West Red Lake Gold Mines Ltd V.WRLG

Korelin Economics Interview on 2024 Strategy @ Madsen

[MarketMakerss]

Today, West Red Lake Gold Mines (WRLG.v WRLGF) joined Korelin Economics Report to provide an overview of its 2023 exploration program as well as the 2024 strategy: https://www.kereport.com/2024/02/13/west-red-lake-gold-reviewing-2023-exploration-program-and-work-strategy-in-2024-at-the-rowan-project-and-the-madsen-gold-project/

 

Located amid gold's dynamic and growing landscape, recently bolstered by the Canadian Energy Minister's plan to boost Canada's energy security by slashing the time it takes to develop new critical mineral mines by nearly a decade, WRLG has emerged as a notable gold junior focused on advancing its two key projects in Ontario's Red Lake District, the Madsen and Rowan Mines. (Source: https://twitter.com/goldtelegraph_/status/1757533666618781905?t=WI8lw8MoN5OqPfJMCKEOqg)

 

Boasting a combined gold resource of 6.9M tonnes indicated at a grade of 7.4 g/t and 2.8M tonnes inferred at 9.2 g/t, both assets are historic underground operating mines with substantial discovery potential remaining.

 

At the Rowan Project, WRLG completed 62 drill holes over 21,000m last year, increasing the confidence in the gold resources and data density. In 2023, the focus is on step-out discovery drilling and to balance out work in both the West Zone and East Zone expansion.

 

WRLG's Flagship Madsen Gold Mine

The Madsen Mine is WRLG's flagship where a new area of high-grade mineralization extending the current resource to the northeast was recently discovered amid ongoing drilling at the North Austin Zone.

 

The latest intercepts include 9.15g/t Au over 3.3m and 10.66 g/t Au over 2.6m with the intersection of 8.12 g/t Au over 2m suggesting the vertical continuity of almost two full mine levels, ~50m, below any workings in the east portal.

 

WLRG believes these intercepts are indicative of the resource growth potential that still exists at the Madsen Mine asset with the North Austin Zone sitting adjacent to existing underground development, marking it as a high calibre target that could potentially be developed early during future mine restart and production.

 

Since underground drilling resumed in early January 2024, WRLG has completed 1,651m of Expansion drilling and 689m of Definition drilling, with a total of 23 diamond drill holes for 2,340m having been completed so far in 2024.

 

Notably, the Mine, is debt-free and fully permitted with a brand-new 800+ tonne per day mill as well as tailings and water treatment facility, and hosts an NI 43-101 Indicated resource of 1.65m ounces of gold grading 7.4 g/t Au and an Inferred resource of 0.37Moz gold grading 6.3g/t Au

 

Despite the asset being previously valued at one billion dollars, WRLG acquired Madsen for pennies on the dollar with all the infrastructure in place as well as tailings and permitting.

 

During its historical operation, over $350M was spent on the project, however, as discussed by Shane Williams at the Metals Investor Forum in January 2024, the mine was never set up for success based on shortcomings in the management team: https://youtu.be/nAfvI-D6Mto?si=9sjvx7uL2afmwbkF

 

Optimizing for a potential mine restart next year, WRLG is well on track to complete exploration work and metallurgical testing at Madsen to further de-risk and delineate the project.

 

Posted on Behalf of West Red Lake Gold Mines Ltd.