In anticipation of the 2024 Rule Symposium in Boca Raton from July 7-11, Rick Rule interviewed West Red Lake Gold Mines Ltd. (Ticker: WRLG.v or WRLGF for US investors) CEO Shane Williams, who shed light on crucial aspects of the company and its plans.
Full interview:
The interview highlights what a significant move WRLG's acquisition of its flagship Madsen Gold Mine was, acquiring it for essentially pennies on the dollar.
Madsen already had $350 million invested into its infrastructure by previous owners, yet WRLG secured it for just $6.5 million in cash, along with shares and NSR/contingent payments totaling approximately $30 million. WRLG also acquired about $270M of tax losses.
The company aims to utilize Madsen as a processing facility for existing and potential deposits through a hub and spoke model.
In the near-term, WRLG is planning an extensive exploration with 50,000 meters of drilling in the next 12-15 months to contribute to a pre-feasibility study for the project.
WRLG has extensive backing from prolific investors like Rick Rule, Sprott and Frank Giustra. Giustra in particular is heavily involved in WRLG, envisioning Madsen as a highly promising mining project.
Full interview breakdown here
https://x.com/Fantastic_MrSTX/status/1783931149103813096
Additionally, WRLG announced today that it has made significant progress in its Madsen mill cleanup and gold recovery program,unlocking significant value.
In late 2023, an initial phase of the program recovered 415 troy ounces of gold, prompting a more comprehensive second phase to start early this year.
The focus of this phase is on the project's ball mills and semi-autogenous grinding (SAG) mills.
These efforts have revealed substantial gold trapped in the mill circuits, likely contributing to past reconciliation issues. Adjustments are being made to prevent similar losses in the future.
With favorable gold prices, this recovery could provide significant cash flow in 2024.
The company looks forward to reporting the total gold recovered upon completion of the program, currently expecting to recover at least 2,500 oz Au.
Full news here: https://westredlakegold.com/west-red-lake-gold-unlocks-significant-value-from-madsen-mill-cleanup/
Posted on behalf of West Red Lake Gold Mines Ltd.