Broader exploration upside around Madsen

Shane Williams, President and CEO at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to field a wide array of questions and detailed discussion with updates on the mid-Q4 underground operations, mining, and milling, capital allocation projects, and exploration updates during the ongoing ramp-up towards commercial production at their 100% owned Madsen Mine.  Madsen is located in the Red Lake Gold District of Northwestern Ontario, Canada.  

We start off having Shane break down some of the key takeaways from the news out on November 18th outlining the Mid-Q4 Madsen Mine Update.

• In the first half of Q4 the Madsen Mine made steady progress towards full scale operations. Importantly, in October mined ore production increased 24% compared to the month prior.
• Rolling stock deliveries are now almost complete and the maintenance shop has been delivered. Site management has also been notably strengthened.
• Improvement in the underground waste rock storage program has been a key de-bottlenecking effort recently, and is directly supporting the mine’s ability to move ore tonnes in advancing towards commercial production
• The team is motivated to get the shaft operational and take receipt of the final haul truck to complete this list.
• We also discussed how the Company has attracted strong candidates to key site leadership positions over the last few months.

At this point commercial production is targeted for Q1 2026. Shane reiterates that when the management team and board have the confidence to announce everything is working as it should at the mine and mill at close to targeted levels, that the move into commercial production should also mean the Company is comfortably generating revenues at that point.

Next, we discussed fully funded 3,000 meter infill drilling program at its 100% owned Fork Deposit located approximately 250 meters southwest from its Madsen Mine. This drilling will further define the core pod of mineralization at Fork, which has been re-envisioned as a high-grade near-mine resource expansion target that is a priority for immediate advancement.

Wrapping up we discussed the blue sky exploration potential in many areas around Madsen, particularly at South Austin and the lower part of Austin Main.   We also discussed further ongoing drilling over at the nearby Rowan Project, which will supplement the future mine plan in years to come.

If you have any follow up questions for Shane, or the team over at West Red Lake Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

• In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording, and may choose to buy or sell shares at any time.

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