Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), today announced an updated Mineral Resource Estimate (“MRE”), prepared by SRK Consulting (Canada) Inc. (“SRK”) in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) for its 100% owned PureGold Mine near Red Lake, Ontario. With an effective date of December 31, 2021, this updated MRE (“Updated MRE”) replaces the previous MRE dated February 2019 (“2019 MRE”).
The Updated MRE is described in Table 1 below and includes:
- 1.65 million ounces of gold at 7.4 grams per tonne (“g/t”) within 6.9 million tonnes in the Indicated Mineral Resource category, and
- 0.37 million ounces of gold at 6.3 g/t within 1.8 million tonnes in the Inferred Mineral Resource category.
The updated MRE will form the basis of a new Pre-Feasibility Study and updated Life of Mine plan, also being completed by SRK, which is expected to be released in the fourth quarter of 2022.
Mark O’Dea, President & CEO of PureGold, stated: “The thorough independent review and update led by SRK shows that the PureGold Mine remains underpinned by a multi-million-ounce high grade gold resource. The Updated MRE is based on a combination of deep geological understanding, closely spaced drilling, and first-hand observations of stope scale shapes and continuity. The team is confident that the forthcoming updated Pre-Feasibility Study and Life of Mine plan will demonstrate the near-term potential of the PureGold Mine and lay the foundation for future growth.”
