202625 releases
West Red Lake Gold Reports Q3 2026 Production and Continued Operational Momentum at the Madsen Mine
West Red Lake Gold reported Q3 2026 gold production of 7,859 ounces at its Madsen Mine in Ontario's Red Lake district, bringing year-to-date output to 22,102 ounces. The company also revised its 2026 Madsen production guidance to 27,000 to 32,000 ounces, down from 35,000 to 45,000 ounces, citing labour challenges and the ramp-up expected in the second half.
CorporateWest Red Lake Gold Reports 176.04 g/t Au over 5.3m, 128.32 g/t Au over 4.5m and 35.72 g/t Au over 13.35m from Austin 955 and 904 Complexes
Underground definition drilling at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 5.3m at 176.04 g/t Au, including 1m at 925.52 g/t Au, from hole MM26D-14-4929-025 in the Austin 904 complex, and 4.5m at 128.32 g/t Au, including 1m at 566.81 g/t Au, at South Austin. Austin 955 holes included 6.85m at 35.72 g/t Au and 12.8m at 7.93 g/t Au. Drilling targeted near-term mining inventory, with the complexes potentially added to the mine plan in 2027.
Drill resultsWest Red Lake Gold Intersects 16.16 g/t Au over 1.5 Metres and 10.94 g/t Au over 1.5 Metres at Starratt-Olsen, Advancing Multi-Asset Strategy at Madsen
Drilling at the past-producing Starratt-Olsen Mine, about 1.1 km southwest of the Madsen Mine in the Red Lake district of Ontario, returned 1.5 m at 16.16 g/t Au from 121.15 m in hole WRL26-054, including 0.85 m at 24.60 g/t Au, and 4.5 m at 5.16 g/t Au from 114.0 m in hole WRL26-055, including 1.5 m at 10.94 g/t Au. The results cover the first 5 holes of a 12-hole, 4,100 m oriented HQ surface program targeting up- and down-plunge extensions of previously mined panels, the first focused drilling of the historic mining areas since mining ceased in the 1950s.
Drill resultsWest Red Lake Gold Reports Q2 2026 Results Including 51% Increase in Gold Production and 30% Reduction in AISC
Gold production at the Madsen Mine in Red Lake, Ontario rose 51% to 8,576 ounces in Q2 2026, with 8,260 ounces sold generating revenue of $49.0 million and income from mine operations of $20.1 million. Cash costs fell 23% to US$2,000 per ounce and AISC fell 30% to US$3,284 per ounce, within 2026 guidance of US$2,800–US$3,600. Free cash flow was $9.7 million and cash and equivalents ended the quarter at approximately $31.2 million.
CorporateWest Red Lake Gold Completes Phase One Madsen Mine Shaft Refurbishment
Phase One of the Madsen Mine shaft refurbishment is complete at the Madsen Mine in Ontario's Red Lake district, establishing hoisting of ore and waste at approximately 200 tpd. Phase Two, targeted for H2 2027, involves hoist and skip upgrades to about 700 tpd, with all major equipment on site and installation underway; Phase Three targets roughly 2,000 tpd in H2 2028. Phases One and Two reach Level 10 at about 500 metres depth, with Phase Three potentially to Level 17.
CorporateWest Red Lake Gold Files NI 43-101 Technical Report for Updated Rowan Mineral Resource Estimate
An NI 43-101 technical report dated July 22, 2026 (effective June 1, 2026) has been filed on SEDAR+ covering the updated Rowan mineral resource estimate and a maiden estimate for the Mount Jamie deposit in Ontario's Red Lake district. Rowan hosts 798,989 tonnes at 13.04 g/t gold for 335,058 oz Indicated and 363,602 tonnes at 15.31 g/t for 179,029 oz Inferred; Mount Jamie hosts 110,385 tonnes at 14.02 g/t for 49,740 oz Indicated and 94,394 tonnes at 12.10 g/t for 36,727 oz Inferred. Differences from the June 9, 2026 disclosure are non-material.
Resource updateWest Red Lake Gold Reports Strong Q2 Operating Progress with 73% Increase in Mined Ounces and 51% Higher Gold Production over Q1 at Madsen Mine
Gold production at the Madsen Mine in Ontario's Red Lake district totaled 8,576 ounces in Q2 2026, up 51% from 5,667 ounces in Q1, with mined ounces up 73% to 10,459 and mined tonnage up 46% to 75,524 tonnes at an average grade of 4.3 g/t Au. Mill throughput averaged approximately 842 tpd, expected to rise toward 1,000 tpd in the second half. A 10,768-tonne surface stockpile containing roughly 1,500 ounces was built. Full-year guidance of 35,000 to 45,000 ounces is maintained.
CorporateWest Red Lake Gold Reports 43.38 g/t Au over 3.85m, 53.87 g/t Au over 3.1m and 10.22 g/t Au over 13.35m from Austin 955 and 904 Complexes – Madsen Mine
Underground drilling at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 43.38 g/t Au over 3.85m (including 291.94 g/t over 0.5m) and 53.87 g/t Au over 3.10m (including 322.89 g/t over 0.5m) from the Austin 955 Complex, drilled from the 12 Level at roughly 600m depth. The Austin 904 Complex, drilled from the 13 Level at about 650m depth, returned 10.22 g/t Au over 13.35m, 11.98 g/t over 10.20m and 24.22 g/t over 4.60m. The company aims to sequence the 904 Complex into its H1 2027 mine plan.
Drill resultsWest Red Lake Gold Commences Surface Drilling at Past-Producing Starratt-Olsen Gold Mine
A fully funded surface drilling program has begun at the past-producing Starratt-Olsen Mine, about 1.1 km southwest of the 100%-owned Madsen Mine in Ontario's Red Lake district. The program consists of up to 4,000 m of oriented HQ diamond drilling targeting up- and down-plunge extensions of previously mined panels and new sub-parallel lenses, and is the first focused drill testing of the historic mining areas since the 1950s. Completion is expected mid-August 2026, with assays released as available. Starratt produced ~164,000 oz gold between 1948-1956 at 6.17 g/t.
Drill resultsWest Red Lake Gold Announces Results of Annual General Meeting West Red Lake Gold Announces
Shareholders approved all resolutions at West Red Lake Gold's annual general meeting held June 10, 2026, re-electing Tom Meredith (Chairman), Shane Williams, Duncan Middlemiss, John Heslop and Susan Neale as directors; Hugh Agro, a director since 2023, did not stand for re-election. MNP LLP was re-appointed as auditors for the ensuing year and the Company's Incentive Stock Option Plan was approved.
CorporateWest Red Lake Gold Significantly Increases Rowan MRE Including a 70% Increase in Indicated Resources to 755k Tonnes Containing 335k oz at 13 g/t Au
An updated mineral resource estimate for the Rowan Project in Ontario's Red Lake district, effective June 1, 2026, reports Indicated resources of 754,514 tonnes at 13.03 g/t Au for 334,825 oz, up 70% in ounces, plus Inferred of 360,323 tonnes at 15.31 g/t Au for 179,013 oz. A maiden estimate for the Mt. Jamie deposit, 2 km away, shows 49,407 oz Indicated at 14.13 g/t Au and 35,791 oz Inferred at 11.97 g/t Au. Rowan will feed a combined Madsen-Rowan Pre-Feasibility Study planned for H2 2026.
Resource updateWest Red Lake Gold Reports Q1 2026 Financial Results and Operations Summary
Q1 2026 production at the Madsen Mine in Ontario's Red Lake district totalled 5,667 ounces of gold, with 6,165 ounces sold at an average realized price of US$4,938 per ounce, generating $41.8 million in revenue and $15.3 million of income from mine operations. Cash cost was US$2,594 per ounce and AISC US$4,678 per ounce, with adjusted net earnings of $6.4 million ($0.02 per basic share) and a quarter-end cash balance of $35.9 million. About 60% of 2026 production is expected in the second half.
CorporateWest Red Lake Gold Reports 471 g/t Au over 1m from Vein 013 and 10.84 g/t Au over 3m from Vein 006b Rowan Deposit
Final drill results from the 2025-2026 infill and conversion program at the 100%-owned Rowan Project in Ontario's Red Lake district include 1m at 471 g/t Au from 72m in hole RLG-25-202 on Vein 013, 3m at 10.84 g/t Au from 95m in RLG-26-219 on Vein 006b, and 1m at 19.46 g/t Au in RLG-26-221. The program totalled 37 holes for about 6,300m, with an updated resource estimate due in coming weeks. West Red Lake also agreed to acquire mining claim #925557, covering roughly 41 hectares, for $2,000 cash and 10,000 shares.
Drill resultsWest Red Lake Gold Reports 2025 Results and Provides 2026 Production Guidance
2026 gold production at the Madsen Mine in Red Lake, Ontario is guided at 35,000 to 45,000 oz, with cash costs of US$2,400 to $3,100/oz sold and AISC of US$2,800 to $3,600/oz sold, plus C$15m growth capex, C$5m regional exploration and C$10m corporate G&A. For 2025, Madsen produced 20,000 oz and generated C$103m in gold revenues at an average realized price of C$5,170/oz, with a C$48m cash balance including gold receivables. Q1 2026 gold sales were 6,165 ounces, with about 60% of annual output expected in H2.
