Securing small-cap gold stock gains as gold hits all-time highs

West Red Lake Gold Mines Ltd. (TSX-V: WRLG)(OTC: WRLGF) — currently trading around C$0.90 per share in a record gold market — continues to intersect high-grade Au at its 100%-owned Madsen Mine project located in the prolific Red Lake Gold District of Northwestern Ontario, Canada. 

The Red Lake Gold District is one of the richest gold districts in all of Canada, yielding over 30 million ounces of gold from high-grade zones and hosting a number of world-class gold deposits.

West Red Lake Gold Mines (“WRLG”) is focused on advancing and developing its flagship Madsen Mine project towards restart; the project also includes regional targets along an associated 47 sq km of highly-prospective land holdings. 

The Madsen Mine deposit presently hosts an Indicated mineral resource of 1.65 million ounces (Moz) grading 7.4 g/t Au and an Inferred resource of 0.37 Moz grading 6.3 g/t Au.

The flagship project, which, as noted, is advancing towards a planned restart of the underground Madsen Mine, boasts past investment of over C$350M. Infrastructure in place includes an 800 tonne per day mill that was constructed and commissioned in 2020.

Caught on Camera: Gerardo Standing on $40 BILLION of Gold (Tiny $4 Stock to Buy)

Click here to see full details

The most recent batch of assays are from the project’s South Austin Zone, which contains an Indicated mineral resource of 474,600 ounces grading 8.7 grams per tonne (g/t) gold with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au.

scale map

Notably, the WRLG team reports Visible Gold (VG) in drill core in multiple holes in the current drill round at the South Austin Zone (see below), which isn’t surprising considering the high-grade nature of the deposit. 

west red lake core samples

Highlights from the ongoing drill program at the South Austin Zone include:

  • 25.12 g/t Au over 5.5 meters, including 134.9 g/t Au over 1 meter
  • 12.58 g/t Au over 3 meters 
  • 18.60 g/t Au over 4 meters
  • 6.75 g/t Au over 11 meters
  • 10.43 g/t Au over 6.45 meters
  • 7.75 g/t Au over 3 meters

West Red Lake Gold Mines CEO Shane Williams — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the assay results via press release. 

“The team has been making great progress de-risking the Madsen deposit with definition drilling as we continue to build up an inventory of high-grade and high-confidence ounces that will prove invaluable during the initial ramping up of mine production. The Mine Operations team is working in tandem with Geology to ensure the underground drills get to the highest priority areas of the deposit. The excellent results highlighted in this release are indicative of the upside that still exists at Madsen even within the current life-of-mine resource inventory.”

Since underground drilling resumed at the Madsen Mine in early January 2024, WRLG has completed 3,671 meters of expansion drilling and 2,916 meters of definition drilling. In total, 65 diamond drill holes for 6,587 meters have been completed so far in 2024 at Madsen. 

With drilling ongoing, the focus is on further definition of near-term mining inventory, as well as growth of the current mineral resource. Drilling to-date has been focused on the more continuous and higher-grade portions of the Austin, South Austin, and North Austin Zones (see below) — a strategy that’s continuing into the second quarter of 2024. 

madsen mine map

Of particular focus, and based on recent positive underground drilling results, North Austin and South Austin (see below) have been prioritized for immediate expansion and infill drilling with a second rig now being added to the North Austin Zone.

south austin map

Those two focus areas sit adjacent to existing underground development, designating them as high-caliber targets that could potentially be developed early during future mine restart and production with West Red Lake Gold CEO Shane Williams adding:

“The addition of a second underground drill at Madsen will expedite our efforts in de-risking the resource and building a runway of high-confidence mineable inventory that will be critical during restart of mining operations. The North and South Austin Zones have already demonstrated potential for grade and continuity and our team looks forward to continuing to advance these two high-priority areas simultaneously with the underground drilling program.”

Additionally, WRLG is advancing its 100%-owned, 31 sq km Rowan property, also in Red Lake, which includes three past-producing gold mines: Rowan, Mount Jamie, and Red Summit.

Is This Gerardo’s Next 10,000% Winner? 

Expert speculator Gerardo Del Real recently recommended a stock trading at 16 cents that rose all the way to $17.74 in less than two years. 

That’s 110X your money or 10,000%. 

If you missed it, don’t worry, because he is about to reveal his top 3 Commodity Supercycle stocks today.

Each with the potential to rise 1,000% or higher. Click here to be one of the first to see it.

As promised, and with gold setting new all-time highs seemingly every week, our own Gerardo Del Real of Junior Resource Monthly caught up with West Red Lake Gold Mines CEO Shane Williams to go over the plans and process for advancing the Madsen Mine towards restart via the drill-bit. Please enjoy! 

For more on Vancouver-based West Red Lake Gold, be sure to contact the company’s IR department at 604-609-6132 or via email at  

Visit the West Red Lake Gold Mines corporate website and sign up to receive updates directly from the company here

Yours in profits,

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest