TIDMPUR
RNS Number : 7898H
Pure Gold Mining Inc.
07 December 2020
NEWS RELEASE 20 -23 December 7, 2020
Underground drilling INTERSECTS 23.4 g/t gold over 2.9 metres,
including 50.1 g/t gold over 1.0 metre AT THE PUREGOLD MINE
New Potential Stopes Identified Immediately Adjacent to Existing
Development
VANCOUVER, B.C. - Pure Gold Mining Inc. (PGM:TSX-V, LSE:PUR)
("PureGold" or the "Company"), is pleased to announce that
underground exploration drilling has intersected high-grade gold
mineralization near the existing main ramp access. Drilling has
successfully extended gold mineralization out from planned stopes,
discovered new gold zones that are being integrated into the mine
plan, and has confirmed stopes scheduled for near term
production.(1)
Drilling results highlights:
o 23.4 g /t gold over 2.9 metres from drill hole PGU-0143;
including
50.1 g/t gold over 1.0 metre;
o 10.3 g/t gold over 6.0 metres from drill hole PGU-0150;
including
27.7 g/t gold over 1.0 metre
o 13.7 g/t gold over 2.2 metres and 13.9 g/t gold over 1.0 metre
from drill hole PGU-0144;
o 14.3 g/t gold over 1.5 metres from drill hole PGB-0179;
o 11.6 g/t gold over 1.9 metres from drill hole PGB-0183;
A summary table of results is set out at the end of this News
Release.
"These latest high-grade gold intercepts continue to bolster our
belief that continued high grade growth will add to the mine plan
as we open up new zones. Our continued underground drilling success
in concert with our ongoing surface exploration program, forms the
foundation of our near-term and extended growth plan for the
PureGold Mine." stated Darin Labrenz, President and CEO of
PureGold. "The PureGold Mine will be one of the highest grade gold
mines globally, and newly discovered gold zones show potential to
add near-term tonnes to our mine plan, with expected lower
development costs owing to close proximity to existing development.
(2) In addition to ongoing underground drilling, we are actively
drilling from surface on several new discovery targets across our
seven kilometre gold corridor. With initial gold production
imminent, we will continue to deliver exploration success,
demonstrate the scalability of our PureGold Mine, and deliver on
our objective of building a multigenerational mine in Red Lake,
Canada."
Diamond drilling continues to identify extensions to design
stopes, providing opportunity for further high grade tonnes from
existing or planned development. Drill holes PGU-0143, PGU-0144 and
PGU-0145 have identified a potential new stope accessible from the
existing 1300 access drift and adjacent to the main ramp between 4
and 5 Levels. This area will be targeted by further test holes to
refine stope design. PGU-0150 was drilled between a high grade
intercept from surface hole PG16-191 and planned ore development,
successfully intersecting a broad zone of high grade gold
mineralization identifying the potential for additional ore volumes
in this area. (3) PGU-0159 has identified an extension of the
MV-1225-4080 Stope and PGB-0182 and PGB-0183 have resulted in the
identification of new mineralization in the footwall to the
MV-1355-4055 Stope which will be followed up with further
drilling.
Drill Results Summary
New assay results from select drill holes are outlined
below:
Hole ID From (m) To (m) Length Gold (g/t)
(m)
PGU-0143 9.3 12.2 2.9 23.4
--------- ------- ------- -----------
incl. 11.2 12.2 1.0 50.1
--------- ------- ------- -----------
62.9 64.6 1.7 7.2
--------- ------- ------- -----------
PGU-0144 7.4 9.5 2.2 13.7
--------- ------- ------- -----------
16.1 17.1 1.0 13.9
--------- ------- ------- -----------
PGU-0145 24.0 26.1 2.1 6.5
--------- ------- ------- -----------
incl. 25.0 26.1 1.1 9.4
--------- ------- ------- -----------
PGU-0150 133.5 152.0 18.6 5.2
--------- ------- ------- -----------
incl. 138.5 139.5 1.0 15.3
--------- ------- ------- -----------
and incl. 143.0 149.0 6.0 10.3
--------- ------- ------- -----------
incl. 147.0 148.0 1.0 27.7
--------- ------- ------- -----------
PGU-0159 101.7 102.7 1.0 15.2
--------- ------- ------- -----------
PGB-0179 0.0 2.9 2.9 7.3
--------- ------- ------- -----------
including 0.8 2.3 1.5 14.3
--------- ------- ------- -----------
PGB-0182 8.0 8.6 0.6 15.7
--------- ------- ------- -----------
PGB-0183 26.1 28.0 1.9 11.6
--------- ------- ------- -----------
*Assay composites were calculated using uncut assays and true
widths are interpreted to vary from 70-90% (80%, on average) of
reported core lengths above.
For a complete list of 2020 drill results, click link below:
https://puregoldmining.ca/wp-content/uploads/2020/12/2020-DH-Intercepts-Table-October27.pdf
About Pure Gold Mining Inc.
