West Red Lake Gold Mines (TSXV: WRLG; US-OTC: WRLGF) reported high-grade results from drilling at its Madsen mine in Ontario’s Red Lake Gold District, as the company looks to restart the mine next year.
The recent drilling, conducted underground at the North Austin zone, has unveiled significant high-grade mineralization that extends the current resource base northeastward, with highlights including 10 metres grading 13.4 grams gold per tonne from 82 metres depth, and 1 metre at 17.75 grams gold from 82 metres downhole in hole MM24X-03-5195-018.
Hole MM24X-03-5127-012 cut 3 metres grading 12.21 grams gold from 58 metres depth and 1 metre at 32.84 grams gold from 60 metres; and hole MM24X-03-5195-015 intersected 16.98 metres grading 3.12 grams gold from 82 metres and 1 metre at 14.69 grams gold from 74.5 metres depth.
“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,” Shane Williams, West Red Lake president and CEO, said.
The drilling is part of an intensive infill and expansion program targeting 50,000 to 60,000 metres underground, with exploration at the adjacent Rowan deposit also planned. The Rowan property includes three former gold-producing mines.
Madsen hosts 1.65 million indicated oz. of gold grading 7.4 grams gold, along with 370,000 inferred oz. gold at 6.3 grams gold. These estimates are based on a cut-off grade of 3.38 grams gold and a gold price of US$1,800 per oz. according to a resource estimate released in 2021.
West Red Lake shares rose 1.2% on Tuesday to 46¢ apiece, valuing the company at $166.9 million. Its shares traded in a 52-week range of 31¢ and 75¢.
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