)(Red Lake Gold or the "Corporation") is pleased to announce that it has entered into an arms length purchase agreement for a large portfolio of mining claims in Québec, the result of which more than triples the area size of its Fenelon North Gold Project.
The Fenelon North Gold Project is adjacent to Wallbridge Mining Company Limiteds (Wallbridge Mining) flagship Fenelon gold exploration project.
Red Lake Golds substantially expanded Fenelon North Gold Project now shares more than 50 km of contiguous claim boundaries with Wallbridge Mining.
Red Lake Gold has become one of the largest claim holders in the emerging Fenelon gold camp. We believe that our industry is only beginning to understand the diversity of depositional environments in the area. As example, the Jeremie Pluton (which is significantly contained within mining claims held by Red Lake Gold) was only recently understood to be a robust gold-hosting pluton and our research leads us to believe that other nearby structures may similarly offer our shareholders additional gold-endowed exploration opportunities in previously unrecognized and untested geological settings.
With todays news, we have now successfully set the course for Red Lake Golds future in Ontario and Québec having established our own district-scale project footprints in the two new gold discovery camps in Canada that are delivering the most significant capitalization growth stories, being our 21,238 ha Whirlwind Jack Gold Project adjacent to and on-trend with Great Bear Resources Ltd.s LP discovery and our 25,932 ha Fenelon North Gold Project contiguous with Wallbridge Mining and their Fenelon project, stated Ryan Kalt, Chairman and Chief Executive Officer of Red Lake Gold.
Fenelon North Gold Project (www.redlakegold.ca/fenelon_north)
As a result of todays announcement, the Fenelon North Gold Project more than triples in area size from the prior 180 mining claims covering approximately 8,095 ha (20,000 acres) to a camp-scale 515 mining claims covering approximately 25,932 ha. (64,052 acres).
Since acquiring its initial footprint in the Fenelon gold camp in February 2020, Red Lake Gold has been engaged in a variety of data compilation efforts to refine future field work programs for its Fenelon North Gold Project. The Corporation is also encouraged by certain geophysical structures identified within its newly acquired claim portfolio and intends to direct additional work thereon.
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