West Red Lake Gold Mines Ltd WRLGF

Second Underground Diamond Drill Arrives at Madsen Mine

[MarketMakerss]

Today, West Red Lake Gold Mines (WRLG.v WRLGF) announced the arrival of a second underground diamond drill at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

 

This second rig comes in response to recent drilling successes at the newly defined North Austin Zone to continue growing and de-risking the high-priority, near-mine resource area.

 

Based on positive results from recent underground drilling programs, two near-mine expansion areas, North Austin and South Austin, have been prioritized for immediate expansion and infill drilling. These high caliber targets could potentially be developed early during future mine restart and production as both zones are adjacent to existing underground development.

 

Notably, successful drilling in these areas is expected to add growth to the existing Madsen resource, bringing new ounces onto the books in areas previously not mined.

 

Shane Williams, President & CEO, stated,

“The addition of a second underground drill at Madsen will expedite our efforts in de-risking the resource and building a runway of high-confidence mineable inventory that will be critical during restart of mining operations. The North and South Austin Zones have already demonstrated potential for grade and continuity and our team looks forward to continuing to advance these two high-priority areas simultaneously with the underground drilling program.”

 

Since early January 2024, when underground drilling resumed, WLRG has competed 3,671m of Expansion drilling and 2,916m of Definition drilling for a total of 65 diamond drill holes for 6,587m completed at Madsen in 2024.

 

A Golden Opportunity in Ontario's Red Lake Gold District

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.

 

Coming with a $350 million 800+ tonne per day mill, the asset hosts a 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)

 

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

 

With the recent closing of a US$22,340,000 gold linked notes offering, WRLG is strongly funded to execute on its Madsen Gold Mine restart plan.

 

Rick Rule & Frank Giustra on West Red Lake Gold

For more information, refer to Rick Rule's latest interview with billionaire mining investor Frank Giustra who highlighted his involvement in WRLG, a company he believes is capable of producing 100,000 ounces/year from the Madsen Mine: https://youtu.be/GMbA8kAsRmg?si=cHepoIyCNSZa93wQ

 

Full News Release: https://westredlakegold.com/west-red-lake-gold-accelerates-definition-drill-program-at-north-austin/

 

Posted on Behalf of West Red Lake Gold Mines Ltd. 

[Fotojoe1]

Nice... we're going to need more rigs. sounds like something Freidland would say! Keep up the good work.