West Red Lake Gold Mines Ltd V.WRLG

Giustra & Lassonde on Gold's Changing Dynamics

[MarketMakerss]

In Kitco's latest article, Canadian mining experts Frank Giustra and Pierre Lassonde detailed the changing dynamics of the gold market as the metal hits new record highs: https://www.kitco.com/news/article/2024-04-01/gold-price-hits-new-record-highs-west-loses-price-setting-powers-frank

 

Amid a shift in gold market power, resource nationalism and geopolitical realities, the global macro trends are boosting the value of gold.

 

However, with a noticeable disparity between the value of gold and gold mining stocks, this is a buyers market according to Giustra, having observed these market patterns since 1978.

 

A Golden Opportunity in Ontario's Red Lake Gold District

In "Great Asset, Great Management, Frank Giustra additionally highlighted a golden opportunity in Ontario's Red Lake Gold District, West Red Lake Gold Mines (WRLG.v WRLGF): https://twitter.com/WestRedLakeGold/status/1770118415895642547

 

"Tremendous Room for Growth"

Having secured the Madsen Mine for only $6M, a debt free and fully permitted asset with a $350 million 800+ tonne per day mill, "tremendous room for growth" remains for WRLG

 

Previously valued at over a billion dollars, about 8x the current market cap of WRLG, the asset hosts 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 with a $273 million tax write-off (ie. first $273 million in profits will be tax free)

 

The Vision

"Our vision for WRLG extends beyond Madsen. Our aim is to grow and create wealth for our shareholders, aiming not just to be acknowledged as a recognized gold company in Canada, but to eventually earn a reputation as a respected and established operator throughout the entire mining industry."

 

With the recent closing of a US$22,340,000 gold linked notes offering, WRLG is strongly funded to execute on its Madsen Gold Mine restart plan.

 

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.

 

Latest 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.