RED LAKE – MINING – Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), has announced that following the release of an updated Mineral Resource Estimate (“MRE”) on August 10th 2022, the Company has filed a National Instrument 43-101 Technical Report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting, dated September 23rd, 2022, with an effective date of December 31st, 2021. The report is available on SEDAR at http://www.sedar.com and has also been posted on the Company’s website at https://www.puregoldmining.ca/our-mine/mineral-resources/.
2022 Mineral Resource Estimate Highlights:
The PureGold Mine MRE includes1,2:
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 (PFS) and updated Life of Mine plan, which is being led by SRK and expected to be released in the fourth quarter of 2022. This updated PFS will incorporate several ongoing trade-off studies and will identify the best value-maximizing operational path forward for the Company.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Canadian Institute of Mining, Metallurgy and Petroleum definitions were followed for the classification of Indicated and Inferred Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated Mineral Resource category. All figures have been rounded to reflect the relative precision of the estimates. Mineral Resources are reported as constrained with an underground Mining Stope Optimizer tool which generated optimized stope shapes using an assumed gold price of US$1800/ounce, a mining recovery of 95.0%, metallurgical recovery of 95.0%, and successive MSO runs at stope heights of 3, 6, and 12 metres. Mineral Resources are stated as undiluted tonnes and gold grade above a 3.38 g/t cutoff.
- For further information, see the technical report titled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada” with an effective date of December 31, 2022, and dated September 23, 2022, for further information, available at puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com
Qualified Persons and NI 43-101 Disclosure
Terrence Smith, P.Eng. Chief Operating Officer for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
About Pure Gold Mining Inc.
PureGold is a Canadian gold mining company, located in Red Lake, Ontario, Canada. The Company owns and operates the PureGold Mine, which began gold production in 2021 after the successful construction of an 800 tpd underground mine and processing facility. The PureGold Mine is centered on a forty-seven square kilometre property with significant discovery potential.
ON BEHALF OF THE BOARD
Mark O’Dea, President & CEO