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https://sprott.com/media/4099/210713-scp-pgm-2q.pdf
July 13 - Sprott on PGM
PureGold Announces Milestone Second Quarter and Provides Underground Drilling and 8-Zone Updates as Ramp-Up Nears Completion
VANCOUVER, British Columbia, July 13, 2021 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), is pleased to provide an operations and underground drilling update, including drill results, for the second quarter at its high-grade PureGold Mine in Red Lake, Ontario.
Production highlights for the second quarter include:
• Average daily throughput of 509 tpd for the quarter and 577 tpd for the month of June;
• Average daily ramp development rate for the Main and East Ramps of 5.2 metres and 4.5 metres per day for the second quarter, respectively, a new quarterly record for the Main Ramp and a 53% increase compared to the first quarter;
• A 46% increase in second quarter gold production compared to the first quarter;
• Average head grade of 7.0 g/t Au from all stopes mined during the second quarter; and
• Average head grade of 5.8 g/t Au for the high-grade portion of the mill feed, which includes all stopes mined plus high-grade development ore, a 51% increase compared to the first quarter and in line with expectations for the period.
Key de-risking milestones achieved in the second quarter include:
• Underground drilling successfully confirmed stopes planned for mining in the second half of 2021 and identified new areas with potential to expand mineable inventory beyond known reserves close to existing development, highlights include 15.1 g/t Au over 5.6 metres and 33.1 g/t Au over 2.2 metres from the Main Ramp and 120.8 g/t Au over 1.0 metre and 21.4 over 2.0 metres from the East Ramp;
• First ore production from the East Ramp achieved, with the first high-grade stopes from the east side of the mine expected to come online in August;
• Ramp development contract awarded to accelerate the Main Ramp development at a projected rate of 6.0 metres/day for the balance of 2021, beginning in July;
• Arrival of interstage screens for CIP tanks and trommel screen for the SAG discharge which are currently being installed with completion expected in August, positioning the mill to operate above design capacity in the second half of 2021 and beyond;
• Over 4,500 metres of diamond drilling in over 70 drill holes completed to further delineate planned production for the second half of 2021; and
• Continued excellent grade reconciliation for stopes mined to date with respect to the Mineral Reserves.1
8 Zone Update
In addition to improving access to high-grade ore in the near-term, the ramp development rates achieved to date coupled with the acceleration of the Main Ramp beginning in July present an opportunity to bring forward underground drilling and development of the high-grade 8 Zone. Based on projected Main Ramp development rates from July 2021 onward, first access to 8 Zone ore is currently expected to be achieved by July 2024, approximately 8 months earlier than was envisioned in the Feasibility Study.1 Additionally, the Company is currently evaluating opportunities to begin underground infill and step-out drilling of 8 Zone from the Main Ramp earlier than planned, with first results now potentially possible before the end of 2021. Further updates on plans to begin drilling 8 Zone from underground will be provided over the coming months.
Darin Labrenz, President & CEO of PureGold, commented, “The second quarter was one of achieving critically important milestones and making key investment decisions for the PureGold Mine, balancing both long-term and short-term objectives. As we continue opening up the mine and accelerating the development of our two key haulage ways, we are seeing consistent quarter-over-quarter improvements in all key operating metrics and, importantly, excellent grade reconciliation to our Mineral Reserves. With two active ramps now mining ore, an additional dedicated crew to focus on Main Ramp development beginning in July, and nearly 30,000 tonnes of longhole stopes developed in front of us, we are entering the third quarter in our strongest position ever.”
