at 138.65m downhole
depth.
FIGURE 1. Visible gold showing in hole MM26D -13-
4881-031 at 138.65m downhole depth.
FIGURE 2. Visible gold showing in hole
MM26D -13-4881-034 at 137.3m downhole
depth.
FIGURE 2. Visible gold showing in hole MM26D -13-
4881-034 at 137.3m downhole depth.
FIGURE 3. Visible gold showing in hole
MM26D -13-4881-018 at 123.7m downhole
depth.
FIGURE 3. Visible gold showing in hole MM26D -13-
4881-018 at 123.7m downhole depth.
FIGURE 4. Visible gold showing in hole
MM26D -13-4881-020 at 102.5m downhole
depth.
FIGURE 4. Visible gold showing in hole MM26D -13-
4881-020 at 102.5m downhole depth.
FIGURE 5. Long Section showing drill
highlights from current press release in
Austin 904 Complex with (grade x
thickness) at ≥ 25 (g/t Au x m). Interval
length denotes downhole core length.
Hole MM26D-13-4881-034 intersected 4.05m @ 50.34 g/t Au, from 135.5m to
139.55m, including 0.5m @ 390.36 g/t Au , from 137.05m to 137.55m. This
intercept was complemented by multiple occurrences of visible gold spatially
associated with quartz veining and strong silicification (Figure 2).
FIGURE 2. Visible gold showing in hole MM26D-13-4881-034 at 137.3m
downhole depth.
Hole MM26D -13-4881-018 intersected 3m @ 61.70 g/t Au , from 122.5m to
125.5m, including 0.5m @ 61.70 g/t Au, from 123.5m to 124.0m. This intercept
was complemented by multiple occurrences of visible gold spatially
associated with quartz veining and strong silicification (Figure 3). This hole also
intersected 11m @ 4.09 g/t Au, from 100m to 111m, including 0.55m @ 28.56
g/t Au, from 100.95m to 101.50m.
FIGURE 3. Visible gold showing in hole MM26D-13-4881-018 at 123.7m
downhole depth.
Hole MM26D-13-4881-026 intersected 8.65m @ 13.25 g/t Au, from 122.35m to
131.00m, including 0.95m @ 42.63 g/t Au , from 123.00m to 123.95m; also
including 4m @ 17.64 g/t Au, from 125m to 129m.
Hole MM26D-13-4881-010 intersected 7.05m @ 11.56 g/t Au, from 101.50m to
108.55m, including 0.5m @ 121.41 g/t Au, from 102.0m to 102.5m.
Hole MM26D-13-4881-020 intersected 2m @ 34.35 g/t Au , from 101.75m to 103.75m, including 0.5m @ 126.05 g/t Au , from
102.25m to 102.75m. This intercept was complemented by a narrow band of visible gold spatially associated with quartz veining
and strong silicification (Figure 4).
FIGURE 4. Visible gold showing in hole MM26D-13-4881-020 at 102.5m downhole depth.
Hole MM26D-13-4881-015 intersected 12.35m @ 5.47 g/t Au , from 116.40m to 128.75m, including 2.3m @ 16.00 g/t Au , from
121.7m to 124.0m.
Hole MM26D-13-4881-019 intersected 10.6m @ 4.87 g/t Au , from 101.15m to 111.75m, including 0.5m @ 25.71 g/t Au , from
102.5m to 103.0m; also including 1m @ 14.64 g/t Au, from 104m to 105m.
Hole MM26D-13-4881-025 intersected 15.15m @ 3.35 g/t Au , from 120.55m to 135.70m, including 0.8m @ 29.28 g/t Au , from
123.45m to 124.25m.
TABLE 1. Significant intercepts (>3 g/t Au) from drilling at Austin 904 Complex.
FIGURE 5. Long Section showing drill highlights from
current press release in Austin 904 Complex with
(grade x thickness) at ≥ 25 (g/t Au x m). Interval
length denotes downhole core length. True
thickness has not been calculated, but is expected
to be ≥ 70% of downhole length based on intercept
angles observed in the drill core.[2][2] Mineral
resources are estimated at a cut -off grade of 3.38 g/t
Au and a gold price of US1,800/oz. Please refer to the
technical report entitled “NI 43-101 Technical Report
and Prefeasibility Study for the Madsen Mine,
Ontario, Canada”, prepared by SRK Consulting
(Canada) Inc. and dated January 7, 2025 (the “Madsen
Report ”). A full copy of the Madsen Report is
available on the Company ’s website and on SEDAR+
at www.sedarplus.ca.
