FULL DISCLOSURE: This is sponsored content for West Red Lake Gold.
West Red Lake Gold Mines (TSXV: WRLG) has results in hand from its first round of drilling conducted at its recently acquired Madsen Mine in the Red Lake region of Ontario.
Results released this morning consisted of 18 holes that were drilled from underground, focused on the North Austin Zone. The zone extends mineralization to the northeast from the current resource, and sits adjacent to existing underground development. West Red Lake suggested it represents a “high caliber” target that could be developed early in a potential mine restart.
Highlights from the results include:
- MM23X-02-4980-001: 8.5 metres of 22.31 g/t gold from 26.95 metres
- MM23X-02-4980-003: 10.28 metres of 27.15 g/t gold from 28.72 metres
- MM23X-02-4980-004: 7.36 metres of 8.98 g/t gold from 29.74 metres
- MM23X-02-4980-011: 0.91 metres of 8.82 g/t gold from 52.09 metres
- MM23X-02-4980-012: 0.82 metres of 7.08 g/t gold from 12.68 metres
Collectively, West Red Lake has drilled 848 metres in aggregate in underground exploration drilling, and 3,369 metres of definition drilling. A total of 70 holes have been conducted to date at the property. Current exploration at Madsen is focused on definition of near-term mining inventory and the growth of the current mineral resource, and will continue to be the strategy in 2024.
“Our geologic team quickly recognized the exploration potential in the North Austin area, which represents a high-grade expansion target that sits very close to existing underground infrastructure. While a good portion of the underground drill meters will continue to be focused on definition and increasing confidence in the current resource, we will continue to take advantage of near-mine organic growth opportunities that could materially enhance and increase the mineral resource inventory at Madsen,” commented CEO Shane Williams on the results.
Meanwhile at the Wedge deposit, 11 drill holes have been completed from surface, where exploration was focused on expanding and upgrading the current resource. Highlights from this drill program included:
- WDG-23-001: 1.35 metres of 10.10 g/t gold from 189.5 metres
- WDG-23-006: 1.0 metres of 13.63 g/t gold from 320.55 metres
- WDG-23-010: 3.0 metres of 5.50 g/t gold from 156.00 metres
The Wedge deposit currently has an indicated mineral resource estimate of 56,100 ounces of gold, and an inferred mineral resource of 78,700 ounce of gold.
West Red Lake Gold last traded at $0.49 on the TSX Venture.
FULL DISCLOSURE: West Red Lake Gold Mines is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of West Red Lake Gold Mines. The author has been compensated to cover West Red Lake Gold Mines on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.