(TheNewswire)
Vancouver, BC – TheNewswire - December 16, 2024 – Sponsored content disseminated on behalf of West Red Lake Gold. On December 10 2024, West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) provided an update on the Fork Deposit, a shallow, high-grade, low-plunging zone of gold mineralization located about 250 meters from existing underground development at Madsen.
“What was once considered a somewhat broad, intermediate-grade portion of the satellite resource inventory at Madsen, Fork has now been re-envisioned as a high-grade near-mine resource expansion target that will be a top priority for the exploration team in 2025,” stated Shane Williams, President and CEO.
West Red Lake Gold is working towards a restart at theMadsen Gold Mine in 2025. A Pre-Feasibility Study (PFS) for the Madsen Mine is targeted for release in early 2025.
The Fork deposit currently contains an Indicated mineral resource of 20,900 ounces grading 5.3 grams per tonne gold, with an additional Inferred resource of 49,500 oz grading 5.2 g/t Au.
Click Image To View Full Size
“In this press release, we are calling the Fork drill intercepts ‘historic’,” Will Robinson, VP Exploration told Guy Bennett, CEO of Global Stocks News (GSN). “But these are fairly modern assay results, drilled between 2008 and 2017. We consider the reliability of the data to be high.”
“Fork has a similar style mineralization to the Rowan and Wedge Deposits,” continued Robinson. “The metallurgy on these satellite deposits is amenable to the Madsen Mill. The Fork Deposit checks all the boxes.”
The shallow nature of this target will allow for systematic and efficient infill and expansion drilling from surface with holes averaging 150-250m depth. Fork will be a priority drill target for WRLG in 2025.
WRLG expects to rapidly advance the Fork Vein through surface definition drilling. Close to existing underground development, the company geologists anticipate Fork making its way into the production pipeline at Madsen. This is consistent with WRLG’s hub-and-spoke model for Madsen.
Click Image To View Full Size
In this December 11, 2024 video, Gwen Preston, VP of Communications, explains the significance of the Fork Vein.
“We have identified a high-grade core within one of the existing satellite deposits at Madsen,” stated Preston. “The Madsen Mine we plan to turn on next year will be a good mine of moderate scale. It will tap a nice resource with an average indicated grade of 7.4 g/t gold.”
“We are close to issuing the Pre-Feasibility study that outlines the mine in terms of grade, throughput, annual production, costs, and mine life,” continued Preston.
“We are sure that Madsen can be more than the mine it starts out as. The key to that is grade. Our goal in making Madsen better is to incorporate additional zones with higher gold grades”.
“Higher grade rock gives more ounces for about the same operating costs per tonne, so we want to pull in more higher-grade tonnes. The Upper 8 Discovery has that potential. Our Rowan project down the road is almost twice the average grade of Madsen, so it’s part of the plan. And now Fork is part of the plan as well.”
“Our goal is to pull these satellite zones into an updated Madsen Mine plan, thereby to increasing production significantly soon after getting this mine restarted next year.”
“We did an in-house back-of-the-envelope estimate on the high-grade mineralization at Fork,” Robinson told GSN. “We can drill it from surface quickly. It would only require about 250 meters of underground development to link it to the Connection Drift.”
“With no permitting hurdles, we believe that Fork could become a meaningful supplemental feed source to the Madsen Mill fairly quickly,” added Robinson.
J.P. Morgan strategists have “urged investors to buy gold” reports Kitco.com. "Gold still looks well situated to hedge the elevated levels of uncertainty around the macro landscape heading into the initial stages of the Trump administration in 2025.”
The price of gold has risen 29% this year to a recent $2,750 per ounce. The Bank of America is predicting gold will hit USD $3,000/ounce by H2, 2025.
The Madsen Mine deposit presently hosts an NI 43-101 Indicated resource of 1.65 million ounces of gold grading 7.4 g/t gold and an Inferred resource of 0.37 Moz of gold grading 6.3 g/t gold. [1.] [2.] [3.]
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.
Contact: guy.bennett@globalstocksnews.com
Disclaimer: West Red Lake Gold paid Global Stocks News (GSN) $1,500 for the research, writing and dissemination of this content.
Full Disclaimer: GSN researches and fact-checks diligently, but we cannot ensure our publications are free from error. Investing in publicly traded stocks is speculative and carries a high degree of risk. GSN publications may contain forward-looking statements such as “project,” “anticipate,” “expect,” which are based on reasonable expectations, but these statements are imperfect predictors of future events. When compensation has been paid to GSN, the amount and nature of the compensation will be disclosed clearly.
References:
-
SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada.
-
Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc., and dated June 16, 2023, and amended April 24, 2024. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca
-
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc., and dated June 16, 2023, and amended April 24, 2024. The Madsen Resource Estimate has an effective date of December 31, 2021 and excludes depletion of mining activity during the period from January 1, 2022 to the mine closure on October 24, 2022 as it has been deemed immaterial and not relevant for the purpose of the updated report. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca
Copyright (c) 2024 TheNewswire - All rights reserved.