Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Pure Gold Mining’s 30,000-metre program at the PureGold Red Lake mine in northwestern Ontario has returned high-grade results from underground, which extend near-term stopes and suggest new zones of gold mineralization.
The company’s latest release includes the assays for nine holes; drill highlights include 10 metres of 12.8 g/t gold, 2.4 metres of 9.3 g/t gold and 2 metres of 10.6 g/t gold.
“These latest high-grade gold intercepts continue to reinforce our near-term growth plan for the PureGold Red Lake mine and to exhibit the tremendous strength, continuity and scalability of this high-grade gold system,” Darin Labrenz, the company’s president and CEO, said in a release.
With construction underway, the PureGold Red Lake mine is expected to pour its first gold towards the end of this year
“Underground exploration drilling continues to extend stopes that are part of our near-term plan, and to discover brand new gold zones that could have a direct net positive impact on our production profile,” Labrenz said.
Labrenz added that these recent results have more than doubled the strike length of a planned stope. The company has also completed additional diamond drill holes to test for potential extensions of stopes in the hangingwall of the area test mined in 2018.
With construction underway, the PureGold Red Lake mine is expected to pour its first gold towards the end of this year.
Probable reserves at the site are at 3.5 million tonnes grading 9 g/t gold, for a total of 1 million oz. Mineral reserves are reported using cut-off grades between 4 g/t gold and 4.75 g/t gold. The PureGold property covers 47 sq. km and features a 7-km long gold system that remains open.
(This article first appeared in the Canadian Mining Journal)
