Pure Gold plans ‘new mine in Red Lake’

Over the last four years, Pure Gold Mining (TSXV: PGM) has doubled the indicated resource for its Madsen gold project in Red Lake, one of the highest grade undeveloped gold deposits in the world. The company released an updated resource estimate today that sees Madsen’s indicated resource jump by 319,000 ounces of gold (18%) to a total of 2.06 million ounces contained within 7.19 million tonnes at an average grade of 8.9 grams gold per tonne. Inferred resources grew by 58%, or 171,000 ounces, to a total of 467,000 ounces of gold contained within 1.88 million tonnes of 7.7 grams gold per tonne. The latest resource used a cut-off grade of 4 grams gold per tonne, and includes mineralization for the first time from the Wedge satellite deposit, in addition to updates from two other satellite deposits (Fork and Russet South) and the main Madsen deposit. Continue reading at The Northern Miner.