VANCOUVER, British Columbia, July 28, 2020 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (PGM:TSX-V, LSE:PUR) (“PureGold” or the “Company”), is pleased to announce that underground exploration drilling has intersected high-grade gold mineralization from step-out drill holes drilled close to existing underground development. Drilling has extended gold mineralization out from current design stopes, has discovered new gold zones that will be integrated into mine planning, and has confirmed stopes scheduled for near term production.1
Drilling results highlights: o 12.8 g/t gold over 10.0 metres from drill hole PGU-0136; including
20.1 g/t gold over 5.0 metres;
o 9.3 g/t gold over 2.4 metres from drill hole PGU-0123; including
16.2 g/t gold over 1.1 metres;
o 10.6 g/t gold over 2.0 metres from drill hole PGU-0124;
A summary table of results is set out at the end of this News Release.“These latest high-grade gold intercepts continue to reinforce our near-term growth plan for the PureGold Red Lake Mine and to exhibit the tremendous strength, continuity and scalability of this high-grade gold system,” stated Darin Labrenz, President and CEO of PureGold. “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. We have only just begun a 30,000 metre exploration program, which will span across our seven kilometre gold corridor, and already we’re delivering on our objective of building a multigenerational mining complex in Red Lake, Canada.”Diamond drilling continues to identify extensions to design stopes, providing opportunity for additional high grade tonnes from existing or planned development. Previous drilling in the MV1280-3815 stope area, including 46.7 g/t gold over 7.0 metres from drill hole PGU-0118, demonstrated potential for eastern and western extension of that stope. 2 Drill holes PGU-0123 and PGU-0124 have further extended mineralization highlighting the opportunity for significant growth of this stope. Prior to underground drilling, the modelled stope had a strike length of 40 metres. Current drilling has shown the potential to extend the strike length of this stope to 100 metres.Several diamond drill holes (PGU-0132 to PGU-0138) were also completed to test for potential extensions of stoping areas in the hanging wall of the 2018 test mining area. Drill Results Summary
New assay results from select drill holes are outlined below:*Assay composites were calculated using uncut assays and true widths are interpreted to vary from 70-90% (80%, on average) of reported core lengths above.For a set of recent images from underground, click link below:http://puregoldmining.ca/sites/default/files/Underground_Geology_Team.pdfFor a complete list of 2020 drill results, click link below:http://puregoldmining.ca/sites/default/files/2020-DH-Intercepts-Table-July28.pdfAbout 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.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
For further information see news release dated July 7, 2020 QA/QC and Core Sampling Protocols
Drill core samples are submitted to ALS Minerals in Thunder Bay, Ontario for sample preparation by crushing to 70% less than 2 mm, a rotary split of 1 kg, 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-AA23). Samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GRA21). Mineralized zones with visible gold and shoulder samples are also analyzed by a 1 kg screen fire assay with screening to 100 microns. A duplicate 30 g fire assay is conducted on the screen undersize with assaying of the entire oversize fraction (code Au-SCR21). 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.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.Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the PureGold Red Lake Mine in Ontario, Canada. And become Canada’s next iconic gold company.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 & CEOInvestor inquiries:
Adrian O’Brien, Director of Marketing & Communications
Direct: 604-809-6890
Office: 604-646-8000 x223
info@puregoldmining.caNeither 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, 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”, near term”, “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.
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