CorporateWest Red Lake Gold Reports 215.46 g/t Au over 5.35m, 50.34 g/t Au over 4.05m and 61.70 g/t Au over 3m in Austin 904 Complex – Madsen Mine
Drilling in the Austin 904 Complex at the wholly owned Madsen Mine in Ontario's Red Lake district returned 5.35m at 215.46 g/t Au from 135.10m (including 2.95m at 388.90 g/t), 4.05m at 50.34 g/t Au and 3m at 61.70 g/t Au, with other intercepts including 8.65m at 13.25 g/t Au and 7.05m at 11.56 g/t Au. All holes were drilled from the 13 Level at roughly 650m depth, testing the upper 30m of a 200m by 200m unmined panel. Initial production from the area is expected in H1 2027.
Drill resultsWest Red Lake Gold Adding Confidence to Rowan Mine Resource and Extending Vein Zones
Infill and conversion drill results from the wholly owned Rowan Project in Ontario's Red Lake district include 1.62m at 19.83 g/t Au from 73.15m in hole RLG-26-212 (including 0.62m at 51.50 g/t Au), 1m at 30.59 g/t Au from 146m in RLG-26-210 (including 0.5m at 61.10 g/t Au), 0.5m at 41.50 g/t Au in RLG-25-206, and 1.5m at 12.32 g/t Au in RLG-25-207. Thirty-seven holes totalling about 6,300m were completed, with assays reported for 26 and pending for 11. Veins 006b and 013 may be considered for the combined Madsen-Rowan PFS slated for Q3 2026.
Resource updateWest Red Lake Gold Appoints Jaclyn Ruptash as Vice President, Communications
Jaclyn Ruptash has been appointed Vice President, Communications of West Red Lake Gold, leading the company's communications and investor relations functions. She has over 20 years of experience in the resources sector, most recently as Vice President, Communications and Investor Relations at NexMetals Mining Corp. The company is focused on its Madsen Gold Mine and a 47 km² land package in the Red Lake district of Ontario, plus the wholly owned 31 km² Rowan Property.
ManagementWest Red Lake Gold Added To GDXJ Junior Gold Miners ETF
West Red Lake Gold Mines has been included in the VanEck Junior Gold Miners ETF (GDXJ), effective at the close of markets on March 20, 2026, under the fund's quarterly rebalance. The company trades on the TSXV as WRLG and OTCQB as WRLGF, and is focused on its Madsen Gold Mine and associated 47 km2 land package, plus the wholly owned 31 km2 Rowan Property, in the Red Lake district of Ontario.
CorporateWest Red Lake Gold Further De-Risks Fork Satellite Deposit with Successful Infill Drilling
Infill drilling results from the 100%-owned Fork satellite deposit, about 250 m southwest of the Madsen Mine in Ontario's Red Lake district, include 1m @ 41.25 g/t Au from 117.6m (including 0.5m @ 77.8 g/t Au) in hole WRL26-047, 4.5m @ 5.8 g/t Au in WRL25-037 and 3.3m @ 4.22 g/t Au in WRL25-036. The program totalled 3,204 m in 17 NQ holes to inform a construction decision; Fork hosts 20,900 oz Indicated at 5.3 g/t Au and 49,500 oz Inferred at 5.2 g/t Au. The Company also entered a 12-month marketing agreement with Euro Pacific Asset Management at USD $75,000 per month, capped at USD $900,000, subject to TSX Venture Exchange approval.
Drill resultsWest Red Lake Gold Reports 219.73 g/t Au over 4.8m, 148.36 g/t Au over 3m and 133.13 g/t Au over 2.5m in Austin 904 Complex – Madsen Mine
Underground drilling at the 100%-owned Madsen Mine in the Red Lake Gold District, Ontario, returned 219.73 g/t Au over 4.75m (including 1m at 1,016.57 g/t Au), 148.36 g/t Au over 3m and 133.13 g/t Au over 2.5m from the Austin 904 Complex, plus 27.24 g/t Au over 7.85m in South Austin. All reported holes were drilled from stations on the 13 Level at approximately 650m depth. Lower Austin will remain a primary drilling focus for the remainder of 2026, with the 904 area considered for mine design and production in early 2027.
Drill resultsWest Red Lake Gold Intercepts 84.3 g/t Au over 1m, 14.4 g/t Au over 5.5m and 24.4 g/t Au over 1.5m at Rowan
Infill and conversion drilling at the 100%-owned Rowan Project in Ontario's Red Lake district returned 1m at 84.3 g/t Au from 67.35m in hole RLG-25-198, 5.5m at 14.42 g/t Au from 102.25m (including 2m at 32.93 g/t Au) in RLG-25-201, 1.5m at 24.44 g/t Au from 116.4m (including 0.5m at 70.3 g/t Au) in RLG-25-200, and 2m at 16.05 g/t Au in RLG-25-196. Thirty-eight holes totalling about 6,300m were completed, with assays reported for 14 holes and 19 pending. The drilling supports a planned combined Pre-Feasibility Study for Madsen and Rowan.
Drill resultsWest Red Lake Gold Grants Equity Incentive Awards
Officers received an aggregate of 4,839,269 stock options at an exercise price of $1.10, exercisable for five years and vesting over three years with 25% vesting three months from the grant date and 25% on each of the first, second and third anniversaries. Officers were also granted 2,845,503 RSUs vesting in three equal annual tranches, and non-executive directors received 594,594 DSUs vesting on the first anniversary. The grants are subject to TSX Venture Exchange acceptance.
CorporateWest Red Lake Gold Confirms High-Grade Continuity at Rowan with First Round of Infill Drilling Results
First infill and conversion drill results from the wholly owned Rowan Project in Red Lake, Ontario include 1m @ 141.5 g/t Au from 76.1m in hole RLG-25-192b, 1m @ 55.8 g/t Au from 109.5m in RLG-25-190, and 1m @ 28.5 g/t Au from 116.25m in RLG-25-187, with visible gold noted. Of 38 holes totalling about 6,000m, 33 are complete and assays received for seven; an updated resource estimate is planned for Q2 2026. An additional 1,000m of drilling was added to extend Vein 001 west.
Drill resultsWest Red Lake Gold Releases Madsen Mine Commercial Production Video
A video marking commercial production at the Madsen Mine in the Red Lake district of Ontario has been released. West Red Lake Gold purchased Madsen in June 2023 and declared commercial production as of 1 January, 2026, following drilling, surface and underground capital projects, a new Pre Feasibility Study, a test mining and bulk sample program, and restart and ramp up, with a workforce now totalling 280 people.
CorporateWest Red Lake Gold Declares Commercial Production at Madsen Gold Mine
Commercial production was declared at the 100%-owned Madsen Gold Mine in Red Lake, Ontario, effective January 1, 2026. The mill averaged 689 tpd in December 2025, 86% of permitted 800 tpd capacity, milling 21,389 tonnes at 4.94 g/t Au with 94.6% recovery for 3,215 ounces. Q4 2025 output was 7,379 recovered ounces and 7,200 poured, sold at US$4,150/oz for US$30 million; FY2025 was 20,000 oz sold at US$3,650/oz for US$73 million, with CAD$46 million cash and gold receivables at year-end.
Corporate
202541 releases
West Red Lake Gold Upgrades to OTCQX Best Market
West Red Lake Gold has qualified to trade on the OTCQX Best Market and begins trading today under the symbol WRLGF. U.S. investors can access the Company's financial disclosure and Real-Time Level 2 quotes at www.otcmarkets.com. The Company remains listed on the TSX Venture Exchange as WRLG and is focused on its Madsen Gold Mine and 47 km2 land package, plus the Rowan Property, in Ontario's Red Lake Gold District.
CorporateWest Red Lake Gold Commences 3,000 Metre Drill Program at Fork Deposit
A fully funded 3,000 m NQ diamond drill program has started at the 100%-owned Fork deposit, about 250 m southwest of the Madsen Mine in Ontario's Red Lake district, to inform a construction decision on bringing Fork into near-term production. Infill drilling targets a shallow, high-grade zone defined over 400 m by 250 m, averaging about 2 m thick, with holes averaging 170 m depth. Fork holds Indicated resources of 20,900 oz at 5.3 g/t Au and Inferred resources of 49,500 oz at 5.2 g/t Au.
Drill resultsWest Red Lake Gold Reports Mid-Q4 Madsen Mine Update
Mined ore production at the Madsen Mine in Ontario's Red Lake district rose 24% in October versus September, following the mid-September start of underground waste rock storage that freed trucking capacity for ore. Three 4-yard scoops were delivered in the first half of Q4, with the final 42-tonne haul truck expected in the coming weeks and maintenance shop components arriving on site this week. The company targets commercial production levels early in Q1 2026 and has added a Chief Engineer, Mill Manager and Senior Operations Manager.
CorporateWest Red Lake Gold Confirms Additional High-Grade Gold in Lower Austin with 26.16 g/t Au over 11.2m, 37.87 g/t Au over 3.55m and 10.55 g/t Au over 8m
Underground drilling from the 12-4860 station in the Lower Austin Zone at the wholly owned Madsen Mine in Red Lake, Ontario returned 11.2m at 26.16 g/t Au from 50.0m (including 2m at 131.70 g/t Au), 3.55m at 37.87 g/t Au from 45.00m (including 1.5m at 85.73 g/t Au) and 8m at 10.55 g/t Au from 45m. The station sits on 12 Level at roughly 600m depth. The Austin Zone holds 914,200 oz Indicated at 6.9 g/t Au and 104,900 oz Inferred at 6.5 g/t Au.
Drill resultsWest Red Lake Gold Commences 5,000 Metre Drill Program at Rowan
A fully funded 5,000 metre HQ diamond drill program has begun at the 100%-owned Rowan Project in Ontario's Red Lake district, with infill and conversion drilling on Veins 001 and 004 to potentially upgrade Inferred resources to Indicated, and drilling on Veins 006b and 013 to support possible mine design inclusion. The data will feed a planned combined Pre-Feasibility Study for Madsen and Rowan expected by Q3 2026. Advanced Exploration permits are targeted for 2027.
