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Pure Gold Mining says high-grade drill results bode well for upcoming production

Published: 13:40 18 Jan 2022 GMT

gold nuggets
Earlier this month, PureGold said that it was targeting production in the range of 600-700 tonnes per day (60%-70% of mill capacity) from the mine for the first quarter of 2022 and will ramp up gradually from there as access to high-confidence, high-grade stopes increases

Pure Gold Mining, Inc. (TSX-V:PGM, LSE:PUR, OTC:LRTNF) has reported high-grade drill results from its flagship mine in Red Lake, which bode well for near-term production and potentially expanding the resource close to existing development.

The surface and underground drilling was completed in the fourth quarter of 2021 and highlights included an intercept of 4 metres (m) at 21.1 grams per ton (g/t) gold in one hole starting at just 5m depth. Another hole hit 63.5 g/t gold over 1m from 34m depth.

"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," said Troy Fierro, CEO of PureGold in a statement.

READ: Pure Gold Mining reports changes to leadership team and provides 4Q update as it continues to unlock potential of Red Lake mine

"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," he added.

Two surface drill rigs and three underground are currently carrying out this definition drilling targeting production areas in the near-term mine plan, in both the East and West Ramp areas, noted the company.

Earlier this month, PureGold said that it was targeting production in the range of 600-700 tonnes per day (60%-70% of mill capacity) from the mine for the first quarter of 2022 and will ramp up gradually from there as access to high-confidence, high-grade stopes increases.

Average head grades are expected to initially be in the range of 5 g/t to 7 g/t gold and are also expected to increase steadily as the growing drilled inventory allows for better stope scheduling and increasing stope access allows for increased ore mining rates on a sustained basis, it said at the time.

Contact the author at giles@proactiveinvestors.com

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