Pure Gold Intersects Additional High Grade Gold in 500 Metre Stepout at Madsen
High-Grade Gold Footprint Spans 600 metres by 350 metres
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 16, 2015) - Pure Gold Mining Inc. (TSX VENTURE:PGM) ("Pure Gold" or the "Company") is pleased to announce final drill results from the Russet South winter drill program at the Company's 100%-owned Madsen Gold Project in the prolific Red Lake gold district. These final results are highlighted by hole PG15-045 which drill tested the Kappa Target and intersected multiple, discrete high-grade gold zones, including 35.2 g/t gold over 0.6 metres and 5.4 g/t gold over 8.0 metres, including 12.3 g/t gold over 2.9 metres.
"We commenced the winter drill program with the goal of testing our new geological model for shallow, high grade mineralization and we are extremely pleased that our early success has validated the exploration potential of the 50 km2 Madsen property. We are confident that these are the first of many discoveries at Madsen," stated Darin Labrenz, President and CEO of Pure Gold. "At Russet South, we intersected high-grade gold mineralization in three new areas, and have established a high grade gold footprint. The summer field exploration program will further refine our exploration model in advance of a proposed fall drill program at Madsen."
New reported drill highlights from Russet South include:
- 35.2 g/t Au over 0.6 metres and,
- 6.4 g/t Au over 2.0 metres and,
- 5.4 g/t Au over 8.0 metres including 12.3 g/t Au over 2.9 metres in PG15-045;
- 8.1 g/t Au over 2.0 metres in PG15-052.
Previously reported results from Russet South include:
- 9.5 g/t Au over 3.5 metres in PG15-027
- 15.0 g/t Au over 5.0 metres in PG15-028
- 39.1 g/t Au over 2.9 metres in PG15-031
- 37.5 g/t Au over 1.7 metres in PG15-032
- 20.0 g/t Au over 0.7 metres in PG15-038
(See news releases March 2, 2015, March 16, 2015 and May 25, 2015)
Russet South
Mineralization at Russet South, located 1,400 metres west of the headframe, is comparable to the Madsen deposit and other recent high-grade discoveries in the Red Lake district, such as Goldcorp's HG Young, Cochenour, and High Grade Zone. Drilling in 2015 delineated near-surface high-grade gold mineralization within a 600 metre x 350 metre target horizon and remains open down-dip and along strike. Drill hole PG15-045 intersected multiple, discrete shallow zones of high-grade gold mineralization on the footwall of the main ultramafic unit within a setting that remains open down-dip and along strike, and broadly expands the potential host stratigraphy at Russet South.
For a plan map showing the footprint of gold mineralization at Russet South, please click here: http://www.puregoldmining.ca/sites/default/files/NR1510drillplan.pdf
For a table of 2015 drill results to date, please click http://www.puregoldmining.ca/sites/default/files/NR1510drillresults.pdf
Assay composites were calculated using uncut assays and are reported as drilled widths and interpreted to vary between 70% to 100% of true widths.
Pure Gold Commences Summer Exploration Program
Pure Gold has commenced a systematic summer exploration program to build off the success of the winter drill program. Highlights of the 2015 winter drilling program include:
- Gold mineralization intersected in 19 of 23 holes at Russet South, loosely defining a 600 metre x 350 metre target horizon that is open in all directions;
- Identification of three high-grade targets (Alpha, Beta, Kappa) with a limited 5,000 metre program at Russet South;
- Extended the strike length of the Fork Zone high-grade structure to 350 metres with a limited 1,000 metre drilling program;
- Validated the geologic model at Russet South and Fork Zone by successfully defining continuity of multiple high-grade structures.
The summer program will further refine the targeting model, advance existing targets to a drill-ready stage, and generate new targets across the 50km2 property. The ongoing exploration program will include trenching, stripping, and channel sampling of key areas within the broad gold footprint identified at Russet South. Elsewhere on the property, the program will include focused geologic mapping and sampling in key structural corridors, expansion of the geochemical sampling program with an additional 4,000 soil samples, and further compilation and modelling of both early stage and advanced stage targets with the intent of refining the targeting model for the proposed fall drill program.
QA/QC and Core Sampling Protocols
Core samples were submitted to ALS Minerals in Thunder Bay, Ontario for sample preparation by crushing to 70% less than 2mm, rotary split off 1kg, and pulverize the split to better than 85% passing 75 microns. Sample pulps are shipped to the ALS assay laboratory in North Vancouver, B.C. for gold analysis with a 30 gram 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 are re-analyzed by a 1kg screen fire assay with screen to 100 microns. A duplicate 30g fire assay is conducted on the screen undersize while assaying of entire oversize fraction (code Au-SCR21). Control samples (accredited standards and blanks) were inserted on a regular basis.
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.
ABOUT MADSEN
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.
| 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. |
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.
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, 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.
Contact
Pure Gold Mining Inc.
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info@puregoldmining.ca
www.puregoldmining.ca