West Red Lake Gold Mines Ltd V.WRLG

Alternate Symbol(s): V.WRLG.WT.A | WRLGF | WLGMF | V.WRLG.NT.U | V.WRLG.WT

Metals & Mining Gold

West Red Lake Gold Mines Ltd. is a Canada-based mineral exploration company. The Company is focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 square kilometers (Km2) land package in the Red Lake district of Ontario. The Company’s project also includes West Red Lake Project, which is situated on the Red Lake Archean Greenstone Belt, which hosts the high-grade gold mines of the Red Lake Gold District. The Company’s West Red Lake Project has approximately 3100-hectare property encompassing three former gold mines, including Rowan Mine, Red Summit Mine and Mount Jamie Mine. The Rowan Mine Property is comprised of approximately 119 claims. The Mount Jamie Mine Property is 100% owned and consists of approximately 26 claims. The Red Summit Mine Property consists of over two 100% owned patented claims situated within the Rowan Mine property. The NT Zone is located on the Rowan Mine Property portion of the West Red Lake Project.

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West Red Lake Gold Mines Ltd

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Post by 1StockInformeron Dec 04, 2023 8:02pm

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Post# 35768105

Revitalizing the Madsen Gold Mine: West Red Lake Gold Mines

West Red Lake Gold Mines Ltd. (Ticker: WRLG.v or WRLGF for US investors) is making significant strides in the revitalization of the Madsen Gold Mine, located in the Red Lake district of Ontario. In a recent interview at the Metals Investor Forum on September 22-23, 2023, Shane Williams, President & Chief Executive Officer of WRLG, discussed the company's journey and plans for the future.

Full interview here:

Acquisition of Madsen Mine:

West Red Lake Gold Mines acquired the Madsen Mine, a project that initially generated excitement but faced challenges leading to its failure. The company's strategic move was driven by a desire to leverage its technical team's expertise in building and operating mines, with a specific focus on a project that could swiftly enter production.

Williams emphasized the lengthy process in the industry to put a mine into production, which can take up to 10 to 15 years due to various factors, including resource drilling, engineering, permitting, and dealing with partners. Recognizing the swift movement in the gold market, West Red Lake aimed to expedite production, presenting a unique opportunity for investors.

Building Backwards and Quick Production:

Unlike conventional mine development timelines, WRLG is in a distinctive position. With the mine already built, the company is essentially "building the mine backward." By conducting definition drilling, detailed studies, and pre-feasibility work, the company aims to catch up on the necessary steps for production. This approach positions WRLG for a shorter timeline to production, with the goal of minimal capital outlay and reduced shareholder dilution.

Future Plans and Valuation:

WRLG is looking ahead to a pre-feasibility study expected to culminate in 2024. The company's goal is to reach a decision on production by the end of next year, targeting an annual gold output of 70,000 ounces or more.

Excitement and Support:

Williams also mentioned the notable involvement of Billionaire and industry veteran Frank Giustra, expressing enthusiasm about the opportunity. Giustra's active engagement and support underscore the potential West Red Lake Gold Mines holds.

Notably, WRLG.v closed 6% in the green on high volume today and is up 41% over the past 5 trading days. Last week the company announced that Sprott Resources invested over $2.6M US in them.

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