Industry financier Frank Giustra’s first foray into gold exploration struck it big Tuesday, reporting bonanza gold grades of more than a kilogram per tonne at its Rowan property in the fabled Red Lake Camp of Ontario.
West Red Lake Gold Mines (TSXV: WRLG; US-OTC: WRLGF) reported Tuesday that hole RLG-23-163B cut 70.8 grams gold per tonne over 8.3 meters, including a segment of 0.5-meter grading 1,120.19 grams gold per tonne.
The news sent the company’s Toronto-quoted stock up 6.1% to close the day at 52¢. Giustra proudly displayed a polished drill core on stage at the Precious Metals Forum underway in Colorado, clearly showing visible gold.
“I’m actually putting money into exploration for the first time,” Giustra told a keynote panel. “If we hit, it’s a huge win and that’s exciting. I’ve seen the light now. I’m coming into exploration slowly,” said the 11.5% owner of West Red Lake to rousing applause from the audience.