Pure Gold Mining Inc. [PGM-TSXV; LRTNF-OTC; PUR-London] announced that underground exploration drilling has intersected high-grade gold mineralization from step-out drill holes drilled close to existing underground development at its Madsen Project 16 km west of Red Lake, northwestern Ontario.
Drilling has extended gold mineralization out from current design stopes and discovered new gold zones that will be integrated into mine planning and has confirmed stopes scheduled for near-term production.
Drilling highlights included 12.8 g/t gold over 10.0 metres in drill hole PGU-0136, including:
20.1 g/t gold over 5.0 metres. Hole PGU-0123 returned 9.3 g/t gold over 2.4 metres, including:
16.2 g/t gold over 1.1 metres. Hole PGU-0124 returned 10.6 g/t gold over 2.0 metres.
“These latest high-grade gold intercepts continue to reinforce our near-term growth plan for the Pure Gold Red Lake mine and to exhibit the tremendous strength, continuity and scalability of this high-grade gold system,” stated Darin Labrenz, President and CEO. “Underground exploration drilling continues to extend stopes that are part of our near-term mine plan, and to discover brand new gold zones, which could have a direct net positive impact on our production profile, and because of their proximity to existing development a potential impact to near-term cash flow at our mine. In this case we have more than doubled the strike length of a planned stope, further demonstrating the dramatic transformative growth potential of our Pure Gold mine. We have only just begun a 30,000-metre exploration program, which will span across our seven-kilometre gold corridor, and already we’re delivering on our objective of building a multigenerational mining complex in Red Lake.”
Diamond drilling continues to identify extensions to design stopes, providing opportunity for additional high-grade tonnes from existing or planned development.