Latest news with #WestRedLakeGoldMines
CTV News
3 days ago
- CTV News
Worker killed underground at mine in Red Lake, Ont.
Officials with West Red Lake Gold Mines Ltd. say an employee working underground was fatally injured at the Madsen Mine in Red Lake on Monday. (File) Officials with West Red Lake Gold Mines Ltd. say an employee working underground was fatally injured at the Madsen Mine in Red Lake on Monday. 'The health, safety and well-being of our employees is our top priority,' the company said in a news release. 'The company is working closely with local and Ministry of Labour authorities and an investigation and comprehensive review are underway.' Mine operations suspended Madsen Mine is located in Red Lake in northwestern Ontario, north of Kenora. Operations at the mine have been voluntarily suspended while the investigation is underway. 'The thoughts of management are with the family, friends and colleagues who have been impacted by this tragic incident,' the company said. 'The company will provide additional information as appropriate.' A message to the Ministry of Labour from CTV News Northern Ontario seeking additional information wasn't immediately returned. West Red Lake Gold Mines Ltd. is a mineral exploration company developing the Madsen Gold Mine in 47 square kilometres of land in the Red Lake district of Ontario.
The Market Online
28-05-2025
- Business
- The Market Online
Gold Report: Junior stocks with multi-million-ounce potential
Junior stock West Red Lake Gold Mines (TSXV:WRLG) has restarted production at its Madsen mine in Ontario. The property is estimated to contain 1.65 million ounces indicated and 370,000 ounces inferred at a base case of US$1,800 per ounce, representing a 45 per cent discount to the price as of May 27. Click here for the full story. By the ounce At the time of writing on Tuesday, the price of gold was US$3,294.20, up from US$3,284.60 per ounce in our May 21 report, according to data from The Globe and Mail, holding steady despite a global equity recovery over the past week driven by optimism for further discussions between the U.S. and its major trade partners. This week in gold Agnico Eagle Mines (TSX:AEM) increased its investment in Fury Gold Mines (TSX:FURY) by almost 3x to 9.9 per cent of issued shares on a partially diluted basis, granting it exposure to a multi-million-ounce portfolio while de-risking a retail allocation. Ashley Gold (CSE:ASHL) returned up to 20.2 grams per ton of gold in recent samples from its Howie project in Ontario, supporting the potential for significant gold mineralization on the property and bolstering its overall portfolio's multi-million-ounce upside. Globex Mining (TSX:GMX) noted that portfolio company Radisson Mining (TSXV:RDS) is adding 18,000 metres of drilling to its 2025 program at its O'Brien project in Quebec, where recent and historical exploration has yielded high-grade and visible gold, an estimated 1.2 million ounces indicated and inferred, and a runway to uncover up to a 4-million-ounce resource according to management's projections. Top trending gold stocks Join the discussion: Find out what everybody's saying about the junior mining stocks in this week's gold report on Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Globe and Mail
22-05-2025
- Business
- Globe and Mail
West Red Lake Gold restarts Madsen mine in Ontario
May 22, 2025 — At a meeting on May 21, 2025, the West Red Lake Gold Mines Ltd. board of directors approved management's recommendation to restart the Madsen mine immediately. 'West Red Lake Gold acquired the Madsen mine in June, 2023, with the goal to use our team's deep technical experience to unlock the abundant, but at the time discounted, potential of this mine,' said Shane Williams, president and chief executive officer. 'We have pushed hard for two years to accomplish that feat and now, with major infrastructure projects complete and our bulk sample having delivered mined tonnes and gold grade aligned with modelled expectations, our approach has been validated and we are ready to mine on a continual basis. 'This restart decision is a major milestone that has been achieved by systematically derisking the technical, operating and funding requirements of a sustainable, high-grade gold operation at Madsen, and I am very pleased to deliver this restart to all key stakeholders, including our shareholders and neighbours.' For the past year, West Red Lake Gold has communicated a plan to restart the Madsen mine by the middle of 2025. Restarting now delivers this milestone slightly ahead of schedule, positioning the mine for an exciting second half of the year. Specifically, the company plans to mine and process an average of 500 tonnes per day for the first two months before ramping up operations through the second half of the year. About West Red Lake Gold Mines Ltd. West Red Lake Gold Mines is a mineral development company that is publicly traded and focused on advancing and developing its flagship Madsen gold mine and the associated 47-square-kilometre, highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake gold district of Northwestern Ontario, Canada, has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. West Red Lake Gold Mines also holds the wholly owned Rowan property in Red Lake, with an expansive property position covering 31 square kilometres, including three past-producing gold mines — Rowan, Mount Jamie and Red Summit. We seek Safe Harbor. Featured Image @ Freepik Read more investing news on to the PressReach RSS feeds:
The Market Online
