Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“PureGold” or the
“Company”), is pleased to announce that ongoing surface exploration
drilling near the PureGold Mine continues to establish greater
continuity and expansion of gold mineralization with high grade
results returned from multiple drill holes targeting both resource
upgrades and resource expansion outside the current mineral
reserves.1 In addition, underground mine stope delineation drilling
has intersected bonanza grades in areas targeted for first ore
delivery and gold production from the mine. These latest
drill holes confirm the exceptional grades of the gold
mineralization in the Wedge resource area, support continuity of
high grade gold mineralization across the entire seven-kilometre
long gold system, and confirm high grade gold in mine stopes
scheduled for early production.
Our underground drilling continues to be
extremely successful in delivering on its objective of discovering
new gold mineralization, extending mineralization out from planned
stopes and confirming stopes planned for near-term
production. New grade control drilling has highlighted the
potential for bonanza grades in stopes planned for near term
production.
Highlights of drilling from underground
include:
- 296.1 g/t gold over 4.9 metres from test hole
PGL-0003, including 1,147.1 g/t gold over 1.2
metres;
- 40.0 g/t gold over 2.2 metres
from drill hole PGB-0170, including 94.1 g/t over 0.9
metres;
- 18.7 g/t gold over 2.8 metres from drill hole
PGB-0165, including 65.4 g/t over 0.7 metres;
- 11.1 g/t gold over 6.7 metres from drill hole
PGB-0178.
Additionally, new surface drilling results at
Wedge highlight the strong continuity of the high grade gold
mineralization, both down plunge and along strike, reinforcing the
Wedge as a high priority for resource growth.
Highlights of surface drilling from Wedge:
- 66.3 g/t gold over 1.0 metre
from drill hole PG20-769;
- 24.3 g/t gold over 1.0 metre from drill hole
PG20-775;
- 20.5 g/t gold over 1.0 metre from drill hole
PG20-766;
- 16.6 g/t gold over 1.5 metres from drill hole
PG20-767;
- 11.4 g/t gold over 2.0 metres from drill hole
PG20-773.
Two surface rigs are expected to continue
exploration and expansion drilling into 2021 with well over 30,000
meters planned, and underground drilling is expected to continue
over the life of the mine.
“Over the last several months our exploration
team has been intently working to achieve our objective of growing
resources at our high grade discoveries, as well as infill and
expansion of stopes that form part of our near-term mine plan,”
stated Darin Labrenz, President and CEO of Pure Gold. “Today’s
exploration results continue our success at Wedge where we are
pushing well beyond the boundaries of our phase I mine plan,
demonstrating the high grade nature and growth potential of our
large gold system.1 Deep pierce points along the entire seven
kilometre trend intersecting the same style of mineralization,
geology, alteration and high-grade gold support the opportunity for
growth and scalability of the project for the long term.
Along with high grade results from underground, our exploration
work continues to crystallize this opportunity, providing clear
support for the opportunity to grow the PureGold Mine into an
iconic Canadian producer in the heart of Red
Lake.” Underground drilling results are
from holes designed to further delineate and expand stopes
scheduled for near-term production. Core holes were drilled
using either an electric hydraulic drill rig drilling NQ size core
samples (47.6 mm) or a Bazooka air drill which returned EW size
core samples (25.4mm). Test hole samples were obtained using
a pneumatic longhole production rig where samples were acquired by
collecting the all rock cuttings and sludge from each 1.2 metre
drill run.
The test holes were drilled from the hanging
wall No. 2 stope, discovered during the 2018 test mining program,
to test the lateral and vertical continuity of the hanging wall
lens No. 3 which was only partially mined by that program.
Bonanza grades, including 1.2 metres grading 1,147.1 g/t
gold, were returned from this drilling demonstrating the
high grade of this near-term production area.
Surface drilling results reported herein are
from the Wedge zone, located less than three kilometres by road
south of the PureGold processing facility. The Wedge
resources form a southward extension of the same mineral system
that hosts the phase I mineral reserves under development defining
a key gold mineralized structural corridor that extends over a more
than seven kilometre strike length and providing potential for
project scalability. Ongoing drilling at Wedge continues to
support the strong continuity of high grade gold mineralization in
multiple zones.
