WRLG Unveils High-Grade Gold Intersections Earlier this month, West Red Lake Gold Mines (Ticker: WRLG.v or WRLGF for US investors) shared significant drill results from the South Austin Zone at its Madsen Mine in the Red Lake Gold District of Northwestern Ontario, Canada. This revelation comes at a time when central banks globally are reinforcing their gold reserves, adding 42 tonnes of the precious metal to their coffers, currently valued at CND $3.7 billion.
Source: https://www.thenewswire.com/press-releases/1BglF1RGJ-west-red-lake-gold-wrlgv-intersects-4744-g-t-gold-over-32-meters-in-the-south-austin-zone-as-central-banks-purchase-42-tonnes-of-gold.html
The Madsen Mine, boasting a 47 km2 land package, strategically located in a district that has produced over 30 million ounces of gold, stands as a promising venture for WRLG. Acquired for $6.5 million cash and 28.5 million shares, the mine's peak valuation exceeded a billion dollars, a remarkable 7X the current market cap of WRLG.
WRLG's flagship asset, the Madsen Gold Mine, is a debt-free, fully permitted site, equipped with a state-of-the-art 800+ tonne per day mill, and a comprehensive tailings and water treatment facility.
Frank Giustra, a prominent figure in the mining industry, lauded the acquisition, emphasizing the impeccable infrastructure and likening it to buying a new car with that coveted new car smell.
The South Austin Zone, part of the Madsen Mine, currently holds an Indicated mineral resource of 474,600 ounces, grading 8.7 grams per tonne gold, with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au.
The highlights of the drill program included intercepts of 47.44 g/t Au over 3.2m and 296.83 g/t Au over 1m with other notable intersections underscoring the significant gold potential within the Madsen Mine.
Shane Williams, President & CEO of WRLG, expressed optimism about the results, emphasizing the growth potential and high-grade expansion at the Madsen deposit. Will Robinson, V.P. of Exploration for WRLG, believes that further exploration down-plunge from the highlighted area could uncover additional high-grade, near-mine ounces.
As the current underground drilling program at the Madsen Mine focuses on defining near-term mining inventory and expanding the mineral resource, WRLG stands at the forefront of a gold resurgence, both in the ground and in the global financial market. The company's commitment to unlocking value through exploration and expansion positions it as a promising player in the ever-evolving gold industry.
Today, WRLG closed in the green on healthy volume once again, putting it up 43% over the month.
Company Website: https://westredlakegold.com/
Posted on behalf of West Red Lake Gold Mines Ltd.