11:15 AM EST, 12/10/2024 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) was last seen down 1.7% after the company on Tuesday provided an update for its Madsen property in Northwestern Ontario.

The company recently completed a re-evaluation of the Fork deposit and has recognized a shallow, high-grade, low-plunging zone of gold mineralization that is 250 meters southwest from underground development at Madsen.

The zone has been defined by previous drilling over an area of 400 meters by 250 meters and shows potential for further expansion along strike to the south, West Red Lake said. Average thickness of the zone is conservatively estimated at 2m based on existing core length intercepts.

Fork will be a priority drill target next year.

The Fork deposit currently contains an indicated mineral resource of 20,900 ounces grading 5.3 grams per tonne of gold with an additional inferred resource of 49,500 ounces grading 5.2 grams per tonne of gold.

The company's shares were last seen down $0.01 to $0.57 on the TSX Venture Exchange.

Price: 0.57, Change: -0.01, Percent Change: -1.72