Drill Results Summary
New underground drilling assay results from
select drill holes are outlined below:
Hole ID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Method |
PGB-154 |
24.0 |
24.5 |
0.5 |
11.0 |
Core |
PGB-159 |
14.2 |
14.7 |
0.5 |
6.9 |
Core |
PGB-165 |
10.7 |
13.5 |
2.8 |
18.7 |
Core |
Including |
12.0 |
12.7 |
0.7 |
65.4 |
|
PGB-170 |
18.8 |
21.0 |
2.2 |
40.0 |
Core |
Including |
20.1 |
21.0 |
0.9 |
94.1 |
|
PGB-178 |
0.0 |
6.7 |
6.7 |
11.1 |
Core |
Including |
0.5 |
1.6 |
1.1 |
17.0 |
|
And Including |
2.9 |
3.8 |
1.0 |
10.5 |
|
And Including |
5.9 |
6.7 |
0.8 |
26.4 |
|
PGL-0003 |
1.2 |
8.5 |
7.3 |
198.0 |
Test |
Including |
3.7 |
8.5 |
4.9 |
296.1 |
|
Including |
3.7 |
4.9 |
1.2 |
1,147.1 |
|
PGL-0005 |
4.9 |
6.1 |
1.2 |
10.1 |
Test |
*Assay composites were calculated using uncut assays and true
widths are interpreted to vary from 80-95% (90%, on average) of
reported core lengths above.
New surface drilling assay results from select
drill holes are outlined below:
Hole ID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone |
PG20-739 |
159.6 |
162.8 |
3.3 |
5.4 |
Wedge |
Including |
161.7 |
162.8 |
1.1 |
7.2 |
|
PG20-741 |
118.7 |
119.7 |
1.0 |
7.5 |
Wedge |
PG20-758 |
238.1 |
240.1 |
2.0 |
6.4 |
Wedge |
Including |
238.1 |
239.1 |
1.0 |
8.6 |
|
PG20-764 |
25.6 |
26.6 |
1.0 |
5.0 |
Wedge |
PG20-766 |
11.0 |
12.0 |
1.0 |
20.5 |
Wedge |
and |
28.0 |
30.0 |
2.0 |
3.6 |
|
and |
34.0 |
36.0 |
2.0 |
6.7 |
|
PG20-767 |
208.5 |
213.0 |
4.5 |
6.3 |
Wedge |
Including |
211.5 |
213.0 |
1.5 |
16.6 |
|
PG20-769 |
97.5 |
98.5 |
1.0 |
7.3 |
Wedge |
and |
110.1 |
111.1 |
1.0 |
66.3 |
|
PG20-770 |
357.7 |
358.7 |
1.0 |
3.8 |
Wedge |
PG20-773 |
37.2 |
38.2 |
2.0 |
11.4 |
Wedge |
PG20-775 |
302.5 |
303.5 |
1.0 |
24.3 |
Wedge |
*Assay composites were calculated using uncut assays and true
widths are interpreted to vary from 70-90% (80%, on average) of
reported core lengths above.
For a complete list of 2020 drill results to
date, click link
below:http://puregoldmining.ca/sites/default/files/2020-DH-Intercepts-Table-October-27.pdf
About Pure Gold Mining Inc.The
PureGold Mine, located in the heart of Red Lake, Ontario, is
Canada’s next gold mine. Fully funded, the project is on
track to deliver near term gold production into a rising Canadian
gold price environment, with first gold pour scheduled for late
2020. The orebody is situated within a seven-kilometre-long gold
system that is wide open for expansion at depth and along strike,
and multiple discoveries by the Company suggest potential
opportunities for near-term growth.
Additional information about the Company and its
activities may be found on the Company’s website at
www.puregoldmining.ca and under the Company’s profile at
www.sedar.com.
