Billionaire-Backed WRLG Expected to Raise $13M The Red Lake Gold District in Northwestern Ontario is famous for its abundant gold deposits, having yielded more than 30 million ounces of gold from high-grade areas, establishing it as one of the world's most productive gold-producing regions.
West Red Lake Gold Mines Ltd (Ticker Symbols: WRLG.v WRLGF) has ownership of the Madsen Gold Mine covering 47 square kilometers of land, along with the Rowan Property spanning 31 square kilometers in this prolific district.
The Madsen Gold Mine
With the potential for multiple millions of ounces of gold, the Madsen Mine boasts a robust technical foundation, with an updated Mineral Resource Estimate announced in June of this year. With over C$350 million invested to date and significant surface and underground infrastructure, it presents a deep-value opportunity.
The mine currently holds 1.65 million ounces of gold in the indicated category at 7.4 g/t within 6.9 million tonnes and 0.37 million ounces of gold in the inferred category at 6.3 g/t within 1.8 million tonnes. Exploration and de-risking efforts are underway and overall the Madsen Mine is well-positioned for continued success and growth in the high-grade gold sector.
Rowan Gold Property
The Rowan Project, encompassing 827,462 inferred ounces graded at 9.2 g/t near the surface and open to depth, is a significant undertaking. The property is home to three former gold mines: The Rowan, Mount Jamie, and Red Summit mines, all located along a deformation zone. The Rowan Mine Deposit specifically features established gold zones with a strike length of 1200m, remaining open at depth.
Upsized Private Placement
Today, WRLG shared that it has increased the size of its private placement of units due to strong investor demand. With this, the offering aims to raise up to $13M.
These proceeds will be paramount to WRLG's mission of advancing mineral properties in Ontario. The closing date is anticipated to be around November 28th, so look out for that potential catalyst.
Full news here: https://westredlakegold.com/west-red-lake-gold-announces-upsize-of-marketed-private-placement-of-units-to-c13-million/
Posted on behalf of West Red Lake Gold Mines Ltd.