City Investors Circle Watchlists

As we approach the end of the year, it’s an ideal time to review not only one’s portfolio, but also the watchlists on this site.

I’m looking for vibrant companies moving projects forward, preferably well funded, in safe jurisdictions. One or two have not made the cut and will be removed or downgraded. 

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City Investors Circle Watchlist Adjustments

As we approach the end of the year, it’s an ideal time to review not only one’s portfolio, but also the watchlists on this site.

I’m looking for vibrant companies moving projects forward, preferably well funded, in safe jurisdictions. One or two have not made the cut and will be removed or downgraded.

So far I have sold most of my Minera Alamos, and also sold Argosy Minerals, both in my personal portfolio.

I am removing Minera Alamos from the top tier of companies we follow, and placing them in the second tier for now. They are still in production, and they may be promoted again once either production increases or the Cerro de Coro mine is permitted and construction commences.

G Mining Ventures will go into the top tier to replace Minera. They are fully funded, construction is on target and budget, and they will be in production in around 7 – 8 months in Brazil, a tier 1 jurisdiction.

I am also adding Calibre Mining * as they have followed their purchase of Fiore Gold with another of my stocks, Marathon Gold. This diversifies them significantly from sanctioned Nicaragua, as most of the future production will be in North America.

* N.B.  This has yet to close and there could be an alternate bid, so we have to be aware of that.

In tier 2 both Lithium Power and Marathon Gold are  being removed, both having recently been acquired.

Moving down a tier are Boab Minerals, Canuc Resources, Rockmaster, and Westhaven Gold.

ASX listed Barton Gold is moving up, and West Red Lake Gold Mines, South Star Battery Metals, and Nevada King are added.

I am adding Delta Resources to tier 3.

I think these changes will give the watchlists a fresher look, and the incoming companies should provide plenty of newsflow in 2024.

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West Red Lake Gold Mines (TSX.V: WRLG)

Reported drill results from its 100% owned Madsen Mine located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

This first round of drill results from the Madsen Mine were all drilled from underground on the North Austin Zone, which represents a new area of high-grade mineralization extending the current Madsen resource to the NE.

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West Red Lake Gold Mines (TSX.V: WRLG)

Announced that as a result of strong investor demand, the Company has amended its agreement with Canaccord Genuity Corp. and Eight Capital, to increase the size of the previously announced “best efforts” private placement of units to raise gross proceeds of up to C$13,000,000, consisting of up to 25,000,000 units of the Company at a price of C$0.52 per Unit. 

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West Red Lake Gold Mines Ltd. (TSX.V: WRLG) (OTCQB: WRLGF) (“West Red Lake Gold” or “WRLG” or the “Company”) is pleased to announce that as a result of strong investor demand, the Company has amended its agreement with Canaccord Genuity Corp. and Eight Capital (collectively, the “Agents”), to increase the size of the previously announced “best efforts” private placement of units to raise gross proceeds of up to C$13,000,000 (the “Offering”), consisting of up to 25,000,000 units of the Company (the “Units”) at a price of C$0.52 per Unit (the “Offering Price”).

Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant of the Company (each a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 36 months from the closing of the Offering at a price of C$0.68.

The Agents will have an option (the “Agents’ Option”) to increase the size of the Offering by up to C$2,080,000 through the sale of an additional 4,000,000 Units at the Offering Price, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (defined herein).

The net proceeds received from the Offering will be used to advance the Company’s mineral properties in Ontario, as well as for working capital and general corporate purposes.

It is anticipated that closing of the Offering will occur on or about November 28, 2023 (the “Closing Date”), or such other date or dates as the Company and the Underwriters may agree. The Offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities sold under the Offering will have a hold period in Canada of four months and one day from the closing date in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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To read the full news release, please click HERE

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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds no shares in West Red Lake Gold Mines

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To read our full terms and conditions, please click HERE

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ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km² highly prospective land package in the Red Lake district of Ontario.

The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits.

WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km² including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

West Red Lake Gold Mines (TSXV: WRLG)

Reported additional drill results from its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

Notably, Hole RLG-23-169 intersected 14.61 grams per tonne gold over 1.5 m, including 42.62 g/t Au over 0.5m at approximately 420m vertical depth in the Vein 101 Zone. 

