Pure Gold Mining Inc (TSX-V:PGM, LSE:PUR, OTC:LRTNF) reported that it has now filed the previously-announced NI 43-101 resource update for its PureGold mine in Red Lake, Ontario.
As reported in August this year, the new estimate, prepared by SRK Consulting (Canada) Inc, showed 1.65 million ounces of gold at 7.4 grams per tonne (g/t) in the indicated category, and 0.37 million ounces of gold at 6.3 g/t in the inferred.
The report replaced a previous version from February 2019 and will form the basis of a new pre-feasibility study (PFS) and updated Life of Mine plan, which is expected to be ready in the fourth quarter of 2022, the company had said.
"The thorough independent review and update led by SRK shows that the PureGold Mine remains underpinned by a multi-million-ounce high-grade gold resource," Pure Gold CEO Mark O'Dea had told investors in a statement then.
READ: Pure Gold Mining releases robust updated mineral resource estimate for its mine in Ontario
"The Updated MRE is based on a combination of deep geological understanding, closely spaced drilling, and first-hand observations of stope scale shapes and continuity. The team is confident that the forthcoming updated pre-feasibility study and life of mine plan will demonstrate the near-term potential of the PureGold mine and lay the foundation for future growth," he added.
The PureGold Mine is centered on a 47-kilometer (km) property, the majority of which remains unexplored. To date, the company has defined a 7 kilometre gold system that remains open along strike and at depth.
First gold was poured in December 2020 after the successful construction of an 800-tonne per day underground mine and processing facilities and the project began commercial production in 2021.
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