Underground drilling at West Red Lake Gold Mines’ (TSXV: WRLG) primary Madsen property in Northwestern Ontario yielded multiple instances of high-grade gold, the company said.
Highlight hole MM25D-12-4860-004 in the lower Austin zone cut 7.75 metres grading 139.45 grams gold per tonne from 37 metres depth, West Red Lake said Thursday in a statement. Hole MM25D-12-4860-005, meanwhile, intersected 8.7 metres at 74.7 grams gold from 37.1 metres downhole.
Vancouver-based West Red Lake, backed by Canadian Mining Hall of Fame member Frank Giustra, is continuing exploration work at Madsen even as it ramps up production at the past-producing mine. It restarted operations in May. The lower Austin zone will continue to be a key focus of drilling for the remainder of 2025, West Red Lake said.
“There is significant ounce and tonnage potential remaining at depth in the Madsen orebody,” CEO Shane Williams said in the release. “We anticipate continued success in lower Austin as the drills continue to discover and define more lenses of high-grade mineralization adjacent to our active mine development.”
West Red Lake shares jumped 7% to C$1.07 Friday morning in Toronto, giving the company a market value of about C$376 million. The stock has traded between C$0.52 and C$1.18 in the past year.
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