West Red Lake Gold Mines Ltd. (TSX-V: WRLG, OTCQB: WRLGF, FRA: UJO) is a gold company focused on returning the high-grade Madsen Gold Mine in Northwest Ontario’s prolific Red Lake District to production.
Known for its rich history, the Red Lake District has produced over 30 million ounces of gold from high-grade zones, including 2 million ounces from the Madsen Mine between 1938 and 1972. A recent restart attempt stumbled, opening the door for West Red Lake Gold to acquire this fully permitted mine for just CAD $6.5 million. The purchase included a new process plant, 19 km of new underground workings, a tailings facility, and 1.7 million ounces of gold in indicated tonnes, averaging 7.4 g/t gold.1
In the 18 months since the acquisition, West Red Lake Gold has addressed prior missteps head-on. The company completed 58,000 meters of infill drilling, initiated capital projects to improve mine efficiency, and developed a focused plan to mine with accuracy and safety.
With a USD $35 million credit facility that closed on January 1 now providing the last major piece of funding, the company is on track to begin gold production at the Madsen Mine by mid-2025. This milestone will position West Red Lake Gold as a rare new gold producer in a robust gold market. | |