Drill resultsWest Red Lake Gold Hits New High-Grade Gold Lens in Lower Main Austin with 139.45 g/t Au over 7.8m, 74.70 g/t Au over 8.7m and 18.31 g/t Au over 7.5m
Underground drilling from the 12 Level at roughly 600 m depth in the Austin Zone at the wholly owned Madsen Mine, Red Lake district, Ontario, returned 7.75 m at 139.45 g/t Au from 37.00 m (including 2 m at 532.25 g/t Au), 8.7 m at 74.70 g/t Au from 37.1 m, and 7.45 m at 18.31 g/t Au from 39.65 m. Visible gold was observed in several holes. The Austin Zone holds 914,200 indicated ounces at 6.9 g/t Au plus 104,900 inferred ounces at 6.5 g/t Au.
Drill resultsWest Red Lake Gold Reports Third Quarter Operations Update for Madsen Mine Ramp-Up
The Madsen Mine in Ontario's Red Lake district produced 35,700 tonnes of ore at 5.4 g/t gold in Q3, with the mill pouring 7,055 ounces sold at an average US$3,456 per ounce for gross proceeds of CAD$33 million, a 34% increase over Q2's 5,260 ounces. Underground waste rock storage is operational, shaft skipping of 350 tonnes per day is expected to start in November, and commercial production is targeted for early 2026. The September bought deal raised C$40,651,260.
CorporateWest Red Lake Gold Announces Close Of Upsized $41 Million Bought Deal Public Offering
An upsized bought deal public offering closed for aggregate gross proceeds of C$40,651,260, comprising 37,526,800 common shares at C$0.95 for C$35,650,460 including full exercise of the over-allotment option, and 3,760,000 charity flow-through shares at C$1.33 for C$5,000,800. Raymond James Ltd. acted as sole underwriter and bookrunner. Common share proceeds will advance the Madsen Gold Mine in Red Lake, Ontario, including ramp-up to commercial production, while flow-through funds target infill drilling, engineering and environmental work at the Rowan Project ahead of a pending Pre-Feasibility Study.
FinancingWest Red Lake Gold Announces Upsize To Previously Announced Bought Deal Public Offering To $36 Million
A previously announced bought-deal financing has been upsized to aggregate gross proceeds of $36,001,200, with Raymond James Ltd. as sole underwriter. The Company will issue 32,632,000 common shares at C$0.95 per share for gross proceeds of C$31,000,400, while the offering of 3,760,000 charity flow-through shares at C$1.33 each remains unchanged. Raymond James has an over-allotment option for up to an additional 15% of the common shares at C$0.95, exercisable for 30 days after closing.
FinancingWest Red Lake Announces $30 Million Bought Deal Public Offering
A bought deal public offering of 26,316,000 common shares at $0.95 each and 3,760,000 charity flow-through shares at C$1.33 each will raise aggregate gross proceeds of approximately C$30 million, with Raymond James Ltd. as sole underwriter and a 15% over-allotment option exercisable for 30 days after closing. Common share proceeds are earmarked for the Madsen Gold Mine in Red Lake, Ontario, including ramp-up to commercial production and capital projects, while flow-through proceeds fund Canadian exploration, primarily at the Rowan Project. Closing is expected on or about September 23, 2025.
FinancingWest Red Lake Gold Announces Filing of NI 43-101 Preliminary Economic Assessment Technical Report for the Rowan Project
An NI 43-101 preliminary economic assessment technical report for the 100%-owned Rowan project in the Red Lake Gold District of northwestern Ontario has been filed, with an effective date of June 30, 2025. The report was prepared by independent consulting firm Fuse Advisors Inc. and supports the PEA results disclosed in the Company's July 8, 2025 news release, with no material differences. It is available on SEDAR+ and the Company's website.
Study resultsWest Red Lake Gold Expands High-Grade Zone in South Austin with 36.85 g/t Au over 6.9m, 92.39 g/t Au over 2m and 8.79 g/t Au over 15.5m
Underground definition drilling at the South Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 6.9m at 36.85 g/t Au from 79.1m (including 3m at 81.23 g/t), 2m at 92.39 g/t Au from 80.3m (including 1m at 183.79 g/t) and 15.45m at 8.79 g/t Au from 61.05m. Results from drill bays 09-4300 and 11-4420 cover 47 holes, with visible gold noted in several intercepts. South Austin holds an Indicated resource of 474,600 oz at 8.7 g/t Au plus 31,800 oz Inferred at 8.7 g/t Au.
Drill resultsWest Red Lake Gold Provides Madsen Mine Operations Update
The Madsen Mine in Red Lake, Ontario poured 3,800 ounces of gold in July across three pours, with 3,595 ounces sold at an average US$3,320/oz for US$12 million (C$16.4M) in revenue. The mill averaged 94% recovery while processing 500-800 tonnes per day; mined material averaged 8.9 g/t gold, blended with low-grade stockpile to roughly 5 g/t feed, from eight sill development and mining areas in McVeigh, South Austin and Austin. Shaft stage 1 renovation targeted for year end would add 300-400 tonnes per day of hoisting capacity, and cemented rock fill backfilling of historic voids is expected to start in August.
CorporateWest Red Lake Gold Announces Positive Preliminary Economic Assessment for the Rowan Project, Including Over 35,000 oz. Average Annual Production and 42% After-Tax IRR
A Preliminary Economic Assessment with an effective date of June 30, 2025 for the wholly owned Rowan Project in Red Lake, Ontario outlines a 385 tpd underground longhole toll-milling operation over a 5-year mine life, producing an average 35,230 oz gold annually at an 8.0 g/t diluted head grade, with 176,155 oz total payable gold. At US$2,500/oz gold it shows a post-tax NPV of $125.3M, 41.9% post-tax IRR, $70.4M initial capital and US$1,408/oz AISC. A prefeasibility study is planned by Q3 2026.
Study resultsWest Red Lake Gold Provides Madsen Mine Operations Update
Ramp-up at the Madsen Mine in Red Lake, Ontario is progressing, with the mill averaging 650 tonnes per day at 95% gold recovery and milled grade rising from approximately 3 g/t Au in early June to average 6.5 g/t Au from June 12th to 15th as stope material displaced stockpiled sill material. Following the June 16th fatal incident, the mill restarted after about 40 hours and the mine 12 hours later. The Company has sold 5,250 ounces of gold year to date at an average US$3,330 per oz, and two underground drills have completed 38,393m of definition drilling in 2025.
CorporateWest Red Lake Gold Reports Fatality at the Madsen Mine
An employee working underground was fatally injured early on June 16, 2025 at the Madsen Mine in Red Lake, Ontario. Operations have been voluntarily suspended, and the company is working with local and Ministry of Labour authorities while an investigation and comprehensive review are underway. Additional information will be provided as appropriate.
NewsWest Red Lake Gold Announces AGM Results
Six directors were elected at the annual general meeting held June 10, 2025: Tom Meredith, Shane Williams, Duncan Middlemiss, Hugh Agro, John Heslop and Susan Neale. Shareholders also approved the appointment of MNP LLP, Chartered Professional Accountants as auditors and the company's 10% rolling stock option plan. West Red Lake Gold is focused on the Madsen Gold Mine and associated 47 km² land package in the Red Lake district of Ontario.
CorporateWest Red Lake Gold Highlights Bulk Sample Learnings
Test mining and bulk sample results at the 100%-owned Madsen Mine in Red Lake, Ontario, are being incorporated into a detailed mine plan featuring generally larger stopes and greater use of long hole stoping, the majority of the 18-month detailed mine plan. Mine design now uses a gold price of US$2,350 per ounce versus US$1,680 per ounce in the January 2025 PFS. Definition drilling increased tonnage and contained ounces at three stope complexes, including a 212% tonnage and 320% ounce increase at South Austin 4447. Corporate Secretary Jasvir Kaloti resigned, with CFO Harpreet Dhaliwal serving in the interim.
NewsWest Red Lake Gold Intersects 61.51 g/t Au over 12.1m, 43.54 g/t Au over 8.35m and 24.61 g/t Au over 11.2m at South Austin – Madsen Mine
Underground definition drilling at the South Austin zone of the 100%-owned Madsen Mine in Ontario's Red Lake district returned 12.1m at 61.51 g/t Au from 11.0m (including 1m at 725.00 g/t Au), 8.35m at 43.54 g/t Au from 8.50m (including 1m at 347.81 g/t Au), and 11.2m at 24.61 g/t Au from 7.8m (including 1.5m at 166.36 g/t Au). The holes sit about 50m up-dip of intercepts reported February 26, 2025. South Austin hosts 474,600 oz Indicated at 8.7 g/t Au.
Drill resultsWest Red Lake Gold Announces Official Restart of the Madsen Mine
The Board of Directors approved an immediate restart of the Madsen Mine in Red Lake, Ontario at a meeting on May 21, 2025, slightly ahead of the previously communicated mid-2025 target. The Company plans to mine and process an average of 500 tonnes per day for the first two months before ramping up through the second half of the year. Major infrastructure projects are complete and bulk sample tonnes and gold grade aligned with modeled expectations.
