Pure Gold Mining Inc. (TSX-V:PGM) is pleased to announce that underground drilling continues to confirm mineralization within the mineral resource and expand the mineralized zones at its 100% owned Madsen Gold Project. Recent drilling, designed to test mineralization in close proximity to the planned test mining and bulk sample location, has exceeded expectations returning exceptional widths and grades.
“Underground drilling continues to highlight growth potential in the near surface mineral resource at Madsen,” said Darin Labrenz, President and CEO of Pure Gold. “Recent drilling in an area designated for near term test mining demonstrates that the upper portions of the mineral resource have potential for locally increased widths and grades. In addition, infill drilling has demonstrated clear potential for expansion of the mineral resource. This expansion has potential to enhance the initial gold production profile for Madsen. Our underground work program is designed to de-risk and support a robust underground mining operation at Madsen, while our exploration program continues to deliver opportunities for expansion scenarios and highlight the scalability of the Madsen Gold Project.”
Broad Zones of High Grade Gold Mineralization Close to Madsen Ramp
Drill hole PGU-0051 targeted an area scheduled for test mining and bulk sampling in the second quarter of 2018 as part of the Company’s ongoing definitive feasibility study. This hole returned 26.4 g/t gold over 12.7 metres (11 metres true width), including 46.3 g/t gold over 6.8 metres in an area approximately 30 metres south of and contiguous with previously reported drill hole PGU-0028 which returned 19.4 g/t gold over 9.8 metres (see news release dated November 16, 2017).
Drilling from the Madsen ramp has also demonstrated the potential for the mineral resource to expand, with drill hole PGU-0044 intersecting 20.0 g/t over 3.8 metres, including 60.8 g/t gold over 1.0 metre 190 metres below surface and outside of the mineral resource. Drill holes PGU-0037, PGU-0045, PGU-0047, and PGU-0058 also support potential mineral resource extensions with each drill hole intersecting gold mineralization outside of the current resource.
2018 Exploration Drilling
Exploration drilling on the property is ongoing with surface drilling targeting down dip expansions of the mineral resource at the Russet South deposit, and expanding the mineralized zones at the newly discovered Wedge Target. The Company is highly encouraged by results of recent drilling at the Wedge Target which outlined shallow gold mineralization over a strike distance of 800 metres, including 33.3 g/t gold over 8.3 metres in the Wedge-CK and 21.3 g/t gold over 10.3 metres in the Wedge-DV (see news release dated January 31, 2018). To date, an additional 11 drill holes have been completed in the Wedge-DV mineralized zone, with assay results pending.
An underground drill rig is also being mobilized with drilling from underground set to commence within the week. In total, 33,000 metres of diamond drilling has been budgeted with drilling focussed on expanding known resources and the discovery of new gold deposits.
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|
*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 figure showing the location of drill results, click link below:
For a complete list of 2017 drill results to date, click link below:
The Madsen Gold Project has historic production of 2.5 million ounces of gold and remains one of the highest-grade, undeveloped gold projects in the world.1 With an indicated resource of 1,744,000 ounces gold at 8.7 g/t gold (in 6.2 million tonnes) and an inferred resource of 296,000 ounces gold at 7.9 g/t gold (in 1.2 million tonnes), the Project benefits from existing infrastructure including a mill and tailings facility, paved highway access, and access to power, water and experienced labour.2 A feasibility study is underway with results expected in the fourth quarter of 2018 and the Madsen Gold Project is firmly on the path to becoming Ontario’s next gold mine.
(1) Sourced from the Natural Resource Holdings Global Gold Mines & Deposit Ranking of 2013
(2) See the National Instrument 43-101 technical report entitled “Technical Report for the Madsen Gold Project – Restated Preliminary Economic Assessment and Initial Satellite Deposit Mineral Resource Estimates” with an effective date of December 14, 2017 for complete details, available on the Company’s website at www.puregoldmining.ca or Sedar profile at www.sedar.com.
QA/QC and Core Sampling Protocols
Drill core samples are bagged and sealed and submitted to SGS in Red Lake, Ontario for sample preparation by crushing to 75% less than 2mm, a riffle split of 1kg, and pulverization of the split to better than 85% passing 75 microns. Gold analysis is completed in the SGS Red Lake lab with a 30g fire assay and AAS finish (code GE-FAA313). Samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GO-FAG303). Mineralized zones with visible gold are also analyzed by a 1kg screen fire assay with screening to 106 microns (code GO-FAS51K). Two 30g fire assays are conducted on the screen undersize and combined with an assay of the entire oversize fraction. Control samples (accredited standards and non-accredited blanks) were 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 and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
ABOUT PURE GOLD
Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the next major discovery at the Madsen Gold Project in Red Lake, Ontario. And become Canada’s next iconic gold company.
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