PUREGOLD DRILLING RETURNS HIGH GRADES INCLUDING 56.6 G/T GOLD OVER 1.0 METRESApril 6, 2021
Underground drilling intersects higher gold grades adjacent ongoing mine development
VANCOUVER, B.C. – Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), is pleased to report high grade drill intercepts returned from underground drilling completed during the first quarter of 2021. This drilling targeted zones in close proximity to new ramp development and adjacent to planned stoping areas with the goal of expanding available reserves and increasing grades in the near-term mine plan. As underground development at the PureGold Mine continues to progress rapidly toward commercial production and unlock access to high grade ore, these positive results highlight the clear path to significantly improve the already strong mine plan over the next 12 months.1
Underground drilling results highlights:
- 56.6 g/t gold over 1.0 metre from drill hole PGB-0186;
- 8.7 g/t gold over 7.9 metres from drill hole PGU-0184; including 44.4 g/t gold over 1.0 metre;
- 7.5 g/t gold over 4.0 metres from drill hole PGB-0194; including 19.9 g/t gold over 1.0 metre;
- 30.5 g/t gold over 0.6 metres from drill hole PGB-0195;
- 4.6 g/t gold over 7.0 metres from drill hole PGU-0182; including 10.2 g/t gold over 1.0 metres;
- 13.4 g/t gold over 1.1 metres from drill hole PGP-00004;
- 11.5 g/t gold over 1.0 metres and 10.5 g/t gold over 1.8 metres from drill hole PGB-0203.
A summary table of results is set out at the end of this News Release.
Results received are being integrated into near-term mine planning. Access development completed to date from the main ramp will facilitate production from some of these areas in 2021. With the milling facility now fully ramped up, the Company’s focus will shift to delivering high grade ore from both the Main and East ramps as development continues to access higher grade stopes and the mine rapidly progresses toward commercial production.
“Our underground drilling ahead of near-term mine production continues to reinforce the high-grade nature of this orebody,” stated Darin Labrenz, President & CEO of PureGold. “With gold recoveries at better than 95%, and the mill ramp up effectively behind us, we can now focus on maximizing delivery of high grade ore from underground. Our prioritized Main ramp development will continue to provide access to increasingly higher grades, and with the East ramp now touching the orebody we expect expanded mine flexibility and high-grade ore delivery from underground. Our drilling program will continue to focus on delineating these stopes and establishing production growth over the coming quarters as we get into the heart of the orebody and continue to execute on our organic growth strategy.”
Underground Drilling Update
As of the end of the first quarter, three air-powered underground core diamond drills were active on the site and focused on delineating gold mineralization with both infill and extension drilling. Results from this underground drilling will continue to be reported on a quarterly basis.
Drill Results Summary
New assay results from select drill holes are outlined below:
|Hole ID||From (m)||To (m)||Length (m)||Gold (g/t)|
*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.
For a complete table of 2021 Underground Drill Results, click here:
QA/QC and Core Sampling Protocols
Underground drill core samples are submitted to SGS Minerals in Red Lake. Underground core samples are whole core sampled after being detail logged and photographed. Sample shipments are bagged and sealed and picked up at the mine site by SGS Minerals employees. Samples reported herein include BQ and ATK-size whole core 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 at the SGS Red Lake facility. 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.
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.
Further details of drilling, analytical process, quality assurance and control, and sampling are available in the Feasibility Study technical report. 2
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.
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
- For further information, see the PureGold news release dated March 31, 2021 titled “PureGold Milling Facility Achieves Design Capacity, Additional Liquidity Secured as Puregold Mine Continues Ramping Up”.
- 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 please see puregoldmining.caor under the Company’s Sedar profile at www.sedar.com
ON BEHALF OF THE BOARD
Darin Labrenz, President & CEO
Adrian O’Brien, Director, Marketing and Communications
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 Mine complex, timing of expected production, timing and size of exploration activities, potential for advancing the amount and timing for higher grade ore, potential for additional resources and expansion of known deposits and 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”, ”progress”, “continue”, “planned”, “expect”, expectations”, “expand”, “increasing”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “improved”, “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 PureGold 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 31, 2021 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.