"WRLG is a fully built mine with an ore body where the previous management, in my opinion, made some human mistakes that are easily fixable and then we’ll get back into production.”
During the keynote address for Red Cloud's Fall Mining Showcase, Billionaire Mining Investor Frank Giustra discussed his investment into West Red Lake Gold Mines (WRLG.v WRLGF) and its potential as a fully built mine with two high-grade projects and a combined gold resource of 6.9M tons indicated and 4.6M tons inferred in Ontario's Red Lake Gold District: https://youtu.be/EscU9RzvxxA?si=pWiM9ERPDVCghW6b&t=935
The Red Lake Gold District is host to some of the world's richest gold deposits and has yielded over 30 million ounces of gold (and counting) from high-grade zones.
Yesterday, WRLG announced the intersection of 10.92g/t Au over 2.4m, 11.07g/t Au over 2.15m and 38.15g/t Au over 0.5m at its Rowan Mine. These holes represent the deepest intercepts drilled to date on Vein 101 within the high-grade East Zone.
The high-grade ore chute has been defined over an impressive strike length of approximately 250m and has been drilled to a vertical depth of 490m from surface while remaining wide open at depth.
Plus, 0.8m @ 19.82g/t Au was intersected in a new sub-parallel vein running south of the currently modelled vein system, emphasizing the discovery potential that still remains on the property.
WRLG President & CEO, Shane Williams commented:
“With this latest round of Rowan drill results, we have now successfully extended mineralization in the high-grade East Zone down to a vertical depth of 490m. If the Red Lake District has taught us anything, it’s that these zones can continue to depths exceeding 4km when the structural and geologic conditions are right. The Rowan Mine target has consistently demonstrated it has what it takes to produce high-grade gold intercepts over significant widths, and we look forward to continuing to drill and grow this exceptional resource along strike and at depth.”
As the high-grade mineralized vein zones continue to exceed expectations, confirm the geologic model and improve the existing high-grade (9.2 g/t Au) 827,462-ounce Inferred Mineral Resource at the Rowan Mine, the potential going forward is clear.
Current Private Placement
This news follows WRLG's previous upsizing of its private placement from $10M 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 Rowan Gold Project.
WRLG's Flagship Madsen Mine
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, Frank Giustra sees the Madsen Mine as a highly attractive and first-class acquisition that "couldn't be created today with less than $700M."
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.