TIDMPUR
RNS Number : 5507Q
Pure Gold Mining Inc.
28 October 2021
NEWS RELEASE 21-20 October 28 , 2021
PUREGOLD INTERSECTS 55.4 G/T GOLD OVER 5.0 METRES AND 14.5 G/T
GOLD OVER 13.2 METRES
Some of PureGold's best drill results of 2021 currently being
integrated into near-term mine plan
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR)
("PureGold" or the "Company"), is pleased to report high-grade
drill intercepts returned from surface and underground drilling
completed during the third quarter of 2021. This drilling was
successful in demonstrating the tenor and continuity of gold
mineralization for planned, near-term mine production from both the
Main Ramp and the East Ramp areas, as well as establishing the
potential for resource expansion close to existing development.
Infill and extension drilling continues from both surface and
underground to establish and prioritize mine sequencing, optimize
mine development, and identify potential for resource expansion.
Drill results are being integrated into the near-term mine plan on
an ongoing basis.
Underground drilling results highlights:
-- 55.4 g/t gold over 5.0 metres from drill hole PGP-00072; including
83.2 g/t gold over 2.0 metres ; and including
50.3 g/t gold over 2.0 metres ;
-- 14.5 g/t gold over 13.2 metres from drill hole PGP-00086; including
116.7 g/t gold over 1.0 metre ;
-- 10.1 g/t gold over 7.8 metres from drill hole PGP-00091; including
44.2 g/t gold over 1.0 metre ;
-- 18.2 g/t gold over 3.9 metres from drill hole PGP-00070; including
30.1 g/t gold over 1.9 metres .
A summary table of results is set out at the end of this News
Release.
"Our drilling program continues to return outstanding high-grade
results from both infill and step-out drilling conducted at the
PureGold Mine," stated Darin Labrenz, President & CEO of
PureGold. "Highlighted drill results from this quarter represent
some of the best results returned this year, with many targeting
extensions to production areas planned for extraction within the
next three months. Results from the East Ramp area are particularly
encouraging, as they indicate significant potential for expansion
of the existing resource along strike and down plunge of currently
active development. With the success of this quarter's drilling,
the Company is expanding the ongoing drill program from both
surface and underground with the goal of further delineation and
growth of our near-term mine plan."
Expanded Drilling Program
As of the end of the third quarter, two drill rigs-one surface
core drill and one underground core drill-were active on the site
and focused on delineating gold mineralization with both infill and
extension drilling. Two more diamond drill rigs are expected to
commence by the end of October bringing the total diamond drill
rigs to four, with a focus on targeting production areas in the
near-term mine plan. Results from this underground drilling will be
reported on a timely basis as received.
Drill Results Summary
New assay results from select drill holes are outlined
below:
Hole ID From To (m) Length Gold (g/t) Infill
(m) (m) / Extension
PGU-0232 17.9 19.2 1.2 14.4 Extension
------ ------- ------- ----------- -------------
PGP-00026 79.0 80.0 1.0 12.4 Extension
------ ------- ------- ----------- -------------
PGP-00045 73.7 74.7 1.0 67.7 Infill
------ ------- ------- ----------- -------------
PGP-00050 41.0 42.0 1.0 11.1 Infill
------ ------- ------- ----------- -------------
PGP-00051 48.7 54.0 5.4 6.0 Infill
------ ------- ------- ----------- -------------
including 48.7 51 2.4 11.9
------ ------- ------- ----------- -------------
PGP-00052 7.0 9.0 2.0 5.2 Infill
------ ------- ------- ----------- -------------
including 7.0 8.0 1.0 8.2
------ ------- ------- ----------- -------------
PGP-00053 1.0 1.7 0.7 17.7 Infill
------ ------- ------- ----------- -------------
PGP-00055 0.4 1.0 0.6 16.4 Infill
------ ------- ------- ----------- -------------
PGP-00056 1.9 2.9 1.0 10.1 Infill
------ ------- ------- ----------- -------------
PGP-00057 1.0 2.0 1.0 20.9 Infill
------ ------- ------- ----------- -------------
PGP-00061 31.1 31.9 0.8 12.8 Extension
------ ------- ------- ----------- -------------
PGP-00064 57.6 59.0 1.4 8.5 Extension
------ ------- ------- ----------- -------------
PGP-00067 33.0 35.0 2.0 16.9 Extension
------ ------- ------- ----------- -------------
including 34.0 35.0 1.0 28.4
------ ------- ------- ----------- -------------
PGP-00070 43.0 46.9 3.9 18.2 Infill
------ ------- ------- ----------- -------------
including 45.0 46.9 1.9 30.1
------ ------- ------- ----------- -------------
PGP-00072 34.0 39.0 5.0 55.4 Extension
------ ------- ------- ----------- -------------
including 34.0 35.0 1.0 10.0
------ ------- ------- ----------- -------------
and including 35.0 36.0 1.0 82.9
------ ------- ------- ----------- -------------
and including 36.0 37.0 1.0 83.5
------ ------- ------- ----------- -------------
and including 37.0 38.0 1.0 46.5
------ ------- ------- ----------- -------------
and including 38.0 39.0 1.0 54.0
------ ------- ------- ----------- -------------
PGP-00074 64.4 69.4 5.0 8.2 Extension
------ ------- ------- ----------- -------------
including 64.4 65.4 1.0 27.6
------ ------- ------- ----------- -------------
PGP-00075 125.6 126.6 1.0 25.3 Extension
------ ------- ------- ----------- -------------
PGP-00078 42.1 44.0 1.9 6.9 Infill
