Goldman Sachs forecasts a significant rise in gold prices, projecting the metal could reach $3,000/oz by December 2025. This bullish outlook is driven by several factors, including central bank purchases, anticipated Federal Reserve rate cuts, and increased investments in gold ETFs. Heightened geopolitical risks, such as tensions involving Iran, further solidify gold’s status as a safe-haven asset.
https://www.benzinga.com/markets/commodities/24/11/42036300/go-for-gold-says-goldman-sachs-precious-yellow-metal-price-would-rise-in-2025-amid-central-bank-buying-fed-rate-cuts
Such favorable market conditions could provide strong tailwinds for West Red Lake Gold Mines Ltd. (Ticker: WRLG.v or WRLGF for US investors), as the company prepares to restart gold production at its past-producing Madsen Mine in Ontario's prolific Red Lake Mining District.
WRLG has made significant progress toward its projected mid-2025 restart of the Madsen Mine in one of the world’s most productive gold regions.
After completing 42,500m of definition drilling, WRLG is working to complete a Pre-Feasibility Study (PFS) for the project, with publication expected this month. This study builds upon recent operational data and detailed engineering, aiming to provide a robust framework for the mine’s restart.
WRLG's critical milestones for de-risking the project also include the completion of the tailings dam lift on October 8, raising it by four feet to accommodate over five years of storage capacity at the mine’s planned 800-tonne-per-day throughput rate. This project was not only completed ahead of schedule but also came in under budget, showcasing efficient execution.
Underground development has also advanced, with over 2,000m completed this year to establish critical access points for mining operations. Test mining is set to begin shortly, with ore stockpiled for batch processing to validate geologic models.
The mill at Madsen is on track for pre-commissioning in Q1 2025, with key equipment upgrades underway and senior mill staff already hired.
WRLG has also optimized operational efficiency by upgrading propane infrastructure at the project, which is projected to save $800,000 annually by centralizing storage and reducing delivery needs.
With these initiatives, WRLG is laying a solid foundation for a decision on the Madsen restart, targeting sustainable gold production in a district renowned for its high-grade deposits.
More: https://westredlakegold.com/west-red-lake-gold-provides-update-on-madsen-mine-restart-activities/
Posted on behalf of West Red Lake Gold Mines Ltd.