VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 15, 2015) – Pure Gold Mining Inc. (TSX VENTURE:PGM) (“Pure Gold” or the “Company“) is pleased to provide an exploration update regarding the Company’s 100%-owned Madsen Gold Project in the prolific Red Lake gold district. The summer program was designed to further refine the targeting model, advance existing targets, and generate new targets across the 50km2 property. The work program included trenching, outcrop stripping, focused mapping and surface rock sampling in the Russet South area, where exploration in early 2015 discovered three target areas (Alpha, Beta and Kappa) and intersected high-grade, near surface gold mineralization in drilling. Preliminary results from the program are reported below.
- 53.0 g/t Au over 1.1 metres in chip sampling at Beta target interpreted to be the surface projection of mineralization intersected in drill hole PG15-031 (39.1 g/t Au over 2.9 metres – see news release dated March 16, 2015);
- 9.9 g/t Au over 0.8 metres in channel sampling at Kappa target where surface stripping has exposed a silicified structure intersected in drill hole PG15-045 (6.4 g/t Au over 2.0 metres – see news release dated June 16, 2015) over a 160 metre strike length.
“Our 2015 exploration program continues to validate our predictive exploration model with new surface exposures of high-grade gold mineralization discovered in multiple target areas,” stated Darin Labrenz, President & CEO of Pure Gold. “These new high grade surface exposures, situated outside of the Madsen Mine resource, correlate with and confirm drill discoveries announced earlier in 2015. We are planning a winter drill program to potentially expand these mineralized zones that are within close proximity to the permitted mill and tailings infrastructure.”
Outcrop stripping at the Beta target uncovered a northwest trending ‘D2’ structure that returned high-grade gold where it intersected favourable stratigraphy, a geologic setting analogous to modern high grade discoveries in the Red Lake district.
Channel sampling highlights from this zone include(1):
- 31.8 g/t Au over 1.0 metres,
- 20.6 g/t Au over 0.7 metres,
- 14.2 g/t Au over 0.8 metres.
Chip sampling highlights from this zone include(1):
- 53.0 g/t Au over 1.1 metres,
- 16.0 g/t Au over 1.3 metres,
- 12.9 g/t Au over 1.5 metres.
The high-grade zone is interpreted to be the surface projection of drill holes PG15-031 (39.1 g/t Au over 2.9 metres) and PG15-032 (37.5 g/t Au over 1.7 metres) which intersected high grade gold at vertical depths of 11.0 metres and 34.0 metres, respectively (see news release dated March 16, 2015 for further drilling results at Beta). This high-grade intersection zone has been defined along an estimated 30 metre strike length and a drilling program has been designed to test the down-plunge continuity of this high-grade gold target.
Outcrop stripping and trenching at Kappa target partially exposed a 160+ meter long silicified structure ranging from one to five metres in width. A total of 61 surface samples were obtained from Kappa rock exposures, with 19 samples exceeding 1.0 g/t Au, ten additional samples are pending. Channel sampling of the structure returned 4.8 g/t Au over 2.3 metres including 9.9 g/t Au over 0.8 metres. The eastern strike extent of the silicified structure was originally intersected by drill hole PG15-045 where it returned 6.4 g/t Au over 2.0 metres within a veinlet zone that returned 1.4 g/t Au over 15.6 metres (see news release dated June 16, 2015 for further drilling results at Kappa). Chip sampling of the exposed structure 15 metres west of drill hole PG15-045 returned 6.8 g/t Au over 2.5 meters and 6.8 g/t Au over 1.0 metres. Sampling and mapping of the Kappa structure has established good continuity on strike and has resulted in robust near-surface drill targets.
For a plan map showing recent sampling of surface exposures at Russet South, please click here:
Property-scale Mapping and Sampling
3,400 samples from detailed MMI soil sampling grids were collected across the property; expanding upon the soil grids completed in 2014. Approximately 80% of the Balmer assemblage has now been covered by soil sampling including the highly perspective ultramafic contacts and the 12 km long Balmer-Confederation unconformity.
Additional prospecting and geologic mapping has been completed across the property with particular focus on a northwest structural corridor encompassing the 8 Zone of the Madsen mine, as well as the Russet South and DEV prospect areas.
Partial results have been received from the soil and rock sampling programs. Initial interpretation suggests broad geochemical anomalism associated with favourable stratigraphy and northwest trending structures, supporting both existing targets and presenting new targets for additional work.
Qualified Persons and 43-101 Disclosure
Darren O’Brien, 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.
Madsen hosts an operational head frame, a permitted mill and tailings facility, and access to power, water and labour. The Madsen Gold Project has an Indicated Resource of 928,000 ounces gold at 8.93 g/t Au (in 3.24 million tonnes) and an Inferred Resource of 297,000 ounces gold at 11.74 g/t Au (in 0.79 million tonnes)(1) and is situated in one of the most active exploration and mining camps in North America. In addition to the mineral resource, the Madsen Gold Project hosts a number of highly prospective exploration targets in a geological setting analogous to modern high-grade discoveries in the Red Lake district. Pure Gold believes the opportunity exists to advance these near-surface, high-grade exploration targets through the application of modern exploration science and a new understanding of the district.
(1) See the National Instrument 43-101 technical report entitled “Technical Report for the Madsen Gold Project Red Lake, Ontario, Canada,” prepared by SRK Consulting (Canada) Inc. dated effective February 18, 2014. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Channel and chip sampling results are reported as sampled thicknesses. True widths of the mineralized intervals are interpreted to be between 50-100% of the reported lengths.
ABOUT PURE GOLD
Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the next major discovery at the Madsen Gold Project in Red Lake, Ontario. And become Canada’s next iconic gold company.
ON BEHALF OF THE BOARD
Darin Labrenz, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements made and information contained in this news release and elsewhere constitutes “forward-looking information” within the meaning of Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may constitute forward-looking statements. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the price of gold, continued exploration success, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results including any pending results set out herein will not be consistent with past results or the Company’s expectations, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses, financing risk, and other risks and uncertainties including those described under Risk Factors in each management discussion and analysis and in the Company’s annual information form which are available under the Company’s profile at www.sedar.com. Many of these uncertainties and contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Pure Gold Mining Inc.