This is the very first bar of gold from the PureGold Mine…
When we poured this bar on December 29, 2020, PureGold Mining (TSX.V:PGM)(OTC:LRTNF)(LSE:PUR) officially became the newest gold producer in North America. Not only one of a select few mines to start producing gold in 2020, but also one of a very small, elite group of high-grade gold producers.
Our Phase One Mine is now producing its first One Million ounces of high-grade gold (generating more than $2.3 billion in revenue at today’s gold price)…
In fact, the PureGold Mine is the 16th richest goldmine on the planet.1
Our Phase One Mine represents only a fraction of the gold we’ve identified on our property to date. Our total mineral resource includes a 2.1 million ounce indicated resource (7.2Mt @8.9 g/t gold) and a 0.5-million-ounce inferred resource (1.9Mt @7.7 g/t gold).2
And we believe we’ve only just scratched the surface. We’ve defined a 7-kilometre-long by half-a-kilometre-wide Gold Corridor on our property, and we continue to make new discoveries.
Some of the highest known grades on our property are located 1 km beneath the surface in an area called “8-Zone”. Early drilling in our 8-Zone included several very high-grade results such as 4.3 metres containing 466 g/t gold.3 The grade of that single drill intercept is more than 51x the average probable reserve grade of the PureGold Mine.
The 8-zone is deeper than zones currently being mined and has yet to be systemically drill tested. But we are getting closer to it every day and expect to be deep enough to drill test it by the end of 2021. Proving that 8-Zone is much larger than is currently known could be transformational for PureGold.
This all comes at a time of historic strength for gold (due in part to unprecedented monetary and political risks), meaning larger margins as we continue producing the yellow metal.
What does this mean for PureGold and its shareholders?
We’re North America’s newest high-grade gold producer, and yet we are in the very early stages of developing what we believe is the world’s next iconic gold mine.
And we have some of the best shareholders in the world behind us as we grow. Together, our three largest shareholders own around 30% of PureGold.4 They are:
- AngloGold Ashanti, the world’s third-largest gold mining company
- Newmont, the world’s largest gold mining company
- And Eric Sprott, the legendary resource billionaire who alone has invested $35 million in PureGold
But this is just the beginning of the growth we see at PureGold. Let us tell you our story.
Should you have any questions, please feel free to contact our investor relations team.
2Mineral resources are inclusive of Mineral Reserves and are reported with an effective date of February 5, 2019. Mineral Resources that are not included in the Mineral Reserves do not have demonstrated economic viability. Mineral Reserves are reported using a 4.75 g/t gold cutoff excepting a 4.00 g/t cut-off for the McVeigh Zone. Mineral Resources are estimated using $1,275/oz and a 95% recovery and are reported at a 4.0 g/t gold cut-off. See technical report titled “Madsen Gold Project Technical Report Feasibility Study for the Madsen, Red Lake, Ontario Canada” effective February 5, 2019, 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
3Note: Historic drill hole results were completed prior to the implementation of National Instrument 43-101. A full discussion and cautionary language regarding historic sampling practices can be found in the NI43-101 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”).
4S&P Capital iQ, public disclosure.