The New High-Grade Canadian Gold Mine
New & growing gold miners are up 297% average in 12 months, vs 165% for GDX and 178% for GDXJ* WRLG is a rare new entry on this list.
Mining in the first half of 2026 is predominantly from the large, confident 960 and high-grade 4447 areas of the mine
Drilling in H1 2026 will test the 904 area, which is an exciting new high-grade and not-previously-mined zone that showcases what Madsen will likely become as mining gets down below areas that have been mined before, and the adjacent Fork deposit that’s not yet in the mine plan plus the Rowan project down the road.
longhole operation using US$2,600/oz in mine design should mine much more of the known resource than the existing low-gold-price mine design captures
PEA shows 400 tpd producing 35,000 oz. annually for 5 years. Good opportunity to grow this deposit and mine plan.
West Red Lake Gold’s goal is to create value through rising gold production. Madsen was a perfect first asset.
Madsen’s history meant investors needed evidence of success to revalue WRLG as a gold producer.
The bulk sample was the first piece of evidence. Commercial production with reliable quarterly production will allow Madsen to step out from the shadow of the mine’s 2022 failure and shine as a new high-grade Canadian gold mine with strong potential for growth.
PFS mine plan at US$1,680/oz is small, high-grade stopes with significant access development. Mine design at US$2,500/oz, often after definition drilling adds high-grade, leads to:
Beyond the PFS: the value in mining the known resource is only the first reason to restart Madsen. The second reason is that being in operation puts West Red Lake Gold in a position to unlock the rest of the opportunity. As mining gets deeper, it will get into areas that have been less and less mined – so the best mineralization is still there! – and explored. Grades are already improving as West Red Lake gets into areas that were only mined in the 1950s and 1960s, at about 600m depth. The known deposit goes to 1.2 km with limited mining in the lower half…and neighbouring deposits extend to 3km depth.
Getting into production was the first way to unlock value at Madsen. Amplifying the current operation by getting more out of Madsen and adding Rowan is the second opportunity. Unlocking this rich deposit at depth where it has not been mined before is the future opportunity…that West Red Lake is getting started on today.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
The decision to continue with the advancement of the Madsen Mine restart and the Company’s operations and plans with respect thereto, as described herein (the “Madsen Mine Restart”), are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of indicated and inferred mineral resources on the property set out in the report entitled, “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, with an effective date of July 31, 2022, as amended on April 24, 2024, a copy of which is available on SEDAR+ at www.sedarplus.ca. The Madsen Mine Restart is not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Madsen Mine Restart, in particular: the risk that mineral grades will be lower than expected; the risk that additional ongoing mining operations are more difficult or more expensive than expected; and the risk that production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis undertaken in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to plans for the potential restart of mining operations at the Madsen Mine, the potential of the Madsen Mine; any untapped growth potential in the Madsen deposit or Rowan deposit; and the Company’s future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information.
Forward-looking information involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices; timing and results of the cleanup and recovery at the Madsen Mine; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company’s management’s discussion and analysis for the year ended November 30, 2023, and the Company’s annual information form for the year ended November 30, 2023, copies of which are available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca.
