VANCOUVER, British Columbia, March 22, 2018 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (PGM:TSX-V) (“Pure Gold” or the “Company”) is pleased to report that surface drilling continues to expand gold mineralization within the newly discovered Wedge Target, at its 100% owned Madsen Gold Project (“Madsen”). The Wedge Target, located approximately three kilometres by road south of the Madsen milling infrastructure, forms a southward extension of the mineral system that hosts the Madsen and Fork deposits and defines a key structural corridor that extends over a five kilometre strike length. Wide spaced drilling to date at the Wedge Target has intersected gold in four mineralized zones that span a one kilometre strike length, from surface to a depth of 300 metres, and open for expansion.
Release highlights:
- Step out drilling on the north end of the Wedge Target has intersected high grade gold mineralization including 22.5 g/t gold over 2.0 metres from hole PG18-505. This represents a 80 metre step-out from previously reported drilling at Wedge-DV;
- Multiple drill holes have expanded the Wedge-DV mineralized zone resulting in a 160 metre down plunge extension to previously reported results. Drilling highlights include:
- 9.8 g/t gold over 3.0 metres from drill hole PG18-503,
- 6.9 g/t gold over 5.0 metres, including 27.4 g/t gold over 1.0 metre from drill hole PG18-507,
- 9.6 g/t gold over 2.0 metres from drill hole PG18-510;
- Previously reported drill hole PG16-215 which returned 15.1 g/t gold over 5.4 metres, including 69.2 g/t gold over 1.0 metre anchors the Wedge Target at a vertical depth of 300 metres from surface1;
- Surface drilling at the Wedge Target is ongoing. To date, an additional nine drill holes have been completed in the Wedge-MJ and Wedge-DV mineralized zones, with assay results pending.
“Our latest drilling clearly highlights the scale of the mineral system in place at Madsen,” said Darin Labrenz, President and CEO of Pure Gold. “Mineralization in the Wedge Target is a continuation of the gold system that hosts the Madsen Mine and with over one kilometre of strike length, the Wedge Target compares favourably with the surface footprint of the Madsen Deposit. The presence of high grade gold over a broad footprint, and the continuity of mineralization established by recent drilling reinforces our conviction that the Wedge Target could develop into meaningful resources, underlining the growth opportunity and scalability of Madsen.”
New Drilling Expands Wedge Target
Initial drilling in the Wedge Target pursued gold bearing structures southward from the Madsen Mine, returning 21.3 g/t gold over 10.3 metres from Wedge-DV in drill hole PG17-486 and 33.3 g/t gold over 8.3 metres along strike from Wedge-CK in drill hole PG17-467, with mineralization in the two zones separated by 500 metres.2 Together with Wedge-86 and Wedge-MJ, drilling to date in the four mineralized zones that fall within the Wedge Target has intersected high grade gold along a one kilometre strike length, from surface down to a depth of 300 vertical metres.
Results reported herein, have successfully demonstrated the strong continuity of gold mineralization in step out drilling at Wedge-DV. Furthermore, these results suggest that Wedge-DV and Wedge-CK may potentially coalesce into one large mineral zone with additional drilling. On the south end of Wedge-DV, drill hole PG18-510 intersected 7.6 g/t gold over 4.0 metres including 9.6 g/t gold over 2.0 metres approximately 250 metres down plunge of hole PG17-486, and midway between Wedge-CK and Wedge-DV. Previously reported hole PG16-215 intersected gold mineralization at Wedge-CK returning 15.1 g/t gold over 5.4 metres, including 69.2 g/t gold over 1.0 metre1 at a vertical depth of 300 metres. This hole anchors the Wedge Target and highlights the potential of the zones to expand to depth.
Gold mineralization also remains open on the north end of the Wedge-DV with the deepest hole returning 22.5 g/t gold over 2.0 metres from drill hole PG18-505 at a vertical depth of approximately 125 metres, representing an 80 metre extension along strike to previously reported mineralization.
2018 Exploration Drilling
Exploration drilling at Madsen is ongoing with surface drilling currently targeting expansion of the Wedge Target and also down dip extension of the Russet South deposit.
