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Bullboard - Stock Discussion Forum West Red Lake Gold Mines Ltd WRLGF


Primary Symbol: V.WRLG Alternate Symbol(s):  V.WRLG.WT | WLGMF | V.WRLG.WT.A | V.WRLG.NT.U | V.WRLG.WT.B

West Red Lake Gold Mines Ltd. is a Canada-based mineral exploration company. The Company is focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 square kilometers (km2) highly prospective land package in the Red Lake district of Ontario. The Madsen Property comprises a contiguous group of approximately 251 mining leases, mining patents and unpatented mining... see more

TSXV:WRLG - Post Discussion

West Red Lake Gold Mines Ltd > WRLG to Secure >$70M to for Gold Production Restart in H225
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Post by 1StockInformer on Oct 24, 2024 4:46pm

WRLG to Secure >$70M to for Gold Production Restart in H225

West Red Lake Gold Mines Ltd. (Ticker: WRLG.v or WRLGF for US investors) is making strides toward restarting its 100%-owned Madsen Mine in Ontario’s Red Lake Gold District. Recent drilling at the South Austin Zone delivered impressive results, coupled with a significant financing package aimed at supporting the mine's restart by 2025.

The recent drilling program has confirmed several high-grade intercepts, including:

  • 37.09 g/t Au over 3.12m, with a standout sub-interval of 174.28 g/t Au over 0.62m

  • 18.11 g/t Au over 2.76m, including 42.01 g/t Au over 1m

  • Other notable results include 13m at 3.00 g/t Au, 3.8m at 9.21 g/t Au, and 5m at 6.69 g/t Au

r/wallstreetsmallcaps - West Red Lake Gold Mines (WRLG.v, WRLGF) Reports More High-Grade Gold Intercepts from their Near-Term & Past-Producing Madsen Gold Project, Set to Secure >C$70M For Funds to Support Gold Production Restart in H2 2025

The ongoing drill program aims to define additional ounces ahead of a pre-feasibility study (PFS), which is expected soon. With an Indicated resource of 474,600 oz grading 8.7 g/t Au, South Austin remains central to WRLG’s production plan, targeting a restart in H2 2025.

WRLG also recently announced a C$73 million financing package to fund the mine's restart which includes:

  • Loan facility: A lone of US$35M (~C$48M) from Nebari Natural Resources Credit Fund II

  • Upsized bought-deal equity offering: Initially announced at C$20M, this offering was increased to C$25M.

CEO Shane Williams highlighted that the completion of this financing will support key milestones like the PFS, test mining, and capital projects at Madsen, aiming for a restart decision in early 2025.

https://westredlakegold.com/west-red-lake-gold-announces-upsize-to-previously-announced-bought-deal-public-offering/

Posted on behalf of West Red Lake Gold Mines Ltd.

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