------ ------- ------- ----------- -------------
PGP-00080 36.1 40.8 4.7 7.9 Infill
------ ------- ------- ----------- -------------
including 38.4 39.2 0.8 19.0
------ ------- ------- ----------- -------------
PGP-00082 36.8 38.7 1.9 8.7 Infill
------ ------- ------- ----------- -------------
PGP-00086 51.5 64.8 13.2 14.5 Extension
------ ------- ------- ----------- -------------
including 53.5 55.3 1.8 75.8
------ ------- ------- ----------- -------------
including 61.3 62.0 0.7 24.7
------ ------- ------- ----------- -------------
PGP-00089 37.3 38.2 0.9 26.7 Infill
------ ------- ------- ----------- -------------
PGP-00091 12.2 20.0 7.8 10.1 Extension
------ ------- ------- ----------- -------------
including 15.0 16.0 1.0 44.2
------ ------- ------- ----------- -------------
PGP-00092 10.0 12.1 2.1 6.4 Extension
------ ------- ------- ----------- -------------
19.3 21.3 2.0 13.7
------ ------- ------- ----------- -------------
PGP-00093 13.0 15.2 2.2 9.2 Extension
------ ------- ------- ----------- -------------
including 13.0 14.0 1.0 16.1
------ ------- ------- ----------- -------------
PG21-849 48.1 50.0 1.9 8.2 Extension
------ ------- ------- ----------- -------------
85.8 88.3 2.5 9.0
------ ------- ------- ----------- -------------
PG21-851 81.4 83.4 2.0 16.6 Extension
------ ------- ------- ----------- -------------
PG21-853 48.0 49.0 1.0 9.1 Extension
------ ------- ------- ----------- -------------
86.0 87.0 1.0 12.4
------ ------- ------- ----------- -------------
PG21-858 80.4 81.4 1.0 9.8 Extension
------ ------- ------- ----------- -------------
PG21-859 132.0 133.0 1.0 9.7 Extension
------ ------- ------- ----------- -------------
PG21-863 104.0 105.0 1.0 19.6 Extension
------ ------- ------- ----------- -------------
PG21-865 72.1 73.3 1.2 20.6 Extension
------ ------- ------- ----------- -------------
*Assay composites were calculated using uncut assays and true
widths are interpreted to vary from 80-95% (90%, on average) of
reported core lengths above.
Grant of Options
The Company has granted 200,000 restricted share units and
incentive stock options exercisable to purchase up to 350,000
common shares in the capital of the Company until October 27, 2026
at an exercise price of $0.97 per share to a director. The
incentive stock options were granted in accordance with the
Company's Stock Option Plan.
QA/QC and Core Sampling Protocols
Drill core samples are submitted to SGS Minerals in Red Lake,
Ontario and ALS Minerals in Thunder Bay, Ontario. NQ, BQ, and AQTK
size core samples are whole core sampled after being detail logged
and photographed. Samples are bagged, sealed, and shipped from the
mine property to the analytical labs.
Samples processed at SGS 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 GE-FAA30V10). Samples returning >100 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.
Samples processed at ALS include sample preparation by crushing
to 70% less than 2 mm, a riffle split of 250 g, 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-AA25).
Samples returning >100 g/t Au are re-assayed with a gravimetric
finish (code GRA21).
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.
Further details of drilling, analytical process, quality
assurance and control, and sampling are available in the
Feasibility Study technical report. (1)
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.
About Pure Gold Mining Inc.
PureGold is a growth company, located in the very heart of Red
Lake, Canada. Our objective is pure and simple. To develop a
highly-profitable long life gold mining company, becoming Canada's
next iconic gold producer. Our plan is very disciplined, very
methodical and financially sound. To expand organically, and
develop PureGold's multi-million ounce high-grade gold asset
incrementally, step-by-step, using a phased mining development plan
to deliver maximum return.
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 please see www.puregoldmining.ca or under
the Company's Sedar profile at www.sedar.com
ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:
Adrian O'Brien, Director, Marketing and Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca
Non-IFRS Financial Performance Measures
The Company has included certain non-IFRS measures in this new
release. Refer to the Company's MD&A for an explanation of
non-IFRS measures. The Company believes that these measures, in
addition to measures prepared in accordance with International
Financial Reporting Standards ("IFRS"), provide readers with an
improved ability to evaluate the underlying performance of the
Company and to compare it to information reported by other
companies. The non-IFRS measures are intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. These measures do not have any standardized meaning
prescribed under IFRS, and therefore may not be comparable to
similar measures presented by other issuers.
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 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", "progress",
"continue", "planned", "expect", expectations", "expand",
"increasing", "project", "predict", "potential", "targeting",
"intends", "believe", "improved", "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 PureGold 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 31, 2021 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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