West Red Lake Gold Mines Ltd V.WRLG

68.36 g/t Au over 1.1m & 13.83g/t Au over 3.95m Intersected

[MarketMakerss]

Today, West Red Lake Gold (WRLG.v WRLGF) announced the intersection of 68.36 g/t Au over 1.1m and 13.83g/t Au over 3.95m at the Madsen Mine's South Austin Zone!

 

The South Austin Zone currently contains an indicated mineral resource of 474,600 ounces grading 8.7 g/t gold and an inferred resource of 31,800 oz grading 8.7g/t Au.

 

The purpose of this drilling was definition within South Austin, to continue building an inventory of high-confidence ounces for the eventual restart of the Madsen Mill

 

Highlights:

• 1.1m @ 68.36 g/t Au, from 74.25m to 75.35m, Including 0.5m @ 145.44 g/t Au, from 74.85m to 75.35m
• Intersected 3.95m @ 13.83 g/t Au, from 7.55m to 11.5m, Including 0.5m @ 105.72 g/t Au, from 7.55m to 8.05m
• The high-grade mineralization encountered near the collar (top of hole) in Holes MM24D-07-4198-002 and MM24D-07-4198-006 is believed to be the down-dip continuation of a mineralized zone defined further up in the system. These intercepts are expected to extend this zone in future model updates.

 

WRLG President & CEO, Shane Williams, commented:

“We are very pleased with the results that have been coming out from the South Austin definition program. The team has been intercepting zones of mineralization where expected, which is helping to increase our confidence in the higher priority areas of the resource model and validates our interpretation of the geology. Now that we have added a second underground drill at North Austin, we expect to be generating a steady stream of positive news flow from North and South Austin over the coming months.”

 

Notably, all high-grade intervals generally contain visible gold on drill core exteriors at the mine.

 

The current underground drilling program at the Mine is focused on further definition of near-term mining inventory and is targeting the growth of the current mineral resource with drilling focused on the more continuous and higher-grade portions of the Zones.

 

Notably, this will continue to be the strategy through 2024 and successful drilling in the North and South Austin Zones are expected to add growth to the existing Madsen resource, bringing new ounces onto the books in areas previously not mined.

 

Near-Term Production & Long-Term Growth

Located in the Red Lake Gold District of Ontario, the Madsen Mine hosts an NI 43-101 Indicated resource of 1.65M oz of gold grading 7.4 g/t Gold, an inferred resource of 0.37Moz of gold grading 6.3g/t and a $273 million tax write-off (ie. first $273 million in profits will be tax free)

 

Attesting to the significance of the area, Australia's Gold Road Resources (ASX: GOR, $1.84B mcap) recently confirmed its intention to acquire a stake in of Canada's Greenstone Mining District. This is notable as it sends out a signal to other large mining companies about the massive potential of this region has as high-producing gold district to other large mining producers. (Source: https://twitter.com/Fantastic_MrSTX/status/1779931792298115567)

 

Significantly WRLG secured the debt-free and fully permitted asset Madsen Mine for only $6M, despite its previous valuation of over a billion dollars, about 8x the current market cap of WRLG, due to previous mismanagement.

 

On track to be in production by the end of 2025m the mill additionally came with a new $350 million 800+ tonne per day mill.

 

Previously announced highlights from the North and South Austin Zones include intersections of:

• 27.15g/t Au over 10.28m and 22.31g/t Au over 8.5m at North Austin
• 47.44g/t Au over 3.2m, 21.64g/t Au over 7m and 296.83 Au over 1m at South Austin
• 9.15g/t Au over 3.3m and 10.66 g/t Au over 2.6m at North Austin
• 25.12g/t Au over 5.5m, 39.46 g/t Au over 2m and 18.60g/t Au over 4m at South Austin

 

For more information, refer to WRLG's CEO Shane Williams in "Why Industry Heavy Hitters Joined West Red Lake Gold Mines to Resurrect Madsen" from Kitco Mining: https://youtu.be/qxNMWehbEKY?si=IVV9z075WLmsHnLc

 

Full News Release: https://westredlakegold.com/west-red-lake-gold-intersects-68-36-g-t-au-over-1-1m-and-13-83-g-t-au-over-3-95m-at-south-austin-zone-madsen-mine/

 

Posted on Behalf of West Red Lake Gold Mines Ltd. 

[Fotojoe1]

Sounds like wrlgf is building up their resources nicely. I can't wait to see what their next resource estimate will be. Looking forward to that.