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Bullboard - Stock Discussion Forum
West Red Lake Gold Mines Ltd
V.WRLG
Alternate Symbol(s):
WRLGF
|
V.WRLG.WT
|
WLGMF
|
V.WRLG.WT.A
|
V.WRLG.NT.U
|
V.WRLG.WT.B
Metals & Mining
Gold
West Red Lake Gold Mines Ltd. is a Canada-based mineral exploration company. The Company is focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 square kilometers (km2) highly prospective land package in the Red Lake district of Ontario. The Madsen Property comprises a contiguous group of approximately 251 mining leases, mining patents and unpatented mining...
claims covering an aggregate area of 4,648 hectares (46.5 km2). It also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines: Rowan, Mount Jamie, and Red Summit. The Rowan Property is comprised of 146 claims, including 58 patented claims, 20 leased, 65 staked crowns and three under license of occupation. The 3,100-hectare Rowan Property covers 12 km of strike length on the regional east-west trending Pipestone Bay St Paul Deformation Zone.
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TSXV:WRLG - Post Discussion
West Red Lake Gold Mines Ltd
> Over $1M in Insider Buying Including Giustra
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MarketMakerss
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Post by
MarketMakerss
on Dec 07, 2023 3:44pm
Over $1M in Insider Buying Including Giustra
Following the recently reported drill results from the South Austin Zone at its 100% owned Madsen Mine, West Red Lake Gold Mines (WRLG.v WRLGF) experienced a substantial level of insider buying, including $1.04M from billionaire mining investor Frank Giustra:
https://twitter.com/MinerDeck/status/1732407682986872893?s=20
WRLG intersected 47.44g/t Au over 3.2m, 21.64 g/t Au over 7m and 296.83 g/t Au over 1m at the Zone which currently contains an indicated mineral resource of 474,600 ounces grading 8.7 g/t Au with an additional inferred resource of 31,800 oz grading 8.7 g.t Au.
Successfully demonstrating the high-grade nature and continuity of the South Austin Zone, these results highlight the resource growth potential that exists within the area.
Marking it as a high calibre target, further exploration potential exists down-plunge which could potentially add to the unmined portion of the zone, sitting adjacent to existing underground infrastructure.
WRLG President & CEO, Shane Williams, commented, "It is worth restating that the impressive results reported thus far from South Austin and North Austin represent growth to the existing Madsen resource inventory and underscore the high-grade expansion potential that still exists at the Madsen deposit. We fully intend to continue unlocking this value as drilling continues.”
Deemed a 'first-class acquisition that "couldn't be created today with less than $700M" from billionaire mining investor Frank Giustra, WRLG's flagship, the Madsen Gold Mine, is debt-free and fully permitted with a brand-new 800+ tonne per day mill.
Following six months of high-grade assays from the Rowan Gold Project, the Madsen results represent a new area of high-grade mineralization extending the current Madsen resource to the northeast. The latest drill results intersected 27.15g/t Au over 10.28m and 22.31 g/t Au over 8.5m and expanded the resource northeast.
This news follows Sprott's investment of US$2,631,463 into WRLG, as well as the closure of WRLG's brokered private placement offering for gross proceeds exceeding $15 million with the net proceeds to be used to advance WRLG's mineral properties in Ontario. Company insiders took a portion of the offering as well, emphasizing their confidence.
Full News Release:
https://westredlakegold.com/west-red-lake-gold-intersects-47-44-g-t-au-over-3-2m-21-64-g-t-au-over-7m-and-296-83-g-t-au-over-1m-at-south-austin-zone-madsen-mine/
Posted on Behalf of West Red Lake Gold Mines Ltd.
(11)
•••
Fotojoe1
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Comment by
Fotojoe1
on Dec 07, 2023 6:03pm
Looking good... keep holding for the next leg up.
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