Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Vancouver-based Pure Gold Mining has just released the latest results from its 51,000 metre, $9.1 million drill program at the company’s 100%-owned Madsen Gold Project in Ontario, Canada.
According to a press release, test findings support the interpretation that the McVeigh Horizon is the folded continuation of the Austin Horizon, since gold mineralization exhibits similar alteration and mineralization widths. Historically, Austin produced +2 million ounces of gold.
Pure Gold also said that gold mineralization at McVeigh occurs well below the depth extent of historic working and remains open at depth.
Some of the significant drill results include:
“With this established, we are now stepping out more aggressively within the McVeigh, with the goal of testing the extents of the mineralization. These results, which include gold intercepts that are south of and deeper than any previous drilling by the company to date, clearly demonstrate that the McVeigh is wide open for expansion and represents an exciting modern exploration discovery in the Red Lake District,” Pure Gold’s President and CEO Darin Labrenz wrote in the release.
Although the firm’s focus is on the McVeigh horizon, it has ongoing drilling at the Austin horizon. Pure Gold believes there is potential for additional mineralization from both extensions of known zones, and from newly modelled, untested parallel targets.
This is particularly the case after its drill hole PG16-195 intersected, outside of proposed mining shapes defined in the PEA, a strongly mineralized and altered zone with both coarse and fine visible gold scattered throughout the intercept, returning 126.6 g/t gold over 3.7 metres.
