Name of the Project
Madsen gold project restart.

Location
Red Lake mining district of Ontario, Canada.

Project Owner/s
West Red Lake Gold Mines acquired the project from PureGold Mining in June 2023.

Project Description
Madsen is a fully permitted gold mine, situated on top of highly prospective exploration targets in a world-class gold district.

The project has total indicated resources estimated at 6.9-million tonnes grading 7.4 g/t gold, and inferred resources estimated at about 1.82-million tonnes grading 6.3 g/t gold.

The project consists of an 800 t/d mill, an underground mine, a tailings facility and water treatment plant.

Potential Job Creation
The Madsen mine’s workforce has increased by 48 people, with several leadership positions filled. 

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
More than C$350-million has been invested to date.

Planned Start /End Date
A targeted restart date has been set at 2025.

Latest Developments
West Red Lake Gold Mines has provided an update on activities at the Madsen mine as it advances towards its targeted restart date.

Since acquiring the project, the company has completed a site-wide operational assessment to make informed decisions about the type of surface and underground upgrades that will underpin a sustainable mining operation.

“Operational readiness spans the entirety of a mine, from infill drilling, stope and development planning, budgeting, maintenance and procurement systems to strong staffing, an active safety culture and much more,” president and CEO Shane Williams has said.

West Red Lake has been drilling definition holes in the Austin, South Austin and McVeigh resource areas since October last year, with more than 40 000 m completed to date.

The company has noted that definition drilling is fundamental to the restart plan, with tightly spaced definition drill holes informing an accurate geologic model.

Further, a tailings dam lift project started in early August. The company has indicated that increasing the dam height by 4 m will create enough additional tailings capacity for ten years of operation, assuming a milling rate of 800 t/d.

Progress on the tailings storage facility dam lift has been “excellent”, West Red Lake has said, with 60% of the work completed and the project tracking ahead of schedule and within budget.

Regarding the progress on a 1 200 m haulage way to connect the East and West ramps of the underground mine, the company has said that the connection drift is about 5% complete. The project will be completed in February next year.

West Red Lake has also reached a procurement deal with Powerscreen Canada, a dealer for Terex, for the acquisition of a primary crusher, with delivery expected next month.

West Red Lake is making progress with workforce accommodation and employing staff for the mine. 

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
West Red Lake Gold Mines, tel +1 604 609 6132 or email investors@wrlgold.com.