PUREGOLD SURFACE EXPLORATION DRILLING INTERSECTS HIGH GRADE GOLD AT THREE TARGETS NEAR PUREGOLD MINEMarch 4, 2021
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 Resources1 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 47km2 property. An updated mineral resource estimate is in progress and is anticipated to be published in the second quarter.
Drilling results highlights:
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
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;
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;
19.2 g/t gold over 1.1 metres from drill hole PG20-803 at Treasure Box;
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 initial results from Treasure Box not only reinforce the large extent of the Russet mafic/ultramafic contact on PureGold’s 47km2 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 (m)||Gold (g/t)||Zone|
|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:
For a map showing location of drilling targets, click link below:
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.
- 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 puregoldmining.caor 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, 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 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.