Interview Summary: CEO Highlights Near-Term Gold Production West Red Lake Gold Mines (Ticker: WRLG.v or WRLGF for US investors) is advancing toward restarting gold production at its past-producing Madsen mine in Ontario's prolific Red Lake district.
In a new interview with Crux Investor, CEO Shane Williams discussed the company's recent achievements and upcoming milestones on its path to production restart.
Notably, WRLG purchased Madsen for "pennies on the dollar', buying the project, which already had $350M in infrastructure, for $6.5 million in cash.
The project's current resource estimate shows 1.7 million ounces of gold at 7.4 g/t indicated and 0.4M oz Au at 6.3 g/t inferred.
Over the past year and a half, WRLG has focused on de-risking the project, including by conducting over 50,000m of underground drilling, and updating key infrastructure components, such as a new crusher and camp.
WRLG's strategic location has allowed it to draw on experienced local labor to support the project. The on-site workforce at Madsen has reached 150 people, with plans to increase to 200-250 soon.
A significant milestone approaching is the completion of a pre-feasibility study (PFS), expected in early December, focusing on an 800 tons/day production plan.
Williams clarified that the PFS would be centered solely on the Madsen resource, excluding WRLG's satellite deposits to present a clear view of the Madsen project as a standalone operation.A test mining program is also underway to align actual production with model forecasts.
As WRLG prepares for a potential restart in late 2025, investors should closely watch the PFS and test mining results for insights into the project’s economics and risk profile.
With its experienced management team, strategic location, and existing infrastructure, WRLG aims to position itself strongly as it transitions from explorer to producer.
Full interview here:
Posted on behalf of West Red Lake Gold Mines Ltd.