Rowan and Madsen Project Locations
Map
Rowan and Madsen Project Locations Map
Hole ID Target From (m) To (m) Length (m)* Au (g/t)
MM26D-13-4881-001 Austin - 904 117.60 119.60 2.00 3.20
MM26D-13-4881-002 Austin - 904 105.25 111.00 5.75 5.04
Incl. 105.25 106.25 1.00 17.65
AND Austin - 904 131.80 133.15 1.35 4.08
MM26D-13-4881-003 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-004 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-005 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-006 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-007 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-008 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-009 Austin - 904 75.30 76.30 1.00 9.04
MM26D-13-4881-010 Austin - 904 101.50 108.55 7.05 11.56
Incl. 102.00 102.50 0.50 121.41
AND Austin - 904 154.50 155.50 1.00 7.57
MM26D-13-4881-011 Austin - 904 107.20 110.00 2.80 3.11
MM26D-13-4881-012 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-013 Austin - 904 111.50 113.60 2.10 5.37
AND Austin - 904 118.95 120.50 1.55 3.45
AND Austin - 904 120.50 121.00 0.50 3.62
AND Austin - 904 122.00 122.50 0.50 3.71
AND Austin - 904 124.35 126.50 2.15 3.66
AND Austin - 904 130.75 131.40 0.65 3.21
MM26D-13-4881-014 Austin - 904 117.00 117.50 0.50 3.83
AND Austin - 904 118.00 119.00 1.00 3.53
AND Austin - 904 120.50 123.00 2.50 3.84
MM26D-13-4881-015 Austin - 904 102.80 103.35 0.55 8.27
AND Austin - 904 116.40 128.75 12.35 5.47
Incl. 121.70 124.00 2.30 16.00
MM26D-13-4881-016 Austin - 904 119.00 123.00 4.00 7.55
Incl. 120.20 121.00 0.80 29.88
AND Austin - 904 125.70 128.00 2.30 4.39
AND Austin - 904 129.50 131.50 2.00 3.81
MM26D-13-4881-017 Austin - 904 128.10 128.60 0.50 3.39
MM26D-13-4881-018 Austin - 904 100.00 111.00 11.00 4.09
Incl. 100.95 101.50 0.55 28.56
AND Austin - 904 122.50 125.50 3.00 61.70
Incl. 123.50 124.00 0.50 359.23
MM26D-13-4881-019 Austin - 904 91.00 92.00 1.00 8.17
AND
Austin - 904
101.15 111.75 10.60 4.87
Incl. 102.50 103.00 0.50 25.71
Also Incl. 104.00 105.00 1.00 14.64
MM26D-13-4881-020 Austin - 904 90.30 92.00 1.70 3.83
AND Austin - 904 101.75 103.75 2.00 34.35
Incl. 102.25 102.75 0.50 126.05
AND Austin - 904 108.00 109.00 1.00 4.07
AND Austin - 904 114.50 115.50 1.00 3.04
AND Austin - 904 117.00 118.05 1.05 3.41
AND Austin - 904 124.00 126.10 2.10 12.51
Incl. 125.60 126.10 0.50 50.23
MM26D-13-4881-021 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-022 Austin - 904 115.00 122.40 7.40 4.32
Incl. 119.65 120.90 1.25 17.18
MM26D-13-4881-023 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-024 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-025 Austin - 904 120.55 135.70 15.15 3.35
Incl. 123.45 124.25 0.80 29.28
MM26D-13-4881-026 Austin - 904 90.00 92.00 2.00 7.40
AND
Austin - 904
122.35 131.00 8.65 13.25
Incl. 123.00 123.95 0.95 42.63
Also Incl. 125.00 129.00 4.00 17.63
MM26D-13-4881-027 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-028 Austin - 904 130.85 133.55 2.70 3.16
AND Austin - 904 150.20 152.70 2.50 3.23
MM26D-13-4881-029 Austin - 904 No Significant Assays > 3 g/t Au
MM26D-13-4881-030 Austin - 904 92.65 96.10 3.45 5.76
*The “From-To” intervals in Table 1 are denoting overall downhole length of the intercept. The gold assay results presented are uncapped
values. True thickness has not been calculated for these intercepts but is expected to be ≥ 70% of downhole length based on intercept
angles observed in the drill core. Internal dilution for composite intervals does not exceed 1m for samples grading <0.1 g/t Au.
