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  • 21 Aug, 2019

  • By, Wikipedia

Madsen Mine
The Madsen Mine is a past-producing Canadian underground gold mine, currently owned by West Red Lake Gold Mines. The mine was operational from: 1938 to 1976; 1997 to 1999; and 2021 to 2022. In January 2025, it was announced that the mine would re-open and become operational again later in the year.

History

In 1934, Marius Madsen staked claims of the property of the future Madsen Mine for the Falcon Gold Syndicate. On March 8, 1935, realizing the value of the property, Madsen founded Madsen Red Lake Gold Mines Ltd. and bought the claims. Having problem with financing the problem, Marius Madsen worked with Joe McDonough, who helped promote the mine and raise capital for development. McDonough was made president of the company. Mine production began on 1938. In 1974, the mine was acquired by Bulora Corp. Ltd., but was closed two years later, in 1976, due to falling gold prices and increased operating costs of labour and supplies.

In 1980, the mine was sold to E.R. Rowland. Having also acquired the nearby Starratt-Olsen mine, Rowland combined the two properties. Red Lake Buffalo Resources acquired the combined property in 1990, and then later changed the company's name to Madsen Gold Corp. In 1997, the mine restarted operations. In 1998, Claude Resources acquired Madsen Gold Corp. and its Madsen Mine. Operations were stopped in 1999.

In 2014, the mine was sold to Laurentian Goldfields, which later renamed itself to Pure Gold Mining. Pure Gold restarted commercial operations at the mine in August 2021. However, the company failed to produce enough gold to match their projections. Operations at the Madsen mine were suspended a year later, on October 24, 2022, and Pure Gold was granted creditor protection on October 31. Pure Gold and the Madsen mine would be acquired by West Red Lake Gold Mines, with the acquisition being completed on June 16, 2023. On January 2, 2025, West Red Lake Gold announced that they would restart the Madsen Mine, with production beginning later in 2025.

See also

References

  1. ^ "Ontario Mineral Inventory". GeologyOntario. May 13, 2024. Retrieved January 28, 2025.
  2. ^ Barnes, Michael (1995). Gold in Ontario. Erin, Ont. : Boston Mills Press. p. 70. ISBN 978-1-55046-146-6.
  3. ^ "Madsen Mine". RED LAKE REGIONAL HERITAGE CENTRE. Retrieved January 29, 2025.
  4. ^ Minerals Yearbook. The Bureau. 1980. p. 259.
  5. ^ "Starratt-Olsen Mine". RED LAKE REGIONAL HERITAGE CENTRE. Retrieved January 29, 2025.
  6. ^ "Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada" (PDF). West Red Lake Gold Mines Ltd. July 31, 2022. pp. 20–33. Retrieved January 29, 2025.
  7. ^ "Claude scoops up Madsen". The Northern Miner. February 23, 1998. Retrieved January 29, 2025.
  8. ^ Preston, Gwen (March 26, 2014). "The new and improved Laurentian Goldfields". The Northern Miner. Retrieved January 29, 2025.
  9. ^ McGee, Niall (October 31, 2022). "Pure Gold shareholders face loss of entire investment after junior gold company fails to turn around troubled Red Lake mine". The Globe and Mail. Retrieved January 29, 2025.
  10. ^ Ross, Ian (November 2, 2022). "Pure Gold's Red Lake mine poised to go on the selling block". Northern Ontario Business. Retrieved January 29, 2025.
  11. ^ "West Red Lake grabs Madsen mine by buying Pure Gold". MINING.COM. April 17, 2023. Retrieved January 29, 2025.
  12. ^ "West Red Lake Gold Mines Completes Acquisition of Madsen Gold Project and Appoints Tony Makuch to Board of Directors - West Red Lake Gold". West Red Lake Gold. June 19, 2023. Retrieved January 29, 2025.
  13. ^ "Gold company is cashed up to restart Red Lake mine". Northern Ontario Business. January 2, 2025. Retrieved January 29, 2025.
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