West Red Lake Gold’s high-grade hits raise spirits amid Madsen mine restart bid in Ontario

West Red Lake Gold Mines (TSXV: WRLG; US-OTC: WRLGF) reported drill results as high as 17.77 grams gold per tonne across 5.5 metres while it builds up inventories of ounces to support restarting production next year at its Madsen mine in northern Ontario.

That intercept in the McVeigh zone, from 44.5 metres depth in hole MM24D-01-4081-025, included 2.2 metres grading 38.56 grams gold and 0.5 metre at 19.15 grams gold from 49.5 metres depth, the company reported Tuesday.

In the Austin zone, west of McVeigh, hole MM24D-09-4796-025 cut 12.1 metres at 7.35 grams gold from 92.9 metres depth, including 2.5 metres grading 19.39 grams gold from 93.5 metres depth.

“The exceptional drill results that continue to be produced from McVeigh are very encouraging and highlight the opportunity that remains in this shallow, high-grade, easily accessible portion of the Madsen deposit,” West Red Lake president and CEO Shane Williams said. “The Madsen deposit has plenty of meat left on the bones while also offering significant upside as we continue to access deeper portions of the main deposit.”

‘Confidence-boosting results’

In an analyst note, Matt O'Keefe of Cantor Fitzgerald said the high-grade results boost confidence in near-term production ounces at Madsen, located in the Red Lake Gold District of northwestern Ontario.