West Red Lake Gold Initiates Test Mining at Madsen Project
Contributed Opinion

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of West Red Lake Gold Mines Inc.
2. Bob Moriarty: I, or members of my immediate household or family, own securities of: West Red Lake Gold Mines Inc. My company has a financial relationship with West Red Lake Gold Mines Inc.  I determined which companies would be included in this article based on my research and understanding of the sector.
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Many times, I have spoken about West Red Lake Gold Mines Inc. (WRLG:TSXV; WRLGF:OTCQB). The last time was in March.

The company's flagship project is the Madsen Mine, which it acquired approximately 18 months ago for US$6.5 million plus shares, significantly less than the previous owner's US$350 million investment. At its height, the mine was valued at US$1.15 billion.

I believe that if the mill were to be recreated, it could cost around US$500. 

The company is also tightly held. Frank Guistra has a steady hand in the company as a shareholder and avid supporter, and 70% of the shares are with management, insiders, and strategic investors. 

With this in mind, I direct your attention to the fact that West Red Lake Gold began initial mining operations at its Madsen Mine project. The Madsen mine has a reported 43-101 resource of 2.1 million ounces of gold. WRLG has completed a 40,000-meter definition drill program and is conducting an additional 10,000 meters of drilling. The company aims to commence full-scale production in the second half of 2025, and the company reports having US$25 million in cash reserves.

WRLG also owns the Rowan deposit, which has a 43-101 resource of 0.9 million ounces of gold. The company is considering the possibility of transporting high-grade ore from Rowan to the Madsen mill, though no formal studies have been conducted on this option.

The company has initiated a four-month test mining and bulk sampling program. This gradual approach to production differs from the previous owner's strategy. Recent assay results from definition drilling in the South Austin Zone of Madsen showed some high-grade intercepts.

A Preliminary Feasibility Study (PFS) is scheduled for release in Q4 2024, which is expected to provide more detailed information on production levels and costs.

West Red Lake is one of my favorite two companies for those looking to invest in Canada. CEO, President, and Director Shane Williams and I have talked multiple times, and I truly believe he is the top mine operator in Canada.