West Red Lake Gold Mines (TSXV: WRLG) shares got on Thursday after the business authorized the main reboot of the idled Madsen mine in Ontario.
The board of supervisors authorized monitoring’s suggestion to instantly start continual mining tasks, the business claimed on Thursday. The choice comes a little in advance of the formerly interacted mid-2025 target.
Complying with the information, shares of West Red Lake increased practically 6% Thursday early morning in Toronto, providing the business a market capitalization of C$ 285 million ($ 206 million).
First manufacturing is anticipated to ordinary 500 tonnes each day over the initial 2 months, with a ramp-up prepared for the 2nd fifty percent of the year.
The Madsen mine was quickly rebooted by its previous proprietor, Pure Gold, in 2021, however was closed down a year later on as a result of high prices and irregular manufacturing. Prior to that, the historical mine generated 2.5 million oz. of gold at a typical quality of 9.7 grams per tonne in between 1938 and 1999.
West Red Lake took control of the task in June 2023.
Madsen, situated in the Red Lake gold area of Ontario, is West Red Lake Gold’s front runner task and component of a 47 kilometres two land plan. The business likewise holds the Rowan home, that includes 3 past-producing mines.
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