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West Red Lake Gold Mines Ltd V.WRLG

Alternate Symbol(s):  V.WRLG.WT | WRLGF

West Red Lake Gold Mines Ltd. is a Canada-based mineral exploration company. The Company is focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 square kilometers (Km2) land package in the Red Lake district of Ontario. The Company’s project also includes West Red Lake Project, which is situated on the Red Lake Archean Greenstone Belt, which hosts the high-grade gold mines of the Red Lake Gold District. The Company’s West Red Lake Project has approximately 3100-hectare property encompassing three former gold mines, including Rowan Mine, Red Summit Mine and Mount Jamie Mine. The Rowan Mine Property is comprised of approximately 119 claims. The Mount Jamie Mine Property is 100% owned and consists of approximately 26 claims. The Red Summit Mine Property consists of over two 100% owned patented claims situated within the Rowan Mine property. The NT Zone is located on the Rowan Mine Property portion of the West Red Lake Project.


TSXV:WRLG - Post by User

Post by 1StockInformeron Jan 25, 2024 7:41pm
118 Views
Post# 35846201

WRLG's CEO Details Their Plans for Success

WRLG's CEO Details Their Plans for Success

With a focus on advancing two key projects, the Madsen Mine and Rowan Project, WRLG aims to leverage existing infrastructure and strategic planning to swiftly become a mid-tier Canadian miner.

 

Unlike many early-stage developers, WRLG acquired an asset with over $350 million in infrastructure already in place. 


The company's strategy is clear: to swiftly transition into production. With a permanent mill, a well-established team, and the guidance of major shareholder and Billionaire Frank Giustra, WRLG is following a buy-and-build strategy to capitalize on the expected rise of gold prices over the next few years.


WRLG's focus in 2023 was on the Rowan property, an early-stage project that yielded impressive high-grade hits during drilling. Now, in 2024, the spotlight shifts to the Madsen project.


Acquired in June for $6M, Madsen boasts substantial infrastructure and represents a significant opportunity for West Red Lake Gold to showcase its value. The plan for 2024 involves underground development work and extensive drilling to unveil the full potential of the Madsen deposit.


With a current cash position of ~$12 million, CEO Shane Williams acknowledges the need for additional funding to reach the production stage, estimated to require around $50 million.


 However, with the support of backers like Frank Giustra and a seasoned team, the company expresses confidence in securing the necessary funds. The strategic timeline includes raising more capital in the back half of 2024.


WRLG's unique position, having acquired an asset with significant existing infrastructure, sets them apart in an industry dominated by early-stage developers. With a clear strategy to swiftly transition into production, guided by major shareholder Frank Giustra, WRLG is strategically positioned to capitalize on the anticipated upward trajectory of gold prices. 


Full Interview Here:


Posted on behalf of West Red Lake Gold Mines Ltd.

 
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