22-05-2025
- Business
- The Market Online
This micro-cap gold explorer just graduated into production
Micro-cap West Red Lake Gold Mines (TSXV:WRLG) will restart its flagship Madsen mine in Ontario's Red Lake district effective immediately West Red Lake Gold Mines is a mineral exploration company active in Ontario's Red Lake district, which has produced over 30 million ounces of gold to date West Red Lake Gold Mines stock has added 21.88 per cent year-over-year but remains flat since acquiring Madsen in April 2023 Micro-cap West Red Lake Gold Mines (TSXV:WRLG) will restart its flagship Madsen mine in Ontario's Red Lake district effective immediately. According to a 2023 resource estimate, Madsen houses 1.65 million ounces indicated and 370,000 ounces inferred at a base case of US$1,800 per ounce, which is heavily discounted to the price of US$3,306 as of May 22. The mine will process an average of 500 tons per today over the first two months, with a ramp-up planned through the end of 2025. The board-approved decision follows two years of development work and comes in slightly ahead of schedule, setting the company up for near-term cash flow and potential share price momentum. Leadership insights 'West Red Lake Gold acquired the Madsen mine in June 2023 with the goal to use our team's deep technical experience to unlock the abundant but at the time discounted potential of this mine,' Shane Williams, West Red Lake Gold Mines' president and chief executive officer, said in a statement. 'We have pushed hard for two years to accomplish that feat and now, with major infrastructure projects complete, and our bulk sample having delivered mined tons and gold grade aligned with modeled expectations, our approach has been validated and we are ready to mine on a continual basis.' 'This restart decision is a major milestone that has been achieved by systematically de-risking the technical, operating and funding requirements of a sustainable high-grade gold operation at Madsen and I am very pleased to deliver this restart to all key stakeholders, including our shareholders and neighbours,' Williams added. About West Red Lake Gold Mines West Red Lake Gold Mines is a mineral exploration company active in Ontario's Red Lake district, which has produced over 30 million ounces of gold to date. The company is developing its 47-square-kilometre Madsen gold mine and 31-square-kilometre Rowan property, the latter including three past-producing gold mines. West Red Lake Gold Mines stock (TSXV:WRLG) last traded at C$0.78. The stock has added 21.88 per cent year-over-year but remains flat since acquiring Madsen in April 2023. Join the discussion: Find out what everybody's saying about this Canadian micro-cap gold miner on the West Red Lake Gold Mines Ltd. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
01-04-2025
- Business
- Yahoo
Several Insiders Invested In West Red Lake Gold Mines Flagging Positive News
It is usually uneventful when a single insider buys stock. However, When quite a few insiders buy shares, as it happened in West Red Lake Gold Mines Ltd.'s (CVE:WRLG) case, it's fantastic news for shareholders. Although we don't think shareholders should simply follow insider transactions, logic dictates you should pay some attention to whether insiders are buying or selling shares. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Over the last year, we can see that the biggest insider purchase was by insider Frank Giustra for CA$504k worth of shares, at about CA$0.72 per share. That means that an insider was happy to buy shares at above the current price of CA$0.57. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. To us, it's very important to consider the price insiders pay for shares. Generally speaking, it catches our eye when insiders have purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price. Happily, we note that in the last year insiders paid CA$664k for 944.40k shares. But insiders sold 102.50k shares worth CA$74k. Overall, West Red Lake Gold Mines insiders were net buyers during the last year. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for West Red Lake Gold Mines There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of undervalued small cap companies that insiders are buying. There was some insider buying at West Red Lake Gold Mines over the last quarter. In that period insiders spent CA$34k on shares. But Vice President of Technical Services Maurice Mostert sold CA$10k worth. It is nice to see that insiders have bought, but the quantum isn't large enough to get us excited. Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. I reckon it's a good sign if insiders own a significant number of shares in the company. It appears that West Red Lake Gold Mines insiders own 13% of the company, worth about CA$25m. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders. Our data shows a little insider buying, but no selling, in the last three months. That said, the purchases were not large. However, our analysis of transactions over the last year is heartening. Insiders own shares in West Red Lake Gold Mines and we see no evidence to suggest they are worried about the future. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. In terms of investment risks, we've identified 2 warning signs with West Red Lake Gold Mines and understanding them should be part of your investment process. Of course West Red Lake Gold Mines may not be the best stock to buy. So you may wish to see this free collection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
