Prospector News Podcast – West Red Lake Gold Mines “Rising From Ruin In Red Lake”
The Prospector News Publisher Michael Fox is joined by West Red Lake Gold Mines (TSX-V:WRLG) (OTCQX:WLGF) President and CEO Shane Williams. We talk about how West Red Lake had taken over the Madsen Project out of bankruptcy from Pure Gold and the challenges that the former operator had with the project. We discuss the people involved, their backgrounds and their suitability to operate the project going forward. We also talk about the money behind the company; particularly Frank Guistra and Eric Sprott 2 Hall of Fame mine and company builders and their roots in the Red Lake District.
Looking forward we discussed the plans to further de-risk the project and fill in the gaps the short cuts from the previous operator left. The next step is delineation drilling underground to increase the mineral resource and to formulate a new operational plan that can used in a final feasibility study.
The takeaway from the discussion is that Red Lake Gold Mines has put together a team that is suited to the project. Has solid capital behind it. And Finally a operational plan to derisk the asset and turn it into a world class operation.
About the Madsen Project
• Multi Million Ounce Potential in Red Lake: Fully permitted gold mine sitting on top of highly prospective exploration targets in a world class gold district
• Robust, Data-Rich Technical Foundation: Updated Mineral Resource Estimate announced in August 2022
• Near Term Production: With 18 months of recent operating history; initial start-up challenges have been understood; new approach to cost management, mine planning, and execution underway
• Deep Value Opportunity: over C$350 million invested to date; significant and expandable surface and underground infrastructure; potentially transferable tax assets to further underpin valuation
About West Red Lake Gold
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.