- PureGold (PGM) has intersected a number of high-grade gold assays during its latest exploration program at the Red Lake Mine in Ontario
- While exploring the site’s underground mineral deposits, the company intersected 12.8 grams per tonne across 10 metres, with a higher internal assay of 20.1 grams per tonne across five metres
- The high-grade assays were intersected close the site’s current underground development, expanding the overall picture of the mineral resource
- The Red Lake Mine is already in late-stage development, with first production expected before the end of the year
- PureGold (PGM) is 0.89 per cent and is trading at C$2.24 per share
PureGold (PGM) has intersected a number of high-grade gold assays during its latest exploration program at the Red Lake Mine in Ontario.
While exploring the site’s underground mineral deposits, the company insersected grades up to 12.8 grams per tonne across 10 metres, with a higher internal assay reaching 20.1 grams per tonne across five metres.
The high-grade assays were intersected close the site’s current underground mine development. As a result, the mineral design has been expanded and the new gold zones are currently being integrated into an overall picture of the site’s resource.
The Red Lake Mine is already in the last stages of development, with production scheduled for later this year. With these latest high grade intercepts, PureGold expects the site to be prospective for near-term resource growth.
Darin Labrenz, President and CEO of PureGold said the latest high grade gold intercepts exhibit the strength, continuity and scalability of the site’s gold system.
“Underground exploration drilling continues to extend stopes that are part of our near term mine plan, and to discover brand new gold zones which could have a direct net positive impact on our production profile, and because of their proximity to existing development a potential impact to near term cash flow at our mine.
“In this case we have more than doubled the strike length of a planned stope, further demonstrating the dramatic transformative growth potential of our PureGold Mine,” he added.
Darin went on to say that, having only just begun the program, the company is already delivering a potentially multigenerational mining complex at Red Lake.
PureGold (PGM) is 0.89 per cent and is trading at C$2.24 per share at 2:07pm EDT.