West Red Lake Gold Mines – More High-Grade Broad Gold Intercepts From South Austin Zone And A Development Update On The Pathway To A Mine Restart

The KE Report

Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent high-grade gold drill results returned from the South Austin Zone, and to expand upon other exploration targets for the 2024 field season at Madsen Gold Project, in the Red Lake district of Ontario, Canada. We also get a development update on the different milestones and steps to take on the pathway to a mine restart.

We started off having Will share the main takeaways from the news release June 11th, where definition drilling was focused on the high-grade South Austin Zone.

• Drill Hole # MM24D-09-4068- 012 intersected 8 meters @ 16.69 g/t Au, including 1 meter @ 127.98 g/t Au.
• Drill Hole # MM24D-09-4068-009 Intersected 17.83 meters @ 6.17 g/t Au, including 1 meter @ 30.05 g/t Au, and also including 1 meter @ 28.33 g/t Au, and also including 1 meter @ 14.59 g/t Au.
• Drill Hole # MM24D-09-4068-010 intersected 12 meters @ 7.48 g/t Au, including 1 meter @ 73.56 g/t Au, and also Including 0.5 meter @ 16.77 g/t Au.
• Drill Hole # MM24D-07-4198-012 intersected 3.1 meters @ 21.33 g/t Au, including 0.5 meter @ 32.74 g/t Au, and also including 1 meter @ 28.78 g/t Au.

The purpose of this drilling was definition within South Austin to continue building an inventory of high-confidence ounces for eventual restart of the Madsen Mine.

Next we discussed how the exploration strategy at Madsen has been focused at the North Austin Zone, the Main Austin Zone, and the South Austin Zone because it is the ideal mineralized area to exploit in a mining restart scenario in the second half of 2025. We also review the potential at depth at Madsen with both the South Austin Zone still open, and then some underground drilling work planned for this summer at the 8-Zone, underneath the McVeigh Zone. Underground drilling of these targets will allow the exploration team to follow up on these areas with more accuracy, and much more efficient holes, than trying to drill from surface as prior operators had done. There will also be a lot of regional exploration work and metallurgical testing completed at the Madsen Gold Project this year, further derisking and delineating the project, to optimize a potential mine restart next year.

We wrap up getting an update on what needs to be procured, built, and developed at the mine site over the next six to twelve months to achieve our goal of restarting the mine in 2025. One of the key work projects will be the Connection Drift; which is a 1,200-meter haulage way to connect the East and West portals/declines at the Madsen Mine, to increase material hauling efficiency, ventilation, and safety. Will points out that since there will also be immediate exploration opportunities from this Connection Drift underground, that this work also qualifies for deploying a portion of their flow-through funds already raised. Will also highlights that all the development work will feed into an updated Pre-Feasibility Study, targeted for release in early 2025, that will further detail the restart plan.

If you have any follow up questions for the team over at West Red Lake Gold please email us at [e-mail] and [e-mail].

• In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.