Today, West Red Lake Gold's (WRLG.v WRLGF) announced the intersection of 37.33g/t Au over 2.97m and 5.26g/t Au over 9.0m at the North Austin Zone at the Madsen Gold Mine in Ontario's Red Lake Gold District.
Highlights:
- 2.79m @ 37.33 grams per tonne gold (“g/t Au”), from 124.21m to 127m, Including 1.0m @ 88.06 g/t Au, from 125.21m to 126.21m
- 9.02m @ 5.26 g/t Au, from 53.06m to 62.08m, Including 0.88m @ 22.34 g/t Au, from 58m to 58.88m
- 0.5m @ 26.18 g/t Au, from 61.08m to 61.58m; And 2.54m @ 5.21 g/t Au, from 118.46m to 121m; Including 0.61m @ 16.60 g/t Au, from 118.96m to 119.57m
- 1.57m @ 25.12 g/t Au, from 128m to 129.57m, Including 1.0m @ 31.47 g/t Au, from 128m to 129m
- 2m @ 9.5 g/t Au, from 72m to 74m, Including 1.0m @ 17.94 g/t Au, from 73m to 74m
Notably, these results were drilled from underground on the zone, which represents a new area of high-grade mineralization extending the current Madsen resource to the northeast.
As the program was designed to expand the Zone down-plunge to the northeast, WRLG is targeting three main plunge lines (ore shoots) at North Austin, and, significantly, these results have demonstrated this continuity on the order of 30m within at least one of these shoots.
Sitting adjacent to existing underground development, the North Austin Zone is a high caliber, near-surface target that could potentially be developed early during future mine restart and production.
As the Zone remains open down-plunge and along strike to the northeast, it will continue to be a priority expansion target as underground drilling continues.
WRLG CEO Shane Williams commented,
“It’s very encouraging to see the North Austin drilling beginning to deliver on expectations. Defining new areas of mineralization outside of, but adjacent to, the known deposit will continue to be a priority at Madsen and further solidifies our strategy with continuing to de-risk the asset while also taking full advantage of high-grade, near-mine organic growth opportunities.”
Near Term Production & Long Term Growth
WRLG's 100% owned Madsen Mine boasts 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.
Significantly, WRLG secured the debt-free and fully permitted asset Madsen Mine for only $6M with a $273 million tax write-off and a new $350M 800+ tonne per day mill, 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 2025, WRLG has been focusing on the high-grade South Austin Zone which currently contains an Indicated mineral resource of 474,600 ounces at 8.7 grams per tonne gold, along with an additional Inferred resource of 31,800 ounces at the same grade.
Strategically positioning itself to capitalize on the untapped value within the Madsen Property, WRLG has both near-term resource expansion and long-term exploration potential with a steady stream of positive results anticipated throughout 2024.
Posted on Behalf of West Red Lake Gold Mines Ltd.