The PureGold Red Lake Mine is Canada's next gold mine. Fully
funded and weeks away from initial gold production, the project is
on track to deliver high margin gold production into a strong
Canadian gold price environment. The orebody is situated within a
seven-kilometre-long gold system that is under active exploration,
and multiple discoveries by the Company suggest potential
opportunities for near-term growth beyond the initial phase I mine
plan.
Additional information about the Company and its activities may
be found on the Company's website at www.puregoldmining.ca and
under the Company's profile at www.sedar.com .
1. For further information, see the technical report titled
"Madsen Gold Project Technical Report Feasibility Study for the
Madsen Deposit Red Lake, Ontario, Canada" with an effective date of
February 5, 2019, and dated July 5, 2019 (the "Feasibility Study"),
for further information, available at www.puregoldmining.ca or
under the Company's Sedar profile at www.sedar.com
2. Source S&P Global Intelligence for producing mines with
average annual production exceeding 80,000 ounces per annum
3. For further information see news release dated September 27, 2016
QA/QC and Core Sampling Protocols
Drill core and test hole samples are submitted to SGS Minerals
in Red Lake, Ontario and drill core samples to ALS Minerals in
Thunder Bay, Ontario. Surface exploration core samples are sawn
with a diamond blade saw and half-core retained for further study.
Underground core samples are whole core sampled after being detail
logged and photographed. Samples processed at SGS include NQ and EW
size whole core samples and test hole sludge samples and are
prepared by drying and crushing to 75% less than 2 mm, a riffle
split of 250 g, and pulverization of the split to better than 85%
passing 106 microns. Gold analysis is completed in the SGS Red Lake
lab with a 30 g fire assay and AAS finish (code GO-FAA30V10 for
mine samples and GE-FAA30V5 for exploration samples). Mine samples
returning >100 g/t Au and exploration samples returning >5
g/t Au are re-assayed with a gravimetric finish (code GO-FAG30V).
Mineralized zones with visible gold are also analyzed by a 500 g
screen fire assay with screening to 106 microns (code GO-FAS30M).
Duplicate 30 g fire assays are conducted on the screen undersize
and combined with an assay of the entire oversize fraction.
NQ drill core samples processed at ALS include sample
preparation by crushing to 70% less than 2 mm, a rotary split of 1
kg, and pulverization of the split to better than 85% passing 75
microns. Sample pulps are shipped to the ALS assay laboratory in
North Vancouver, BC for gold analysis with a 30 g fire assay and
AAS finish (code Au-AA23). Samples returning >5 g/t Au are
re-assayed with a gravimetric finish (code GRA21). Mineralized
zones with visible gold and shoulder samples are also analyzed by a
1 kg screen fire assay with screening to 100 microns.
A duplicate 30 g fire assay is conducted on the screen undersize
with assaying of the entire oversize fraction (code Au-SCR21).
Control samples (certified standards and uncertified blanks),
along with field, prep and pulp duplicates, are inserted on a
regular basis. Results are assessed for accuracy, precision, and
contamination on an ongoing basis.
Qualified Persons and 43-101 Disclosure
Phil Smerchanski, P. Geo., Vice President, Exploration for the
Company, is the designated Qualified Person for this news release
within the meaning of National Instrument 43-101 ("NI 43-101") and
has reviewed and verified that the technical information contained
herein is accurate and approves of the written disclosure of
same.
Our mandate is pure and simple. To dream big. To colour outside
the lines. To use smart science and creativity to unlock the
PureGold Mine in Red Lake, Ontario, Canada. And become Canada's
next iconic gold company.
Additional information about the Company and its activities may
be found on the Company's website at
www.puregoldmining.ca and under the Company's profile at www.sedar.com .
ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:
Adrian O'Brien, Director of Marketing & Communications
Direct: 604-809-6890
Office: 604-646-8000 x223
info@puregoldmining.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect to
PureGold within the meaning of applicable securities laws,
including, but not limited to statements with respect to those that
address proposed timing of development plans for the PureGold Red
Lake Mine complex, timing of expected production, timing and size
of exploration activities, potential for advancing the amount and
timing for higher grade ore, potential for additional resources and
expansion of known deposits and potential for making new
discoveries and the focus of the Company in the coming months .
Forward-looking information is often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue",
"planned", "expect", "project", "predict", "potential",
"targeting", "intends", "believe", "potential", and similar
expressions, or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"should", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licences and permits and obtaining required licences and permits,
labour stability, stability in market conditions, availability of
equipment, accuracy of any mineral resources, successful resolution
of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are not within the
control of PureGold and there is no assurance they will prove to be
correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to the
interpretation of results at the Pure Gold Red Lake Mine complex ;
changes in project parameters as plans continue to be refined;
current economic conditions; future prices of commodities; possible
variations in grade or recovery rates; the costs and timing of the
development of new deposits; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to
perform; the timing and success of exploration and development
activities generally; delays in permitting; possible claims against
the Company; the timing of future economic studies; labour disputes
and other risks of the mining industry; delays in obtaining
governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March 26, 2020 in the section
entitled "Risk Factors", under PureGold's SEDAR profile at
www.sedar.com .
Although PureGold has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. PureGold disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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