TABLE 2: Drill collar summary for holes reported in this News Release.
DISCUSSION
Like the other mineralized domains that comprise the Madsen Mine, the Austin structures are hosted within broad, kilometre-scale planar
alteration and deformation corridors that have been repeatedly reactivated during gold mineralization and subsequent deformation and
metamorphism.
At the deposit scale the Austin, South Austin, North Austin, and McVeigh Zones are locally folded and structurally dismembered by
transposition and rotation into the penetrative S2 Foliation. In addition to this intense deformation overprint, the mineralized veins and
alteration have been subjected to the relatively high temperatures of amphibolite facies metamorphism, which led to extensive
recrystallization and growth of the skarn-like replacement mineral assemblage of diopside-amphibole-quartz-biotite.
MM26D-13-4881-031 Austin - 904 135.10 140.45 5.35 215.46
Incl. 136.00 138.95 2.95 388.90
MM26D-13-4881-032 Austin - 904 120.70 121.20 0.50 3.72
AND Austin - 904 129.35 130.35 1.00 3.63
AND Austin - 904 134.50 136.00 1.50 3.60
MM26D-13-4881-033 Austin - 904 111.75 116.25 4.50 3.58
Incl. 112.90 113.75 0.85 10.63
MM26D-13-4881-034 Austin - 904 119.00 123.30 4.30 3.43
AND Austin - 904 135.50 139.55 4.05 50.34
Incl. 137.05 137.55 0.50 390.36
Hole ID Target Easting Northing Elev (m) Length (m) Azimuth Dip
MM26D-13-4881-001 Austin - 904 435845 5646750 -212 119.6 127 -6
MM26D-13-4881-002 Austin - 904 435845 5646750 -212 150.0 127 1
MM26D-13-4881-003 Austin - 904 435846 5646751 -212 103.2 129 6
MM26D-13-4881-004 Austin - 904 435845 5646750 -212 147.0 129 -1
MM26D-13-4881-005 Austin - 904 435846 5646752 -212 115.3 129 -4
MM26D-13-4881-006 Austin - 904 435845 5646750 -211 107.1 133 6
MM26D-13-4881-007 Austin - 904 435845 5646750 -211 107.3 135 9
MM26D-13-4881-008 Austin - 904 435845 5646750 -211 110.7 138 6
MM26D-13-4881-009 Austin - 904 435845 5646750 -211 113.3 141 9
MM26D-13-4881-010 Austin - 904 435846 5646752 -211 165.0 109 6
MM26D-13-4881-011 Austin - 904 435846 5646752 -212 150.0 109 1
MM26D-13-4881-012 Austin - 904 435846 5646752 -212 111.8 109 -6
MM26D-13-4881-013 Austin - 904 435846 5646752 -212 150.0 112 -6
MM26D-13-4881-014 Austin - 904 435846 5646751 -212 150.0 115 -5
MM26D-13-4881-015 Austin - 904 435846 5646752 -212 150.0 118 -4
MM26D-13-4881-016 Austin - 904 435846 5646752 -212 150.0 120 -6
MM26D-13-4881-017 Austin - 904 435846 5646751 -212 150.0 124 -5
MM26D-13-4881-018 Austin - 904 435846 5646752 -211 150.0 112 5
MM26D-13-4881-019 Austin - 904 435846 5646752 -211 150.0 114 2
MM26D-13-4881-020 Austin - 904 435846 5646752 -211 150.0 117 2
MM26D-13-4881-021 Austin - 904 435845 5646750 -211 101.2 125 6
MM26D-13-4881-022 Austin - 904 435845 5646750 -211 144.0 124 3
MM26D-13-4881-023 Austin - 904 435845 5646751 -212 112.5 117 -7
MM26D-13-4881-024 Austin - 904 435845 5646751 -212 70.4 108 -11
MM26D-13-4881-025 Austin - 904 435845 5646750 -212 156.0 126 -11
MM26D-13-4881-026 Austin - 904 435845 5646750 -212 150.0 130 -12
MM26D-13-4881-027 Austin - 904 435845 5646750 -212 150.0 134 -11
MM26D-13-4881-028 Austin - 904 435845 5646750 -212 156.0 141 -10
MM26D-13-4881-029 Austin - 904 435845 5646751 -212 164.2 129 -17
MM26D-13-4881-030 Austin - 904 435845 5646750 -212 156.0 124 -16
MM26D-13-4881-031 Austin - 904 435845 5646750 -212 162.0 124 -18
MM26D-13-4881-032 Austin - 904 435846 5646751 -212 139.0 113 -4
MM26D-13-4881-033 Austin - 904 435845 5646751 -212 144.0 107 -4
MM26D-13-4881-034 Austin - 904 435845 5646751 -212 150.0 108 -10
All significant gold mineralization on the mine property is demonstrably early relative to the most significant, penetrative deformation (D2)
and metamorphic events. The North Austin Zone displays ‘mine-style’ alteration and mineralization and consists of multiple mineralized
domains defined over a strike length of 0.5km. Mineralization remains open at depth and along strike to the northeast.
