TSXV:WRLG - Post Discussion
Post by
MarketMakerss on Nov 24, 2023 2:17pm
Analysts Optimistic About Gold Prices
"Although gold remains stuck below $2,000 an ounce, some analysts remain optimistic that all-time highs are an achievable target by year-end or into the new year."
Boasting a 'first-class acquisition that "couldn't be created today with less than $700M" according to billionaire mining investor Frank Giustra, West Red Lake Gold Mines (WRLG.v WRLGF) is one junior gold company with significant potential.
WRLG's flagship Madsen Mine has a gold resource of 6.9M tons indicated and 1.8M tons inferred in Ontario's Red Lake Gold District, with the latest drill results intersecting 27.15g/t Au over 10.28m and 22.31 g/t Au over 8.5m at its debt-free and fully permitted mine.
The first round of drill results from the Madsen Mine were drilled from underground on the North Austin Zone, a new area of high-grade mineralization, expanding the resource to the northeast.
Sitting adjacent to the existing underground development, the zone is a high-caliber target that could potentially be developed early during future mine restart and production as it remains open down-dip and along strike to the northeast and will continue to be a priority expansion target as underground drilling continues.
Believing these intercepts are indicative of the exceptional resource growth potential that still exists at the asset, Shane Williams, WRLG President & CEO, stated:
"We are very encouraged by this first round of results out from the underground drilling campaign at the Madsen Mine. Our geologic team quickly recognized the exploration potential in the North Austin area, which represents a high-grade expansion target that sits very close to existing underground infrastructure. While a good portion of the underground drill meters will continue to be focused on definition and increasing confidence in the current resource, we will continue to take advantage of near-mine organic growth opportunities that could materially enhance and increase the mineral resource inventory at Madsen.”
This news follows WRLG's previous significant step forward in de-risking its high-grade resource following additional positive metallurgical test results from its Rowan Mine Deposit, deeming the Rowan Deposit to be a future source of high-grade, easily recoverable gold ounces that could potentially add a significant boost to the overall production profile at Madsen.
Posted on Behalf of West Red Lake Gold Mines Ltd.
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