Pure Gold drills High Grade Gold Mineralization
Pure Gold Mining announced that exploration drilling near the Madsen Red Lake Mine, currently under construction, has intersected high-grade gold mineralization from a second drill hole targeting the widespread gap between the Company’s 8 zone at depth and the Russet South zone, which outcrops at surface.
In addition, ongoing drilling along the Madsen Red Lake Mine Trend continues to rapidly expand the footprint of the Wedge zone with multiple drill holes returning drill intercepts anticipated to upgrade the current mineral resource and also likely to expand the resource footprint including the deepest Wedge intercept to date.
The results highlight the down plunge continuity of the zone, reinforcing the Wedge as a high priority for resource growth. Importantly, in addition to the 500 metre strike extension identified in the October 1, 2019 news release, two additional new gold mineralized shoots appear to be taking shape adjacent to current resources.
“Over the last several months we have seen an exciting major resurgence in investment and interest in the Red Lake District and Pure Gold continues to lead this charge,” stated Darin Labrenz, President and CEO of Pure Gold.
“Today’s exploration results include a new gold-bearing pierce-point in the gap between Russet South at surface and the deeper 8 zone, confirming the new mineralized corridor described in the October 9, 2019 news release and establishing geologic continuity between these two high grade zones.
With this new discovery, and the continued exploration success at Wedge we are pushing well beyond the boundaries of our previous feasibility study. Deep pierce points along the entire seven kilometer trend intersecting the same style of mineralization, geology, alteration and high-grade gold support the opportunity for growth and scalability of the project for the long term.
Today’s results continue to crystallize this opportunity, with drilling successfully pushing the envelope downward at Wedge and a second test of the 8 zone gap returning high grade gold. Importantly, all of this sits within reach of a mine and milling complex expected to be in production in Q4 2020, providing clear support for the opportunity for a phased approach to growth of the Madsen Red Lake Mine into a major regional producer.”
The 8 Zone is the highest grade gold zone discovered to date on the property, with an indicated resource grading 458K tonnes containing 301K ounces and an inferred resource grading 202K tonnes containing 80K ounces. Characterized by a mafic-ultramafic rock association, blue-grey quartz veins and numerous high grade drill intercepts, the 8 Zone is geologically analogous to the High Grade Zone at Newmont Goldcorp’s Red Lake Mine, and remains open for expansion.
