Pure Gold Mining Inc. (CVE:PGM) (LON:PUR) (OTCMKTS:LRTNF) said underground exploration drilling has intersected high-grade gold mineralization near the existing main ramp access at the PureGold Red Lake Mine in Ontario, Canada.
The company said drilling has successfully extended gold mineralization out from planned stopes, discovered new gold zones that are being integrated into the mine plan, and has confirmed stopes scheduled for near term production.
Drilling results highlights were:
- 23.4 grams per ton (g /t) gold over 2.9 metres from drill hole PGU-0143; including 50.1 g/t gold over 1.0 metre
- 10.3 g/t gold over 6.0 metres from drill hole PGU-0150; including 27.7 g/t gold over 1.0 metre
- 13.7 g/t gold over 2.2 metres and 13.9 g/t gold over 1.0 metre from drill hole PGU-0144
- 14.3 g/t gold over 1.5 metres from drill hole PGB-0179
- 11.6 g/t gold over 1.9 metres from drill hole PGB-0183
“These latest high-grade gold intercepts continue to bolster our belief that continued high-grade growth will add to the mine plan as we open up new zones. Our continued underground drilling success in concert with our ongoing surface exploration program, forms the foundation of our near-term and extended growth plan for the PureGold Mine.” Darin Labrenz, president and CEO of Pure Gold said in a statement.
“The PureGold Mine will be one of the highest grade gold mines globally, and newly discovered gold zones show potential to add near-term tonnes to our mine plan, with expected lower development costs owing to close proximity to existing development. 2 In addition to ongoing underground drilling, we are actively drilling from surface on several new discovery targets across our seven kilometre gold corridor.
“With initial gold production imminent, we will continue to deliver exploration success, demonstrate the scalability of our PureGold Mine, and deliver on our objective of building a multigenerational mine in Red Lake, Canada.”
The group said diamond drilling continues to identify extensions to design stopes, providing opportunity for further high-grade tonnes from existing or planned development.
It noted that drill holes PGU-0143, PGU-0144 and PGU-0145 have identified a potential new stope accessible from the existing 1300 access drift and adjacent to the main ramp between 4 and 5 Levels. This area will be targeted by further test holes to refine stope design. PGU-0150 was drilled between a high-grade intercept from surface hole PG16-191 and planned ore development, successfully intersecting a broad zone of high-grade gold mineralization identifying the potential for additional ore volumes in this area.
The company noted that PGU-0159 has identified an extension of the MV-1225-4080 Stope and PGB-0182 and PGB-0183 have resulted in the identification of new mineralization in the footwall to the MV-1355-4055 Stope which will be followed up with further drilling.
The PureGold Red Lake Mine is Canada’s next gold mine. It is fully funded and weeks away from initial gold production, the project is on track to deliver high margin gold production into a strong Canadian gold price environment.
The orebody is situated within a 7-kilometre-long gold system that is under active exploration, and multiple discoveries by the company suggest potential opportunities for near-term growth beyond the initial phase I mine plan.
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