Recent exploratory drilling at Pure Gold’s (PGM) eponymous mine in Ontario has unearthed promising assays just weeks before on-site operations start up.
Drilling intersected 23.4 grams per tonne of gold across 2.9 metres near the mine’s main access ramp, suggesting hitherto undetected reserves close to the site’s existing infrastructure.
Within this notable assay was higher-grade intersect of 50.1 grams per tonne of gold over 1 metre. Other notable results from the recent drilling included 10.3 grams per tonne of gold over 6 metres, which itself contained 27.7 grams per tonne of gold over 1 metre.
On top of the underground expansion drilling, the company has also been exploring several new discovery targets across the site’s seven-kilometre gold corridor, indicating even more untapped reserves underfoot.
Darin Labrenz, President and CEO of PureGold, said the latest intercepts bolster the company’s belief that continued high grade growth will continue to add to the mine plan.
“Our continued underground drilling success in concert with our ongoing surface exploration program, forms the foundation of our near-term and extended growth plan for the PureGold Mine,” he said.
The PureGold Mine is considered one of the highest grade gold mines globally, and Darin went on to say that these newly discovered gold zones show potential to add near-term tonnes to the existing mine plan.
The company’s ramp up to operations this year has led to similar ramping up of its share price, which opened January at less than a dollar to be now valued at almost three-times that.
Phase one mining operations at the site are expected to start up around Christmas this year.
Pure Gold Mining is up 5.84 per cent and is trading at C$2.72 per share at 11:47am EST.