Pure Gold drills 5 metres of 55.4 g/t gold at Pure Gold mine, Ontario
Pure Gold Mining Inc. [PGM-TSXV; LRTNF-OTC; PUR-LSE] reported high-grade drill intercepts returned from surface and underground drilling completed during the third quarter of 2021 at the at the 100%-owned Pure Gold mine 16 km west of Red Lake, northern Ontario. This drilling was successful in demonstrating the tenor and continuity of gold mineralization for planned, near-term mine production from both the main ramp and the east ramp areas, as well as establishing the potential for resource expansion close to existing development. Infill and extension drilling continues from both surface and underground to establish and prioritize mine sequencing, optimize mine development, and identify potential for resource expansion. Drill results are being integrated into the near-term mine plan on a continuing basis.
Underground drilling results highlights include 55.4 g/t gold over 5.0 metres from drill hole PGP-00072, including 83.2 g/t gold over 2.0 metres and including 50.3 g/t gold over 2.0 metres. Drill hole PGP-00086 returned 14.5 g/t gold over 13.2 metres, including 116.7 g/t gold over 1.0 metre. Hole PGP-00091 returned 10.1 g/t gold over 7.8 metres, including 44.2 g/t gold over 1.0 metre. Hole PGP-00070 returned 18.2 g/t gold over 3.9 metres, including 30.1 g/t gold over 1.9 metres.
“Our drilling program continues to return outstanding high-grade results from both infill and stepout drilling conducted at the Pure Gold mine,” stated Darin Labrenz, president and CEO. “Highlighted drill results from this quarter represent some of the best results returned this year, with many targeting extensions to production areas planned for extraction within the next three months. Results from the east ramp area are particularly encouraging, as they indicate significant potential for expansion of the existing resource along strike and down plunge of currently active development. With the success of this quarter’s drilling, the company is expanding the ongoing drill program from both surface and underground with the goal of further delineation and growth of our near-term mine plan.”
As of the end of the third quarter, two drill rigs – one surface core drill and one underground core drill – were active on the site and focused on delineating gold mineralization with both infill and extension drilling. Two more diamond drill rigs are expected to commence by the end of October, bringing the total diamond drill rigs to four, with a focus on targeting production areas in the near-term mine plan. Results from this underground drilling will be reported on a timely basis as received.
The company has granted 200,000 restricted share units and incentive stock options exercisable to purchase up to 350,000 common shares until October 27, 2026, at an exercise price of 97 cents per share to a director. The incentive stock options were granted in accordance with the company’s stock option plan.