CorporateWest Red Lake Gold announces final drawdown of US$12.5 Million under Nebari Credit Facility
The remaining US$12.5 million has been drawn under the US$35 million credit facility with Nebari Natural Resources Credit Fund II LP, following US$15 million on December 31, 2024 and US$7.5 million in March 2025. Proceeds will fund remaining capital costs to restart the Madsen Mine in Red Lake, Ontario, plus corporate, exploration and working capital. The facility matures June 30, 2028 and bears interest at three-month Term SOFR (floored at 4.0%) plus 8.0%. West Red Lake Gold issued 4,158,875 warrants at CAD$0.85, expiring June 30, 2028.
FinancingWest Red Lake Gold Intersects 48.97 g/t Au over 18.7m, 52.86 g/t Au over 4.5m and 25.49 g/t Au over 7.5m at South Austin – Madsen Mine
Underground definition drilling at the South Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 18.7m at 48.97 g/t Au (including 2m at 428.83 g/t Au), 4.5m at 52.86 g/t Au, 7.5m at 25.49 g/t Au, 20.05m at 8.94 g/t Au and 20.2m at 5.52 g/t Au. The holes sit directly below Stope 6 from the recent bulk sampling campaign and extend that mining panel a further 40m down plunge. Production ramp-up is planned for H2 2025.
Drill resultsWest Red Lake Gold Reports on Bulk Sample Gold Sales
2,350 oz of the 2,498 oz of gold produced in the Madsen Mine bulk sample have been sold to date at a weighted average price of US$3,293 per oz, generating proceeds of US$7.7 million. The sales took place between late March and early May, with the remaining gold to be sold on final settlements with the refiner. Madsen is located in the Red Lake district of Ontario.
CorporateWest Red Lake Gold Reports Positive Bulk Sample Reconciliation Results
The bulk sample program at the 100%-owned Madsen Mine in Ontario's Red Lake district returned an average grade of 5.72 g/t gold, 0.7% above the predicted 5.68 g/t across six stopes in three areas (Austin, South Austin, McVeigh). A total of 14,490 tonnes produced 2,498 ounces of gold, with mill recovery averaging 95%. Tonnage reconciled at 95.5% of the 15,170 tonnes predicted. The company has completed over 90,000 metres of definition drilling since October 2023.
NewsWest Red Lake Gold Acknowledges the National Day of Mourning for Workplace Accidents and Illnesses
April 28 was acknowledged as the National Day of Mourning for workers killed, injured or made ill on the job, with President and CEO Shane Williams stating the company joins the Canadian Centre for Occupational Health and Safety in marking the day and commits to protecting workers. The company is advancing its Madsen Gold Mine and associated 47 km² land package, and holds the wholly owned 31 km² Rowan Property, both in Red Lake, Ontario.
NewsWest Red Lake Gold Highlights New Exploration Targets at Rowan Property
Results from the 2024 regional surface mapping, geochemical sampling and core re-logging program at the 100%-owned Rowan Property in Ontario's Red Lake Gold District defined two new gold-in-till anomalies, Big Bend and Apex, aligned with deflections and folding in the main regional shear and with little previous drilling. The program re-logged 50 diamond drill holes totalling 16,830 m, collecting 3,070 samples over 4,604 m of core, and added 984 till samples to 344 collected in 2023.
Drill resultsWest Red Lake Gold Reflects on Madsen Mine Achievements To Date
A progress update on the Madsen Mine in Ontario states the project remains on track to start operating by H2 2025, 22 months after the June 2023 purchase. Since October 2023 the company has completed 88,191 metres of underground drilling, 3,065 metres of underground development in 2024 plus 1,178 metres in 2025, and the 1,448-metre Connection Drift on March 28. A six-stope bulk sample of at least 15,000 tonnes is nearly complete, with reconciliation results expected by May.
CorporateWest Red Lake Gold Intersects 23.81 g/t Au over 5.4m, 30.16 g/t Au over 4.3m and 12.43 g/t Au over 10.5m at Austin – Madsen Mine
Underground drilling in the Austin Zone at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 10.5m at 12.43 g/t Au from 48.6m (including 0.6m at 106.06 g/t), 4.3m at 30.16 g/t from 51.0m (including 1.1m at 106.10 g/t), 5.4m at 23.81 g/t from 54.1m (including 0.5m at 212.13 g/t), 9.6m at 10.98 g/t and 5.85m at 17.29 g/t. Austin hosts 914,200 oz Indicated at 6.9 g/t Au and 104,900 oz Inferred at 6.5 g/t. Production restart is expected in 2025.
Drill resultsWest Red Lake Gold Board of Directors Update
Tony Makuch is stepping down from West Red Lake Gold's Board of Directors, citing his commitment as CEO of Discovery Silver, which recently announced the US$425-million acquisition of the Porcupine Operation from Newmont. Makuch joined the Company's board in June 2023. West Red Lake Gold is focused on its Madsen Gold Mine and associated 47 km² land package in the Red Lake district of Ontario, and also holds the wholly owned 31 km² Rowan Property.
ManagementMadsen Mine Update: Mill Restart and Key Operational Milestones Achieved
The mill at the Madsen Mine in Red Lake, Ontario restarted on March 10 after 28 months of dry shutdown and is processing low-grade stockpile material, with the first bulk sample material from Stope 1 to be processed next week. The Connection Drift is 1,380 metres of 1.4 km complete, leaving 84 metres; underground development averaged 23.8 metres per day in February, up from 20 in January, and the 114-person camp is now housing workers. The Company drew US$7.5 million of the US$15-million Tranche 2 of its US$35 million Nebari credit facility, issuing 2,691,934 warrants at CAD$0.7969 expiring June 30, 2028.
CorporateWest Red Lake Gold Intersects 114.26 g/t Au over 10.6m, 77.90 g/t Au over 3m and 24.48 g/t Au over 8.5m at South Austin – Madsen Mine
Underground drilling at the South Austin Zone of the 100%-owned Madsen Mine in Ontario's Red Lake district returned 10.6m at 114.26 g/t Au from 122.0m (including 0.7m at 1,609.26 g/t Au and 4.25m at 282.00 g/t Au), 3m at 77.90 g/t Au, 8.5m at 24.48 g/t Au, 7m at 29.22 g/t Au and 10.15m at 18.76 g/t Au. South Austin holds an Indicated resource of 474,600 oz at 8.7 g/t Au plus 31,800 oz Inferred at 8.7 g/t Au. Production restart is expected in 2025.
Drill resultsWEST RED LAKE GOLD ANNOUNCES CLOSING OF UPSIZED $20 MILLION BOUGHT DEAL PUBLIC OFFERING
An upsized bought deal public offering closed for gross proceeds of $20,053,083.60, comprising 23,628,000 charity flow-through units at C$0.8487 per unit, led by Raymond James Ltd. as sole underwriter and bookrunner. Each unit includes one common share and one warrant exercisable at C$0.90 for 36 months; the warrants are expected to begin trading on the TSXV around February 28, 2025 under WRLG.WT.C. Proceeds will fund Canadian development expenses on the Company's assets, including the Madsen Gold Mine in Red Lake, Ontario. Two insiders bought 36,200 units.
FinancingWEST RED LAKE GOLD ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL PUBLIC OFFERING
A previously announced bought-deal financing has been upsized, with West Red Lake Gold agreeing with Raymond James Ltd. to issue 23,628,000 charity flow-through units at C$0.8487 each for gross proceeds of approximately C$20 million. Each unit includes one common share and one warrant exercisable at C$0.90 for 36 months from closing. Proceeds will fund Canadian development expenses on the Company's assets, with closing expected on or about February 25, 2025, subject to TSX-V approval.
FinancingWest Red Lake Gold Announces Filing of NI 43-101 Pre-Feasibility Study Technical Report for Madsen Mine
The NI 43-101 pre-feasibility study technical report for the 100%-owned Madsen Mine in the Red Lake Gold District of northwestern Ontario has been filed, with an effective date of January 7, 2025. The report supports the PFS results disclosed in the company's January 7, 2025 news release, with no material differences. It is available on SEDAR+ and the company's website.
Study resultsWest Red Lake Announces $12.3 Million Bought Deal Public Offering of Charity Flow- Through Units
A bought deal public offering of 14,493,000 charity flow-through units at C$0.8487 each will raise gross proceeds of approximately C$12.3 million, with Raymond James Ltd. as sole underwriter. Each unit includes one common share and one warrant exercisable at C$0.90 for 36 months, and the underwriter has a 15% over-allotment option exercisable for 30 days after closing. Proceeds will fund Canadian development expenses on the Company's assets, with closing expected on or about February 25, 2025.
FinancingMadsen Mine Site Update: Bulk Sample Underway, Connection Drift 80% Complete, Underground Development and Facility Installs Progressing
A bulk sample is underway at the 100%-owned Madsen Mine in Ontario's Red Lake district, with plans to mine at least 10,000 tonnes from six stopes across the Austin 1099/1100, McVeigh 1407 and South Austin 987 areas; 3,380 tonnes from two stopes are on surface. The mill restarts later this month after 28 months of dry shutdown, with first feed of 3,000 tonnes of legacy low-grade material. The Connection Drift is 80% complete at 1,148 of 1,440 metres, on track for end-March 2025. Entech and Soutex were engaged to audit mining and processing. The 114-person camp is expected to house workers in the second half of March.
CorporateWest Red Lake Gold Highlights New Targets from Regional Surface Sampling at Madsen
Results from the 2024 regional surface mapping and geochemical sampling program at the 100%-owned Madsen Property in Ontario's Red Lake district defined six anomalous areas with an Au-W-As-Ag-Bi signature. The program comprised 1,460 till samples, 42 channel samples and 69 lithologic samples, focused on the Confederation Assemblage. The North Shore anomaly, near the Russet Lake Ultramafic, is a top drill target for 2025. The Company also granted 2,971,500 stock options at $0.63, 3,692,000 RSUs and 1,197,000 DSUs.