An underground diamond drill rig is currently targeting near surface mineralization in proximity to the planned 7,200 tonne bulk sample location. In total, 33,000 metres of diamond drilling has been budgeted for early 2018 with drilling focused on expanding known resources and the discovery of new gold deposits.
Drill Results Summary
New assay results from select drill holes are outlined below:
| Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) | Zone |
| PG17-481 | 20.6 | 24.0 | 3.4 | 6.6 | Wedge-DV |
| PG17-491 | 142.5 | 143.5 | 1.0 | 24.6 | Wedge-DV |
| PG18-503 | 139.8 | 144.0 | 4.2 | 7.4 | Wedge-DV |
| incl. | 141.0 | 144.0 | 3.0 | 9.8 | |
| | 175.5 | 176.5 | 1.0 | 13.2 | |
| PG18-505 | 110.9 | 112.9 | 2.0 | 22.5 | Wedge-DV |
| incl. | 111.9 | 112.9 | 1.0 | 43.0 | |
| | 122.9 | 123.9 | 1.0 | 12.9 | Wedge-DV |
| PG18-507 | 154.0 | 159.0 | 5.0 | 6.9 | Wedge-DV |
| incl. | 158.0 | 159.0 | 1.0 | 27.4 | |
| PG18-510 | 167.3 | 171.4 | 4.0 | 7.6 | Wedge-DV |
| incl. | 169.4 | 171.4 | 2.0 | 9.6 | |
*Assay composites were calculated using uncut assays and true widths are interpreted to vary from 70-90% (80%, on average) of reported core lengths above.
For a figure showing the location of drill results, click link below:
http://puregoldmining.ca/sites/default/files/Drill-Result-Figure-22032018.pdf
For a complete list of 2018 drill results to date, click link below:
http://puregoldmining.ca/sites/default/files/2018-DH-Intercepts-Table-March-22.pdf
ABOUT MADSEN
The Madsen Gold Project has historic production of 2.5 million ounces of gold and a current indicated resource of 1,744,000 ounces gold at 8.7 g/t gold (in 6.2 million tonnes) and an inferred resource of 296,000 ounces gold at 7.9 g/t gold (in 1.2 million tonnes), the Project benefits from existing infrastructure including a mill and tailings facility, paved highway access, and access to power, water and experienced labour.3 A feasibility study is underway with results expected in the fourth quarter of 2018 and the Madsen Gold Project is firmly on the path to becoming Ontario’s next gold mine.
(1) See news release dated October 31, 2016
(2) See news release dated January 31, 2018
(3) See the National Instrument 43-101 technical report entitled “Technical Report for the Madsen Gold Project - Restated Preliminary Economic Assessment and Initial Satellite Deposit Mineral Resource Estimates” with an effective date of December 14, 2017 for complete details, available on the Company’s website at www.puregoldmining.ca or Sedar profile at www.sedar.com.
QA/QC and Core Sampling Protocols
Drill core samples are submitted to ALS Minerals in Thunder Bay, Ontario for sample preparation by crushing to 70% less than 2 mm, a rotary split of 1kg, and pulverization of the split to better than 85% passing 75 microns. Sample pulps are shipped to the ALS assay laboratory in North Vancouver, BC for gold analysis with a 30g fire assay and AAS finish (code Au-AA23). Samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GRA21). Mineralized zones with visible gold and shoulder samples are also analyzed by a 1 kg screen fire assay with screening to 100 microns. A duplicate 30 g fire assay is conducted on the screen undersize with assaying of the entire oversize fraction (code Au-SCR21). Control samples (certified standards and uncertified blanks), along with field, prep and pulp duplicates, are inserted on a regular basis. Results are assessed for accuracy, precision, and contamination on an ongoing basis.
Qualified Persons and 43-101 Disclosure
Phil Smerchanski, P. Geo., Vice President, Exploration for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 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
Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the next major discovery at the Madsen Gold Project in Red Lake, Ontario. And become Canada’s next iconic gold company.
Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:
Adam Buchanan, Manager, Investor Relations
Tel: 604-646-8000
info@puregoldmining.ca
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pure Gold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pure Gold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Madsen Gold Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated June 16, 2017 in the section entitled "Risk Factors", under Pure Gold’s SEDAR profile at www.sedar.com.
Although Pure Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pure Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.