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West Red Lake Gold Mines (TSX.V: WRLG)

Provided a project update and an outlook on project advancement in the near to medium term for the Madsen and Rowan Mine projects, located in the prolific Red Lake Gold District of Northwestern, Ontario, Canada. 

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West Red Lake Gold Provides Project Updates and Outlines Strategic Path Forward

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West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) is pleased to provide a project update and an outlook on project advancement in the near to medium term for the Madsen Mine and Rowan Mine projects located in the prolific Red Lake Gold District of Northwestern, Ontario, Canada.

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PATH FORWARD

• Additional 35,000 metre (“m”) drill program planned for Rowan Property to commence in early 2024, adding second drill and to include systematic in-fill drilling and expansion drilling of high-grade zones and begin testing high priority drill targets at Mt. Jamie, Red Summit and the NT Zone.
• Complete initial Preliminary Economic Assessment (the “PEA”) on entire portfolio of Properties by Q2 2024 (based on drilling cutoff date of Oct 1, 2023)
• Complete updated Mineral Resource Estimate (“MRE”) at Rowan by Q4 2024 (to include all anticipated drilling up to Q3 2024)
• Complete 3,000 m drill program at Wedge, aimed to expand deposit and complete MRE by Q4 2024
• Complete 38,000 m underground drill program at Madsen Mine by Q4 2024
• Complete 3,200 m of underground development by Q4 2024 for access and required infrastructure to support underground drilling.
• Develop a connecting ramp between the East and West declines at Madsen to increase waste hauling capacity from the West ramp which previously crossed two public roads, further reducing operating costs.
• Put the Madsen Mine back into production in 2025.

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Shane Williams, President, and CEO commented:

“The team has done a fantastic job since the beginning of 2023, achieving many major milestones in the relatively short life of the re-vamped West Red Lake Gold Mines.

 

“In a difficult market we have managed to complete key acquisitions, raise a considerable amount of capital to fund our growing ambitions and assembled a team of noteworthy professionals with a track record of success at both the management and board levels.

 

“We have enjoyed a tremendous amount of exploration success via the drill-bit at our Rowan project which we hope to replicate at some very exciting targets in and around our newly acquired Madsen Mine.

 

“The coming year will be a very active time for the Company as we lay the groundwork to execute on our vision to put the Madsen Mine back into production and continue to unlock significant value for our shareholders.”

To read the full news release, please click HERE

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Mining Review 1st October 2023

A poor week for gold as “higher for longer” US rate predictions took their toll on the price, taking it down to the mid $1800s, and looking weak.

Westhaven announced good drill results at Shovelnose, Calidus reported increased production potential, and West Red Lake Gold rose on the back of a newsletter promotion. 

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Madsen Mine in pristine condition, West Red Lake Gold Mines.

Mining Review 1st October 2023

A poor week for gold as “higher for longer” US rate predictions with increased bond yields and a strong US dollar took their toll on the price, taking it down around $60 to the mid $1800s, and still looking weak.

Unless the FED unexpectedly pivots, it does look as though gold will fall lower, higher bond yields have pushed the US dollar up to an 11 month high.

Turning to stocks, Westhaven announced good drill results at Shovelnose, Calidus reported increased production potential, and West Red Lake Gold rose on the back of a newsletter promotion.

Cyprium relisted after a few months suspension and the price immediately collapsed, due to a deeply discounted financing. This destroys the investment thesis for me, and we are no longer covering this stock.

News from our Watchlist is below,

Market Data

Week on Week price movements

(US$ unless stated)

Market Review September 2023

West Red Lake Gold Mines is the company in the spotlight this month.

The best performing Watchlist stocks were Lithium Power International and UEC.

10 Year Treasury yields and the US dollar strength continue to push down the price of precious metals, with FED predictions of “higher for longer”. 

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City Investors Circle Market Review September 2023

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West Red Lake Gold Mines is the company in the spotlight this month.

The best performing Watchlist stocks were Lithium Power International and UEC.

The worst performing watchlist stock was Ascot Resources.

Companies reporting good news included Gold Road Resources and Karora Resources.