Drill resultsWest Red Lake Gold Intersects 45.70 g/t Au over 3.85m, 50.99 g/t Au over 3m and 8.75 g/t Au over 16m at McVeigh – Madsen Mine
Definition drilling at the McVeigh Zone of the wholly owned Madsen Mine in Ontario's Red Lake district returned 3.85m at 45.70 g/t Au (including 0.85m at 127.27 g/t Au), 3m at 50.99 g/t Au (including 1m at 141.53 g/t Au), 16m at 8.75 g/t Au, 3m at 33.66 g/t Au and 8m at 7.67 g/t Au, from 55 holes. McVeigh holds Indicated resources of 79,800 oz at 6.4 g/t Au and Inferred of 14,300 oz at 6.9 g/t Au. Production restart is expected in 2025.
Drill resultsWest Red Lake Gold Strengthens Mine Operations Team with Appointment of Hayley Halsall-Whitney as Vice President Operations
Hayley Halsall-Whitney has been appointed Vice President Operations. A Professional Engineer with more than 20 years of experience at Canadian mining operations, she was most recently General Manager at Wesdome Gold Mines' Eagle River Mine from 2020 to 2024. The company said bulk sample mining is underway at the Madsen Mine in Red Lake, Ontario, with two-thirds of planned operations staff in place, bulk sample processing planned for March and first production targeted mid-year.
ManagementWest Red Lake Gold Announces Positive Pre-Feasibility Study Results for Madsen Gold Mine with $315M After-Tax NPV and $70M Average Annual Free Cash Flow
A pre-feasibility study on the 100%-owned Madsen Mine in Ontario's Red Lake district, with an effective date of January 7, 2025, outlines an after-tax NPV (5%) of $315 million and after-tax IRR of 255% at a long-term gold price of US$2,200 per oz, with cumulative post-tax cash flow of $391 million and average annual free cash flow of $69.5 million. The plan calls for 67,600 oz gold annually over six full production years within a 7.25-year mine life, at 800 tpd, an average diluted grade of 8.16 g/t gold, 95.7% recovery, initial capital of $44.1 million, sustaining capital of $434 million and average AISC of US$1,681 per oz.
Study resultsWest Red Lake Gold Closes US$35-Million Credit Facility with Nebari and Announces Drawdown of US$15 Million
A US$35-million credit facility with Nebari Natural Resources Credit Fund II LP closed on December 31, 2024, with the first tranche of US$15 million drawn down that day; two further tranches of US$15 million and US$5 million are available. Interest accrues at three-month Term SOFR (floored at 4.0%) plus 8.0%, with maturity 42 months after Tranche 1 closing and 5,867,376 bonus warrants issued at CAD$0.73. Proceeds will fund remaining capital costs to restart the Madsen Mine in Red Lake, Ontario, with production ramp-up starting Q2 2025.
Financing
202447 releases
West Red Lake Gold Envisions High-Grade Underground Satellite at Fork Deposit – Madsen Property
A re-evaluation of the Fork deposit at the 100%-owned Madsen Property in Red Lake, Ontario has identified a shallow, high-grade, low-plunging gold zone about 250 m southwest of existing underground development, defined by prior drilling over 400 m by 250 m with average thickness estimated at roughly 2 m. Historic intercepts include 13.05 m at 13.97 g/t Au, 9.3 m at 8.14 g/t Au and 1.3 m at 50.48 g/t Au. Fork currently hosts 20,900 oz Indicated at 5.3 g/t Au and 49,500 oz Inferred at 5.2 g/t Au, and will be a priority drill target in 2025.
Drill resultsMadsen Mine Site Update: Connection Drift 50% Complete, Primary Crusher Commissioned, Camp Installation Underway
The Connection Drift at the wholly owned Madsen Mine in Red Lake, Ontario is 50% complete, with 604.8 metres of the 1.2-km haulage way developed and completion targeted for the end of March 2025; the project was financed with $10 million in Canadian Development Expense flow-through funds and began in August 2024. The primary crusher, delivered November 5, 2024, has been commissioned. A 114-person camp, delivered November 11, 2024 and supplied by Horizon North, is being installed.
CorporateWest Red Lake Gold Defines New High-Grade Shoot at Upper 8 Target – Madsen Property
Drilling at the Upper 8 target on the 100%-owned Madsen Property in Ontario's Red Lake district returned 1.5m at 21.44 g/t Au from 297.7m in hole WRL24-017, including 0.5m at 52.17 g/t Au with about 30 specks of visible gold, and 2m at 7.41 g/t Au from 340.25m in hole WRL24-021, including 0.5m at 23.74 g/t Au. A new ore shoot roughly 30m wide and 130m along plunge has been defined and remains open at depth. The Madsen Mine Pre-Feasibility Study is now targeted for release early in 2025, and the fiscal year-end has changed from November 30 to December 31.
Drill resultsWest Red Lake Gold Provides Update on Madsen Mine Restart Activities
Restart readiness work at the Madsen Mine in Red Lake, Ontario is progressing, with a pre-feasibility study by SRK Consulting expected within one month and a full mine restart targeted for mid-2025. The tailings dam lift, raising the dam four feet and adding over 5 years of capacity at 800 tonnes per day, was completed October 8, a week early and about 18% under budget. Roughly 42,500 metres of definition drilling since October 2023 has outlined over 100,000 ounces within stope-defined mining areas; the mill is expected available for restart in Q1 2025. The company also entered a three-month marketing agreement with Creative Direct Marketing Group for a US$1,073,860 retainer.
CorporateWEST RED LAKE GOLD ANNOUNCES CLOSING OF $29 MILLION BOUGHT DEAL PUBLIC OFFERING
A bought deal public offering of 41,666,800 units at C$0.69 per unit closed for gross proceeds of C$28,750,092, including full exercise of the over-allotment option, with Raymond James Ltd. as sole underwriter and bookrunner. Each unit includes one common share and one warrant exercisable at C$0.90 for 36 months; the warrants are expected to begin trading on the TSXV around October 28, 2024 under WRLG.WT.B. Net proceeds will advance a restart plan for the Madsen Gold Mine in Ontario and working capital.
FinancingWEST RED LAKE GOLD ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL PUBLIC OFFERING
A previously announced bought-deal public offering has been upsized, with West Red Lake Gold now issuing 36,232,000 units at C$0.69 per unit for gross proceeds of C$25,000,080, agreed with Raymond James Ltd. Each unit includes one common share and one warrant exercisable at C$0.90 for 36 months after closing. The underwriters hold a 30-day over-allotment option for an additional 15% of the base offering, for up to C$3,750,012 in further gross proceeds. Proceeds relate to the Madsen Gold Mine restart in Red Lake, Ontario.
FinancingWest Red Lake Announces Financing Package to Fund Madsen Mine Restart
Financing commitments totaling more than C$68 million have been secured to fund the restart of the Madsen Gold Mine in Red Lake, Ontario, comprising a US$35 million (approximately C$48 million) loan facility with Nebari Natural Resources Credit Fund II at SOFR plus 8% over 42 months, and a C$20 million bought-deal offering of 28,986,000 units at C$0.69 per unit led by Raymond James. The offering is expected to close on or about October 24, 2024, with production targeted for 2025.
FinancingWest Red Lake Gold Intersects 37.09 g/t Au over 3.12m and 18.11 g/t Au over 2.76m at South Austin – Madsen Mine
Underground definition drilling at the South Austin Zone of the 100%-owned Madsen Mine in Ontario's Red Lake district returned 3.12m at 37.09 g/t Au from 126.88m (including 0.62m at 174.28 g/t Au) and 2.76m at 18.11 g/t Au from 89.24m (including 1m at 42.01 g/t Au), plus 13m at 3.00 g/t Au and 3.8m at 9.21 g/t Au. Holes -036, -037 and -039 through -044 encountered a new footwall lens sub-parallel to the South Austin domain. South Austin hosts 474,600 oz Indicated at 8.7 g/t Au and 31,800 oz Inferred at 8.7 g/t Au. A pre-feasibility study is expected in the coming months, with restart targeted for H2 2025.
Drill resultsWest Red Lake Gold Intercepts 44.17 g/t Au over 1.3m and 20.63 g/t Au over 0.5m at Upper 8 Target – Madsen Property
Drilling at the Upper 8 target on the 100%-owned Madsen property in Red Lake, Ontario returned 4.1m at 14.20 g/t Au from 354.8m in hole WRL24-002, including 1.3m at 44.17 g/t Au, and 1.85m at 6.33 g/t Au from 332.45m in WRL24-003, including 0.5m at 20.63 g/t Au. These are the first results from a 10,000m surface exploration program; two of three initial holes hit high-grade gold, and a second drill will be added at Upper 8 in coming weeks.
Drill resultsWest Red Lake Gold Acknowledges Truth and Reconciliation Day
A statement marking the National Day for Truth and Reconciliation, also recognized as Orange Shirt Day, on September 30, acknowledging residential school survivors, those lost, and their families and communities, and noting the Company's implementation of the Truth and Reconciliation Corporate Calls to Action. The Madsen Mine and Rowan projects lie within Treaty #3 and the traditional territories of Lac Seul and Wabauskang First Nation, with whom the Company has a Project Partnership Agreement.
