Pure Gold drills 48.4 g/t gold over 6.0 m at McVeigh, Madsen Gold Project
The Madsen Gold Project in the Red Lake gold camp, northern Ontario, showing the headframe, mill and surface diamond drill. Photo courtesy Pure Gold Mining Inc.
Pure Gold Mining Inc. [PGM-TSXV] has reported additional drill results from its 100% owned Madsen Gold Project in the Red Lake gold camp, northern Ontario. Drilling from underground highlights expansion potential within the mineral resource, while surface drilling continues to identify and extend new zones of gold mineralization close to existing mine infrastructure.
Highlights:
Multiple drill holes collared underground from the Madsen ramp have intersected gold mineralization within the McVeigh deposit and outside of the current resource including drill hole PGU-0012 which returned 48.4 g/t gold over 6.0 metres and drill hole PGU-0004 which returned 12.5 g/t gold over 8.2 metres.
Significant gold mineralization, modelled as a potential southward extension of the Fork Zone, has been intersected near surface in the footwall of the Starratt target, including 10.6 g/t gold over 3.1 metres in hole PG17-444 and 13.9 g/t gold over 2.0 metres in hole PG17-427. Drill hole PG17-454 returned 32.5 g/t gold over 2.0 metres in a near surface extension of the Austin that lies up dip of the current resource.
“Today’s results have returned exceptional widths and grades outside of the current resource and within a short distance of the existing underground infrastructure demonstrating the near surface resource growth potential that exists within the Madsen Mine,” said Darin Labrenz, President and CEO. “Further underground drilling will continue to target resource growth as well as firmly establish geologic and grade continuity in the McVeigh, Austin and A3 deposits. Additionally concurrent surface drilling, which remains an important part of Pure Gold’s growth strategy, continues to identify and extend gold mineralization well outside of the Madsen mineral resource highlighting the large mineral system in place at the Madsen Gold Project.”
Additionally, drilling south of the Fork Zone has intersected 7.5 g/t gold over 1.1 metres in a 260-metre step-out from hole PG17-359 which returned 13.9 g/t gold over 1.5 metres. Additional step out drilling reported herein includes hole PG17-427 which returned 13.9 g/t gold over 2.0 metres and drill hole PG17-444 which returned 5.4 g/t gold over 7.3 metres including 10.6 g/t gold over 3.1 metres. This drilling expands mineralization in the shallow plunging Fork Zone to over a 700 metre strike length. Additional surface work and target modelling demonstrates that the mineralized system has further potential for expansion to the south and to depth.
Drill hole PG17-454 targeted shallow gold mineralization in the Austin outside of the current resource The hole returned 32.5 g/t gold over 2.0 metres at a vertical depth of approximately 135 metres and located approximately 180 metres up dip of the resource model in this area. Drill hole PG17-429, which also targeted up dip extensions to the Austin resource, returned 8.5 g/t gold over 1.0 metre.
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. With an indicated resource of 1,648,000 ounces gold at 8.9 g/t gold (in 5.79 million tonnes) and an inferred resource of 178,000 ounces gold at 9.4 g/t gold (in 0.59 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.