The 2024 TSX Venture 50 highlights the strongest performances on the TSX Venture Exchange over the last year, recognizing the strongest performance on the exchange based on three equally weighted criteria: market capitalization growth, share price appreciation and trading volume for the year ended December 21, 2023
Shane Williams, President, and CEO of West Red Lake Gold Mines Ltd commented,
“The team at West Red Lake Gold are thrilled to have been recognized by the TSX Venture Exchange as a 2024 Venture Top 50 Company®. We are continuing to expand and de-risk the Madsen Gold Mine and putting the Madsen Gold Mine back into production is just one part of our vision to create a leading Canadian gold mining company. The team and I are very focused on continuing to build value for our shareholders and stakeholders.”
Boasting a combined gold resource of 6.9M tonnes indicated at a grade of 7.4 g/t and 2.8M tonnes inferred at 9.2 g/t, WRLG is focused on developing the Madsen Gold Mine and Rowan Project, two assets that are historic underground operating mines with substantial discovery potential remaining.
The Madsen Mine is WRLG's flagship where a new area of high-grade mineralization extending the current resource to the northeast was recently discovered amid ongoing drilling at the North Austin Zone.
The latest intercepts include 9.15g/t Au over 3.3m and 10.66 g/t Au over 2.6m with the intersection of 8.12 g/t Au over 2m suggests the vertical continuity of almost two full mine levels, ~50m, below any workings in the east portal.
WLRG believes these intercepts are indicative of the resource growth potential that still exists at the Madsen Mine asset with the North Austin Zone sitting adjacent to existing underground development, marking it as a high caliber target that could potentially be developed early during future mine restart and production.
Since underground drilling resumed in early January 2024, WRLG has completed 1,651m of Expansion drilling and 689m of Definition drilling, with a total of 23 diamond drill holes for 2,340m having been completed so far in 2024.
Notably, the Mine, is debt-free and fully permitted with a brand-new 800+ tonne per day mill as well as a tailings and water treatment facility, and hosts an NI 43-101 Indicated resource of 1.65m ounces of gold grading 7.4 g/t Au and an Inferred resource of 0.37Moz gold grading 6.3g/t Au
Despite the asset being previously valued at one billion dollars, WRLG acquired Madsen for pennies on the dollar with all the infrastructure in place as well as tailings and permitting.
During its historical operation, over $350M was spent on the project, however, as discussed by Shane Williams at the Metals Investor Forum in January 2024, the mine was never set up for success based on shortcomings in the management team: https://youtu.be/nAfvI-D6Mto?si=9sjvx7uL2afmwbkF Optimizing for a potential mine restart next year, WRLG is well on track to complete exploration work and metallurgical testing at Madsen to further de-risk and delineate the project.
Posted on Behalf of West Red Lake Gold Mines Ltd.