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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

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.


TSXV:WRLG - Post by User

Post by MarketMakersson Jun 18, 2024 4:54pm
123 Views
Post# 36094812

WRLG's Methodical Approach to Madsen's Mine Restart

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:

  1. Resource Definition Drilling: 70% of drilling to increase resource confidence across all known resource domains
  2. 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.


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