Stockwatch Canada Comment and Recap Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) lost one cent to 54 cents on 5.36 million shares on word it has defined a new high-grade shoot at the Upper 8 target on its Madsen project, near Red Lake in Northwestern Ontario. One new hole returned 21.55 grams of gold per tonne across a 1.5-metre interval, with nearly all the gold sitting in a 0.5-metre portion that ran 52.17 grams per tonne -- and which was "complimented by approximately 30 specks of visible gold." (Presumably the company meant "complemented," but there is no telling what geologists hear when they are alone with their rocks.)
A second hole averaged 7.41 grams per tonne over two metres, with most of the gold in a 0.5-metre subinterval grading 23.74 grams per tonne. And so, West Red Lake applauds the new shoot as approximately 30 metres wide and 130 metres along plunge, remaining open at depth. Further, the company says that the geometry is comparable with the orientation of the deeper No. 8 Zone deposit, and this increases its confidence in the potential to grow Upper 8 downplunge with additional drilling.
Mr. Williams, president and CEO, deemed the results from Upper 8 to be very encouraging, adding that the assays motivated his team to add a second drill to focus solely on this new high-grade area. "With the exceptional grades and visible gold showings we're now encountering," Mr. Williams gushed, "this target is becoming truly reminiscent of the high-grade gold mineralization Red Lake is known for." Yes, Mr. Williams added, it is still early days, but he and his crew believe the Upper 8 target has the potential to become the next new significant discovery in the Red Lake gold camp.
Meanwhile, West Red Lake continues to plod along a path toward a restart of the Madsen mine, which the company acquired a few years ago in a bankruptcy sale. At the end of October -- as witches, goblins and the ghosts of Madsen mines of yore were making the rounds -- Mr. Williams was promising a prefeasibility study for a Madsen restart in the coming weeks, to be followed by "pushing ahead to an official restart decision." And so, stay tuned.