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, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) —( , 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)|
*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.
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.
- 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, President & CEO
Adrian O’Brien, Director, Marketing and Communications
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.
Fortuna Silver Mines Inc. (FSM) Reached A New High 1 time During The Past Five Days
As of Wednesday close, Fortuna Silver Mines Inc.’s (NYSE:FSM) stock was down -$0.02, moving down -0.68 percent to $2.90. The average number of shares…
AGNICO EAGLE REPORTS FIRST QUARTER 2022 RESULTS – STRONG OPERATIONAL PERFORMANCE; INTEGRATION AHEAD OF SCHEDULE AND CORPORATE MERGER SYNERGIES BETTER THAN EXPECTED; GOOD PROGRESS AT KEY EXPLORATION AND DEVELOPMENT PROJECTS
McEwen Mining: 2021 Year End and Q4 Results
TORONTO, March 01, 2022 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported fourth quarter and full year results for the period…
Tanzanian Gold Announces Name Change to TRX Gold Corporation & Strengthens Management Team
Baselode Continues to Hit Near-Surface Mineralization and Some of the Strongest Intersections of Elevated Radioactivity
Fury Enhances Drill Targeting at the Percival Prospect with Completion of Ground Geophysical Survey
Verde Announces Pre-Feasibility study
Usha Resources Closes Second Tranche of Oversubscribed Non-Brokered Private Placement at Premium to Market Price
Honey Badger Receives 10-Year Exploration Permit for its Plata Silver Project, Yukon
High-Grade Gold Drill Results at the Limon Complex Panteon North Zone Demonstrate Strong Potential to Add Resources and Expand Panteon Mine
Ascot Reports First Quarter 2022 Results, Announces New Management Hire, and Commences Underground Development at the Premier Gold Project
Shallow High-Grade Gold Discovery in the Extension of the Sadowski Zone: 52.12 g/t Gold over 2.29 metres
Elemental Royalties Provides Update on Its Royalty & Streaming Portfolio
Economics6 hours ago
Goya CEO Issues Dire Warning On Looming Food Crisis
Drilling News9 hours ago
Taranis Confirms Porphyry Target at Thor Beneath Epithermal Zones, Notes Similarities to the Toodoggone and Lepanto Linked Epithermal-Porphyry Deposits
Gold8 hours ago
ASX silver stocks guide: Here’s everything you need to know
Drilling News6 hours ago
Nevada Copper Achieves Key Development Milestones: Paste Plant Commissioning Underway, First Paste Filled Stope; Open Pit Resource Definition Drilling Program Commenced
Financing News8 hours ago
79North Appoints New Member to the Board and Grants Options
Companies7 hours ago
Guy on Rocks: This small cap JV is right over the fence from Galileo’s new PGE discovery
Economics8 hours ago
Morgan Stanley Sees S&P Tumbling As Low As 3,400: “That’s Where Valuation And Technical Support Lie”
Economics7 hours ago
LUNA Crypto Could Get a Second Life as Terra Mulls Potential Hard Fork