Red Lake Madsen Mine Ltd LRTNF

News

[flashcash]

Not bad


Tue, 18th Jan 2022 07:00

RNS Number : 7923Y

Pure Gold Mining Inc.

18 January 2022

 

NEWS RELEASE 22-03 January 18, 2022

PUREGOLD DEFINITION DRILLING CONFIRMS HIGH GRADES IN UPCOMING STOPES

Current mine plan reinforced by new infill intercepts including 21.1 g/t gold over 4.0 metres and 20.7 g/t gold over 3.0 metres

 

VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) ("PureGold" or the "Company"), is pleased to report high-grade drill intercepts returned from surface and underground drilling completed during the fourth quarter of 2021. This recently expanded drilling program was successful in confirming the tenor and continuity of gold mineralization in near-term production stopes, as well as establishing the potential for resource expansion close to existing development. Infill and extension drilling continues from both surface and underground to refine and prioritize mine sequencing, optimize mine production, and support incremental resource expansion in areas of active development.

 

Definition drilling results highlights:

 

· 21.1 g/t gold over 4.0 metres from drill hole PGP-03-3845-02; including

49.4 g/t gold over 1.0 metre;

· 12.2 g/t gold over 6.5 metres from drill hole PGP-03-3845-12; including

20.7 g/t gold over 3.0 metres;

· 9.7 g/t gold over 7.8 metres from drill hole PGP-02-3738-11; including

26.6 g/t gold over 1.0 metre;

· 14.9 g/t gold over 4.0 metres from drill hole PGP-02-5143-08;

· 63.5 g/t gold over 1.0 metre from drill hole PGP-02-3738-08;

· 39.0 g/t gold over 1.5 metres from drill hole PGP-00168; including

54.3 g/t gold over 1.0 metre;

· 13.4 g/t gold over 4.0 metres from drill hole PGP-02-5143-10.

 

 

[CanadianAnimal]

HOLY GOLD BATMAN!!!!!   Thanks Flash!!

[Scanner454]

might be a terrible day to release good news....might even finish in the red today

[thelostarc]

I like the transparency of the new management. Granted, this is the same management, just with a few less bad apples. It's great that they are hitting 20 g/t over 4m in the upcoming stope. But without any further information, it is hard to quantify the meaning of these drill results. As such, they only serve to let shareholders know not that there is high grade but that management is drilling

[kirk15]

interesting that they included definition drills which sets up working stopes along with exploration drilling. Much of what was released was near surface, and history says Red Lake gets better at depth. They have probably done some cut and fill to take low hanging fruit, but that is more expensive mining than what we want. Red Lake has the gold, it has proven such for that past 100 years, getting

[RdlBama]

kirk15, At the risk of sounding stupid, why not Barrick because they have a large surrounding land holdings and I believe the technical/engineering ability to actually mine 8 Zone.

[kirk15]

Barrick is a Tier 1 producer, they hunt elephant country, PGM is too small.

[flashcash]

Would suit Kinross to the ground...with Great Bear oh yeah. GLA

[RdlBama]

Barrick maybe a Tier 1 gold company but they have had their asses handed to them in SA. They ran up their debt to unstainable levels. Barrick's true money maker is its Nevada ops. Barrick should take out PGM and watch Kinross rot on the vine with a great nonproducing asset. Kinross gets bailed if gold goes to 3,000.

[kirk15]

the best would be Kinross, they inground ounces and will shorten the time til mine by huge if they grab PGM. I like Alamos, the size of PGM mining is right in their kitchen. Wesdome is an outlier, but they have experience with hard rock mining and would turn this around quick.

[thelostarc]

How about AngloGold, the company that already owns 15% of the equity? Or perhaps one of the Australian miners that have been moving into Canada like crazy. Evolution? St. Barbara? Maurice Belanger has a history with St. Barbara having sold Atlantic Gold to them a couple years back.

[RdlBama]

thelostarc, You are most likely right that Anglo is not going to let PGM get away. Early in 2023 should be interesting for PGM since they should be drilling a few holes into 8 Zone and production should be 8,000 ounces a month. But don't forget about the Wedge and Treasure Box targets.

[kirk15]

M+A is just guesswork, and often the most logical acquisitor doesn't happen because miners frequently take too long to make a decision. The M+A component is just an outlier as to why I am re-investing, but it does hold possibilities. Name as many acquisitors as you wish, the more the merrier. Sometimes the major producers take a stake in a developing mine to play keep away on any others.

[thelostarc]

Bama,  Anglo is desparate to diversify its production base. They now have a foot in Nevada, and I'm sure they want the other foot in Ontario. But they will have to compete with domestic companies and Australian companies. Ontario gold mining has made a major comeback the last few years. The purchase of Detour Gold, IAM constructing Cote, Evolution getting into Red Lake. Now, along the

[CanadianAnimal]

Honestly I call you realistic.

[RdlBama]

thelostarc, Belanger has a four year plan. Anything less then 20 dollars a share is a steal for Anglo. GBR got 28 a share with no production. Imagine PGM doing 10,000 ounces a month and drilling 8 Zone, Wedge and Treasure Box.

[Fredfudpucker00]

Could Anglo Gold and Barrick possibly make a bid together at some point to take over Pure Gold. Anglo and Barrick were partners at Moria Gold Mine in Mali for years. Part of Barrick's Q4 $170 million dividend  went to Anglo . These companies have a connection.

[gog]

Claude lost their shirt on this and now Pure is. Really hoped they had a better grip on the geology but looks like not. Implementing a model now they say? The problem with high grade is exactly this, longhole it and hope for the best, unfortunately a few holes hitting 20g is not going to get the mill past 7g which = the share price in the toilet.