TIDMPUR
RNS Number : 1570R
Pure Gold Mining Inc.
04 March 2021
NEWS RELEASE 21 -03 March 04, 2021
PUREGOLD SURFACE EXPLORATION DRILLING INTERSECTS HIGH GRADE GOLD
AT THREE TARGETS NEAR PUREGOLD MINE
16.6 g/t gold over 5.0 metres at Wedge, 19.2 g/t gold over 1.1
metres at Treasure Box, and 16.1 g/t over 2.0 metres at No. 1 Vein
highlight organic growth potential of the PureGold Mine
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR)
("PureGold" or the "Company"), is pleased to announce that surface
exploration drilling has intersected high grade gold mineralization
located outside PureGold's existing Mineral Resources(1) at three
distinct targets-Wedge, Treasure Box, and No. 1 Vein - as shown on
the map linked below . The continued success of the ongoing surface
exploration program is consistent with the Company's objective of
fueling PureGold's future organic growth beyond the Phase 1 Mine by
discovering new zones and expanding upon known zones of high grade
gold across the Company's 47km(2) property. An updated mineral
resource estimate is in progress and is anticipated to be published
in the second quarter.
Drilling results highlights:
o 16.6 g /t gold over 5.0 metres from drill hole PG20-817 at
Wedge-ST; including 33.0 g/t gold over 1.0 metre and 19.5 g/t gold
over 1.0 metre
o 10.5 g/t gold over 3.5 metres from drill hole PG20-797 at
Wedge-ST; including 28.9 g/t gold over 1.0 metre ;
o 9.9 g/t gold over 1.1 metres and 13.5 g/t gold over 1.1 metres
from drill hole PG20-792 at Treasure Box;
o 19.2 g /t gold over 1.1 metres from drill hole PG20-803 at
Treasure Box;
o 16.1 g/t gold over 2.0 metres from drill hole PG21-828 at No.
1 Vein.
Recent drilling at the Wedge Zone, located approximately two
kilometres south of the PureGold mill, has been focused on a new
target in the Starratt area, Wedge-ST, testing both near-surface
and deeper extensions of high grade gold mineralization intersected
by earlier PureGold drilling programs. Drilling returned high grade
gold intervals, expanding the vertical extents of high grade
mineralization at Wedge to over 500 metres and stepping out along
strike over 200 metres. These results highlight the deep roots of
the Wedge Zone, as well as the strong potential to expand
mineralization at Wedge both laterally and at depth. The high grade
Wedge Zone, including Wedge-ST, remains a core component of the
phased growth plan at the PureGold Mine.
Treasure Box is a new drill target for PureGold, located
approximately three kilometres north of the PureGold mill, and
situated along the same highly prospective and underexplored Russet
mafic/ultramafic contact that hosts the Company's 8-Zone and Russet
South deposits. Treasure Box was initially discovered by previous
operator Placer Dome and remained a top priority for Placer Dome up
until their takeover by Barrick and Goldcorp in 2006. New drilling
at the Treasure Box target by PureGold has returned high grade gold
and successfully tested a new structural model for this quartz vein
swarm target. PureGold's i nitial results from Treasure Box not
only reinforce the large extent of the Russet mafic/ultramafic
contact on PureGold's 47km(2) property but also highlight the
potential of both Treasure Box and other existing high grade gold
deposits on the property.
New drilling at the No. 1 Vein target east of the PureGold Mine
has intersected gold mineralization in an extension of past
historical underground exploration which was left behind upon
discovery of the Austin ores in 1937. Visible disseminated gold is
hosted within quartz veins associated with a porphyritic host rock
and the system remains open at depth. Data from the 2D seismic
survey completed in 2020 helped to highlight the potential of this
target hosted in a similar setting to other recent discoveries in
the district.
A summary table of results is set out at the end of this News
Release.
"The latest results from our ongoing surface exploration program
are consistent with our strategy of continuing to expand our
resource base well beyond our current Mineral Reserves to support
organic growth of the PureGold Mine for many years to come. As we
continue to systemically discover new zones and expand the areas of
known high grade gold mineralization on our property, results such
as these broad, high grade intervals are exciting, as they
reinforce the continuity of high-grade gold mineralization across
our seven kilometre gold corridor both laterally and at depth,"
stated Darin Labrenz, President and CEO of PureGold. "With our
PureGold Mine now pouring gold and nearing commercial production,
we remain as committed as ever to growth through exploration as we
continue our mission to unlock the full potential of the PureGold
Mine in Red Lake, Canada."
