Pure Gold Mining Inc. (TSX-V:PGM) (LSE:PUR) 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:
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.
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