Pure Gold Mining drills bonanza-grade gold at Red Lake, shares up
Pure Gold Mining Inc. [PGM-TSXV; PUR-LSE] reported that ongoing surface exploration drilling near Pure Gold Mining Inc.’s Pure Gold mine near Red Lake, Ontario continues to establish greater continuity and expansion of gold mineralization with high-grade results returned from multiple drill holes targeting both resource upgrades and resource expansion outside the current mineral reserves.
In addition, underground mine stope delineation drilling intersected bonanza grades in areas targeted for first ore delivery and gold production. The latest drill holes confirm the exceptional grades of the gold mineralization in the Wedge resource area, support continuity of high-grade gold mineralization across the entire 7 km-long gold system, and confirm high-grade gold in mine stopes scheduled for early production.
The company’s underground drilling continues to be successful in discovering new gold mineralization, extending mineralization out from planned stopes and confirming stopes planned for near-term production. New grade control drilling has highlighted the potential for bonanza grades in stopes planned for near-term production.
Highlights of drilling from underground include 296.1 g/t gold over 4.9 metres from test hole PGL-0003, including 1,147.1 g/t gold over 1.2 metres. Hole PGB-0170 returned 40.0 g/t gold over 2.2 metres, including 94.1 g/t over 0.9 metres. Hole PGB-0165 returned 18.7 g/t gold over 2.8 metres, including 65.4 g/t over 0.7 metres. ;
New surface drilling results at Wedge highlight the strong continuity of the high-grade gold mineralization, both down plunge and along strike, reinforcing the Wedge as a high priority for resource growth.
Highlights of surface drilling from Wedge include 66.3 g /t gold over 1.0 metre, 24.3 g/t gold over 1.0 metre , 20.5 g/t gold over 1.0 metre and 16.6 g/t gold over 1.5 metres. Refer to company press release for complete drill results.
Two surface rigs are expected to continue exploration and expansion drilling into 2021 with well over 30,000 metres planned, and underground drilling is expected to continue over the life of the mine.
The Pure Gold mine is on track to pour first gold in late 2020.
In October 27 trading, shares of Pure Gold gained $0.24 to $2.54 on a volume of 1,951,600 shares traded.