PURE GOLD INTERSECTS 16 G/T GOLD OVER 7.0 METRES AT MADSEN AND ANNOUNCES INCREASE OF CURRENT DRILL PROGRAM TO 16,000 METRES
Pure Gold Mining Inc. (PGM.V) has released results from the first four drill holes targeting the McVeigh horizon located on the company’s 100-per-cent-owned Madsen gold project in Ontario’s Red Lake gold district. These initial holes are part of Pure Gold’s ongoing drill program designed to test and advance new interpretations of near-surface high-grade targets, in close proximity to the historic mine.
Over the past six months the Company has compiled and analyzed the digitized historic geology, drilling and mining data of Madsen’s parallel Austin and McVeigh mineralized horizons. The Austin horizon was the principal source of mine feed for the Madsen Mine, which was in operation for more than 30 years. During this time, well over two million ounces of gold was produced from surface to a depth of 1,200 metres, at a historic production rate of approximately 170,000 ounces of gold per 100 vertical metres. The parallel McVeigh horizon only saw limited near-surface production with a maximum mining depth of approximately 230 metres.
“These initial drilling results confirm that the McVeigh horizon hosts broad shoots of high-grade gold mineralization. Importantly, current drilling strongly suggests there is a tremendous opportunity to expand this mineralized zone. We believe that the McVeigh horizon is open at depth, and based on our success to date, we are adding a second drill rig and expanding our Phase 1 drill program,” said Darin Labrenz, President and CEO of Pure Gold.
Assay results from the first four drill holes testing Central McVeigh have been received and are highlighted in the table below:
McVeigh Target Significant Assay Results(i) Hole ID From (m) To (m) Length (m) Au (g/t) Zone PG16-054 2.2 14.1 11.9 6.5 Austin 304.0 305.7 1.7 11.4 McVeigh PG16-055 3.8 15.0 11.2 11.5 Austin incl. 3.8 11.0 7.2 16.7 PG16-056 2.3 4.0 1.7 4.1 Austin 119.0 128.3 9.3 11.3 McVeigh incl. 119.0 125.0 6.0 16.3 PG16-057 hole abandoned PG16-058 153.0 160.0 7.0 16.0 McVeigh incl. 153.9 156.0 2.1 45.5 201.8 206.1 4.3 4.7 McVeigh 215.0 222.0 7.0 9.9 McVeigh (i)Assay composites were calculated using uncut assays and are reported as drilled widths and interpreted to vary between 75% to 100% of true widths.
Since January, approximately 3,000 metres of diamond drilling has been completed in 10 drill holes at Madsen. This initial drilling is designed to test the continuity of steeply plunging mineralized shoots within the McVeigh horizon to a maximum depth of approximately 300 metres below surface. Geologically, the mineralized shoots of the McVeigh horizon share the same characteristics and similar widths and grades as the parallel Austin horizon, and the Company believes there is significant potential to expand the mineralization at McVeigh. Given this, the Company intends to increase and accelerate the current drill program with the addition of a second drill rig and an additional 10,000 metres of drilling, for a total of 16,000 metres(1). A limited portion of this expanded drilling program will be allocated towards near surface expansion of the high grade Russet South discoveries, located 1.5 kilometres from the Madsen Mine headframe.