West Red Lake Gold Mines Ltd. has announced encouraging bulk sample reconciliation results from its Madsen Gold Mine, confirming that the mine is on track to become a high-grade gold producer by 2025. The results show that the tonnage and grades from the bulk sample are closely aligned with the company’s expectations, validating the progress made in unlocking the potential of the Madsen Mine.
Shane Williams, President and CEO, expressed his satisfaction with the outcomes, stating that the results reinforce their belief in the effectiveness of the mine’s geological model, engineering design, and mining practices. He praised the team at Madsen for their hard work and dedication in achieving this milestone. The success of the bulk sample is an important step in the ramp-up to full-scale operations.
The bulk sample was sourced from three main resource zones: Austin, South Austin, and McVeigh, and followed the planned methodology for regular mine operations. Close reconciliation between predicted and actual grades and tonnages highlights the accuracy of the company’s definition drilling and stope designs. Since October 2023, West Red Lake Gold has completed over 90,000 meters of definition drilling, with the resulting high-confidence tonnage making up around 90% of the 18-month detailed mine plan.
Key Bulk Sample Reconciliation Results
Austin Zone
Tonnage: Predicted 8,402t, Actual 8,089t (96.3% reconciliation)
Grade: Predicted 5.38 g/t Au, Actual 5.77 g/t Au (107.2% reconciliation)
Gold: Predicted 1,452 oz, Actual 1,499 oz (103.2% reconciliation)
South Austin Zone
Tonnage: Predicted 2,653t, Actual 2,544t (95.9% reconciliation)
Grade: Predicted 5.83 g/t Au, Actual 5.59 g/t Au (95.8% reconciliation)
Gold: Predicted 497 oz, Actual 457 oz (91.9% reconciliation)
McVeigh Zone
Tonnage: Predicted 4,115t, Actual 3,856t (93.7% reconciliation)
Grade: Predicted 6.21 g/t Au, Actual 5.71 g/t Au (91.9% reconciliation)
Gold: Predicted 822 oz, Actual 708 oz (86.1% reconciliation)
Total
Tonnage: Predicted 15,170t, Actual 14,490t (95.5% reconciliation)
Grade: Predicted 5.68 g/t Au, Actual 5.72 g/t Au (100.7% reconciliation)
Gold: Predicted 2,771 oz, Actual 2,664 oz (96.1% reconciliation)
Williams noted that the current mine design takes into account a higher gold price environment of US$2,350 per ounce, which has enabled the inclusion of lower-grade mineralization in stope designs, increasing the overall economic potential of the mine.
The Madsen Mine uses long hole retreat mining, a method designed to maximize the extraction of mineralization while lowering mining costs. This approach has proven successful during the bulk sample, as evidenced by the efficient and accurate mining and processing methods.
As West Red Lake Gold moves closer to full-scale mining, the company remains optimistic about the potential to increase production and reduce operational costs, further enhancing the project’s economics. The ongoing drilling program, along with the bulk sample results, positions Madsen for future success, with continued focus on ramping up operations in the coming months.
For further transparency and quality assurance, an independent consultant, Soutex Inc., observed the bulk sample process, ensuring the accuracy of the results, which were assayed by a third-party lab at SGS Natural Resources in Red Lake, Ontario.
About West Red Lake Gold Mines Ltd
West Red Lake Gold Mines Ltd. is focused on the development of the Madsen Gold Mine and the surrounding 47 km² land package in the Red Lake district of Ontario, Canada. The Red Lake Gold District has a rich history, producing over 30 million ounces of gold from high-grade deposits. The company also holds the Rowan Property, which includes three past-producing gold mines: Rowan, Mount Jamie, and Red Summit.
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