Pure Gold Mining Inc. is pleased to announce that new drill results have expanded the near-surface, high-grade gold zones recently identified near the Madsen mine.
Drilling has been focused on two locations (Russet South and Fork Zone), both of which appear to be geologically related to important zones of mineralization at depth in the mine. The early success we have had in defining additional gold mineralization in shallow targets around the mine continues to indicate near surface exploration upside.
Madsen hosts an operational head frame, a permitted mill and tailings facility, and access to power, water and labour. The Madsen 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.
"Despite being Red Lake's 2nd largest past producer, previous operators conducted limited systematic generative exploration around the mine since its closure in 1974," stated Darin Labrenz, President and CEO of Pure Gold. "Our focus is to unlock the exploration potential of this 50 km2 property. Over the past eight months our new geological model has delivered high-grade gold mineralization in two key areas, and we are now building continuity in Russet South and Fork Zone."
Mineralization at Russet South, located 1,400 metres west of the headframe, is analogous 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 has delineated near-surface high-grade gold mineralization over a 350 metre x 150 metre area and remains open down-dip and along strike with additional drill results pending.
New reported drill highlights from Russet South include:
- 6.5 g/t gold over 1.3 metres in PG15-034
- 20.0 g/t gold over 0.7 metres in PG15-038
Previously reported results from Russet South (see news releases March 2, 2015 and March 16, 2015):
- 9.5 g/t gold over 3.5 metres in PG15-027
- 15.0 g/t gold over 5.0 metres in PG15-028
- 39.1 g/t gold over 2.9 metres in PG15-031
- 37.5 g/t gold over 1.7 metres in PG15-032