West Red Lake Gold Mines Ltd. (Ticker: WRLG.v or WRLGF for US investors) is dedicated to the advancement and development of its flagship past-producing Madsen Gold Mine. Located in the highly productive Red Lake Gold District of Northwest Ontario, Canada, the Madsen property spans an extensive 47 sq-km land package. This renowned district has yielded over 30 million ounces of gold from high-grade zones and hosts some of the richest gold deposits globally.
In addition to Madsen, WRLG owns the Rowan Property, a 31 sq-km project also in the Red Lake District, which includes three historic gold mines: Rowan, Mount Jamie, and Red Summit.
These assets position WRLG as a significant player in one of the world's premier gold-producing regions.
WRLG benefits from the financial backing of billionaire mining investor Frank Giustra, known for his extensive experience in establishing large gold mining ventures. Is also a heavily involved advisor of WRLG and his involvement underscores the company's strong potential and solidifies its strategic direction.
WRLG recently announced encouraging drill results from its ongoing exploration at the Madsen Mine, focusing on the high-grade South Austin Zone. This area is critical to WRLG's future plans, holding an Indicated mineral resource of 474,600 ounces at 8.7 grams per tonne gold, with an additional Inferred resource of 31,800 ounces grading 8.7 g/t Au.
Key results from the latest drilling campaign include 3.1 meters at 21.33 g/t Au, including 0.5 meters at 32.74 g/t Au, 9 meters at 6.75 g/t Au, including 0.9 meters at 27.91 g/t Au, and 2.55 meters at 6.08 g/t Au, including 1 meter at 11.08 g/t Au.
The drilling program is strategically designed to focus on the more continuous and higher-grade sections of the Austin, South Austin, and North Austin Zones. This focused exploration effort will continue through 2024, aiming to define near-term mining inventory and expand the current mineral resource, with the goal of restarting gold production at Madsen by 2025.
Today, WRLG announced that it successfully closed its $33 million public offering to fund the ongoing exploration and development of the Madsen Gold Mine. Management and insiders acquired a total of 770,000 units in the offering, displaying WRLG's high internal confidence.
Full news:
https://westredlakegold.com/west-red-lake-gold-announces-closing-33-million-bought-deal-public-offering-including-the-full-exercise-of-the-over-allotment-option/
Posted on behalf of West Red Lake Gold Mines Ltd.