Pure Gold Mining Inc. is pleased to announce additional drill results from the ongoing 51,000 metre drill program at the Company's 100% owned Madsen Gold Project.
Results reported herein represent the first set of holes from the expanded three rig drill program, designed to discover new resources and build continuity of high grade gold in close proximity to the existing permitted mining infrastructure.
Highlights from new drilling include:
- 51.9 g/t gold over 1.0 metre in hole PG16-123 (Austin)
- 26.6 g/t gold over 2.0 metres in hole PG16-124 (Austin)
- 450.0 g/t gold over 1.0 metre in hole PG16-124 (Confederation)
- 5.3 g/t gold over 8.5 metres in hole PG16-136 (McVeigh)
- Including 24.0 g/t gold over 1.0 metre
The McVeigh Horizon - Extended at Depth
Pure Gold continues to demonstrate that gold in the McVeigh horizon extends well below shallow historic workings and is open for expansion. With pierce points into mineralization adding 170 metres of vertical extent to the gold system, it is clear that the depth of the historic workings is not reflective of the true magnitude of the gold mineralization at Madsen.
The evidence for gold mineralization at depth in the McVeigh horizon is further reinforced by results published by a previous operator. Several historic drill holes, designed to test other targets, returned high grade gold in the McVeigh horizon. These results include 61.9 g/t gold over 0.7 metres (MUG-11-17) at a vertical depth of 980 metres and 17.7 g/t gold over 2.0 metres (MUG-12-29) at a vertical depth of 1,060 metres.
With gold bearing intersections in the McVeigh from surface to over a kilometre vertical depth, it is clear that this horizon has the potential for significant endowment. Comparatively the parallel Austin Horizon, situated 150 metres in the hanging wall of the McVeigh, was mined from surface to a depth of 1.2 kilometres, with mineralization remaining open down plunge. It produced over two million ounces from 1938 to 1974.
In addition to results reported herein, an additional 6,300 meters in 23 drill holes have been completed in the McVeigh horizon to date, with assay results pending. Three drill rigs are expected to continue to test this target for the next several months.
The Austin Horizon - Confirmation of Additional Near Surface Mineralization
While the current drilling strategy is focused on defining new gold mineralization within the McVeigh horizon, it is also testing the unmined portions of the Austin horizon. The results of Pure Gold's 2016 drilling program confirm that the Austin horizon remains a viable target horizon for resource delineation and expansion. The recently completed Preliminary Economic Assessment envisions potential production from a subset of the current mineral resource, part of which is hosted in the Austin horizon. The ongoing 2016 drill program will continue to test the Austin horizon in conjunction with targeting the McVeigh horizon.
Confederation Assemblage - Returns 450.0 g/t Gold Over 1.0 Metre in Hole PG16-124
Drilling targeting the McVeigh horizon intersected bonanza grade gold mineralization in hole PG16-124 at shallow depths in the hanging wall Confederation Assemblage rocks. Further study is required to assess the prospectivity and dimensions of this high grade near surface intercept. Gold mineralization is known to occur in Confederation aged rocks elsewhere in the Red Lake District and on the Madsen Property, including the Madsen #1 Shaft zone where limited production occurred in 1936, 1974 and 1998.
Drill Results Summary
New assay results from select drill holes are outlined below:
* Assay composites were calculated using uncut assays and are reported as drilled widths and interpreted to vary between 50% to 97% of true widths.