West Red Lake Gold Mines Ltd. (WRLG:TSX.V; WRLGF:OTCQX; UJO:FSE) announced that it has filed on SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, covering the updated 2026 mineral resource estimate (MRE) for the Rowan project and the maiden MRE for the nearby Mount Jamie deposit. The report, titled Technical Report on the Updated Mineral Resource Estimates for the Rowan and Mount Jamie Deposits, Ontario, Canada, is dated July 22, 2026, with an effective date of June 1, 2026. Rowan is located in the Red Lake gold district of Northwestern Ontario, Canada.
The technical report was prepared by Sims Resources LLC and Fuse Advisors Inc., independent consulting firms, and is available electronically on the company's website and on SEDAR+ under West Red Lake Gold's issuer profile.
According to the report, the Rowan deposit contains indicated mineral resources of 798,989 tonnes grading 13.04 grams per tonne (g/t) gold, containing 335,058 ounces of gold, and inferred mineral resources of 363,602 tonnes grading 15.31 g/t gold, containing 179,029 ounces of gold. The maiden mineral resource estimate for the Mount Jamie deposit includes indicated mineral resources of 110,385 tonnes grading 14.02 g/t gold, containing 49,740 ounces of gold, and inferred mineral resources of 94,394 tonnes grading 12.10 g/t gold, containing 36,727 ounces of gold.
The report stated that there are non-material differences between the mineral resource estimate in the technical report and the information previously disclosed in the company's June 9, 2026, news release. It said that, "As part of the final reconciliation and application of rounding standards, as well as reporting based on proportional blocks as opposed to entire blocks in the completed technical report, the indicated and inferred mineral resources have been updated." The company added that "the majority of the values presented in the attached table reflect minor, non-material increases."
The report noted that CIM (2014) definitions were followed for the mineral resources. Rowan mineral resources were estimated using a cut-off grade of 2.00 g/t gold and a gold price of US$3,200 per ounce, while Mount Jamie mineral resources were estimated using a cut-off grade of 3.80 g/t gold and the same gold price. It also stated that there are no mineral reserves currently estimated for Rowan or Mount Jamie.
Gold Market Remains in Focus
Gold traded at US$4,069.32 per ounce as of 5:46 a.m. EDT on July 24, according to live spot pricing data. The market showed gold up US$12.44, or 0.31%, on the day, with a bid price of US$4,054.82 and an ask price of US$4,069.32. The live pricing data also listed gold at US$130.83 per gram and US$130,831.52 per kilogram.
CNBC reported on July 22 that hedge fund manager John Paulson viewed the current market as "the beginnings or the early stages of a long-term bull market for gold." He said demand for bullion had broadened, led by central banks increasing their reserves alongside growing private-sector interest. Paulson also said, "Gold is becoming the most apt reserve currency in the world, replacing fiat currencies," adding that "the demand from central banks, for instance, has continued to grow, as has the private sector."
According to a July 23 report from Kitco News, the gold market had continued "to base-build at key long-term support levels" after the European Central Bank left interest rates unchanged. Kitco wrote that the ECB maintained its key interest rates while providing little forward guidance as the global economy continued to navigate renewed military actions in the Middle East. In its monetary policy statement, the ECB said, "Uncertainty remains high, and the full inflationary impact of the energy shock has yet to play out," adding that it remained committed to ensuring inflation stabilized at its 2% target over the medium term.
Development Activities Across Madsen and Rowan
According to the company's July 2026 corporate presentation, West Red Lake Gold's 2026 activities include continued ramp-up at the Madsen mine, with production guidance of 35,000 to 45,000 ounces for the year, approximately 60% weighted toward the second half of 2026. Planned work during the year includes initiating development at the Fork deposit, accessing the 4447 and 960 complexes, advancing the 13 Level East Drive toward the Derlak complex, and beginning Phase 1 shaft refurbishment. The presentation also states that an updated pre-feasibility study has been proposed to combine the Madsen and Rowan projects, while exploration is planned at the Starratt-Olsen and North Shore targets.
