WRLG.v Achieves 29% Surge After Securing $15 Million West Red Lake Gold Mines Ltd. (Trading as WRLG.v or WRLGF for U.S. investors) has experienced a 29% surge this week in response to the successful conclusion of a brokered private placement offering, securing an impressive $15 million.
The offering involved 29 million units, each priced at $0.52. Each unit comprises one common share and one common share purchase warrant, enabling holders to acquire a common share at $0.68 within the next three years.
The generated funds are earmarked for advancing the company's mineral properties in Ontario, addressing working capital needs, and fulfilling other corporate objectives.
Situated in the prolific Red Lake Mining district of Ontario, known for its rich gold mining history with an impressive extraction of 30 million ounces from high-grade zones, West Red Lake Gold Mines controls the Madsen Gold Mine and the Rowan Gold Property.
Madsen, the cornerstone project for WRLG, stands out for its financial stability and complete authorization. With an advanced mill capable of processing over 800 tonnes per day, Madsen plays a crucial role in the company's endeavors. The Rowan project, part of WRLG's diverse portfolio, includes the previously productive gold mines of Rowan, Mount Jamie, and Red Summit.
Recent updates from metallurgical tests on the Rowan Mine Deposit reveal a promising coarse nature of the gold deposit, consistent with findings at Madsen and nearby deposits, highlighting the geological richness of the area.
Similarly, drill results from the Madsen Mine's North Austin Zone indicate high-grade mineralization in the North Austin Zone, extending the current resource to the northeast and suggesting substantial resource growth potential.
Notable drill highlights include intersections like 10.28m @ 27.15 g/t Au and 8.5m @ 22.31 g/t Au. The North Austin Zone's openness down-plunge and along strike positions it as a focal point for expansion efforts.
Today, West Red Lake Gold Mines Ltd.'s President & CEO, Shane Williams, joined Grizzel's 'Hard Money Live!' to discuss WRLG's projects and strategic plans for utilizing the secured $15 million.
You can watch the full presentation replay here:
Or check out this breakdown of WRLG here: https://x.com/Fantastic_MrSTX/status/1730323704113213950?s=20
Posted on behalf of West Red Lake Gold Mines Ltd.