Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
Pure Gold Mining Inc. (TSXV: PGM) announced on Tuesday that ongoing drilling along the Madsen Red Lake mine trend has added 530 metres of mineralized strike length to the Wedge zone, expanding the deposit footprint by 85%.
In early 2018, the company announced the discovery of the Wedge deposit with multiple high-grade intercepts reported three kilometres south of the Madsen Red Lake mine.
Earlier this year, with just nine months of drilling, Pure Gold reported the maiden resource estimate for this new discovery. Initial work by the company established an indicated resource in this area of 322,000 tonnes grading 10.3 g/t gold and an inferred resource of 307,000 tonnes grading 8.0 g/t gold.
The latest drilling is highlighted by results of 24.4 g/t gold over 1.0 metre and 12.4 g/t gold over 1.1 metres. According to the company, the Madsen Red Lake mine is Canada’s highest-grade development-stage gold project.
“Today’s results showcase the tremendous potential of the Madsen mineral system to continue to grow, by nearly doubling the strike length of Wedge and by extending the gold structural corridor that controls the Madsen orebody to seven kilometres,” President and CEO Darin Labrenz said in a press release.
“Importantly, these results continue to support our record of discovery to mineral resource in a phased approach to bring a brand new, fully funded mine to life,” he added.