CorporateWest Red Lake Gold To Host Red Lake Town Hall Meeting
A Town Hall meeting will be held Wednesday October 2 at the Red Lake Legion, 31 Highway 105, in two sessions (2:00-4:00 and 7:00-9:00), to discuss plans for the Madsen Mine in Ontario and recruit employees, with hiring for multiple positions over the next six months and a targeted mine restart in 2025. The Madsen site currently has 2 to 3 underground development crews, 2 definition drill rigs, surface capital projects and exploration drilling. Separately, ICP Securities Inc. was engaged for automated market making at C$7,500 per month under a four-month agreement dated September 25, 2024.
CorporateWest Red Lake Gold Intersects 49.39 g/t Au over 4.48m and 18.46 g/t Au over 11.2m at South Austin – Madsen Mine
Underground definition drilling at the South Austin Zone of the wholly owned Madsen Mine in Ontario's Red Lake district returned 4.48m at 49.39 g/t Au from 114.91m (including 2.5m at 76.51 g/t Au), 11.2m at 18.46 g/t Au from 106.0m, 1.74m at 74.92 g/t Au and 4m at 20.63 g/t Au. South Austin hosts 474,600 oz Indicated at 8.7 g/t Au and 31,800 oz Inferred at 8.7 g/t Au. A pre-feasibility study on the restart is expected in Q4, with production expected to commence in 2025. The Company also granted 450,000 RSUs to officers and employees, vesting over three years.
Drill resultsWEST RED LAKE GOLD STARTS TEST MINING AND BULK SAMPLE PROGRAM AT MADSEN MINE
A test mining and bulk sample program is underway at the Madsen Mine in the Red Lake district of Ontario, ahead of a targeted restart in 2025. The four-month program covers four target areas hosting 114,600 tonnes at an average grade of 5.98 g/t gold, with approximately 5,000 tonnes to be bulk sampled from each area using long hole stoping and mechanized cut and fill. Samples will be stockpiled and batch processed after mill startup.
NewsWest Red Lake Gold Intersects 54.19 g/t Au over 4m and 23.73 g/t Au over 3.53m at Austin – Madsen Mine
Definition drilling in the Austin Zone at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 4m at 54.19 g/t Au from 32m (including 1m at 215.61 g/t Au) in hole MM24D-12-4791-020, 3.53m at 23.73 g/t Au in hole -026, 3m at 24.49 g/t Au in hole -023 and 6m at 11.65 g/t Au in hole -041. The Austin Zone holds 914,200 oz Indicated at 6.9 g/t Au and 104,900 oz Inferred at 6.5 g/t Au. A pre-feasibility study is expected in coming months, with restart targeted for H2 2025.
Drill resultsWest Red Lake Gold Announces AGM Results
Shareholders at the annual general meeting held on September 5, 2024 elected seven directors: Tom Meredith, Shane Williams, Anthony Makuch, Duncan Middlemiss, Hugh Agro, John Heslop and Susan Neale. All other matters were approved, including the appointment of MNP LLP as auditors and approval of the stock option plan and the restricted share unit, performance share unit and deferred share unit compensation plan.
CorporateWEST RED LAKE GOLD ANNOUNCES LISTING OF GOLD-LINKED NOTES AND WARRANTS
Conditional approval has been received from the TSX Venture Exchange to list 27,165,631 unsecured gold-linked notes, with an aggregate principal amount of US$27,165,631, and 19,287,598 common share purchase warrants issued in a private placement disclosed in March and April 2024. The notes bear 12% interest per annum, mature December 31, 2029, and amortize quarterly from March 31, 2026 based on a guaranteed floor price of US$1,800 per ounce of gold. Trading is expected to begin on or about September 9, 2024 under WRLG.NT and WRLG.WT.A.
FinancingWest Red Lake Gold Provides Madsen Mine Restart Activities Update
Restart activities at the Madsen Mine in Red Lake, Ontario are advancing toward a targeted 2025 restart. Over 40,000 metres of definition drilling has been completed at Austin, South Austin and McVeigh since October 2023; the 4-metre tailings dam lift is 60% complete, ahead of schedule and under budget, adding 10 years of capacity at 800 tonnes per day; and the 1,200-metre Connection Drift is 5% complete, targeted for February 2025. A primary jaw crusher (145 tonnes per hour) was ordered from Powerscreen of Canada for October delivery, and 114-person accommodations from Horizon North are targeted for February 2025.
CorporateWest Red Lake Gold Intersects 17.77 g/t Au over 5.5m at McVeigh and 7.35 g/t Au over 12.12m at Austin – Madsen Mine
Underground definition drilling at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 5.5m at 17.77 g/t Au from 44.5m in the McVeigh Zone, including 2.2m at 38.56 g/t Au, plus 2m at 36.62 g/t Au and 0.6m at 89.93 g/t Au. Austin Zone holes returned 12.12m at 7.35 g/t Au from 92.88m and 7m at 11.06 g/t Au. A pre-feasibility study is expected in the coming months, with a production restart targeted for H2 2025.
Drill resultsWest Red Lake Gold Initiates Surface Drill Program and Defines New Exploration Targets – Madsen Mine
A 2024 surface drilling program has begun at the 100%-owned Madsen Mine property in the Red Lake Gold District, Ontario, with up to 10,000 m of NQ diamond drill core planned to test high-priority targets including Upper 8, MJ, North Venus and North Starratt. Madsen hosts an Indicated resource of 1.65 Moz gold at 7.4 g/t and Inferred of 0.37 Moz at 6.3 g/t. The Company also entered a three-month, $225,000 digital marketing agreement with Machai Capital dated July 17, 2024.
Drill resultsWest Red Lake Gold Intersects 107.61 g/t Au over 2.5m at Austin and 106.99 g/t Au over 2.35m at McVeigh – Madsen Mine
Underground definition drilling at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 2.5m at 107.61 g/t Au from 80.0m (including 1m at 252.10 g/t) in the Austin Zone and 2.35m at 106.99 g/t Au from 37.65m (including 0.5m at 479.09 g/t) at McVeigh. Other intercepts included 11.77m at 7.04 g/t Au and 3.33m at 14.61 g/t Au. A pre-feasibility study is expected in coming months, with a production restart targeted for H2 2025.
Drill resultsWest Red Lake Gold Intersects 13.40 g/t Au over 10m and 12.21 g/t Au over 3m at North Austin Zone – Madsen Mine
Underground drilling at the North Austin Zone of the 100%-owned Madsen Mine in the Red Lake district of Ontario returned 10m at 13.40 g/t Au from 82m in hole MM24X-03-5195-018, including 1.0m at 85.61 g/t Au, and 3m at 12.21 g/t Au from 58m in hole MM24X-03-5127-012, including 1m at 32.84 g/t Au. Hole MM24X-03-5195-015 cut 16.98m at 3.12 g/t Au. The zone is defined over a 0.5km strike length and remains open down-plunge and to the northeast. A mine restart is planned for the second half of 2025.
Drill resultsWEST RED LAKE GOLD STRENGTHENS MANAGEMENT TEAM
Jason Billan has been appointed Vice President Corporate Development of West Red Lake Gold, effective June 24, 2024. Billan has 15 years in the mining sector across corporate development, strategy and financing, previously serving as CEO of Gatling Exploration and working at Nevsun Resources and Wheaton Precious Metals International. He was granted 250,000 stock options at an exercise price of $0.56, vesting over three years and expiring June 24, 2029.
ManagementWest Red Lake Gold Pours Gold Bar From Madsen Mill Cleanup
A gold bar was poured on June 8, 2024 using the refinery at the 100%-owned Madsen Mine in the Red Lake Gold District of Northwestern Ontario, from coarse gold recovered during the mill cleanup and gold recovery program. An earlier preliminary cleanup in late 2023 recovered 415 troy ounces of gold for proceeds of about US$750,000; a second phase targeted the ball and SAG mills. Remaining material containing gold fines will be processed off-site, with total recovered gold to be announced afterward. The company targets restarting Madsen production in the second half of 2025.
CorporateWest Red Lake Gold Intersects 16.69 g/t Au over 8m, 6.17 g/t Au over 17.83m and 7.48 g/t Au over 12m at South Austin Zone – Madsen Mine
Underground definition drilling at the South Austin Zone of the wholly owned Madsen Mine in Red Lake, Ontario returned 8m at 16.69 g/t Au from 73m, including 1m at 127.98 g/t Au; 17.83m at 6.17 g/t Au from 69.00m; and 12m at 7.48 g/t Au from 79m, including 1m at 73.56 g/t Au. Near-collar high-grade intercepts in ten holes between the historic 7 and 9 Levels define a previously unrecognized footwall lens sub-parallel to South Austin. South Austin hosts 474,600 oz Indicated at 8.7 g/t Au plus 31,800 oz Inferred at 8.7 g/t Au.
Drill resultsWest Red Lake Gold Outlines 2024 Madsen Mine Plans
Key infrastructure and development projects planned at the Madsen Mine in Red Lake, Ontario were outlined, funded by the recent $33 million bought deal that included $10 million in Canadian Development Expense flow-through. Work includes a 1,200-metre connection drift between the East and West portals, a permanent primary crusher, test mining and bulk sampling, a 100-person camp, mine dry, two evaporator fans handling 2,000 cubic metres of water daily, and shaft rehabilitation. Up to 39,000 metres of underground drilling is planned for the remainder of 2024, 70% definition and 30% expansion, with a pre-feasibility study targeted for early 2025 and mine restart in the second half of 2025.
Study resultsWEST RED LAKE GOLD ANNOUNCES LISTING OF WARRANTS
43,180,700 warrants issued under West Red Lake Gold's public offering of units and charity flow-through units, which closed May 16, 2024, are expected to begin trading on the TSX Venture Exchange on May 30, 2024 under the symbol WRLG.WT, subject to TSXV approval. Each warrant is exercisable for one common share at $1.00 for 24 months from closing. Units were priced at $0.72 and charity flow-through units at $0.89.