In drill core, or at underground face exposures, gold-bearing zones at the Madsen Mine are best identified visually by fine (sub-millimetre)
grains of free gold within strong alteration and veining. All high-grade intervals generally contain visible gold on drill core exteriors, although
numerous examples exist of high-grade assays where visible gold was only identified within the interior (cut surface) of the core samples.
Apart from the presence of free gold, pervasive silicification (locally accompanied by discrete quartz veining) and quartz -carbonate or
diopside veining are the best indicators that a given interval is within a high-grade zone along/within the mineralized structure.
The current underground drilling program at the Madsen Mine is focused on further definition of near -term mining inventory, as well as
growth of the current mineral resource. Drilling has been focused on the more continuous and higher -grade portions of the Austin and
South Austin Zones. It is anticipated that this will continue to be the strategy through 2026.
High resolution versions of all the figures contained in this press release can be found at the following web link: WRLG - News Release April
13 2026 - Figures.
FIGURE 5. Long Section showing drill highlights from current press release in Austin 904 Complex with (grade x thickness) at ≥
25 (g/t Au x m). Interval length denotes downhole core length. True thickness has not been calculated, but is expected to be ≥
70% of downhole length based on intercept angles observed in the drill core.2
QUALITY ASSURANCE/QUALITY CONTROL
Drilling completed underground at the Madsen Mine consists of BQ-sized diamond drill core for definition drill programs and oriented NQ-
sized diamond drill core for exploration focused drilling. All drill holes are systematically logged, photographed, and sampled by a trained
geologist at the Madsen Mine core processing facility. Minimum allowable sample length is 0.5m. Maximum allowable sample length is
1.5m. Control samples (certified standards and uncertified blanks), along duplicates, are inserted at a target 5% insertion rate. Results are
assessed for accuracy, precision, and contamination on an ongoing basis. The BQ-sized drill core is whole core sampled. The NQ-sized
drill core is then cut lengthwise utilizing a diamond blade core saw along a line pre-selected by the geologist. To reduce sampling bias, the
same side of drill core is sampled consistently utilizing the orientation line as reference. For those samples containing visible gold (“VG”), a
trained geologist supervises the cutting/bagging of those samples, and ensures the core saw blade is ‘cleaned’ with a dressing stone
following the VG sample interval. Bagged samples are then sealed with zip ties and transported by Madsen Mine personnel directly to SGS
Natural Resources’ Facility in Red Lake, Ontario for assay.
Samples are then prepped by SGS, which consists of drying at 105°C and crushing to 75% passing 2mm. A riffle splitter is then utilized to
produce a 500g course reject for archive. The remainder of the sample is then pulverized to 85% passing 75 microns from which 50g is
analyzed by fire assay and an atomic absorption spectroscopy (AAS) finish (SGS Code GO-FAA50V10). Samples returning gold values >
100 g/t Au are reanalyzed by fire assay with a gravimetric finish on a 50g sample (SGS Code GO_FAG50V). Samples with visible gold are
also analyzed via metallic screen analysis (SGS code: GO_FAS50M). For multi -element analysis, samples are sent to SGS ’s facility in
Burnaby, British Columbia and analyzed via four -acid digest with an atomic emission spectroscopy (ICP -AES) finish for 33 -element
analysis on 0.25g sample pulps (SGS code: GE_ICP40Q12). SGS Natural Resources analytical laboratories operate under a Quality
Management System that complies with ISO/IEC 17025.
