West Red Lake Gold Mines (TSXV: WRLG) is reporting this morning that the third quarter saw total gold production of 7,055 ounces of gold. The results come as the company continues to ramp the Madsen Mine to nameplate capacity.
The production figure follows the mine producing 35,700 tonnes of ore at average grades of 5.4 g/t gold. The figure compares to Q2 production of 5,260 ounces of gold, and Q1 production of 496 ounces of gold. Target output levels are currently estimated to be achieved in the second quarter of 2026.
The company also provided early revenue figures, with Q3 seeing revenue of C$33 million, following gold sales at an average price of US$3,456 per ounce.
In terms of development efforts, September reportedly saw a de-bottlenecking effort go into effect with the underground storage of waste rock, which enabled the mine to move over 1,000 tonnes per day for several days, reducing trucking capacity requirements. Q3 was reportedly focused on balancing ramp up projects and regular mining operations, while the mine since the start of August has only processed direct mined tonnes, with no stockpiles included in current processing.
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“The Madsen Mine remains on track towards commercial production. We are staying focused on a methodical approach to this ramp up because developing a strong sustainable mine gives us the potential to create more value in Red Lake. Such potential is very apparent in our Rowan project, which we are advancing quickly so that its anticipated production rate of 35,000 ounces adds to our Red Lake production profile within a few years, and we see significant additional value potential at Madsen as we test high-grade targets in and around the deposit and unlock the deeper opportunity of this gold system,” commented Shane Williams, CEO of West Red Lake Gold.
West Red Lake Gold Mines last traded at $0.94 on the TSX Venture.
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