Second Quarter Ramp-Up Summary
Q1 2021 Q2 2021
Main Ramp Advance Rate (metres/day) 3.4 5.2
East Ramp Advance Rate (metres/day) 4.7 4.5
Combined Ramp Advance Rate (metres/day) 8.1 9.7
Number of Stopes Mined in Period 4 7
Average Grade of Stopes Mined in Period (g/t Au) 3.6 7.0
Stope Tonnage Mined in Period (tonnes) 14,485 17,216
Ending Number of Active Ore Headings 13 17
Average Daily Ore Throughput (tpd) 538 509
Average Grade of High Grade Portion of Mill Feed (g/t Au) 3.8 5.8
Proportion of High Grade Material in Total Mill Feed (%) 46 63
Average Head Grade of Total Mill Feed (g/t Au) 2.8 4.2
Total Gold Production (oz) 4,291 6,261
Average Recovery (%) 95.0 95.6
During the second quarter, 63% of the mill feed was comprised of high-grade stope and development ore grading 5.8 g/t Au on average, in line with expectations and a significant increase from 46% grading 3.8 g/t Au in the first quarter. The balance of the mill feed has been comprised of low-grade development ore and stockpiles to date. Increasing the proportion of high-grade ore in the mill feed to 100% going forward remains the primary focus for the Company during ramp-up, with the key performance metrics being ramp development rates and number of active ore headings and stopes. Commencement of high-grade stope production from the East Ramp and acceleration of the Main Ramp development in July are expected to jointly drive continued and sustained quarter-over-quarter increases of high-grade ore production and average grades for the third quarter and for the balance of the year.
Underground Drilling Update
PureGold is also pleased to report high-grade drill intercepts returned from underground drilling completed during the second quarter of 2021. This new drilling targeted zones in close proximity to both the Main Ramp and the East Ramp and has been designed to further delineate stopes planned for the second half of 2021 with the goal of expanding mineable inventory and increasing the grade of longhole stopes in the near-term mine plan. This drilling has been highly successful in confirming the tenor of high-grade mineralization within planned stopes and has also expanded the mineable inventory in areas close to the main haulage ways.
Underground drilling results highlights:
East Ramp:
• 14.7 g/t gold over 1.7 metres from drill hole PGU-0203; including
21.6 g/t gold over 1.0 metre.
• 84.2 g/t gold over 1.0 metre from drill hole PGU-0210;
• 21.4 g/t gold over 2.1 metres from drill hole PGU-0212;
• 120.8 g/t gold over 1.0 metre from drill hole PGU-0214;
• 9.2 g/t gold over 7.9 metres from drill hole PGU-0222; including
15.2 g/t gold over 1.0 metre and 33.0 g/t gold over 1.0 metre.
Main Ramp:
• 33.1 g/t gold over 2.2 metres from drill hole PGU-0188; including
68.5 g/t gold over 1.0 metre;
• 65.6 g/t gold over 2.0 metres from drill hole PGU-0198;
• 41.6 g/t gold over 1.0 metre from drill hole PGP-00007;
• 14.2 g/t gold over 4.3 metres from drill hole PGP-00009; including
21.2 g/t gold over 1.0 metre;
• 16.7 g/t gold over 3.6 metres from drill hole PGP-00012; including
27.6 g/t gold over 1.6 metres;
• 6.4 g/t gold over 8.4 metres from drill hole PGP-00018; including
32.3 g/t gold over 1.0 metre;
• 15.1 g/t gold over 5.6 metres from drill hole PGP-00019; including
20.8 g/t gold over 1.0 metre and 30.4 g/t gold over 1.0 metre;
• 12.4 g/t gold over 5.0 metres from drill hole PGP-00019 including
29.8 g/t gold over 1.0 metre.
A summary table of results is set out at the end of this News Release.
Results from drilling continue to be integrated into short-term mine planning, with production planned from most of these areas in 2021. High-grade results from the East Ramp include PGU-0210, PGU-0212 and PGU-0214 which confirm the first stoping area scheduled to be mined from PureGold’s East Ramp. Development of two stopes in this area is underway with sills on multiple levels currently delivering high-grade development ore. Stoping from the East Ramp in the third quarter will enhance mine flexibility and will increase the availability of high-grade ore inventory and mill feed from underground and is expected to commence in August.
In addition to confirming high-grade stopes close to the main haulage ways, underground drilling also continues to identify new zones that are not part of the current mineral reserves. Drillholes PGP-00017, PGP-00018 and PGP-00019 each returned broad zones of high-grade gold mineralization, including 15.1 g/t gold over 5.6 metres and 12.4 g/t gold over 5.0 metres in a new zone that lies west of a high-grade longhole stope that was mined in the second quarter of 2021. Ore development is currently underway in this area with stoping anticipated to occur in the third quarter.
“Ongoing underground drilling programs such as these are a hallmark of Red Lake deposits, responsible for the nearly 100 years of high-grade discovery and mining in the district,” stated Darin Labrenz, President & CEO of PureGold. “Our underground drilling program continues to be highly successful at confirming stopes within our near-term production plan as well as identifying opportunities for discovery and growth near our existing development. We expect this trend to continue as we continue to open up the mine and establish underground access to an increasing number of ore production areas into the third quarter and for many quarters to come at the PureGold Mine.”
