West Red Lake Gold Mines Ltd. (Ticker:WRLG.v or WRLGF for US investors) is a Canadian-based gold exploration and development company focused on its flagship Madsen Mine and mill located in the prolific Red Lake Gold District of Northwestern Ontario.
WRLG acquired the Madsen asset in 2022 at a fraction of its original value, securing an advanced project that has already seen significant investment.
In a recent article by Bob Moriarty he emphasized WRLG’s strategic acquisition of the Madsen Mine, which was valued at $1.15 billion during Pure Gold's ownership but was acquired by WRLG for $6.5 million. The project has an estimated 2.1 million ounce gold resource.
Moriarty also highlighted WRLG’s recent test mining activities at Madsen, where the company is gradually ramping up operations, with plans for full production by the second half of 2025. Test mining and bulk sampling are part of a four-month program aimed at smoothing the transition to production.
Moriarty noted WRLG’s recent definition drilling results from the South Austin Zone, where the company intersected 4.48 meters of 49.39 g/t Au and 11.2 meters of 18.46 g/t Au, underscoring the high-grade nature of the deposit.
These efforts are part of a larger plan to de-risk the project before ramping up operations. WRLG has also set its sights on completing a Pre-Feasibility Study (PFS), expected in Q4 2024, which will provide more detailed information on production costs and levels.
WRLG’s disciplined approach, combined with its strong institutional support and well-funded position, puts the company in a favorable position as it progresses toward full-scale production in 2025.
Full article: https://www.321gold.com/editorials/moriarty/moriarty093024.html
Posted on behalf of West Red Lake Gold Mines Ltd.