Is This Gold Co. Revitalizing the Madsen Mine and Beyond? Amid gold soaring to an all time high of $2,471, West Red Lake Gold (WRLG.v WRLGF) is gearing up for near term and high-grade gold mining and advancing significantly in Ontario's Red Lake District, an area known for its high-grade gold deposits.
As detailed by Streetwise Reports, WRLG has made a range of key developments as of late, including:
- Transformation & Leadership:
- Backed by notable investor Frank Giustra and institutions like Sprott
- Acquired Madsen Mine at a bargain, intending to bring it back into production after addressing past operational issues (debt-free &fully permitted mine for only $6M with a $273 million tax write-off and a new $350M, 800+ tonne per day mill)
- 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.
- Addressing Past Mistakes:
- PureGold's failure due to inefficient mining of high-grade zones and operational shortcomings
- WRLG is focused on precise drilling and better planning to optimize high-grade gold extraction.
- Mine was previously valued at over a billion dollars prior to Pure Gold's operational failures
- Revival Plan:
- Extensive drilling has shown promising results, including 13.40 g/t gold over 10 meters.
- Aggressive drilling and test mining planned to restart production efficiently by late 2025.
- Rowan Project Potential:
- Secondary project offering significant potential with its inferred resources of 826,462 oz of gold at 9.2 g/t.
- Area remains open for further exploration and development.
- Strategic Vision:
- Under Giustra’s strategy, WRLG aims to build high-grade resources in one of Canada’s richest gold districts, leveraging experience from successful ventures like Goldcorp and Equinox Mining.
- Shane Williams' Leadership:
- WRLG's CEO Shane Williams, with extensive experience in mining project development, leads the Madsen Mine's revival.
- Track record includes advancing significant projects at Skeena Resources and Eldorado Gold.
With a solid plan, strong leadership, and strategic backing, WRLG is well-positioned for near-term high-grade gold production and growth in the Red Lake district, making it a promising player in the gold mining sector amidst the current gold bull market.
Full Deep Dive: https://www.streetwisereports.com/article/2024/07/15/is-this-gold-co-revitalizing-the-madsen-mine-and-beyond.html
Posted on Behalf of West Red Lake Gold Mines Ltd.