TIDMPUR
RNS Number : 7923Y
Pure Gold Mining Inc.
18 January 2022
NEWS RELEASE 22-03 January 18 , 2022
PUREGOLD DEFINITION DRILLING CONFIRMS HIGH GRADES IN UPCOMING
STOPES
Current mine plan reinforced by new infill intercepts including
21.1 g/t gold over 4.0 metres and 20.7 g/t gold over 3.0 metres
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 fourth quarter of 2021. This recently expanded
drilling program was successful in confirming the tenor and
continuity of gold mineralization in near-term production stopes,
as well as establishing the potential for resource expansion close
to existing development. Infill and extension drilling continues
from both surface and underground to refine and prioritize mine
sequencing, optimize mine production, and support incremental
resource expansion in areas of active development.
Definition drilling results highlights:
-- 21.1 g/t gold over 4.0 metres from drill hole PGP-03-3845-02;
including
49.4 g/t gold over 1.0 metre ;
-- 12.2 g/t gold over 6.5 metres from drill hole PGP-03-3845-12;
including
20.7 g/t gold over 3.0 metres ;
-- 9.7 g/t gold over 7.8 metres from drill hole PGP-02-3738-11; including
26.6 g/t gold over 1.0 metre;
-- 14.9 g/t gold over 4.0 metres from drill hole
PGP-02-5143-08;
-- 63.5 g/t gold over 1.0 metre from drill hole
PGP-02-3738-08;
-- 39.0 g/t gold over 1.5 metres from drill hole PGP-00168;
including
54.3 g/t gold over 1.0 metre ;
-- 13.4 g/t gold over 4.0 metres from drill hole
PGP-02-5143-10.
A summary table of results is set out at the end of this News
Release.
"Our recently expanded definition drilling program continues to
provide a stream of precise geological information which supports
optimized final stope designs and, ultimately, enhances our
high-grade scheduling flexibility and allows us to drive
operational excellence from the ground up," stated Troy Fierro,
President & CEO of PureGold. "These drill results also
highlight the fantastic opportunities for increased head grades and
resource expansion that we see in many of the mining areas
currently under development for production in the next 6-12 months.
As we continue to execute our plan to bring the PureGold Mine
toward its full potential, definition drilling provides the
critical information needed for precise planning while also
highlighting opportunities for potential resource expansion and
growth."
Currently two surface core drill rigs and three underground core
drill rigs are executing this definition drilling program targeting
production areas in the near-term mine plan, in both the East and
West Ramp areas. Results from this 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 (m) To (m) Length (m) Gold (g/t)
PG21-869 153.0 155.0 2.0 8.1
--------- ------- ----------- -----------
Including 153.0 154.0 1.0 11.5
--------- ------- ----------- -----------
PG21-869 184.0 185.7 1.7 11.5
--------- ------- ----------- -----------
PG21-871 210.5 212.0 1.5 12.9
--------- ------- ----------- -----------
Including 211.0 212.0 1.0 18.1
--------- ------- ----------- -----------
PG21-874 104.6 106.6 2.0 9.1
--------- ------- ----------- -----------
Including 104.6 105.6 1.0 15.4
--------- ------- ----------- -----------
PG21-876 181.9 183.9 2.0 11.3
--------- ------- ----------- -----------
Including 182.9 183.9 1.0 17.2
--------- ------- ----------- -----------
PG21-878 176.0 181.0 5.0 7.2
--------- ------- ----------- -----------
Including 177.0 178.0 1.0 17.0
--------- ------- ----------- -----------
PG21-884 71.5 72.5 1.0 23.6
--------- ------- ----------- -----------
PG21-897 102.0 103.0 1.0 10.5
--------- ------- ----------- -----------
PG21-900 69.2 70.0 0.8 15.2
--------- ------- ----------- -----------
PG21-901 152.3 153.3 1.0 19.9
--------- ------- ----------- -----------
PG21-908 81.0 82.0 1.0 17.9
--------- ------- ----------- -----------
PG21-911 69.0 71.0 2.0 8.9
--------- ------- ----------- -----------
Including 70.0 71.0 1.0 11.2
--------- ------- ----------- -----------
PG21-912 53.0 55.0 2.0 21.3
--------- ------- ----------- -----------
Including 53.0 54.0 1.0 37.7
--------- ------- ----------- -----------
PG21-913 52.0 55.0 3.0 14.0
--------- ------- ----------- -----------
Including 54.0 55.0 1.0 32.4
--------- ------- ----------- -----------
PG21-916 59.0 64.0 5.0 5.5
--------- ------- ----------- -----------
PG21-942 86.0 88.0 2.0 15.0
--------- ------- ----------- -----------
PG21-951 56.0 58.0 2.0 10.5
