Today, West Red Lake Gold (WRLG.v WRLGF) reported excellent grades over mineable width supporting its Madsen Mine restart plan, highlighted by:
- 10m @ 13.40 g/t Au, including 1.0m @ 17.75 g/t Au.
- 10m @ 13.40 g/t Au, including 1.0m @ 85.61 g/t Au.
- 3m @ 12.21 g/t Au, including 1m @ 32.84 g/t Au.
Sitting adjacent to existing underground development, the North Austin Zone is a high-grade mineralization area and high caliber, near-surface target that shows significant potential for early development in the planned mine restart.
Major infrastructure projects including connecting drifts, installing a primary crusher and initiating test mining are part of the restart alongside the North Austin drill program and WLRG will additionally be undertaking extensive drilling to expand and define resources.
WRLG President & CEO Shane Williams, commented:
“With the team now working towards a planned mine restart in the second half of 2025, the drills at Madsen will continue to delineate and define the high-value mineral inventory needed to support that objective.”
The Madsen Mine Located in Ontario's Red Lake District, an area known for gold mining due to its history of mining, political stability, and regulatory environment, the Madsen Gold 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.
Due to previous mismanagement from the now-defunct PureGold, WRLG secured the debt-free and fully permitted 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.
Having hit a range of milestones recently, including pouring their first gold bar and recent high-grade drill results in a new area, WRLG is focused on methodically understanding the geology behind the deposit and is working on a pre-feasibility study to detail the mine restart plan, targeted for release in early 2025.
For more information, refer to this thread on WRLG's latest updates:
https://x.com/Fantastic_MrSTX/status/1788658096912363586 Full News Release:
https://www.tradingview.com/news/reuters.com,2024-07-11:newsml_Tnw2TRmg0:0-west-red-lake-gold-reports-excellent-grades-over-mineable-widths-supporting-mine-restart-plan/ Posted on Behalf of West Red Lake Gold Mines Ltd.