TSXV:WRLG - Post Discussion
Post by
MarketMakerss on Dec 13, 2023 5:51pm
WRLG's pennies on the dollar acquisition
With emphasis on the acquisition of an asset previously valued at $1B for pennies on the dollar, West Red Lake Gold Mines (WRLG.v WRLGF) President and CEO Shane Williams went on the Jay Martin Show to discuss gold market sentiment and the path going forward with its two high-grade assets: https://youtu.be/pol2JyQBYdk?si=bevvwRWZ3xR5c2fS Located in Ontario's Red Lake Gold District, host to some of the world's richest gold deposits, and has yielded over 30 million ounces of gold (and counting) from high-grade zones WRLG's assets boast a combined gold resource combined gold resource of 6.9M tonnes indicated at a grade of 7.4 g/t and 2.8M tonnes inferred at 9.2 g/t.
Since the beginning of the summer, WRLG has raised $50M with a substantial investment from billionaire mining investor Frank Giustra, closed on two acquisitions, brought a brand new slate of both directors and management as well as drilled 25,000m resulting in spectacular results.
Currently, WRLG is focused on de-risking the Madsen resource by drilling 38,000m next year which ties into the planning and execution of restarting the mine ahead of initiated production.
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.
Successfully demonstrating the high-grade nature and continuity of the Mine, WRLG recently reported impressive drill results with the intersection of 47.44g/t Au over 3.2m, 21.64 g/t Au over 7m and 296.83 g/t Au over 1m at the South Austin Zone which currently contains an indicated mineral resource of 474,600 ounces grading 8.7 g/t Au and an additional inferred resource of 31,800 oz grading 8.7 g.t Au.
WRLG's Rowan Project has a current inferred resource of 827,462 oz Au at 9.2g/t extending to the surface from 600m and remaining open in all directions with a confirmed mineralized strike length of over 1.5km.
The latest positive metallurgical test results from the Deposit deemed it 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 as well.
Posted on Behalf of West Red Lake Gold Mines Ltd.
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