West Red Lake Gold Mines Announces Filing of Pre-Feasibility Study for Madsen Mine
VANCOUVER, British Columbia, Feb. 18, 2025 – West Red Lake Gold Mines Ltd. (WRLG) (WRLGF) is thrilled to share the news of filing its independent pre-feasibility study (PFS) technical report for its 100% owned Madsen Mine project, located in the prolific Red Lake Gold District of northwestern Ontario, Canada. The effective date for the report is January 7, 2025.
The Company’s Significant Advancement
This milestone signifies a substantial step forward in the development of the Madsen Mine project. The PFS Technical Report outlines the project’s economic viability, providing details on the mine’s production capacity, operating costs, and potential profitability. The report’s findings are based on a comprehensive analysis of the Madsen Mine’s geological resources, mineral reserves, mining methods, processing techniques, and infrastructure requirements.
Key Components of the Pre-Feasibility Study
Mining Method: The PFS Technical Report recommends a long-term, open-pit mining operation with a projected mine life of 11 years. The mining plan includes a phased approach, with the first 4 years dedicated to the development of the higher-grade areas and the subsequent 7 years focusing on the lower-grade areas.
Processing: The processing plant will have a capacity of 2,500 tonnes per day (tpd). The ore will be processed using a conventional crushing, grinding, and flotation circuit, followed by smelting and refining of the concentrates.
Reserves and Resources: The PFS Technical Report estimates proven and probable reserves of 1.3 million ounces of gold, with an additional 1.4 million ounces in the inferred resource category. These estimates are based on a 0.3 g/t gold cut-off grade.
Impact on the Local Community and the World
The development of the Madsen Mine project is expected to bring significant economic benefits to the local community. The mine is projected to create approximately 200 jobs during the construction phase and around 150 jobs during the operational phase. Moreover, the mine is anticipated to contribute CAD 190 million in total revenues and CAD 100 million in taxes to the provincial and federal governments over its 11-year lifespan.
On a global scale, the Madsen Mine project underscores the ongoing commitment of the mining industry to responsible and sustainable mining practices. The project’s potential economic impact, coupled with its focus on environmental stewardship and community engagement, serves as a testament to the industry’s ability to deliver value to stakeholders while minimizing its footprint.
Conclusion
West Red Lake Gold Mines’ filing of the PFS Technical Report for the Madsen Mine project marks a crucial stage in the development of this promising gold mining opportunity. The comprehensive study provides a solid foundation for the Company to move forward with the next steps, including the execution of a feasibility study and securing financing for the project. The potential economic benefits for the local community and the global mining industry as a whole further underscore the significance of this development.
- West Red Lake Gold Mines files PFS Technical Report for the Madsen Mine project
- Projected mine life of 11 years with a 2,500 tpd processing plant
- Estimated reserves of 1.3 million ounces of gold and 1.4 million ounces inferred resources
- Creation of approximately 200 jobs during construction and 150 jobs during operations
- Anticipated tax contributions of CAD 100 million to provincial and federal governments
- Commitment to responsible and sustainable mining practices
As the industry continues to evolve, the Madsen Mine project stands as a shining example of the potential for economic growth and sustainable development in the mining sector. Stay tuned for further updates as West Red Lake Gold Mines progresses towards the next phase of the Madsen Mine project.
