06:26 AM EDT, 09/24/2024 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) late on Monday reported new intersections at the high-grade South Austin Zone in the Madsen mine in Ontario.

Highlights of the results include 49.4 grams per tonne (g/t) gold over 4.5 meters and 18.5 g/t gold over 11.2 meters.

The South Austin Zone contains an indicated mineral resource of 474,600 ounces grading 8.7 g/t gold, with an additional inferred resource of 31,800 ounces grading 8.7 g/t gold.

Drilling at the South Austin Zone was part of efforts to build an inventory to support the restart of production at the Madsen mine, expected to commence in 2025.

The company expects to complete a pre-feasibility study outlining its restart plans in the fourth quarter.

West Red Lake Gold's share price fell 6.9% to $0.81 on Monday.