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Pure Gold Mining Inc.
Summary
| Project: | Madsen | |
|---|---|---|
| Deposit: | McVeigh, Russet, Austin | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 12/20/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 20-12-2016: Pure Gold Mining Inc. announces an Exploration/Drilling Update report for its McVeigh, Russet, Austin deposit at the Madsen project. Drilling results incl. 2.7m @ 26.2g/t Au from 53.0m. VANCOUVER, B.C. – Pure Gold Mining Inc. (PGM – TSX-V) (“P | |
| Resources: | (Resource): 3.24Mt @ 8.93g/t Au (Ind.) and 0.79Mt @ 11.74g/t Au (Inf.) | |
| CP/QP: | [Overall Report]: Phil Smerchanski (Internal) | |
| ABSTRACT: | VANCOUVER, B.C. – Pure Gold Mining Inc. (PGM – TSX-V) (“Pure Gold” or the “Company”) is pleased to announce results from drilling at the Company’s 100% owned Madsen Gold Project (“Madsen”). These results are from a 77,000 metre diamond drilling program designed to expand the high grade Austin and McVeigh gold resource and to test gold mineralization at Russet South and other satellite targets. “Drilling conducted by Pure Gold in 2016 has clearly demonstrated that significant mineralization exists well beyond what has been previously mined at Madsen, and we continue to build continuity in multiple targets, all in close proximity to the existing infrastructure,” stated Darin Labrenz, President and CEO of Pure Gold. “Our exploration program has resulted in a breakthrough in geologic understanding, genetically and spatially linking what were previously viewed as separate targets, and providing a clear framework for ongoing exploration targeting success. We look forward to a continued focus on resource growth in 2017 as we transition to exploration from both surface and underground.” Drilling within the McVeigh horizon has extended the strike length of mineralization southward, with drill hole PG16-278 intersecting high grade gold mineralization approximately 200 metres south of any previous mine production from within the McVeigh horizon. Gold mineralization in the McVeigh forms repeating, southplunging shoots and this hole, indicating another south-plunging shoot, underlines the resource expansion potential in the McVeigh. Current drilling in the McVeigh has also encountered strong alteration at a vertical depth of approximately 600 metres, characterized by strong biotite alteration, pervasive silicification, significant sulphide content, and anomalous gold mineralization. Deeper drilling by previous operators anchors the south end of the McVeigh, including hole 16-9500-SW-1-A which returned 24.3 g/t gold over 1.5 metres, occurring 1.4 kilometres south of the Madsen shaft and at a vertical depth of 750 metres1 . These holes, together with recent drilling at Starratt, and the near surface southern extension of McVeigh mineralization highlight the expansion potential of the five kilometer Starratt-Madsen corridor. Drilling at Russet South, located 1.5 kilometres west of the McVeigh horizon and associated mine infrastructure, also continues to build continuity of the near surface mineral system which remains open in all directions. | |
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