Gold and silver investors have reason to anticipate a prosperous 2024, as UBS forecasts a rise in prices driven by expectations of interest rate cuts by the U.S. Federal Reserve. This anticipated Fed easing typically leads to a weakening dollar, thereby increasing demand for precious metals like gold. Recent geopolitical tensions have only served to enhance gold's status as a safe haven asset, adding further momentum to its upward trajectory.
Source: https://www.msn.com/en-us/money/markets/gold-prices-to-hit-2200-and-a-dramatic-outperformance-awaits-silver-in-2024-says-ubs/ar-BB1hLUp8
In the realm of gold exploration, West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) recently unveiled the conclusive results from its 2023 drilling campaign at the Rowan Property in Canada's Red Lake Gold District. The primary aim of this drilling endeavor was to address gaps in the geological model between the East and West Zones while expanding the West Zone ore shoot at depth.
Notable findings from the campaign include significant intersections such as 4 meters at 9.5 g/t Au in hole RLG-23-177, located around 80 meters beneath historic workings. Other noteworthy intersections comprise 2.7m @ 3.66 g/t Au, 3.6m @ 3.13 g/t Au, and 9.0m @ 3.25 g/t Au.
Overall, the 2023 drilling activities have validated historical data and confirmed the continuity of quartz veining and gold mineralization at depth and along the strike. Future drilling endeavors will prioritize infilling and expanding the existing high-grade mineral resource.
Furthermore, the 2023 exploration achievements at the Rowan Property are notable, including the acquisition of the remaining interest in the property from Evolution Mining, consolidating ownership to 100%. A total of 62 drill holes were executed, covering 20,211.4m of NQ diamond drill core, with highlights such as 70.80 g/t Au over 8.3m.
Positive metallurgical test results have indicated gold extraction above 98%, necessitating only minor adjustments to the existing flowsheet at WRLG's Madsen Mill. The high-grade East Zone ore shoot has been defined down to 490m depth, with potential for expansion. Additional drilling at the Red Summit NE target has confirmed the geologic thesis.
Additionally, baseline orientation soil sampling surveys were conducted, and airborne magnetic geophysical datasets and LiDAR surveys were reprocessed for future engineering considerations.
Despite these achievements, CEO Shane Williams underscores that the primary focus for 2024 will be on developing and potentially restarting its nearby Flagship Project, the Madsen Mine, a crucial step towards WRLG becoming a mid-tier gold producer.
Nonetheless, the company remains enthusiastic about the exploration potential within the district, which encompasses both the Rowan and Madsen Projects and sees future synergies between the Rowan Madsen Projects
Full News: https://westredlakegold.com/west-red-lake-gold-reports-final-2023-drill-results-from-rowan-and-highlights-2023-exploration-achievements/
Posted on behalf of West Red Lake Gold Mines Ltd.