TIDMPUR
RNS Number : 9499O
Pure Gold Mining Inc.
04 June 2020
NEWS RELEASE 20- 10 June 4 , 2020
DRILLING RECOMMENCES AT THE PUREGOLD RED LAKE MINE, TARGETING
MINE PLAN OPTIMIZATION, AGGRESSIVE RESOURCE GROWTH, AND NEW HIGH
GRADE DISCOVERIES
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR)
("PureGold" or the "Company") is pleased to announce the launch of
our 2020/2021 exploration and resource growth program at its 100%
owned PureGold Red Lake Mine in Red Lake, Ontario, Canada. Over
30,000 meters of diamond drilling, including both underground and
surface drilling, is planned to optimize the near term mine plan,
expedite the growth of our mineral resources and aggressively
expand new high-grade discoveries.
"We believe strongly in the organic growth potential of our
PureGold Red Lake Mine property. And we are confident that the mine
plan outlined in our feasibility study is scalable and has the
potential to expand," said Darin Labrenz, President and CEO. "We
are now launching an aggressive exploration program designed to
realize our vision for future growth at Canada's next gold mine.
Our drill program has been designed with the goal of: increasing
indicated mineral resources through infill drilling, with potential
to convert to future reserves; expand our gold resources through
step-out drilling and make new high-grade discoveries through
regional exploration.(1) While we remain completely focused on our
fully-funded mine construction and ramp up, we strongly believe in
the potential for our mineral reserves and mine production to grow,
and our new program is designed to start building our future growth
today."
Underground drilling, which commenced today, is designed to
infill and expand mineral resources with the goal of optimizing and
expanding the near term mine plan.(1) It is expected that
underground drilling with the purpose of reserve replacement will
form an important ongoing component through the life of mine.
Initial drilling will occur in areas targeted for the first two
years of production as part of our ongoing detailed mine plan
optimization.
Previous drilling in this area includes:(2)
-- 232.4 g/t gold over 5.2 metres from drill hole PGU-0109;
-- 50.2 g/t gold over 4.0 metres from hole PG16-154;
-- 28.2 g/t gold over 7.0 metres from drill hole PGU-0061;
-- 26.4 g/t gold over 12.7 metres from drill hole PGU-0051;
-- 19.4 g/t gold over 9.8 metres from PGU-0028; and
-- 10.9 g/t gold over 9.8 metres, including 27.0 g/t gold over 3.8 metres from PG16-093.
Surface drilling will focus on expanding new discoveries along
our 7+ kilometre gold corridor. The goal of this program is to grow
mineral resources in areas where we believe strong potential exists
for mineral resources to convert to future reserves and form part
of an expanded mine plan.(1) This drilling forms an important
component of our plan to establish the growth and scalability of
our PureGold mine complex. Diamond drilling will commence in July
with two drill rigs which will initially be deployed to the Wedge
area.
A third aspect of our exploration strategy is unveiling and
establishing the growth potential of high-grade zones such as our 8
Zone. Open up and down-plunge for expansion, the 8 Zone has
previously returned extraordinary drill results such as 466.0 g/t
gold over 4.3 metres and 342.4 g/t gold over 5.5 metres and forms
an important part of our phase 1 mine.(4) Recent drilling in the
area up-plunge has identified quartz veining with visible gold
within a strong alteration footprint around the clearly defined
structure which also hosts the 8 Zone.(5) With the average gold
grade in the 8 Zone indicated resource of 20.5 g/t, clearly the
expansion of this zone, and discovery of similar zones, provide the
opportunity for explosive transformative growth at the PureGold Red
Lake Mine.(2) The PureGold team is actively planning exploration
drilling directed at this important component of the mine growth
strategy, and further drilling is expected to commence in the
coming months.
The comprehensive PureGold exploration drill program is expected
to continue into 2021, with results released during the course of
the activities.
1. There can be no certainty that exploration drilling will
result in a mineral resource being delineated. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability. There is also no certainty that inferred mineral
resources will be converted to measured and indicated categories
through further drilling, or into mineral reserves, once economic
considerations are applied.
2. See news releases dated May 17, 2016, September 6, 2016,
November 16, 2017, February 13, 2018, April 11, 2018 and June 5,
2018.
3. 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
4. Historic drill results prior to the implementation of NI
43-101. A full discussion and cautionary language regarding
historic sampling practices can be found in the Feasibility Study
Technical Report noted above.
5. See news releases dated October 9, 2019 and December 16, 2019.
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.
The PureGold Red Lake Mine is Canada's next gold mine. Fully
funded, the project is on track to deliver near term gold
production into a rising Canadian gold price environment, with
first production scheduled for late 2020. The orebody is situated
within a seven-kilometre-long gold system that is wide open for
expansion at depth and along strike, and multiple discoveries by
the Company suggest potential opportunities for near-term
growth.
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:
Adam Buchanan, Manager, Investor Relations
Tel: 604-646-8000
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, expected development schedule, 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLFIMATMTJMMAM
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June 04, 2020 02:00 ET (06:00 GMT)
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