West Red Lake Gold Reports 43.38 g/t Au over 3.85m, 53.87 g/t Au over 3.1m and 10.22 g/t Au over 13.35m from Austin 955 and 904 Complexes - Madsen Mine
West Red Lake reports high-grade gold intercepts at its Red Lake project, though cost and ramp-up concerns persist.
West Red Lake Gold Mines Ltd. (WRLG) reported underground definition drilling results from the Austin 955 Complex (12 Level, ~600m depth) and Austin 904 Complex (13 Level, ~650m depth) at its 100%-owned Madsen Mine.
The 955 intercepts include: * 3.10m @ 53.87 g/t Au (incl. 0.5m @ 322.89 g/t) * 3.85m @ 43.38 g/t Au (incl. 0.5m @ 291.94 g/t) * 15m @ 6.93 g/t Au
The 904 Complex delivered: * 13.35m @ 10.22 g/t Au (incl. 1.1m @ 69.85 g/t) * 10.2m @ 11.98 g/t Au * 4.6m @ 24.22 g/t Au (incl. 0.5m @ 180.67 g/t)
Management plans to sequence the 904 Complex into the H1 2027 mine plan, while the 955 area is highlighted as a new high-value opportunity.
West Red Lake Gold Mines Ltd. (WRLG) has been a commercial producer since January 2026, operating with a market capitalization of approximately C$268 million. The company has issued 2026 guidance for 35,000 to 45,000 ounces of gold at a high all-in sustaining cost (AISC) of US$2,800 to US$3,600 per ounce.
Recent drill results from the 955 and 904 zones represent definition drilling intended to de-risk and expand future mining panels. These findings support the current mine plan but do not alter the scale of the operation or dramatically extend reserves. The 904 complex was already scheduled to enter the 2027 mine plan, while the 955 results identify a new high-grade panel that remains within the known Austin corridor. No new resource estimate or reserve increase was announced alongside these results.
The market has previously shown indifference to high-grade intercepts, such as the April 2026 result of 215 grams per tonne over 5.35 meters, as the stock continued to slide. This trend reflects ongoing investor concerns regarding cost inflation and weak first-quarter financials.
West Red Lake Gold Mines Ltd. is a Canadian gold producer operating its cornerstone Madsen Mine in Ontario’s Red Lake district, which achieved commercial production on January 1, 2026. The company also holds the Rowan satellite project, currently at the preliminary economic assessment stage, along with the Fork deposit and numerous other deposits including Wedge, Russet, and Starratt-Olsen across a 47 km² land package. A hub-and-spoke strategy targets consolidated production reaching 100,000 oz/yr by 2028. Madsen’s NI 43-101 indicated resource stands at 1.65 moz Au @ 7.4 g/t, with probable reserves of 478 koz @ 8.16 g/t Au.