Other companies reporting news included Ascot Resources, Calidus Resources, i-80 Gold and Westhaven.

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The highest 10 Year Treasury yields since 2005 and the subsequent US dollar strength continue to push down the price of precious metals, with FED predictions of “higher for longer” really pushing down the price of gold and silver.

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To subscribe to our free monthly newsletter and receive invitations to our free to attend company presentations and conferences, please email andrew@city-investors-circle.com

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To view the September 2023 Market Review, please click HERE

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West Red Lake Gold (TSX.V: WRLG)

I have followed the story of the Madsen Mine since it was opened by the now defunct Pure Gold Mining, formerley dual listed on the TSX and AIM markets.

Now it is in the hands of West Red Lake Gold at a bargain price, at a cost of literally pennies on the pound, this looks a very attractive propostion, especially with an experienced management team and good shareholder register.

On the 12th September, the “investing Whisperer” wrote a sponsored promotion of WRLG. What puzzles me is their need for a stock promotion currently? 

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West Red Lake Gold are being promoted, but the timing seems strange

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West Red Lake Gold (TSX.V: WRLG) I have followed the story of the Madsen Mine since it was opened by the now defunct Pure Gold Mining, formerley dual listed on the TSX and AIM markets.

Pure Gold went into administration after a series of mistakes by the former management team, and their replacement team were unable to rescue the company given the situation they inherited.

Now it is in the hands of West Red Lake Gold Mines, bought at a bargain price, at a cost of literally pennies on the pound, this looks a very attractive propostion, especially with an experienced management team and good shareholder register.

They have a good shareholder register, and an experienced management team in place, who are reviewing the mine plan with a view to a restart which is still a year or two away.

On the 12th September, the “Investing Whisperer” wrote a sponsored promotion of WRLG. On the same day the company released drill results, which looks very coincidental.

What puzzles me is their need for a stock promotion at this time?

I’m not anticipating a financing, although one is possible at any time, if they think it’s an opportune moment. It would be remiss of them to do otherwise, and that’s what a good management team will do.

There’s nothing wrong with a stock promotion of course, but it’s the timing here that puzzles me. The company are getting on with things but production is quite a way away, even in mining terms, so no urgency to own the stock at the moment in my opinion.

During August the stock was trading fairly lightly, until a few days before the “Investing Whisperer” highlighted the company in a sponsored article on the 12th, and it rose from a 43 c low close to 73c over the next few tradind sessions, with huge volume compared to that before the note.

The table below highlights trading in August and September, note the high volumes from the 8th September onwards.

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At the bottom of the “whisperers’ ” promotional article there is a rider, “West Red Lake Gold Mines has reviewed and sponsored this article.”

WRLG looks a decent company for those with patience that believe in the management team, so I don’t feel there’s the need to promote like this, it only cheapens the investment thesis by acting this way.

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The markets are looking somewhat jumpy at the moment and so this looks like they’re trying to fight the tide, when it may be easier to wait out the downturn before promoting. They look to be fighting a losing battle with the stock down at 63c and the markets rocky as investors lose their nerves.

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West Red Lake Gold Mines (TSX.V: WRLG)

Announced an update from the 2023 exploration drilling program on its Rowan Property, located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

Hole RLG-23-163B intersected 70.80 grams per tonne gold over 8.3 metres, including 1,120.19 g/t Au over 0.5 m.

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West Red Lake Gold Mines Ltd. (TSX.V: WRLG) (“West Red Lake Gold” or “WRLG” or the “Company”)(OTCQB: WRLGF) is pleased to announce the following update from the 2023 exploration drilling program on its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

Hole RLG-23-163B intersected 70.80 grams per tonne (“g/t”) gold (“Au”) over 8.3 metres(“m”), including 1,120.19 g/t Au over 0.5 m.

This hole represents the highest-grade intercept ever drilled across the Rowan Property and is a testament to the continued success our exploration team is achieving with the 2023 drilling campaign.

The drill program at Rowan has already been expanded from 17,000 m to 25,000 m, and these results only further validate the team’s commitment to the Rowan asset.

