Video: WRLG 2024 Rick Rule Symposium Preview CEO Interview In a pre-conference interview for the Natural Resources Investment Symposium, Rick Rule of Rule Investment Media spoke with Shane Williams, CEO of West Red Lake Gold Mines (Ticker: WRLG.v or WRLGF for US investor). The interview highlighted WRLG's participation in the upcoming symposium and delved into the company’s strategic vision and ongoing projects.
Acquisition of the Madsen Mine:
Williams outlined WRLG's acquisition of the Madsen Mine, a key asset obtained during a period of market downturn. The mine, previously valued at over CAD 350 million, was purchased for CAD 6.5 million in cash, shares, and other considerations, totaling approximately CAD 30 million. This acquisition also included significant tax losses, enhancing the deal's value.
The historic significance of the Red Lake region for Canadian gold mining also helped with WRLG's decision to purchase the mine. WRLG's strategy includes reviving interest and investment in Red Lake, an area known for its high-grade gold deposits.
Current Focus and Future Plans:
WRLG is currently focused on extensive drilling to delineate high-grade reserves and resources. Williams mentioned that the company has initiated a pre-feasibility study to detail the mine restart plan. With this several key programs are already underway or imminent including, primary crusher installation, initiation of a test mining program, bulk sample analysis, shaft rehabilitation and more.
WRLG is also conducting 39,000 meters of drilling, divided between resource definition drilling (70%) and resource expansion drilling (30%). The aim is to convert existing resources into reserves and prepare for a potential relaunch of mining operations by 2025.
Drilling has already yielded significant results, such as 3.1m at 21.33 g/t Au, including 0.5m at 32.74 g/t Au and 2.48m at 25.77 g/t Au, including 0.98m at 64.35 g/t Au.
Experienced Leadership:
Williams highlighted the expertise of WRLG's leadership team, including industry veterans like Tony Makuch and Duncan Middlemiss, who bring substantial experience in Canadian mining. The involvement of Frank Giustra, a well-known mining investor, further strengthens the company's strategic vision.
As WRLG prepares for the 2024 Rule Symposium, the company's focus on high-grade gold deposits and strategic consolidation in Red Lake positions it as a significant player in Canada's gold exploration sector. Investors attending the symposium will have the opportunity to learn more about WRLG's plans and engage directly with its leadership.
Full interview here:
Posted on behalf of West Red Lake Gold Mines Ltd.