As of the end of the second quarter, three air-powered underground core diamond drills were active on the site and focused on delineating gold mineralization with both infill and extension drilling. Results from this underground drilling will continue to be reported on a quarterly basis.
Commercial Production
Commercial production will be declared on the first day of the calendar month following the achievement of certain criteria including ore throughput and gold production levels achieving a pre-determined percentage of design capacity. These criteria are reviewed monthly. Inaugural production and cost guidance will follow shortly after a positive commercial production decision.
Underground Drill Results Summary
New assay results from select drill holes are outlined below:
Hole ID From (m) To (m) Length (m) Gold (g/t) Infill / Extension
PGU-0188 68.6 75.0 6.4 4.4 Extension
including 68.6 70.0 1.4 9.2
including 74.0 75.0 1.0 6.4
90.1 92.3 2.2 33.1
including 90.1 91.1 1.0 68.5
PGU-0190 38.5 39.8 1.3 6.7 Extension
PGU-0195 65.0 66.1 1.1 7.2 Infill
PGU-0198 12.0 14.0 2.0 65.6 Infill
PGU-0200 34.0 35.0 1.0 13.5 Infill
PGU-0202 22.7 25.5 2.8 5.9 Extension
including 23.5 24.5 1.0 10.7
PGU-0203 25.3 27.0 1.7 14.7 Extension
including 26.0 27.0 1.0 21.6
PGU-0205 32.8 35.3 2.6 7.5 Extension
PGU-0207 36.0 37.0 1.0 7.2 Infill
PGU-0209 7.0 8.0 1.0 7.1 Infill
PGU-0210 30.0 31.0 1.0 84.2 Infill
PGU-0211 40.0 40.9 0.9 7.1 Infill
PGU-0212 34.0 36.1 2.1 21.4 Infill
PGU-0214 41.9 42.9 1.0 120.8 Infill
PGU-0222 78.0 85.0 7.0 9.2 Extension
including 79.0 82.0 3.0 17.5
including 79.0 80.0 1.0 15.2
including 81.0 82.0 1.0 33.0
PGU-0230 42.7 43.5 0.8 7.3 Extension
PGB-0231 12.7 13.8 1.1 6.5 Infill
PGP-00007 43.2 44.2 1.0 41.6 Extension
PGP-00008 38.3 39.3 1.0 28.0 Infill
PGP-00009 53.0 57.3 4.3 14.2 Infill
including 53.0 54.0 1.0 17.3
and including 55.0 55.6 0.6 20.9
and including 56.3 57.3 1.0 21.2
PGP-00010 12.7 14.6 1.9 9.3 Extension
46.5 47.5 1.0 16.6
PGP-00012 18.5 22.2 3.6 16.7 Extension
including 18.5 20.2 1.6 27.6
92.1 93.0 0.9 8.1
PGP-00013 23.1 24.1 1.0 8.1 Extension
PGP-00015 7.0 8.0 1.0 11.1
PGP-00016 4.3 5.0 0.7 32.3 Extension
PGP-00017 28.6 32.1 3.5 8.2 Extension
including 30.0 31.1 1.1 11.9
PGP-00018 30.6 39.0 8.4 6.4 Extension
including 33.8 34.8 1.0 32.3
and including 37.0 38.0 1.0 9.3
PGP-00019 30.0 35.6 5.6 15.1 Extension
including 30.0 31.0 1.0 20.8
and including 31.0 32.0 1.0 14.8
and including 32.0 33.0 1.0 30.4
and including 33.0 33.6 0.6 12.3
41.6 46.6 5.0 12.4
including 42.6 43.6 1.0 29.8
and including 45.6 46.6 1.0 18.9
PGP-00024 32.4 33.4 1.0 10.8 Extension
38.4 39.4 1.0 13.9
*Assay composites were calculated using uncut assays and true widths are interpreted to vary from 80-95% (90%, on average) of reported core lengths above.
