Drilling Hits 16.16 g/t Gold over 1.5 Meters Just 1.1 Kilometers From Producing Mine - Streetwise Reports

AI desk brief

West Red Lake Gold reported strong early results from first-pass drilling at the historic Starratt-Olsen Mine near Madsen, including 1.5m at 16.16 g/t gold and 4.5m at 5.16 g/t gold, reinforcing the company’s hub-and-spoke growth plan around the Madsen mill. Management said the drilling confirms Madsen-style mineralization remains close to historic workings, while Q2 production at Madsen rose 51% q/q to 8,576 oz and sales increased to 8,260 oz, with cash costs down to US$2,000/oz and AISC to US$3,284/oz.

On the macro backdrop, the excerpt says gold held above US$4,300/oz as easing oil prices and softer bond yields supported the metal ahead of the Fed decision. BullionVault/Metals Focus commentary highlighted a split between hawkish rate expectations and continued central-bank buying, with Nicky Shiels arguing real policy rates remain only marginally positive versus 3.7% inflation; the article also cites gold at US$4,346.80/oz, up 1.95% on the day and 19.30% year-on-year.