CorporateWest Red Lake Gold Strengthens Investor Relations Team
Gwen Preston has been appointed Vice President Investor Relations at West Red Lake Gold. Preston has over 16 years in the resource sector, writing for The Northern Miner early in her career and running her own newsletter business from 2014 to 2024. She holds a Bachelor of Science from McGill University and a Masters of Journalism from The University of British Columbia.
CorporateWest Red Lake Gold Intersects 37.33 g/t Au over 2.79m and 5.26 g/t Au over 9.0m at North Austin Zone – Madsen Mine
Underground drilling at the North Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 2.79m at 37.33 g/t Au from 124.21m, including 1.0m at 88.06 g/t Au, in hole MM24X-03-5127-010, and 9.02m at 5.26 g/t Au from 53.06m plus 2.54m at 5.21 g/t Au in hole -011. Other intercepts included 1.57m at 25.12 g/t Au and 2m at 9.5 g/t Au. Eleven holes were reported, demonstrating about 30m of down-plunge continuity in one ore shoot.
Drill resultsWEST RED LAKE GOLD ANNOUNCES CLOSING $33 MILLION BOUGHT DEAL PUBLIC OFFERING INCLUDING THE FULL EXERCISE OF THE OVER-ALLOTMENT OPTION
A bought deal public offering closed for aggregate gross proceeds of C$33,000,224, comprising 31,944,700 units at C$0.72 and 11,236,000 charity flow-through units at C$0.89, including full exercise of the over-allotment option. Each unit includes one common share and one warrant exercisable at C$1.00 for 24 months. Unit proceeds will advance a restart plan for the Madsen Gold Mine in Red Lake, Ontario, plus working capital; flow-through proceeds fund qualifying Canadian development expenses. Insiders acquired 770,000 units.
FinancingWEST RED LAKE GOLD CLARIFIES AND CONFIRMS MADSEN PROPERTY HAS MINERAL RESOURCES BUT NOT RESERVES
Following a review by the British Columbia Securities Commission, West Red Lake Gold retracted statements made in a circulated email regarding mineral reserves at its Madsen property. The company clarified that the property has only mineral resources as defined under NI 43-101, per its technical report titled Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Pure Gold Mine, Canada, dated June 19, 2023 and amended April 24, 2024.
Resource updateWEST RED LAKE GOLD ANNOUNCES REVISED TERMS TO PREVIOUSLY ANNOUNCED BOUGHT DEAL PUBLIC OFFERING
Terms of the previously announced C$30 million bought deal have been amended so that each Unit and Charity Flow-Through Unit now includes one full warrant instead of a half warrant, with the warrant acceleration feature removed. The offering comprises 27,778,000 Units at C$0.72 and 11,236,000 Charity Flow-Through Units at C$0.89, with warrants exercisable at $1.00 for 24 months, plus a 15% over-allotment option. Proceeds will advance a restart plan for the Madsen Gold Mine in Red Lake, Ontario, and fund Canadian development expenses. Closing is expected on or about May 16, 2024.
FinancingWest Red Lake Gold Mines Intersects 21.33 g/t Au over 3.1m and 6.75 g/t Au over 9m at South Austin Zone – Madsen Mine
Underground definition drilling at the South Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 3.1m at 21.33 g/t Au from 83.9m, including 1.0m at 28.78 g/t Au, and 2.0m at 8.70 g/t Au from 8.0m in hole MM24D-07-4198-012. Hole -009 cut 9.0m at 6.75 g/t Au from 103.0m, and hole -010 cut 2.55m at 6.08 g/t Au. South Austin hosts 474,600 oz Indicated at 8.7 g/t Au plus 31,800 oz Inferred at 8.7 g/t Au.
Drill resultsWest Red Lake Announces $30 Million Bought Deal Public Offering of Units
A C$30 million bought deal public offering has been agreed with Raymond James Ltd. as sole bookrunner, comprising 27,778,000 units at C$0.72 and 11,236,000 charity flow-through units at C$0.89. Each unit includes one common share and half a warrant exercisable at $1.00 for 24 months, subject to acceleration if the 10-day VWAP reaches $1.70; underwriters have a 15% over-allotment option. Net unit proceeds will advance a restart plan for the Madsen Gold Mine in Red Lake, Ontario, with closing expected about May 15, 2024.
FinancingWest Red Lake Gold Unlocks Significant Value from Madsen Mill Cleanup
A preliminary phase of the gold recovery program at the 100%-owned Madsen Mine in Ontario's Red Lake district recovered 415 oz of gold in late 2023 for proceeds of approximately $750,000. A second phase began in early 2024 targeting the SAG and ball mills, where gold was found trapped in ill-fitting liners and uncleaned filters; the company anticipates recovering at least 2,500 oz Au and expects completion by the end of May 2024.
CorporateWest Red Lake Gold Outlines 2024 Regional Exploration Strategy for Madsen and Rowan
A 2024 regional exploration program is planned for the wholly owned Madsen and Rowan properties in the Red Lake district, Ontario. Up to 15,000 m of surface drilling at the Rowan Mine deposit, funded up to C$4.5M, is expected to start in early June, targeting expansion of the existing resource. Regional mapping and geochemical sampling at Madsen focused on the Confederation Assemblage begins in May 2024, with Rowan mapping and sampling starting in June 2024.
Drill resultsWest Red Lake Gold Announces Mineral Resource Update for the Rowan Mine Deposit
An updated mineral resource estimate for the 100%-owned Rowan Mine deposit in Ontario's Red Lake district, effective March 1, 2024, contains indicated resources of 476,323 tonnes at 12.78 g/t gold for 195,746 oz and inferred resources of 410,794 tonnes at 8.76 g/t gold for 115,719 oz, at a 3.80 g/t cut-off using a US$1,800/oz gold price. Inferred ounces fell from about 827,000 in the 2022 estimate, while indicated rose from zero. A fully funded $4.5M program of up to 15,000m of drilling is planned at Rowan in 2024.
Resource updateWest Red Lake Gold Intersects 68.36 g/t Au over 1.1m and 13.83 g/t Au over 3.95m at South Austin Zone – Madsen Mine
Underground definition drilling at the South Austin Zone of the wholly owned Madsen Mine in Ontario's Red Lake district returned 1.1m at 68.36 g/t Au from 74.25m, including 0.5m at 145.44 g/t Au, in hole MM24D-07-4198-001, and 3.95m at 13.83 g/t Au from 7.55m, including 0.5m at 105.72 g/t Au, in hole -002. South Austin hosts Indicated resources of 474,600 oz at 8.7 g/t Au and Inferred resources of 31,800 oz at 8.7 g/t Au. A second underground drill has been added at North Austin.
Drill resultsWest Red Lake Gold Grants Equity Incentive Awards
An aggregate of 4,145,400 stock options were granted to directors and officers at an exercise price of $0.90, exercisable for five years and vesting over three years with 25% vesting three months after the grant date and 25% on each of the first, second and third anniversaries. Also granted were 1,780,000 RSUs to officers, vesting in three equal annual tranches, and 600,000 DSUs to non-executive directors, vesting on the first anniversary. Grants are subject to TSX Venture Exchange acceptance.
CorporateWest Red Lake Gold Accelerates Definition Drill Program at North Austin
A second underground diamond drill has arrived at the 100%-owned Madsen Mine in the Red Lake Gold District of Northwestern Ontario, to advance expansion and infill drilling at the newly defined North Austin zone and the South Austin zone. Since underground drilling resumed in early January 2024, 65 holes totalling 6,587m have been completed, comprising 3,671m of expansion and 2,916m of definition drilling. West Red Lake also signed a service agreement dated March 28, 2024 with Native Ads, Inc. for a marketing campaign with a retainer of up to US$150,000 over up to 24 months.
Drill resultsWEST RED LAKE GOLD CLOSES SECOND TRANCHE OF GOLD LINKED NOTES OFFERING
A second and final tranche of West Red Lake Gold's gold linked notes private placement has closed, with 1,924 units issued at US$1,000 each for gross proceeds of US$1,924,000, bringing total Notes issued to US$27,165,631 including Debt Conversion Units. The Notes bear a 12% annual coupon, mature December 31, 2029 and amortize based on a US$1,800 per ounce floor price; each unit includes 710 warrants exercisable at C$0.95 until March 19, 2029. Sprott converted a US$2,901,631 obligation into 2,901.631 units. Proceeds will advance a restart plan for the Madsen Gold Mine in Ontario.
FinancingWEST RED LAKE GOLD CLOSES US$22,340,000 OF GOLD LINKED NOTES OFFERING
A US$22,340,000 gold linked notes offering has closed, with 22,340 units issued at US$1,000 per unit, each comprising US$1,000 principal of notes and 710 warrants exercisable at C$0.95 until March 19, 2029. The notes are senior unsecured, carry a 12% annual coupon paid quarterly, mature December 31, 2029, and amortize based on a guaranteed floor price of US$1,800 per ounce of gold. Proceeds will advance a restart plan for the Madsen Gold Mine in Red Lake, Ontario, plus working capital.
