West Red Lake Gold Mines Ltd V.WRLG

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

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) highly prospective land package in the Red Lake district of Ontario. The Madsen Property comprises a contiguous group of approximately 251 mining leases, mining patents and unpatented mining claims covering an aggregate area of 4,648 hectares (46.5 km2). It also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines: Rowan, Mount Jamie, and Red Summit. The Rowan Property is comprised of 146 claims, including 58 patented claims, 20 leased, 65 staked crowns and three under license of occupation. The 3,100-hectare Rowan Property covers 12 km of strike length on the regional east-west trending Pipestone Bay St Paul Deformation Zone.

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West Red Lake Gold Mines Ltd

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Post by MarketMakersson Mar 20, 2024 5:59pm

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Post# 35943806

WRLG Closes US $22,340,000 Gold Linked Notes Offering

Today, West Red Lake Gold Mines (WRLG.v WRLGF) announced the closing of a US$22,340,000 gold-linked notes offering which will be allocated toward the continued development of a restart plan for the Madsen Gold Mine.

In joining TokStocks, WRLG CEO Shane Williams provided insight into to company and its flagship Madsen Mine in Ontario's Red Lake Gold District: https://twitter.com/TokStocks/status/1770478817024344101.

Focused on maximizing exploration dollars and building high-grade and high-confidence ounces to de-risking its deposit, WRLG is executing its plan to restart the debt-free and fully permitted Madsen Gold Mine and its $350 million 800+ tonne per day mill.

Deemed the "deal of the decade" by Jay Martin, WRLG's acquired the Madsen Gold Mine for only US$6 despite its previous valuation of over a billion dollars, about 8x the current market cap of WRLG.

Hosting a NI 43-101 Indicated resource of 1.65M oz of gold grading 7.4 g/t Gold and an inferred resource of 0.37Moz of gold grading 6.3g/t, Madsen additionally has a $273 million tax write-off, thus the first $273 million in profits will be tax-free.

WRLG's current focus at the deposit is the South Austin Zone which currently contains an indicated mineral resource of 474,600 oz grading 8.7 g/t Au and an inferred resource of 31,800 oz grading 8.7 g/t Au.

Focused on understanding the underlying geology of the asset ahead of restarting the mill, WRLG is conducting additional drilling to de-risk the deposit and hit recently hit high-grade intercepts with visible gold showing including 25.12g/t Au over 5.5m, 39.46 g/t Au over 2m and 18.60 g/t Au over 4m at the zone.

On track for significant expansion, WRLG's co-founder, major shareholder and strategic investor, Frank Giustra, is a major leader for the cashed-up, high-grade and near-term gold producer.

Full News Release: https://westredlakegold.com/west-red-lake-gold-closes-us22340000-of-gold-linked-notes-offering/

Posted on Behalf of West Red Lake Gold Mines Ltd.

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