Article: WRLG's High-Grade Gold Strikes Drives Optimism As detailed in a recent StreetWise Reports article, West Red Lake Gold Mines (Ticker: WRLG.v or WRLGF for US investors) has made significant strides in advancing its flagship Madsen Gold Project, located in the Red Lake Gold District of Northwestern Ontario.
The company has unveiled promising drill results from the South Austin Zone, which are pivotal to its strategy for restarting production in the latter half of 2025. The highlighted drill intercepts include 37.09 g/t gold over 3.12m, including 174.28 g/t over 0.62m, as well as 18.11 g/t over 2.76m, including 42.01 g/t over 1m.
These findings, resulting from WRLG's underground definition drilling program, are integral to adding high-confidence ounces to the company’s resource base, supporting the planned production timeline, and adding considerable value to the Madsen project.
Beyond the exploration success, WRLG's strategic acquisition of the Madsen Mine for US$6.5 million, a fraction of its previous US$1.15 billion valuation, underscores the company's ability to leverage valuable assets for long-term growth.
Analysts, including Taylor Combaluzier from Red Cloud Securities, have shown a positive outlook for WRLG, issuing a "Buy" recommendation with a target price of $2.00 per share (current share price = $0.78). Combaluzier pointed to WRLG's robust existing infrastructure and high-grade resource base as key factors supporting the company's potential for near-term cash flow, especially with a Preliminary Feasibility Study (PFS) expected by the end of 2024.
WRLG's development strategy for the Madsen Mine includes completing a comprehensive 40,000-meter definition drill program and an additional 10,000 meters of drilling. This phased approach is designed to enhance resource estimates and facilitate a smooth transition into production.
The company’s readiness is further supported by existing infrastructure, including a fully operational 800-tonne-per-day (tpd) mill with 95% gold recovery, providing a clear pathway to efficient production.
Full article here: https://www.streetwisereports.com/article/2024/10/09/high-grade-gold-strikes-at-madsen-boost-confidence-for-production-restart-in-2025.html
Posted on behalf of West Red Lake Gold Mines Ltd.