(Alliance News) - Pure Gold Mining Inc on Wednesday said it has expanded its drill programme after intersecting gold mineralisation between eighth zone and Russet South at the Masden Red Lake mine in Canada.
Shares in Pure Gold were up 6.8% at 39.50 pence in London in morning trade.
The gold was intersected midway between the high grade 8 zone at depth and near surface Russet South resources. Given this, Pure Gold has expanded its 2019 drill programme to 20,000 metres. There are currently two surface rigs active but a third is "to begin production level underground drilling" in late November.
Visible gold and intense alteration around 750 metres up dip from 8 zone returned 4.9 grammes of gold per tonne of ore over 2.1 metres.
Pure Gold President & Chief Financial Officer Darin Labrenz said: "Madsen continues to be a dynamic project with resource and production potential well beyond the feasibility base case. Outside of the feasibility mine plan we have made multiple discoveries and established new mineral resources within a system that keeps expanding along strike.
"This latest drilling represents a sea change in exploration prospectivity, establishing the tremendous potential of a brand new mineralized corridor that is anchored by the high grade 8 Zone at depth and the outcropping Fork and Russet South zones at surface."
By Anna Farley; annafarley@alliancenews.com
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