Royalty Qualitative Information
The Madsen Mine is located adjacent to the community of Madsen, within the Red Lake Municipality of northwestern Ontario, approximately 565 km by road northwest of Thunder Bay, Ontario and approximately 475 km by road east-northeast of Winnipeg, Manitoba. West Red Lake Gold acquired the project in 2023 and began the restart of production in 2025 after completing 90,000 metres of infill drilling and 4km of underground access.
Gold was originally reported in the Red Lake area in 1897, and since 1927, a total of 28 mines have operated in the Red Lake Mining District, producing 29 million ounces of gold at an average recovered grade of 15.6 g/t Au. Approximately 89% of this gold was produced from two mine complexes: Red Lake Mine and Madsen.
Madsen is primarily mined by longhole stoping and mechanized cut and fill methods, with underground mining areas being accessed by dual ramps. Ore is brought to surface via these ramps and upon completion will also be hoisted by a multi-shaft system.
The processing plant has a current design capacity of 800 t/d. The plant is conventional Leach - Carbon in Pulp and is able to achieve 95% recoveries.
West Red Lake continues to explore the land package at Madsen, with drill programs targeting resource definition and expansion, which will directly benefit Summit’s royalty holding.