16th Dec 2019 12:17
(Alliance News) - Pure Gold Mining Inc said Monday that exploration drilling near the Madsen Red Lake Mine in Canada, currently under construction, has intersected high-grade gold mineralisation from a second drill hole.
Pure Gold said the second drill hole was targeting the widespread gap between the company's 8 zone at depth and the Russet south zone, which outcrops at surface.
"This latest drill hole confirms the discovery potential of this new target area and supports continuity of the gold system between Russet South and 8 zone," the company said.
In addition, the company said ongoing drilling along the Madsen Red Lake mine trend continues to rapidly expand the footprint of the Wedge zone with multiple drill holes returning drill intercepts anticipated to upgrade the current mineral resource and also likely to expand the resource footprint including the deepest Wedge intercept to date.
Pure Gold said Madsen Red Lake is on track to deliver first production in late 2020.
Pure Gold shares were up 3.6% in London at 42.99 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
PUR.L