Within the Austin zone, west of McVeigh, gap MM24D-09-4796-025 minimize 12.1 metres at 7.35 grams gold from 92.9 metres depth, together with 2.5 metres grading 19.39 grams gold from 93.5 metres depth.
“The distinctive drill outcomes that proceed to be produced from McVeigh are very encouraging and spotlight the chance that continues to be on this shallow, high-grade, simply accessible portion of the Madsen deposit,” West Pink Lake president and CEO Shane Williams stated.
“The Madsen deposit has loads of meat left on the bones whereas additionally providing important upside as we proceed to entry deeper parts of the principle deposit.”
‘Confidence-boosting outcomes’
In an analyst observe, Matt O’Keefe of Cantor Fitzgerald stated the high-grade outcomes increase confidence in near-term manufacturing ounces at Madsen, positioned within the Pink Lake gold district of northwestern Ontario.
“Additionally they spotlight the chance that continues to be at McVeigh, the shallow, high-grade, simply accessible portion of the Madsen deposit, and from the deeper Austin zone which demonstrates the numerous upside in accessing deeper parts of the principle deposit,” O’Keefe stated.
The drill highlights come as the corporate seems in direction of ending a prefeasibility research in a couple of months earlier than its deliberate restart of Madsen, which was producing till 2022 when former proprietor Pure Gold Mining sought creditor safety. West Pink Lake acquired the corporate and Madsen final yr in a purchased deal financing for about C$25 million.
Different highlights from the McVeigh zone present 2 metres at 36.62 grams gold from 51.5 metres depth in gap MM24D-01-4081-028, together with 0.6 metre at 100.44 grams gold from 52.4 metres depth.
Gap MM24D-01-4081-027 minimize 5 metres at 10.82 grams gold from 43 metres depth, together with 1 metre grading 11.44 grams gold from 44 metres depth, and 0.5 metre at 64.71 grams gold.
Pure Gold began producing on the website in 2020, however was in business manufacturing for lower than two years earlier than monetary difficulties pressured it to hunt creditor safety. The corporate purchased the historic Madsen mine in 2014. It produced 2.5 million oz. of gold at a mean grade of 9.7 grams gold between 1938 and 1999.
Madsen hosts 1.65 million indicated oz. of gold grading 7.4 grams gold, and 370,000 inferred oz. gold at 6.3 grams gold, based mostly on a cut-off grade of three.38 grams gold and a gold value of $1,800 per oz. based on a 2021 useful resource estimate.
Shares in West Pink Lake gained 3.6% to C$0.54 apiece on Tuesday morning in Toronto, valuing the corporate at C$190.8 million. Its shares traded in a 52-week vary of C$0.31 to C$0.75.