Ongoing Exploration Drilling
In 2020 21,417 metres of surface exploration drilling were
completed. Currently, two surface exploration drills are active on
the project and will continue through the year with approximately
21,000 metres planned. Of this approximately 3,700 metres have been
completed to date. Results will continue to be reported as
available. To date, ongoing COVID-19 screening and prevention
procedures implemented on the project have been successful in
allowing work to safely continue with limited impacts on
productivity. However, significant delays in analytical results
turnaround have been experienced and are expected to continue
through the first half of 2021. Underground exploration and
delineation drilling is ongoing with two diamond drills active and
will be reported quarterly.
Drill Results Summary
New assay results from select drill holes are outlined
below:
Hole ID From (m) To (m) Length Gold (g/t) Zone
(m)
Treasure
PG20-783 180.2 182.2 2.0 6.1 Box
--------- ------- ------- ----------- -----------
Treasure
PG20-792 180.0 181.0 1.0 9.9 Box
--------- ------- ------- ----------- -----------
Treasure
PG20-792 237.7 238.8 1.1 13.5 Box
--------- ------- ------- ----------- -----------
PG20-797 669.1 672.6 3.5 10.5 Wedge-ST
--------- ------- ------- ----------- -----------
Including 671.6 672.6 1.0 28.9 Wedge-ST
--------- ------- ------- ----------- -----------
Treasure
PG20-803 139.4 140.5 1.1 19.2 Box
--------- ------- ------- ----------- -----------
PG20-817 65.8 70.8 5.0 16.6 Wedge-ST
--------- ------- ------- ----------- -----------
Including 65.8 66.8 1.0 33.0 Wedge-ST
--------- ------- ------- ----------- -----------
and Including 67.8 68.8 1.0 19.3 Wedge-ST
--------- ------- ------- ----------- -----------
and Including 68.8 69.8 1.0 19.5 Wedge-ST
--------- ------- ------- ----------- -----------
PG20-820 167.5 169.4 1.9 8.4 Wedge-ST
--------- ------- ------- ----------- -----------
PG21-828 100.3 102.3 2.0 16.1 No. 1 Vein
--------- ------- ------- ----------- -----------
PG21-830 24.5 25.5 1.0 5.4 No. 1 Vein
--------- ------- ------- ----------- -----------
*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 2020/2021 drill results, click link
below:
https://puregoldmining.ca/wp-content/uploads/2021/03/2020-and-2021-DH-Intercepts-Table-March-04-2021.pdf
For a map showing location of drilling targets, click link
below:
https://puregoldmining.ca/wp-content/uploads/2021/03/Resources-and-Targets-Plan-20210304.pdf
About Pure Gold Mining Inc.
PureGold is a growth company, located in the very heart of Red
Lake, Canada. Our objective is pure and simple. To develop a
highly-profitable long life gold mining company, becoming Canada's
next iconic gold producer. Our plan is very disciplined, very
methodical and financially sound. To expand organically, and
develop PureGold's multi-million ounce high grade gold asset
incrementally, step-by-step, using a phased mining development plan
to deliver maximum return.
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 Protocols
Drill core samples are submitted to SGS Minerals in Red Lake,
Ontario and ALS Minerals in Thunder Bay, Ontario. NQ size core
samples are sawn with a diamond blade saw and half-core retained
for further study after being detail logged and photographed. Half
core samples are bagged, sealed, and shipped from the mine property
to the analytical labs.
Samples processed at SGS 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 GE-FAA30V5). 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.
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.
ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:
Adrian O'Brien - Director, Marketing and Communications
Tel: 604-809-6890
aobrien@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 complex, timing and size of exploration activities,
potential for additional resources and timing of resource estimates
and expansion of known deposits, potential for making new
discoveries 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", "anticipate", "plan", "continue",
"planned", "expect", near term", "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 Pure Gold Red Lake Mine complex ;
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 and development
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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