QA/QC and Core Sampling Protocols
Underground drill core samples are submitted to SGS Minerals in Red Lake. Underground core samples are whole core sampled after being detail logged and photographed. Sample shipments are bagged and sealed and picked up at the mine site by SGS Minerals employees. Samples reported herein include BQ and ATK-size whole core samples and are prepared by drying and crushing to 75% less than 2 mm, a riffle split of 250 g, and pulverization of the split to better than 85% passing 106 microns at the SGS Red Lake facility. Gold analysis is completed in the SGS Red Lake lab with a 30 g fire assay and AAS finish (code GO-FAA30V10 for mine samples and GE-FAA30V5 for exploration samples). Mine samples returning >100 g/t Au and exploration samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GO-FAG30V). Mineralized zones with visible gold are also analyzed by a 500 g screen fire assay with screening to 106 microns (code GO-FAS30M). Duplicate 30 g fire assays are conducted on the screen undersize and combined with an assay of the entire oversize fraction.
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.
Further details of drilling, analytical process, quality assurance and control, and sampling are available in the Feasibility Study1 technical report.
Qualified Persons and 43-101 Disclosure
Ken Donner, P. Eng., Vice President, Operations and Phil Smerchanski, P. Geo., Vice President, Exploration for the Company, are the designated Qualified Persons for this news release within the meaning of National Instrument 43-101 (“NI 43-101”). Mr. Donner has reviewed and verified that the mine operational technical information contained herein is accurate and approves the written disclosure of same. Mr. Smerchanski has reviewed and verified the underground drilling technical information contained herein is accurate and approves of the written disclosure of same.
About Pure Gold Mining Inc.
PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada’s next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold’s multi-million ounce high-grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.
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
1. For further information, see the technical report titled “Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit Red Lake, Ontario, Canada” with an effective date of February 5, 2019, and dated July 5, 2019 (the “Feasibility Study”), for further information please see www.puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com
ON BEHALF OF THE BOARD
"Darin Labrenz"_______
Darin Labrenz, President & CEO
Investor inquiries:
Adrian O’Brien, Director, Marketing and Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca
Not a surprise. When gold sells off gold mining shares normally sell off too. I look at this as an opportunity.
wshaw, thanks for posting that link to an informative video.
Virtual Investor Day IV - June 8-10, 2021 VIDEO
https://www.bing.com/videos/search?q=virtual+investor+day+iv&qpvt=virtual+investor+day+iv&view=detail&mid=56E8348EC21E04E3132E56E8348EC21E04E3132E&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dvirtual%2Binvestor%2Bday%2Biv%26qpvt%3Dvirtual%2Binvestor%2Bday%2Biv%26FORM%3DVDRE
PureGold Mining to Present at Virtual Investor Day IV - June 8-10, 2021
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/776-tsx-venture/pgm/100631-puregold-to-present-at-virtual-investor-day-iv-june-8-10-2021.html
While I dont expect a miracle, I do think the next quarter will be a huge improvement over the last. The stock price should really start moving up then. JMHO
I totally agree, and believe me I have accumulated.
I agree, most of the risk is gone. Of course with gold mines shit can happen but we should be good to go up until the end of the year.
I am buying at this level ... LRTNF is one of my favorite Gold companies, and this is certainly a Great time to accumulate more ...
Summer will be a Great Time for Precious Metals ...
GLTA - Shermann
PureGold mine enters final stages of ramp-up https://www.mining.com/puregold-mine-enters-final-stages-of-ramp-up/
Nice. Glad to hear you got filled.
I am now completely in. Fireworks can start any day :) Gold will turn in May and start the next leg up in mining shares. All mining companies will begin to move up regardless of their validity so those with great potential will do all the better. I'm very happy with a $1 share price buy in.
I did acquire a good chunk but not all my bid was filled. Let's see what happens in the next couple of weeks. I have several miners with bids in but currently a rally is unfolding... There is always tomorrow :)
I trust you got your shares when it took that dip to $1. At least I hope you did not miss it.
Yes, it is crazy. I have seen this many times though. When a new mine has any problem on startup and things do not go exactly as planned they get dumped and trashed. All will be fine in a short time. I now have a little over 2x what I planned on buying and am happy to have them.
Crazy we can buy at these prices again. Adding every paycheck. Red Lake and their region in particular has massive deposits. They'll keep adding high grade ounces to the reserve, extend the mine life and have killer cash flow. Buy, buy, buy IMO
Thanks, In my opinion it's a pretty low risk time to enter. Not sure If we will see $1.00 but I'll buy aggressively if we do.
