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