{"id":1099252,"date":"2019-02-11T21:16:17","date_gmt":"2019-02-11T21:16:17","guid":{"rendered":"http:\/\/resourceworld.com\/?p=54860"},"modified":"2019-02-11T21:16:17","modified_gmt":"2019-02-11T21:16:17","slug":"pure-gold-releases-positive-feasibility-study","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1099252","title":{"rendered":"Pure Gold releases positive feasibility study"},"content":{"rendered":"
\"\"<\/a><\/p>\n

Madsen headframe, mill, tailings facility and mine village mine village located 16 km west of Red Lake, Ontario. Source: Pure Gold Mining Inc.<\/p>\n<\/div>\n

Pure Gold Mining Inc.<\/strong> [PGM-TSXV; LRTNF-OTC] on Monday February 11 announced the results of a positive feasibility study for its 100%-owned Madsen-Red Lake project in northwestern Ontario.<\/p>\n

The feasibility study sees Madsen-Red Lake as an 800 tonne-per-day, high-grade underground mining operation with a 12-year life span.<\/p>\n

The study says it will support a peak annual production of approximately 125,000 ounces with average annual gold production in years three to seven of approximately 102,000 ounces.<\/p>\n

Achieving that rate of production would require initial capital of $95 million [including and $8.1 million contingency] to support construction of the underground mine and associated infrastructure, including the expansion of the existing mill.<\/p>\n

The total life-of-mine Capex is forecast at $327 million, including closure costs.<\/p>\n

The feasibility study is based on probable mineral reserves of 3.5 million tonnes at 9.0 g\/t, containing 1.0 million ounces of gold.<\/p>\n

The life-of-mine all-in sustaining cost is estimated at US$787 per ounce of gold recovered.<\/p>\n

Spot gold, by comparison was trading Monday at US$1,308.02 an ounce. The study assumes a gold price of US$1,275.00 an ounce.<\/p>\n

\u201cThe Madsen-Red Lake orebody is an exceptional foundation on which to build a gold mining company. With access to existing infrastructure, a high grade reserve and exceptional growth potential, Madsen is one of the outstanding gold deposits in Canada,\u2019\u2019 said Pure Gold President and CEO Darin Labrenz.<\/p>\n

\u201cWith the completion of the feasibility study being one of the last de-risking steps, we look forward to rapidly advancing Madsen-Red Lake to become Canada\u2019s next gold mine,\u201d Labrenz said.<\/p>\n

News of the feasibility study comes after Pure Gold recently released the results of a test mining program at Madsen.<\/p>\n

During the program, Pure Gold extracted 7,096 tonnes of mineralized material from three distinct stoping areas.<\/p>\n

The company said results exceeded its expectations with regards to tonnage, grade and mining widths.<\/p>\n

The former Madsen mine is situated in the Red Lake area, an established mining district with more than 29 million ounces of high-grade gold production to date.<\/p>\n

Madsen boasts production of 2.5 million ounces between 1938 and 1976. The project benefits from existing infrastructure, including a mill and tailings facility, paved highway access, and access to power, water and experienced labour.<\/p>\n

Monday\u2019s announcement does not say when exactly the mine will be in production. However, it says the Madsen implementation schedule spans a period of 13 months, with underground mine development commencing approximately nine months before the first gold pour.<\/p>\n

On Monday, Pure Gold shares eased 12.66% or $0.10 to 69 cents on volume of 1.64 million. The shares trade in a 52-week range of 50 cents and 81 cents.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pure Gold Mining Inc. [PGM-TSXV; LRTNF-OTC] on Monday February 11 announced the results of a positive feasibility study for its 100%-owned Madsen-Red Lake project in northwestern Ontario. The feasibility study… Read more »<\/a><\/span><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[622],"tags":[48],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1099252"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1099252"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1099252\/revisions"}],"predecessor-version":[{"id":1099254,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1099252\/revisions\/1099254"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1099252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1099252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1099252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}