Welcome, it has been a while since our paths have crossed, but I remember you from a couple of other boards. Pure gold has stumbled on startup, as many new producers do, but they have good management and excellent assets imho.
I know the feeling. I hated to see the price tank, but it gave me the opportunity to raise my position by 33.3%.
The dollar has topped and Gold has bottomed ... I never thought I could get more LRTNF at 1.13 ever again ...
Best of Luck!!!
Shermann
Pure Gold Mining Inc. Enters Into a Bought Deal Agreement for Gross Proceeds of C$10,001,600 https://finance.yahoo.com/news/pure-gold-mining-inc-enters-140300930.html
Thanks for posting.
News out: PureGold Drilling Returns High Grades Including 56.6 g/t Gold Over 1.0 Metres https://finance.yahoo.com/news/puregold-drilling-returns-high-grades-103000969.html
I have a large buy order placed at $1.00, I think most of the risk is now gone and it's a good time to buy. Future looks golden...
We should be getting some news soon, meanwhile I picked up a few more.
PureGold Surface Exploration Drilling Intersects High Grade Gold at Three Targets Near PureGold Mine https://finance.yahoo.com/news/puregold-surface-exploration-drilling-intersects-113000705.html
Thanks for posting the update.
Gold will go always up and down. This is why it is important to me that a mine be high grade and low cost. This gold mine can do well at much lower prices. In the current economic environment I seriously doubt gold will remain down though. Covid is far from the only problem, though the market seems to be treating things that way.
News out: PureGold Mine Ramp-Up Progressing Steadily https://finance.yahoo.com/news/puregold-mine-ramp-progressing-steadily-113000125.html
Gold Miners Decline Nearly 30%, Currently Testing 15-Year Support Level
not exactly uplifting news
https://www.zerohedge.com/news/2021-03-01/gold-miners-decline-nearly-30-
currently-testing-15-year-support-level
https://www.zerohedge.com/news/2021-03-01/goldfix-silver-leads-higher-gold-leads-lower
Yes, I did see that video on the 18th. I have been adding a few daily on the last dip. I now have more than I planned but I think I will just hold on to them.
I'm gobbling these prices up. Now own more than I did prior to selling some at first pour lol
Nice post I especially like the weight 29.59 Kilos --SOME miners just show a bar of gold that may be the size of a postage stamp and no weight------ 47.59# of gold
Most recent gold bar poured 2 days ago https://mobile.twitter.com/PureGoldRedLake/status/1362166705003188224/photo/1
Q4 wont give you much info. Their first pour was at the very end of December.
Thanks. That video says it all. I bought a few more today.
I would prefer to see numbers...when Q4 will be released? Annual revenue?
Excellent new company video out yesterday for those that haven't seen yet.
Got a few more today. Not going big, just a few at a time. If it drops again tomorrow I will take a few more.
Eric Sprott bought 2 million shares of Pure Gold Mining last Thursday Feb. 11th......this is on top of the large holding he had already. This is great news. https://ceo.ca/api/sedi/?insider=Sprott,%20Eric%20S
I picked up quite a few more this morning as well.
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PureGold is a growth company, located in the very heart of Red Lake, Canada.
Red Lake is the world-famous high-grade gold district which has already produced more than 30 million ounces of gold, valued at over USD $50 billion in today’s prices.3
Little wonder Red Lake is called the high-grade gold capital of the world.
Our Mandate. Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and disciplined creativity to exponentially increase the size and scale of our high-grade gold assets along PureGold’s 100%-owned property – historically the second-highest gold-producing property in the Red Lake District.
Our Objective. Our objective is also pure and simple. To develop a highly-profitable long-life gold mining company in the heart of Red Lake, becoming Canada’s next iconic gold producer.
Our Plan. Our plan is very disciplined, very methodical, and financially sound.
To expand organically, and develop PureGold’s multi-million-ounce high-grade gold asset incrementally, step-by-step, using a Phased mining development plan to deliver maximum profitability.
Our Growth Strategy. Our growth and profitability strategy is focused on two parallel paths. First, to generate exponential growth in the size and scale of our multi-million-ounce gold asset. Second, to simultaneously generate over $2.3 billion in revenue – and over $1.2 billion in pre-tax free cash flow – from our Phase One mine alone.1,3
What Have We Accomplished To Date? In less than six years, PureGold has advanced it’s project from exploration, through development and into production, on budget and on schedule.
