Pure Gold Mining Inc. [PGM-TSXV; LRTNF-OTC] reported drill results from the ongoing 70,000-metre, four drill rig, exploration program at its 100%-owned Madsen Gold Project 16 km west of Red Lake northwest Ontario. Results reported herein include a number of significant achievements for Pure Gold and include the following highlights:
- The highest grade result to date returned from the McVeigh target area being 133.4 g/t gold over 2.0 metres in hole PG17-307, including 264.9 g/t gold over 1.0 metre
- The deepest gold mineralized intercept drilled to date by Pure Gold intersecting the A3 zone at 600 metres vertical and returning 6.2 g/t gold over 3.3 metres in hole PG17-320
- Extension of the structures hosting mineralization in the McVeigh over 600 metres to the southwest in drill hole PG17-359 which returned 13.9 g/t gold over 1.5 metres in the Fork Zone. This confirms that McVeigh, Fork and Starratt target areas link into a common mineral system extending for over 5 km.
Higher Grades at McVeigh
Drill hole PG17-307 intersected the highest grade result by Pure Gold to date in the McVeigh, returning 133.4 g/t gold over 2.0 metres, including 264.9 g/t gold over 1.0 metres at a depth of 225 metres below surface. This intercept lies approximately 150 metres below mined stopes on 2 Level and outside of conceptual areas studied for potential mining development in the 2016 PEA.
Drilling of the McVeigh continues to support geologic models highlighting internal continuity in south plunging mineralized shoots. McVeigh remains open in all directions, with drilling currently focused on broader step-outs, outside the known extents of mineralization, with a goal of expanding the resource in proximity to the established infrastructure.
Drilling at the A3 shows continuity of gold mineralization
Results reported here have identified gold mineralization in a 60-metre step-out on previously reported results from the A3 Target of 14.3 g/t over 1.0 metresin drill hole PG16-282. Drill hole PG17-320 is the deepest gold mineralized intercept returned by Pure Gold to date in the A3 Target, highlighting gold mineralization at a depth of 600 vertical metres. Drilling targeting the A3, which is situated immediately in the hanging wall of the McVeigh, has now established a 500-metre plunge extent on the mineralized structure (see A3 long section).
Step-out drilling intersects mineralization 900m South of McVeigh Portal at Fork Zone
Drilling intersected 3.9 g/t gold over 6.6 metres, including 13.9 g/t gold over 1.5 metres in a 150-metre step-out from PG14-011 which returned 17.2 g/t gold over 3.5 metres at a vertical depth of 130 metres. This intercept establishes a strike length at Fork of 450 metres in a shallow south-dipping gold-bearing structure which remains open for expansion. More importantly, drill hole PG17-359 has extended the gold mineralized structure that hosts the McVeigh Zone approximately 600 metres south of the southernmost McVeigh drilling to date.
New geologic modelling based on recent drilling has established the structural framework for the Fork Zone and reinforces the scale of the Madsen mineral system. This new work confirms the earlier postulation of strike continuity of the gold mineralized system between the Madsen and Starratt Mines, with approximately 2.5 km from the Madsen #2 shaft to the Starratt Target (see Fork Plan Map) and 5 km total strike length of the high grade gold-mineralized system.
“Our drilling has firmly established the expansion of the Madsen mineral system,” said Darin Labrenz, President and CEO of Pure Gold. “Today’s results show high gold grades intersected outside the limits of the existing resource and more importantly, significant step-out drilling has linked what were previously viewed as separate target areas into a common geologic model, demonstrating the potential size of the Madsen mineral system.”
See company press release for complete assays and long sections.
Pure Gold’s 2017 exploration program is on-going with four drill rigs testing resource growth potential near the mine infrastructure and along the more than 5 km of strike length of the Madsen mineral system. The program is expected to include 70,000 metres of core drilling, and will include underground drilling, projected to commence in Q2 2017. Further results will be released as available.
The Madsen Mine operated for over 36 years with historic production of 2.5 million ounces at an average grade of 9.9 g/t gold. The Madsen Gold Project hosts a permitted mill and tailings facility, and access to power, water and labour. The Madsen Gold Project has an indicated resource of 928,000 ounces gold at 8.93 g/t gold (in 3.24 million tonnes) and an inferred resource of 297,000 ounces gold at 11.74 g/t gold (in 0.79 million tonnes.