--------- ------- ----------- -----------
Including 57.0 58.0 1.0 12.9
--------- ------- ----------- -----------
PG21-963 103.0 106.8 3.8 9.3
--------- ------- ----------- -----------
PG21-973 97.4 99.0 1.6 16.3
--------- ------- ----------- -----------
PGB-03-3880-01 0.0 4.0 4.0 11.8
--------- ------- ----------- -----------
Including 0.0 1.0 1.0 31.9
--------- ------- ----------- -----------
PGB-03-3880-02 13.0 16.7 3.7 13.6
--------- ------- ----------- -----------
PGB-03-3880-04 10.0 13.0 3.0 5.9
--------- ------- ----------- -----------
PGP-00089 37.3 39.0 1.7 14.2
--------- ------- ----------- -----------
PGP-00103 139.1 140.1 1.0 14.1
--------- ------- ----------- -----------
PGP-00116 21.3 23.0 1.8 9.9
--------- ------- ----------- -----------
PGP-00166 60.8 64.0 3.3 7.3
--------- ------- ----------- -----------
Including 60.8 61.4 0.7 23.7
--------- ------- ----------- -----------
PGP-00168 51.5 53.0 1.5 39.0
--------- ------- ----------- -----------
Including 52.0 53.0 1.0 54.3
--------- ------- ----------- -----------
PGP-00171 45.0 51.1 6.1 6.6
--------- ------- ----------- -----------
Including 45.0 48.0 3.0 9.1
--------- ------- ----------- -----------
PGP-00172 29.0 32.0 3.0 6.9
--------- ------- ----------- -----------
Including 30.0 31.0 1.0 12.3
--------- ------- ----------- -----------
PGP-00172 74.0 75.0 1.0 10.9
--------- ------- ----------- -----------
PGP-00176 96.0 98.0 2.0 27.1
--------- ------- ----------- -----------
PGP-00182 83.0 84.0 1.0 10.8
--------- ------- ----------- -----------
PGP-02-3738-08 34.0 35.0 1.0 63.5
--------- ------- ----------- -----------
PGP-02-3738-09 36.1 39.5 3.4 9.4
--------- ------- ----------- -----------
Including 36.1 36.9 0.8 18.4
--------- ------- ----------- -----------
PGP-02-3738-11 26.0 27.8 1.8 28.9
--------- ------- ----------- -----------
PGP-02-3738-11 41.0 48.8 7.8 9.7
--------- ------- ----------- -----------
Including 42.8 43.8 1.0 26.5
--------- ------- ----------- -----------
PGP-02-3738-11 56.0 59.0 3.0 5.0
--------- ------- ----------- -----------
PGP-02-3738-15 48.0 50.0 2.0 14.1
--------- ------- ----------- -----------
PGP-02-3738-16 36.0 38.0 2.0 16.0
--------- ------- ----------- -----------
PGP-02-5143-02 25.1 27.8 2.7 17.4
--------- ------- ----------- -----------
PGP-02-5143-07 21.9 23.5 1.7 7.9
--------- ------- ----------- -----------
PGP-02-5143-07 36.0 37.0 1.0 10.3
--------- ------- ----------- -----------
PGP-02-5143-08 46.0 50.0 4.0 14.9
--------- ------- ----------- -----------
PGP-02-5143-10 31.0 35.0 4.0 13.4
--------- ------- ----------- -----------
PGP-02-5143-13 23.0 28.6 5.6 8.0
--------- ------- ----------- -----------
PGP-03-3845-02 5.0 9.0 4.0 21.1
--------- ------- ----------- -----------
Including 5.0 6.0 1.0 49.4
--------- ------- ----------- -----------
PGP-03-3845-09 40.7 45.0 4.4 10.6
--------- ------- ----------- -----------
Including 40.7 42.3 1.6 13.9
--------- ------- ----------- -----------
PGP-03-3845-12 33.5 40.0 6.5 12.2
--------- ------- ----------- -----------
Including 36.0 39.0 3.0 20.7
--------- ------- ----------- -----------
PGP-07-4110-01 12.0 14.0 2.0 9.8
--------- ------- ----------- -----------
*Assay composites were calculated using uncut assays and true
widths are interpreted to vary from 75-95% (90%, on average) of
reported core lengths above.
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 Canadian gold mining company, located in the very
heart of Red Lake, Ontario, Canada. Our vision is pure and simple.
To build a highly profitable, multi-generational growth company in
the world-class gold mining district of Red Lake. With our
100%-owned, fully constructed operating PureGold Mine, a
multi-million-ounce gold endowment, and significant exploration
upside, our value-maximizing strategy is to pursue operational
excellence today, while investing in systematic exploration and
phased expansions to fuel discovery and growth for the future.
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
"Troy Fierro"
Troy Fierro, 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",
"confirms", "continue", "planned", "expect", "expectations",
"expand", "enhanced", "increasing", "optimize", "project",
"predict", "potential", "supports", "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",
"confirms", "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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