The Madsen Mine deposit presently hosts a National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”)
Indicated resource of 1.65 million ounces ( “Moz”) of gold grading 7.4 g/t Au within 6.9 Mt, and an Inferred resource of 0.37 Moz of gold
grading 6.3 g/t Au within 1.8 Mt. Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/oz. Mineral
resources as stated are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic
viability. The Madsen Mine also contains Probable reserves of 478 thousand ounces ( “koz”) of gold grading 8.16 g/t Au within 1.87 Mt.
Mineral reserve estimates are based on a gold price of US$1,680/oz. Please refer to the Madsen Report. The Madsen Resource Estimate
has an effective date of December 31, 2021, and excludes depletion of mining activity during the period from January 1, 2022, to the mine
closure on October 24, 2022, as it has been deemed immaterial and not relevant for the purpose of the Madsen Report. A full copy of the
Madsen Report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca.
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of
Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its
flagship Madsen Gold Mine and the associated 47 km 2 highly prospective land package in the Red Lake district of Ontario. The highly
productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 20 million ounces of gold from high -grade zones and
hosts some of the world's richest gold deposits 3. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive
property position covering 31 km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jaclyn Ruptash
V.P. Corporate Communications and Investor Relations
Tel: (604) 805-0902
Email: [email protected] or visit the Company’s website at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities
laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and
similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management;
however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the
forward-looking information in this news release and include without limitation, statements relating to the anticipated impact of the drilling
results on actual production at the Madsen Mine; the expectations of results in larger stopes and efficiency at the Madsen Mine; the
potential production of mining operations at the Madsen Mine; the further anticipated drilling to occur at Madsen for the remainder of 2026;
any untapped growth potential in the Madsen deposit; and the Company’s future objectives and plans. Readers are cautioned not to place
undue reliance on forward-looking information.
Forward-looking information involves numerous risks and uncertainties and actual results might differ materially from results suggested in
any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial
markets for the Company’s securities; fluctuations in commodity prices; and changes in the Company ’s business plans. Forward-looking
information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its
stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to
identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward -
looking information. Accordingly, readers should not place undue reliance on forward -looking information. Readers are cautioned that
reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in
the Company’s management’s discussion and analysis for the year ended December 31, 2024, and the Company ’s annual information
form for the year ended December 31, 2024, copies of which are available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward -looking
information reflects management’s current beliefs and is based on information currently available to the Company. The forward -looking
information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to
reflect new events or circumstances, except as may be required by applicable law.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+
at www.sedarplus.ca.
_____________________________________
1 Twomey, T. and McGibbon, S. Red Lake Mine, Goldcorp Inc. (2022). “The Geological Setting and Estimation of Gold Grade of the High-
Grade Zone, Red Lake Mine. ” Exploration Mining Geology, Vol. 10, Nos. 1 –2, pp. 19 –34. Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”). Reference to the High-Grade Zone as described by Twomey and McGibbon is only provided as historical comparison
and should not be relied upon to indicate or suggest resource size potential or quality of mineralization at Madsen.
2 Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report
entitled “NI 43-101 Technical Report and Prefeasibility Study for the Madsen Mine, Ontario, Canada”, prepared by SRK Consulting (Canada)
Inc. and dated January 7, 2025 (the “Madsen Report”). A full copy of the Madsen Report is available on the Company’s website and on
SEDAR+ at www.sedarplus.ca.
3 Twomey, T. and McGibbon, S. Red Lake Mine, Goldcorp Inc. (2022). “The Geological Setting and Estimation of Gold Grade of the High-
Grade Zone, Red Lake Mine. ” Exploration Mining Geology, Vol. 10, Nos. 1 –2, pp. 19 –34. Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”). Reference to the High-Grade Zone as described by Twomey and McGibbon is only provided as historical comparison
and should not be relied upon to indicate or suggest resource size potential or quality of mineralization at Madsen.
Photos accompanying this announcement are available at
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