Wednesday, June 15, 2016

Pure Gold Mining Inc. - PGM.v

Pure Gold Mining Inc. - PGM.v has acquired 100% ownership of 45km2 of contiguous patented land including the Madsen Mine.

The Madsen Mine has produced more than 2.4 million ounces, making it the second-largest historic Red Lake gold producer. It has an Indicated resource of 928,000 ounces gold (2.24 million tonnes at 8.93 g/t Au)

On June 14, 2016 the company released News

"Pure Gold Mining Inc. (PGM – TSX-V) (“Pure Gold” or the “Company”) is pleased to announce additional drill results from the McVeigh horizon, located on the Company’s 100% owned Madsen Gold Project (“Madsen”). Results reported herein represent the final set of results from the initial 16,000 metre program, which is now complete. As previously announced, the Company has begun an expanded exploration program that will include an additional 35,000 metres of drilling. The ongoing work is designed to test and advance new interpretations of near-surface targets in close proximity to the existing mining infrastructure.
“Drilling to date indicates that the McVeigh horizon is open for resource expansion along strike and at depth, below historical mining depths of 230 metres,” stated Darin Labrenz, President and CEO of Pure Gold. “The opportunity for resource growth at relatively shallow depths is rare in a historic mining project such as this. We believe the McVeigh horizon has similar potential to the parallel Austin horizon which was mined from surface to a depth of 1,200 metres over a two kilometre strike length.”
Highlights from infill and step-out drilling on the one kilometre long McVeigh horizon include:
  • 40.1 g/t gold over 1.2 metres in hole PG16-110
  • 31.3 g/t gold over 3.7 metres in hole PG16-112
    • Including 54.1 g/t gold over 2.0 metres
  • 14.2 g/t gold over 5.0 metres in hole PG16-122
    • Including 28.5 g/t gold over 2.1 metres
New assay results from select drill holes testing the McVeigh horizon are outlined below: 
Hole ID
From (m)
To (m)
Length (m)
Gold (g/t)
Zone
PG16-108
172.0
180.2
8.2
6.0
Austin
incl.
174.0
178.0
4.0
10.5

PG16-110
291.5
292.7
1.2
40.1
McVeigh
PG16-111
202.7
204.7
2.0
5.2
McVeigh
PG16-112
281.3
285.0
3.7
31.3
McVeigh
incl.
281.3
283.3
2.0
54.1

PG16-115
166.7
168.7
2.0
7.5
Austin
PG16-117
275.7
278.9
3.2
5.7
McVeigh
PG16-117
289.0
291.5
2.5
8.5
McVeigh
incl.
290.5
291.5
1.0
20.1

PG16-117
320.0
322.0
2.0
11.5
McVeigh
PG16-119
123.1
130.0
6.9
4.4
McVeigh
incl.
124.0
127.2
3.2
7.1

PG16-121
140.5
146.3
5.8
5.7
McVeigh
incl.
142.0
144.8
2.8
10.2

PG16-122
8.3
9.3
1.0
30.1
Austin
PG16-122
128.5
133.5
5.0
14.2
McVeigh
incl.
130.6
132.8
2.1
28.5










http://pennystockjournal.blogspot.com/2016/06/pure-gold-mining-inc-pgmv.html