West Red Lake Gold Mines Ltd V.WRLG.WT.A

WRLG Closes $15M Private Placement

[MarketMakerss]

"Incredible bullish near-term technical postures" are boosting both gold and silver to six and three- month highs respectively. Prompting calls for a rally to a new all-time high, gold's upward trajectory has resulted in a dynamic market, affected by a range of political and economic factors. (Source: https://www.kitco.com/news/2023-11-29/Gold-price-slightly-up-but-bulls-pressing-on-the-accelerator.html)

 

Amid this landscape, West Red Lake Gold Mines (WRLG.v WRLGF) has emerged as a high-potential gold opportunity having recently drilled high-grade gold at both of its Red Lake District Gold Projects which boast a combined gold resource of 6.9M tons indicated and 4.6M tons inferred at two high-grade projects.

 

Yesterday, WRLG announced the closure of its brokered private placement offering for gross proceeds exceeding $15 million with the net proceeds will be used to advance WRLG's mineral properties in Ontario. Company insiders took a portion of the offering as well, emphasizing their confidence.

 

Madsen Mine

Deemed a 'first-class acquisition that "couldn't be created today with less than $700M" from billionaire mining investor Frank Giustra, WRLG's flagship, the Madsen Gold Mine, is debt-free and fully permitted with a brand-new 800+ tonne per day mill.

 

Following six months of high-grade assays from the Rowan Gold Project, the Madsen results represent a new area of high-grade mineralization extending the current Madsen resource to the northeast. The latest drill results intersected 27.15g/t Au over 10.28m and 22.31 g/t Au over 8.5m and expanded the resource northeast.

 

Rowan Mine

This news follows WRLG's previous significant step forward in de-risking its high-grade resource following additional positive metallurgical test results from its Rowan Mine Deposit, deeming the Rowan Deposit to be a future source of high-grade, easily recoverable gold ounces that could potentially add a significant boost to the overall production profile at Madsen.

 

With a high-grade ore chute with a strike length of approximately 250 m that has been drilled down to a vertical depth of 490 m from surface, Rowan is well positioned in the Gold District, which 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.

 

For more information, check out the latest interview with WRLG from Mining Stock Daily regarding the Madsen and Rowan Thesis: https://podcasters.spotify.com/pod/show/mining-stock-daily/episodes/West-Red-Lake-on-the-MadsenRowan-Thesis-and-Financing-for-2024-e2c6etn/a-aaks54j

 

Full News Release: https://westredlakegold.com/west-red-lake-gold-mines-ltd-closes-15080000upsized-brokered-private-placement-of-units/

 

Posted on Behalf of West Red Lake Gold Mines Ltd.