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Pure Gold Mining shines as it hits high-grade gold during drilling at Red Lake mine

The company said the results suggested “strong mine continuity and the potential for mining stope expansion” and will be integrated into short-term mine planning

Gold

Pure Gold Mining Inc (LON:PUR) (CVE:PGM) shares shined in London on Tuesday after the dual-listed Canadian miner hit high-grade gold intersections during exploration drilling at its Red Lake mine in Ontario.

The company said the results suggested “strong mine continuity and the potential for mining stope expansion” and will be integrated into short-term mine planning.

READ: Pure Gold Mining confirms new high grade gold zone at Red Lake project

"The Pure Gold Red Lake Mine continues to produce significant, high-grade gold drill intercepts and today's results from areas planned for mining this year highlight local opportunities for mine expansion", said Pure Gold president and chief executive Darin Labrenz in a statement.

"Similar to the 2018 test mining program where the discovery of a new hanging wall zone resulted in 56% more ounces than predicted, these drill holes have identified both potential extensions to mine stopes and opportunities to test and develop new stopes”, he added.

The Red Lake mine is currently under construction with underground development four months ahead of schedule and first gold pour expected in the fourth quarter of 2020.

Pure Gold shares jumped 6.7% to 48p in late-morning trade in London.

Quick facts: Pure Gold Mining, Inc.

Price: 0.61 CAD

TSX-V:PGM
Market: TSX-V
Market Cap: $218.66 m
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Proactive Investors takes closer look at Red Lake, Ontario Mining District.

Proactive Investors Vancouver talked with two well know CEO's about one of the most prolific mining districts in Canada. Red Lake, Ontario. Darin Labrenz, CEO of Pure Gold (CVE: PGM) and Chris Taylor from Great Bear Resources (CVE: GBR) both have successful projects and talked about the...

on 16/7/19

2 min read