West Red Lake Gold Mines Ltd V.WRLG

WRLG VP of Exploration on KEReport

[MarketMakerss]

Amid definition drilling at its Madsen Mine which hosts an NI 43-101 Indicated resource of 1.65M oz of gold grading 7.4 g/t Gold, an inferred resource of 0.37Moz of gold grading 6.3g/t, West Red Lake Gold (WRLG.v WRLGF) has consistently been reporting high-grade drill results, as discussed by Will Robinson, VP of Exploration, during his latest interview with Korelin Economics: https://www.kereport.com/2024/04/25/west-red-lake-gold-more-high-grade-drill-results-from-the-south-austin-zone-many-exploration-targets-on-tap-at-the-madsen-gold-and-rowan-projects-for-this-year/

 

Located in the Red Lake Gold District of Ontario, WRLG secured the debt-free and fully permitted asset Madsen Mine for only $6M with a $273 million tax write-off, despite its previous valuation of over a billion dollars, about 8x the current market cap of WRLG, due to previous mismanagement.

 

Significantly, the Madsen Mine is on track to be in production by the end of 2025m the mill additionally came with a new $350 million 800+ tonne per day mill.

 

Near-Term Production & Long-Term Growth

WRLG's latest results, focused on the high-grade South Austin Zone, saw high-grade results including:

• 1.1m @ 68.36 g/t Au, from 74.25m to 75.35m, Including 0.5m @ 145.44 g/t Au, from 74.85m to 75.35m
• 3.95m @ 13.83 g/t Au, from 7.55m to 11.5m, Including 0.5m @ 105.72 g/t Au, from 7.55m to 8.05m

 

Significantly, the South Austin Zone alone currently contains an indicated mineral resource of 474,600 ounces grading 8.7g/t and an inferred resource of 31,800 ounces grading 8.7g/t Au.

 

The purpose of drilling was definition with the zone to continue building an inventory of high-confidence ounces for the eventual restart of the Madsen Mine.

 

Robinson additionally detailed the exploration strategy at Madsen and its focus on the three Austin Zones due to their ideal mineralized area to exploit in a mining restart scenario for 2025.

 

With the potential at depth at Madsen yet to be fully determined, the South Austin Zone is still open and there is further underground drilling work planned for this summer which will allow the team to follow up with more accuracy and more efficient holes.

 

This will continue to be the strategy through 2024 and successful drilling in the North and South Austin Zones are expected to add growth to the existing Madsen resource, bringing new ounces onto the books in areas previously not mined.

 

As there is a lot of exploration work and metallurgical testing completed at the Madsen Mine, WRLG is expected to continue further derisking and delineating the project to optimize a mine restart next year.

 

Furthermore, the next phase of drilling is expected to commence at WRLG's Rowan Property in a couple of months to follow up on last years drilling and test a number of new targets, as Robinson stated. This is expected to augment the larger Madsen Mine restart plan.

 

Posted on Behalf of West Red Lake Gold Mines Ltd.