West Red Lake Gold Mines (WRLG.v, WRLGF) continues its push to restart gold production at its flagship Madsen Gold Mine in Ontario's Red Lake Gold District.
Today, WRLG announced the closing of its million upsized bought-deal public offering for aggregate gross proceeds of C$28,750,092, a crucial step toward funding its production restart strategy, targeted for the second half of 2025.
Coupled with recent high-grade drill results from the South Austin Zone, WRLG is well-positioned for significant development milestones.
Recent drilling results from the South Austin Zone include:
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3.12m at 37.09 g/t Au, incl. 0.62m at 174.28 g/t Au
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2.76m at 18.11 g/t Au, incl. 1m at 42.01 g/t Au
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13m at 3 g/t Au
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3.8m at 9.21 g/t Au
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and 5m at 6.69 g/t Au
The drilling campaign aims to expand the existing indicated resource of 474,600 oz at 8.7 g/t Au, ahead of the upcoming Pre-Feasibility Study (PFS).
This aligns with WRLG's broader plan to bring the Madsen Mine back into production by 2025.
With today’s financing complete, WRLG has now secured commitments totaling over C$75 million for the Madsen restart, including an earlier ~C$48 million loan from Nebari Natural Resources Credit Fund II.
West Red Lake Gold Mines' strategic positioning in the prolific Red Lake district, combined with strong recent drill results and substantial funding, underlines its focus on high-grade gold production and further exploration potential across its 47 km² land package.
Full news: https://westredlakegold.com/west-red-lake-gold-announces-closing-of-29-million-bought-deal-public-offering/
Posted on behalf of West Red Lake Gold Mines Ltd.