WRLG's Methodical Approach to Madsen's Mine Restart With a projected mine restart date set for the second half of 2025, West Red Lake Gold (WRLG.v WRLGF) is on track for a busy 12 months, executing a range of work leading up to the Madsen Mine PFS and mine restart.
Taking a methodical approach to "deep dive into the deposit before resuming production", WRLG has confirmed and extended multiple high-grade zones at the Madsen project during its aggressive 12-month drill program.
Currently working on a PFS detailing the restart plan, aimed for release in early 2025, WRLG has a range of mine restart projects that are either underway or imminent including, a connection drift, installing a primary crusher, initiating test mining, analyzing bulk samples and shaft rehabilitation.
For the rest of 2024, WRLG plans to have two diamond drills operating regularly in a program totaling up to 39,000m with two primary objectives:
- Resource Definition Drilling: 70% of drilling to increase resource confidence across all known resource domains
- Resource Expansion Drilling: 30% of drilling to test top targets including Austin extension & 8 Zone down plunge extension target
The Madsen Mine
Located in Ontario's Red Lake Gold District, WRLG's 100% owned Madsen Mine boasts 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.
Significantly, WRLG secured the debt-free and fully permitted asset Madsen Mine for only $6M with a $273 million tax write-off and a new $350M, 800+ tonne per day mill, despite its previous valuation of over a billion dollars, about 8x the current market cap of WRLG, due to previous mismanagement.
For more information, check out this detailed Twitter thread providing a deep dive into WRLG's restart plan: https://x.com/Fantastic_MrSTX/status/1801349923654262848
Latest News Release: https://www.thenewswire.com/press-releases/1kWVFPpge-west-red-lake-gold-now-has-a-projected-mine-re-start-date.html
Posted on Behalf of West Red Lake Gold Mines Ltd.