{"id":1185469,"date":"2020-05-20T11:49:01","date_gmt":"2020-05-20T16:49:01","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024425"},"modified":"2020-05-20T11:49:01","modified_gmt":"2020-05-20T16:49:01","slug":"sprott-backs-pure-gold-with-10-7-million-investment","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1185469","title":{"rendered":"Sprott backs Pure Gold with $10.7 million investment"},"content":{"rendered":"<p>Pure Gold Mining (TSXV:PGM, LSE:PUR) <a aria-label=\"announced on Wednesday (opens in a new tab)\" href=\"https:\/\/puregoldmining.ca\/news\/15m-investment-backed-eric-sprott-accelerate-resource-growth-puregold-red-lake-mine\"  rel=\"noreferrer noopener\">announced on Wednesday<\/a> it has arranged a private placement with Canadian mining investor Eric Sprott, who will purchase 9.87 million common shares of the company at C$1.52 per share for gross proceeds of C$15 million.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>\u201cPure Gold has all the attributes I look for in a company &#8211; location, grade, size and growth,\u201d commented Sprott on his latest investment.&nbsp;<\/p>\n<p>\u201cPure Gold\u2019s mine in Red Lake has over 7 km of strike with known high grade shoots that have only been defined down to 1,200 metres compared to 2,500 metres in the neighbouring Red Lake mine complex,\u201d he added.&nbsp;<\/p>\n<p>Sprott also compared the ultra-high grade hits in the 8 zone with the HG Zone that built Goldcorp, as well as SMC at Macassa and the Swan Zone at Fosterville, stating &#8220;these are the types of discoveries that have the potential to be company makers and tend to lead to a much higher production profile than originally given credit.&#8221;<\/p>\n<p>The Madsen mine in Red Lake, Ontario, is currently the only gold project under construction in Canada. <a aria-label=\"Last week (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/pure-gold-on-track-to-open-red-lake-mine-this-year\/\" >Last week<\/a>, the company reassured that the mine is on track for its first gold pour by the end of 2020.<\/p>\n<p>Pure Gold CEO Darin Labrenz said the new investment in exploration enables the company to &#8220;concurrently ramp up its focus on aggressive resource growth without impacting on its capital budget for final mine completion and first gold pour.&#8221;<\/p>\n<p>Meanwhile, the company saw a significant jump in its stock earlier this week. At Tuesday&#8217;s close, shares of Pure Gold Mining were up over 14%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pure Gold&#8217;s mine in Red Lake is on track for its first pour this year.<\/p>\n","protected":false},"author":88,"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":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185469"}],"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\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1185469"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185469\/revisions"}],"predecessor-version":[{"id":1185493,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185469\/revisions\/1185493"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1185469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1185469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1185469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}