Economist Intelligence on the Gold Rally's Continued Demand Surging to a record high in mid-May, the gold rally is continuing as demand remains strong amid a range of geopolitical uncertainties, central bank buying and anticipated interest-rate cuts by the Federal Reserve.
Notably, the Economist Intelligence expects prices to average US$2498/troy oz in 2025 with continued rate cuts expected as well as revived interest in gold ETFs: https://www.eiu.com/n/gold-rally-to-continue-as-demand-remains-strong/
Located amid this dynamic market, West Red Lake Gold (WRLG.v WRLGF) is gearing up for the restart of its Madsen Mine in the second half of 2025 with another 50,000m of drilling planned over the next year.
Due to previous mismanagement from the now-defunct PureGold, WRLG secured the debt-free and fully permitted 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.
Located in Ontario's Red Lake District, an area known for gold mining due to its history of mining, political stability, and regulatory environment, the Madsen Gold 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.
Having hit a range of milestones recently, including pouring their first gold bar and recent high-grade drill results in a new area, WRLG is focused on methodically understanding the geology behind the deposit and is working on a pre-feasibility study to detail the mine restart plan, targeted for release in early 2025.
For more information, refer to this thread on WRLG's untapped exploration upside and recent insider buying: https://x.com/Fantastic_MrSTX/status/1806411844464037939
Posted on Behalf of West Red Lake Gold Mines Ltd.