1. For
further information, see the technical report titled “Madsen Gold
Project Technical Report Feasibility Study for the Madsen Deposit
Red Lake, Ontario, Canada“ with an effective date of February 5,
2019, and dated July 5, 2019 (the “Feasibility Study”), for further
information, available at www.puregoldmining.ca or under the
Company’s Sedar profile at www.sedar.com
QA/QC and Core Sampling
ProtocolsDrill core and test hole samples are submitted to
SGS Minerals in Red Lake, Ontario and drill core samples to ALS
Minerals in Thunder Bay, Ontario. Surface exploration core samples
are sawn with a diamond blade saw and half-core retained for
further study. Underground core samples are whole core sampled
after being detail logged and photographed. Samples processed at
SGS include NQ and EW size whole core samples and test hole sludge
samples and are prepared by drying and crushing to 75% less than 2
mm, a riffle split of 250 g, and pulverization of the split to
better than 85% passing 106 microns. Gold analysis is completed in
the SGS Red Lake lab with a 30 g fire assay and AAS finish (code
GO-FAA30V10 for mine samples and GE-FAA30V5 for exploration
samples). Mine samples returning >100 g/t Au and exploration
samples returning >5 g/t Au are re-assayed with a gravimetric
finish (code GO-FAG30V). Mineralized zones with visible gold are
also analyzed by a 500 g screen fire assay with screening to 106
microns (code GO-FAS30M). Duplicate 30 g fire assays are conducted
on the screen undersize and combined with an assay of the entire
oversize fraction.
NQ drill core samples processed at ALS include
sample preparation by crushing to 70% less than 2 mm, a rotary
split of 1 kg, and pulverization of the split to better than 85%
passing 75 microns. Sample pulps are shipped to the ALS assay
laboratory in North Vancouver, BC for gold analysis with a 30 g
fire assay and AAS finish (code Au-AA23). Samples returning >5
g/t Au are re-assayed with a gravimetric finish (code GRA21).
Mineralized zones with visible gold and shoulder samples are also
analyzed by a 1 kg screen fire assay with screening to 100
microns.
A duplicate 30 g fire assay is conducted on the
screen undersize with assaying of the entire oversize fraction
(code Au-SCR21).
Control samples (certified standards and
uncertified blanks), along with field, prep and pulp duplicates,
are inserted on a regular basis. Results are assessed for accuracy,
precision, and contamination on an ongoing basis.
Qualified Persons and 43-101 Disclosure
Phil Smerchanski, P. Geo., Vice President,
Exploration for the Company, is the designated Qualified Person for
this news release within the meaning of National Instrument 43-101
(“NI 43-101”) and has reviewed and verified that the technical
information contained herein is accurate and approves of the
written disclosure of same.
Our mandate is pure and simple. To dream big. To
colour outside the lines. To use smart science and creativity to
unlock the PureGold Mine in Red Lake, Ontario, Canada. And become
Canada’s next iconic gold company.
Additional information about the Company and its
activities may be found on the Company’s website at
www.puregoldmining.ca and under the Company’s profile at
www.sedar.com.
ON BEHALF OF THE BOARD"Darin
Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:Adrian O’Brien, Director of
Marketing & CommunicationsDirect: 604-809-6890Office:
604-646-8000 x223info@puregoldmining.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
All statements in this press release, other than
statements of historical fact, are "forward-looking information"
with respect to PureGold within the meaning of applicable
securities laws, including, but not limited to statements with
respect to those that address proposed timing of development plans
for the PureGold Red Lake Mine (RL Mine Project), timing of
expected production, timing of exploration activities, expected
development schedule, potential for advancing the timing for higher
grade ore, potential for additional resources and expansion of
known deposits and the focus of the Company in the coming months .
Forward-looking information is often, but not always, identified by
the use of words such as "seek", “view”, "anticipate", "plan",
"continue", "planned", "expect", "project", "predict", "potential",
"targeting", "intends", "believe", "potential", and similar
expressions, or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"should", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licences and permits and obtaining required licences and permits,
labour stability, stability in market conditions, availability of
equipment, accuracy of any mineral resources, successful resolution
of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are not within the
control of PureGold and there is no assurance they will prove to be
correct.
Such forward-looking information, involves known
and unknown risks, which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information, including, risks related to
the interpretation of results at the RL Mine Project; changes in
project parameters as plans continue to be refined; current
economic conditions; future prices of commodities; possible
variations in grade or recovery rates; the costs and timing of the
development of new deposits; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to
perform; the timing and success of exploration activities
generally; delays in permitting; possible claims against the
Company; the timing of future economic studies; labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March 26, 2020 in the section
entitled "Risk Factors", under PureGold’s SEDAR profile at
www.sedar.com.
Although PureGold has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
PureGold disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise unless required by
law.
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