Even more impressive is our pre-tax operating margin of more than $1,350 an ounce – an extraordinary margin expected to generate more than $1.2 billion in pre-tax cash flow over the next 12 years alone.1,3
Welcome to The PureGold Mine.
PureGold’s Phase One mine has started pouring its first million ounces of high-grade gold. At the exceptionally low projected life of mine all-in-costs of USD $787 per ounce
This one million ounces of ‘low-hanging fruit’ will generate over $2.3 billion in revenue over the next decade. More than $1.2 billion in pre-tax free cash flow. And, based on a gold price of just USD $1,800 an ounce, delivering an exceptional pre-tax margin of more than $1,350 per ounce.
There’s good reason for this extraordinary operating margin.
The PureGold mine is one of the highest-grade gold mines on the planet – higher than 95% of all other producing gold mines. In fact, it’s in the top 5th percentile.4
This should come as no surprise.
Our mantra has always been to keep our eyes wide open, but to ‘Dream no small dreams’.
In less than 6 years, PureGold has defined a 2.1-million-ounce Indicated Resource, and a 0.5-million-ounce Inferred Resource at the PureGold Mine. Mineral resources are inclusive of Probable Mineral Reserves of 1 million ounces of gold grading 9 g/t. 1,6
We believe this is just the tip of the iceberg.
Data from more than 1.3 million metres of drilling has now delineated a 7-kilometre-long by half-a-kilometre-wide Gold Corridor on our property. This Corridor has a similar geological environment, as the Red Lake Mine Complex right next door – a mine complex which has already produced over 25 million ounces of gold.8
Our aggressive and highly-successful exploration and expansion drilling program continues to make new discoveries – discoveries which extend the scale and confirm the continuity of this gold system along our Gold Corridor. Discoveries of new near-surface zones with mineral resources that are not currently included in our feasibility study or mine plan. Discoveries that remain open along strike and at depth for expansion. Discoveries with mineral resources made over 3 kilometres south of the PureGold mine.
It’s like opening the door to Canada’s Fort Knox.
We believe we have barely scratched the surface. That’s why our ongoing exploration drilling program includes more than 30,000 metres of new, highly-focused drilling along our Gold Corridor.
To which we say, dream no small dreams.
We are in good company.
More than 30% of PureGold is owned by three global gold leaders and visionaries, including: Eric Sprott, the world-renowned gold visionary and investor, who owns over 10% of PureGold; the world’s third-largest gold producer, AngloGold Ashanti, which owns 16% of PureGold; and Newmont, the largest gold producer in the world.5
Our leadership and management teams have deep roots and experience in the geology of the Red Lake gold district, and direct hands-on experience from years of on-site exploring, mining, and producing high-grade gold in this area.
As owners, leaders, mine builders, and operators with extensive experience on most continents, we believe that we are the next chapter in the evolution of Red Lake. That we will achieve exponential transformative growth, in both size and scale, of our gold asset. Because we believe that there’s significantly more high-grade gold waiting to be discovered, right here, in Canada’s Red Lake.
Dream no small dreams.
Words to live by.
At PureGold, responsible mining is not an oxymoron. It is both a duty and a commitment.
We are a principled and ethical company, trying our best to be good neighbours, fully committed to our people, our community, and the environment.
Yes, we are passionate about gold and discovery.
Yes, we are in pursuit of profit for our shareholders.
But these motivations run parallel with our duty and responsibility to our People (safety, training, culture, good salaries and benefits for over 300 workers), our Community (agreements with First Nations, strong sustainable economic benefits, and community development), and the Environment (meeting and/or exceeding modern environmental and engineering standards, protection of wildlife, lands, and waters, and progressive closure and reclamation of surface disturbances – including for mining sites conducted by previous operators).
More than 30% of PureGold is owned by four global gold leaders and visionaries, including:
Rob McEwen, who transformed neighbouring GoldCorp into a multi-billion-dollar producer, was a cornerstone investor.
Eric Sprott, the world’s renowned gold visionary and investor, owns over 10% of PureGold.
AngloGold Ashanti, the world’s third-largest gold producer, is a cornerstone investor.
Newmont, the largest gold producer on the planet.
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