WRLG to Secure >$70M to for Gold Production Restart in H225 West Red Lake Gold Mines Ltd. (Ticker: WRLG.v or WRLGF for US investors) is making strides toward restarting its 100%-owned Madsen Mine in Ontario’s Red Lake Gold District. Recent drilling at the South Austin Zone delivered impressive results, coupled with a significant financing package aimed at supporting the mine's restart by 2025.
The recent drilling program has confirmed several high-grade intercepts, including:
-
37.09 g/t Au over 3.12m, with a standout sub-interval of 174.28 g/t Au over 0.62m
-
18.11 g/t Au over 2.76m, including 42.01 g/t Au over 1m
-
Other notable results include 13m at 3.00 g/t Au, 3.8m at 9.21 g/t Au, and 5m at 6.69 g/t Au
The ongoing drill program aims to define additional ounces ahead of a pre-feasibility study (PFS), which is expected soon. With an Indicated resource of 474,600 oz grading 8.7 g/t Au, South Austin remains central to WRLG’s production plan, targeting a restart in H2 2025.
WRLG also recently announced a C$73 million financing package to fund the mine's restart which includes:
-
Loan facility: A lone of US$35M (~C$48M) from Nebari Natural Resources Credit Fund II
-
Upsized bought-deal equity offering: Initially announced at C$20M, this offering was increased to C$25M.
CEO Shane Williams highlighted that the completion of this financing will support key milestones like the PFS, test mining, and capital projects at Madsen, aiming for a restart decision in early 2025.
https://westredlakegold.com/west-red-lake-gold-announces-upsize-to-previously-announced-bought-deal-public-offering/
Posted on behalf of West Red Lake Gold Mines Ltd.