WRLG's Promising New Ore Shoot Discovery (Article Summary) West Red Lake Gold Mines Ltd. (WRLG.v or WRLGF for US investors) is advancing plans to restart its Madsen Gold Mine in Ontario's prolific Red Lake Gold District, targeting mid-2025 for gold production restart.
To prepare, the company is finalizing a Pre-Feasibility Study (PFS) for the project, scheduled to be released in early 2025.
The study will help optimize underground development, refining costs, and ensuring operational readiness. Notably, the restart strategy includes 24 months of in-situ mineral inventory drilling and detailed mine planning to mitigate risk.
The Madsen Mine already boasts significant infrastructure, having operated as recently as 2022, and WRLG has spent the past 18 months addressing previous operational challenges.
The company’s restart efforts are further bolstered by an experienced workforce and modern on-site facilities, including a 114-person camp designed to attract and retain talent in a tight labor market.
Recent exploration success complements these efforts. Last week, WRLG reported high-grade drill results at the Upper 8 Target, a promising new ore shoot located 750m up-plunge from the main 8-Zone deposit.
This follows intercepts announced on October 2, 2024, including 44.17 g/t Au over 1.3m and 20.63 g/t Au over 0.5m.
The Upper 8 target exhibits structural similarities to the deeper 8-Zone, which contains an Indicated resource of 87,700 oz at 18 g/t Au and an Inferred resource of 18,200 oz at 14.6 g/t Au.
CEO Shane Williams highlighted the significance of the Upper 8 discovery, describing it as geologically analogous to the high-grade 8-Zone.
“With exceptional grades and visible gold showings, this target is becoming truly reminiscent of the high-grade mineralization Red Lake is known for,” said Williams.
Exploration VP Will Robinson added that additional drilling planned for 2025 aims to test for further stacked zones between Upper 8 and the 8-Zone.
The Madsen deposit as a whole hosts an NI 43-101 Indicated resource of 1.65 million oz grading 7.4 g/t Au and an Inferred resource of 370,000 oz grading 6.3 g/t Au.
These resources, combined with WRLG’s exploration success and comprehensive restart planning, position the company for a strong return to production in the near term.
More: https://www.theglobeandmail.com/investing/markets/stocks/WRLG-X/pressreleases/29771387/
Posted on behalf of West Red Lake Gold Mines Ltd.