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HIGHLIGHTS:

• Hole RLG-23-163B Intersected 8.3m @ 70.80 g/t A uin Vein Zone 101 from 387 m to 395.3 m, including 0.5 m @ 13.46 g/t Au from 389 m to 389.5 m, 0.5 m @ 1,120.19 g/t Au from 393.5 m to 394 m and 0.6 m @ 29.64 g/t Au from 394.7 m to 395.3 m.

• This represents the highest-grade intercept ever drilled across the Rowan Property.
• The location of the pierce point on Vein 101 represents one of the deeper intercepts drilled within the high-grade East Zone which could be indicating that the vein system is increasing in grade and thickness with depth.
• The exploration team is immediately following up on this success to further define this extremely high-grade and thick portion of gold mineralization within the already impressive East Zone at Rowan.

Figure 1. Impressive visible gold showing within intercept grading 1,120.19 g/t Au. Diamond drill core in this photo is NQ diameter (47.6 millimeters).

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Shane Williams, President & CEO, stated,

 

“There are very few places in the world where the geologic conditions exist to produce an intercept of this calibre, and the Red Lake district has demonstrated time and again that it is most definitely one of them.

 

“Our exploration team has already been immensely successful with the drilling program at the Rowan Mine target in 2023, and the spectacular drill results highlighted in this news release only emphasize the upside that still exists at Rowan.

 

“Our team is confident that we are only just starting to scratch the surface at Rowan with many more exciting discoveries to come.”

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The high-grade mineralized vein zones encountered at the Rowan Mine target area  continue to exceed expectations, confirm the geologic model, and further improve the existing high-grade (9.2 g/t Au) 827,462 ounce Inferred Mineral Resource at the Rowan Mine.

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds no shares in West Red Lake Gold Mines

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To read our full terms and conditions, please click HERE

Mining Review 17th September 2023

We initiated coverage of West Red Lake Gold Mines, new owners of the Madsen Mine, formerly owned by Pure Gold Mining, which went into administration, and subsequently delisted from the TSX.V and AIM markets.

Ascot Recources, i-80 Gold, and Karora Resources all reported good drill results in a busy reporting week. 

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City Investors Circle Mining Review 17th September 2023

Mining Review 17th September 2023 We initiated coverage of West Red Lake Gold Mines, new owners of the Madsen Mine, formerly owned by Pure Gold Mining, which went into administration, and subsequently delisted from the TSX.V and AIM markets.

With a new management team with a record for achievement, and a new plan to exploit the resources and existing mine infrastructure, WRLG looks set to deliver shareholder value, if executed correctly of course.

To read about WRLG, please click here.

Companies on our watchlist in the news last week

Ascot Recources, i-80 Gold, and Karora Resources all reported good drill results in a busy reporting week.

To read about this week’s news in detail, please click the links below,

  Initiating Coverage West Red Lake Gold Mines

  I-80 Gold Announced High-Grade Results From Ruby Hill

  Ascot Resources Intercepted 32.9 g/t Gold Over 4.9m

  Karora Resources Reported Good Drill Results From Fletcher South

  Calidus’ Blue Spec Approval to Boost Output

  Orla Mining Amended Credit Facility

  Mining Review 10th September 2023

Market Data

Week on week price changes

(US$ unless stated)

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Metal and ETF Index Prices

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We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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West Red Lake Gold Mines (WRLG.V)

WRLG purchased the Madson Mine, located in Ontario, from the administrators of LSE listed Pure Gold Mining last year, and are starting to put together their plan to correct the mistakes made by the previous owners.

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West Red Lake Gold Mines – Initiating Coverage

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West Red Lake Gold Mines (WRLG.V)

WRLG purchased the Madson Mine, located in Ontario, from the administrators of LSE listed Pure Gold Mining last year, much to the angst of many UK based shareholders, who saw a staggering loss of capital as the share price slumped from around £1.80 to nothing, in short order.

WRLG are starting to put together their plan to correct the mistakes made by the previous owners.

Madsen is located in a prolific gold belt that has produced many millions of ounces over the years.

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West Red Lake Gold Mines Company Profile

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 sq-Km highly prospective land package in the Red Lake Gold District of Ontario.

The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits.

WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 sq-Km including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

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West Red Lake Gold Mines Corporate website, click HERE

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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds no shares in West Red LAke Gold Mines.