FinancingWest Red Lake Gold Intersects 25.12 g/t Au over 5.5m, 39.46 g/t Au over 2m and 18.60 g/t Au over 4m at South Austin Zone – Madsen Mine
Definition drilling at the South Austin Zone of the wholly owned Madsen Mine in Red Lake, Ontario returned 5.5m at 25.12 g/t Au from 24.0m (including 1.0m at 134.90 g/t Au), 2.0m at 39.46 g/t Au from 64.0m, 4.0m at 18.60 g/t Au from 41.0m, and 6.45m at 10.43 g/t Au from 36.0m. Visible gold was observed in holes MM24D-12-4640-008 and -012. Since drilling resumed in early January 2024, 56 holes totalling 4,367m have been completed, with assays returned for all 56.
Drill resultsWEST RED LAKE GOLD ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
A previously announced private placement of units has been upsized to US$23,000,000 from US$20,000,000, with agents holding an option to sell up to an additional 15% of the units for over-allotments. Each unit comprises gold-linked notes with an aggregate principal amount of US$1,000 and 710 warrants exercisable at C$0.95 for 60 months; the notes carry a 12% annual coupon, mature December 31, 2029 and amortize at a US$1,800/oz floor price. Proceeds will advance a restart plan for the Madsen Gold Mine in Red Lake, Ontario, with closing expected on or about March 19, 2024.
FinancingWest Red Lake Gold Announces a US$20 Million Private Placement of Gold Linked Notes
A marketed best efforts private placement of US$20,000,000 has been arranged with Raymond James Ltd. as sole bookrunner, comprising units at US$1,000 each, with a 15% over-allotment option. Each unit includes gold-linked notes of US$1,000 principal and 710 warrants exercisable at C$0.95 for 60 months; the senior unsecured notes carry a 12% annual coupon, mature December 31, 2029 and amortize on a US$1,800 per ounce gold floor price. Frank Giustra intends to subscribe for 3,700 units (US$3.7 million). Proceeds will advance a restart plan for the Madsen Gold Mine; closing is expected about March 19, 2024.
FinancingWest Red Lake Gold Recognized as a Top 50 TSX Venture Exchange Company
West Red Lake Gold has been named a 2024 Top 50 Company in the Mining category by the TSX Venture Exchange. The TSX Venture 50 ranking is based on three equally weighted criteria — market capitalization growth, share price appreciation and trading volume — for the year ended December 31, 2023, with ten companies selected from each of five industry sectors. The company is advancing its flagship Madsen Gold Mine in the Red Lake district of Ontario.
CorporateWest Red Lake Gold Intersects 9.15 g/t Au over 3.3m and 10.66 g/t Au over 2.6m at North Austin Zone – Madsen Mine
Underground drilling at the North Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 3.3m at 9.15 g/t Au from 148.7m (including 1m at 15.91 g/t Au) in hole MM24X-03-5195-003 and 2.6m at 10.66 g/t Au from 154.4m in hole -001. Hole -006 cut 2.4m at 8.12 g/t Au, about 50m below workings at the East Portal, while holes -001, -003 and -004 extend a known ore shoot roughly 25m down plunge. In 2024 to date, 23 holes for 2,340m have been completed, with assays returned for 20.
Drill resultsWest Red Lake Gold Reports Final 2023 Drill Results from Rowan and Highlights 2023 Exploration Achievements
Final 2023 drill results from the wholly owned Rowan Property in Ontario's Red Lake district include 4.0m @ 9.5 g/t Au from 212m in hole RLG-23-177, about 80m beneath the historic workings, 9.0m @ 3.25 g/t Au from 255m in RLG-23-175, and 1.0m @ 16.19 g/t Au from 420m in RLG-23-179. The 2023 program totalled 62 holes for 20,211.4m at Rowan plus 2 holes for 780m at Red Summit NE. Rowan hosts an inferred resource of 2,790,700 t at 9.2 g/t Au for 827,462 ounces.
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20239 releases
West Red Lake Gold Announces AGM Results
Shareholders at the December 15, 2023 annual general meeting elected seven directors — Tom Meredith, Shane Williams, Anthony Makuch, Duncan Middlemiss, Hugh Agro, John Heslop and Susan Neale — and approved the appointment of MNP LLP as auditors and the stock option plan. On December 14, 2023, the company paid US$2,631,463 to a Sprott Resource Lending Corp-managed fund for deferred consideration from the Pure Gold Mining acquisition by issuing 6,900,000 units at C$0.52, each with a warrant exercisable at C$0.68 until November 28, 2026, plus a replacement promissory note of US$2,901,631.
CorporateWest Red Lake Gold Intersects 47.44 g/t Au over 3.2m, 21.64 g/t Au over 7m and 296.83 g/t Au over 1m at South Austin Zone – Madsen Mine
Underground drilling at the South Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 3.2m at 47.44 g/t Au from 40.6m, 7m at 21.62 g/t Au from 36.0m including 1m at 118.35 g/t Au, 1m at 296.83 g/t Au from 53.0m and 8m at 17.45 g/t Au from 27.0m. South Austin hosts 474,600 oz Indicated at 8.7 g/t Au and 31,800 oz Inferred at 8.7 g/t Au. Since late September 2023, 1,320m of exploration and 4,226m of definition drilling have been completed.
Drill resultsWest Red Lake Gold Announces Sprott’s Investment of US$2,631,463
Sprott has elected to convert US$2,631,463 of a US$5,533,094 unsecured convertible promissory note into 6,900,000 units at a conversion price of C$0.52 per unit. The note, dated August 24, 2023, relates to deferred consideration from the acquisition of Pure Gold Mining Inc. Each unit comprises one common share and one warrant exercisable at C$0.68 until November 28, 2026. Issuance of the units remains subject to final TSX Venture Exchange approval.
FinancingWEST RED LAKE GOLD MINES LTD. CLOSES $15,080,000UPSIZED BROKERED PRIVATE PLACEMENT OF UNITS
An upsized brokered private placement closed for gross proceeds of $15,080,000 through the sale of 29,000,000 units at $0.52 per unit, including full exercise of the Agents' option. Each unit includes one common share and one warrant exercisable at $0.68 until November 28, 2026. Net proceeds will advance the Company's mineral properties in Ontario, including the Madsen Gold Mine and Rowan Property in Red Lake, plus working capital and general corporate purposes. Securities are subject to a hold period expiring March 29, 2024.
FinancingWest Red Lake Gold Intersects 27.15 g/t Au over 10.28m and 22.31g/t Au over 8.5m at North Austin Zone – Madsen Mine
Underground drilling at the North Austin Zone of the 100%-owned Madsen Mine in Red Lake, Ontario returned 10.28m at 27.15 g/t Au from 28.72m (including 1m at 226.85 g/t Au), 8.5m at 22.31 g/t Au from 26.95m, and 7.36m at 8.98 g/t Au from 29.74m. Since drilling began in late September 2023, 848m of exploration and 3,369m of definition drilling have been completed, with 70 holes for 4,217m drilled in 2023 and assays returned for 65. Eleven surface holes for 2,995.5m at the Wedge deposit returned 3.0m at 5.50 g/t Au and 1.0m at 13.63 g/t Au.
Drill resultsWest Red Lake Gold Announces Positive Metallurgical Test Results from Rowan Mine Deposit
Metallurgical testing on four master composites from the Rowan Mine deposit on the wholly owned Rowan Property in Ontario's Red Lake district returned gold extraction above 98% after a 48-hour cyanide leach of gravity tailings, with cyanide consumption below 0.23 kg/t at a primary grind of P80 75 microns. Gravity Recoverable Gold ranged from 75.8% to 94.9%. The work, completed by Base Metallurgical Laboratories using the Madsen Mill flowsheet, indicates Rowan material can be processed at Madsen with minor flowsheet changes, including an additional leach tank.
Study resultsWest Red Lake Gold Intersects 10.92 g/t Au over 2.4m, 11.07 g/t Au over 2.15m and 38.15 g/t Au over 0.5m at Rowan Mine
Drilling at the 100%-owned Rowan Property in the Red Lake district of Ontario returned 2.4m at 10.92 g/t Au from 562.35m (including 0.5m at 48.30 g/t Au), 2.15m at 11.07 g/t Au from 443.60m (including 0.5m at 45.90 g/t Au), 0.5m at 38.15 g/t Au, and 0.8m at 19.82 g/t Au in a new sub-parallel vein. Holes RLG-23-171 and -172 extended Vein 101's East Zone to 490m vertical depth. A total of 52 holes for 18,990m have been completed in 2023, with assays pending for six. The company also signed a six-month investor relations agreement with Capital Analytica for $120,000, at $20,000 per month from November 1, 2023.
Drill resultsWEST RED LAKE GOLD ANNOUNCES UPSIZE OF MARKETED PRIVATE PLACEMENT OF UNITS TO C$13 MILLION
A previously announced best efforts private placement has been upsized to gross proceeds of up to C$13,000,000, consisting of up to 25,000,000 units at C$0.52 per unit, with Canaccord Genuity Corp. and Eight Capital as agents. Each unit includes one common share and one warrant exercisable at C$0.68 for 36 months, and the agents hold an option for an additional 4,000,000 units for up to C$2,080,000. Closing is anticipated on or about November 28, 2023, with proceeds directed to the company's Ontario mineral properties and working capital.
FinancingWEST RED LAKE GOLD ANNOUNCES C$10 MILLION PRIVATE PLACEMENT OF UNITS
A best efforts private placement of 19,235,000 units at C$0.52 per unit for gross proceeds of C$10,002,200 has been agreed with co-lead agents Canaccord Genuity Corp. and Eight Capital. Each unit includes one common share and one warrant exercisable at C$0.68 for 36 months from closing, with an agents' option for up to 2,900,000 additional units (C$1,508,000). Proceeds will advance the Company's Ontario mineral properties and working capital, with closing expected on or about November 28, 2023.
Financing