TSXV:WRLG - Post Discussion
Post by
MarketMakerss on Nov 07, 2023 1:52pm
WRLG Upsizes Private Placement to $13M
Known for having yielded over 30 million ounces of gold from high-grade zones, the Red Lake Gold District in Ontario, Canada is host to some of the world's richest gold deposits and provides a range of investment opportunities.
Within the district, West Red Lake Gold Mines (WRLG.v WRLGF) has emerged as a high-potential gold opportunity with significant backing from Billionaire Mining Investor Frank Giustra and two high-grade projects in the Red Lake Gold District as discussed in the latest DeepDive interview: https://www.youtube.com/watch?v=LLUyzCYFPTg&ab_channel=TheDeepDive
As a result of strong investor demand, WRLG announced the upsizing of its private placement from $10M as announced yesterday, to $13M with Canaccord and Eight Capital acting as co-lead agents. Expected to close on or about November 28, 2023, the net proceeds will be used to advance WRLG's mineral properties in Ontario, the Madsen Gold Mine and the Rowan Gold Project.
Presenting a compelling story, WRLG's flagship, the Madsen Gold Mine and the associated 47km squared highly prospective land package is debt-free and fully permitted with a gold resource of 6.9M tons indicated and 1.8M tons inferred as well as a brand-new 800+ tonne per day mill.
Notably, Giustra sees the Madsen Mine as a highly attractive and first-class acquisition that "couldn't be created today with less than $700M."
WRLG's second project in the Gold District is its wholly-owned Rowan Gold Project, located 15 km from the Madsen Mill. With an expansive property position covering 31km squared including three past-producing gold mines, Rowan has a total inferred resource of 2.8M tonnes.
Recently, WRLG drilled the highest-grade intercept across the property and successfully intercepted what is believed to be the same high-grade zone approximately 80 meters down-dip.
The continuation of the mineralization at Rowan bodes well for future expansion opportunities at the company as WRLG continues to extend the highly prospective mineralized vein zone at depth and along strike
With additional assay results pending, WRLG has significant expansion and discovery potential in the near term as it continues to build high-grade resources in one of the richest gold districts in Canada.
Posted on Behalf of West Red Lake Gold Mines Ltd.
Be the first to comment on this post