The company also outlined additional work expected during 2027, including bringing the 904 Complex and Fork satellite deposit into the production profile, continuing underground development, scaling shaft haulage capacity, advancing the 13 Level East Drive to open additional mining fronts, and continuing resource expansion drilling. For 2029 and beyond, the presentation describes Rowan development and production ramp-up, with a proposed hub-and-spoke strategy incorporating multiple complexes and mines feeding the Madsen mill, alongside continued regional exploration.
At Rowan, the presentation states that a recent 6,300-meter drill program targeted veins 001, 004, 006b, and 013. According to the company, the program was designed to support pre-feasibility study, mine design, geotechnical, and metallurgical work for the combined planned pre-feasibility study. The company also stated that near-portal veins 006b and 013 could support additional mine life and earlier production, while the best intercept demonstrated continuity near the current 400-meter depth extent.
Streetwise Ownership Overview*
West Red Lake Gold Mines Ltd. (WRLG:TSX.V; WRLGF:OTCQX; UJO:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 01/31/23 | DVRRF:OTCQX | 1 | WRLGF:OTCQX | 1 |
| 01/05/23 | DLV.H:TSXV | 1 | WRLG:TSXV | 1 |
| 01/05/23 | DVRRD:OTCQX | 1 | DVRRF:OTCQX | 1 |
| 07/15/22 | DLV.H:TSXV | 5 | DLV.H:TSXV | 1 |
| 07/15/22 | DVRRF:OTCQX | 5 | DVRRD:OTCQX | 1 |
| 11/27/17 | DVRRF:OTCQX | 1 | DVRRF:OTCQX | 1 |
The presentation also states that the permitting process has started for the 100%-owned Rowan property. It describes Rowan as a proposed underground long-hole retreat mining operation with existing underground development supporting multi-vein mine planning. The project also recently received an updated Rowan mineral resource estimate and a maiden mineral resource estimate for the nearby Mount Jamie deposit, located 2 kilometers from Rowan.
Ownership and Share Structure1
Institutional investors hold approximately 30% of West Red Lake Gold's shares, with insiders and advisors holding another 10%.
The remaining 60% is held by retail investors.
The company's current market cap is ~ CA$300 million, with a 52-week trading range of CA$0.54 to CA$1.49.
Frequently Asked Questions
What did West Red Lake Gold file for the Rowan project?
West Red Lake Gold filed an independent NI 43-101 technical report for its updated 2026 mineral resource estimate at the Rowan project and a maiden mineral resource estimate for the nearby Mount Jamie deposit.
What is the updated Rowan mineral resource estimate?
The Rowan deposit contains an indicated mineral resource of 798,989 tonnes grading 13.04 g/t gold for 335,058 ounces of gold, plus an inferred mineral resource of 363,602 tonnes grading 15.31 g/t gold for 179,029 ounces of gold.
What is the maiden Mount Jamie mineral resource estimate?
The Mount Jamie deposit contains an indicated mineral resource of 110,385 tonnes grading 14.02 g/t gold for 49,740 ounces of gold and an inferred mineral resource of 94,394 tonnes grading 12.10 g/t gold for 36,727 ounces of gold.
What is the Rowan gold project?
The Rowan project is a gold project located in the Red Lake gold district of northwestern Ontario, Canada. The company filed an updated 2026 mineral resource estimate for the project under NI 43-101 standards.
Where is the Mount Jamie gold deposit located?
The Mount Jamie deposit is located near the Rowan project in the Red Lake gold district of northwestern Ontario, Canada.
Who prepared the NI 43-101 technical report?
The technical report was prepared by Sims Resources LLC and Fuse Advisors Inc., both independent consulting firms.
What changed in the updated Rowan mineral resource estimate?
According to the company, the final technical report included minor, non-material increases to several values following final reconciliation, rounding standards, and reporting based on proportional blocks rather than entire blocks.
What gold price was used in the Rowan mineral resource estimate?
The Rowan mineral resource estimate used a gold price of US$3,200 per ounce and a cut-off grade of 2.00 g/t gold.
What gold price was used in the Mount Jamie mineral resource estimate?
The Mount Jamie mineral resource estimate used a gold price of US$3,200 per ounce and a cut-off grade of 3.80 g/t gold.
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Important Disclosures:
- West Red Lake Gold Mines Ltd. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of West Red Lake Gold Mines Ltd.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
