Madsen Red Lake Mine: Current Overview
In August 2019, a construction decision was announced for the Madsen Red Lake Mine following the release of a feasibility study outlining a 12-year, high-grade underground gold mining operation with a production rate of 800 tonnes per day (“tpd”).
Detailed engineering, procurement and construction have commenced and the fully funded project is targeting first production by the end of 2020. In addition, an active exploration program is ongoing with the goal of growing the resource base and realizing the strong growth and scalability potential of the project.
The Madsen Red Lake Mine is built around an ore body with Probable Mineral Reserves of 3.5 Mt at 9.0 g/t containing 1.0 million ounces of gold included in a Mineral Resource of 7,196,000 Indicated tonnes grading 8.9 g/t gold for 2,063,000 ounces of gold and 1,880,000 Inferred tonnes grading 7.7 g/t gold for 467,000 ounces of gold.1
The Madsen Red Lake Mine has been an important part of the Red Lake mining district’s history and it will be a major driver of the future of the district.
Initial Production: the First Phase in the Madsen - Red Lake Mine Strategy
Over the coming months, the Company will be focused on:
- Continued collaboration with our local partners Wabauskang First Nation and Lac Seul First Nation, and the broader community, to ensure responsible and sustainable development;
- Optimizing the project execution schedule, detailed engineering, procurement and permitting updates;
- Continued implementation of hiring strategy to build out the operational team;
- Underground and surface development and construction;
- Process plant commissioning;
- Exploration targeting growth of the resource base and new discovery; and
- First gold production scheduled by the end of 2020.
- See the National Instrument 43-101 technical report entitled “Madsen Gold Project Technical Report, Feasibility Study for the Madsen Deposit, Red Lake, Ontario, Canada” with an effective date of February 5, 2019 and dated July 5, 2019 for complete details, available on the Company’s website at www.puregoldmining.ca or Sedar profile at www.sedar.com.