Newmont sells Ontario mine to Orla for $850 million
The addition of the Musselwhite mine to its portfolio more than doubles Orla Mining's gold output to 300,000 ounces per year.
West Red Lake Gold Mines (TSXV: WRLG; US-OTC: WRLGF) aims to complete a prefeasibility study by the end of the year, setting the stage for a planned restart of the Madsen mine by late 2025, CEO Shane Williams said in an interview.
The company is optimistic about the potential of its Red Lake assets in the storied gold district of northern Ontario, with recent drilling results from the Rowan and Madsen projects showing promising high-grade gold intersections. Notably, the North Austin zone has emerged as a new, exciting area with significant mineralization.
“We felt that the Red Lake area has been a little bit ignored from a developer perspective. There are big mines there, but no developer, so we felt there was an opportunity for people to get in,” he said during the recent Rule Symposium in Boca Raton, Florida.
The key to Frank Giustra-backed West Red Lake Gold’s success is addressing previous operational challenges at Madsen while building a resource for the neighbouring Rowan asset, Williams says.
Williams notes West Red Lake Gold has assembled a highly technical team and board, including industry veterans like Tony Makuch and Duncan Middlemiss, to de-risk the project.
Watch the full video with The Northern Miner’s western editor, Henry Lazenby:
