Targeting known resources, Pure Gold Mining Inc. said June 5 that it hit high-grade gold that could boost the resource grade at the Madsen project in Ontario.
The junior explorer outlined a series of intercepts largely in the 1 meter to 5 meter range, with grades between about 10 g/t and 90 g/t of gold.
It also hit one intercept grading 57.1 g/t of gold over 22.1 meters that it described as its best hit to date. Most of the intercept's grade was accounted for by a narrow 1-meter interval grading 1,175 g/t of gold.
Pure Gold recently raised C$20.9 million to help it pursue development of the project, which includes existing facilities at the past-producing mine. As it stands, the company has pegged indicated resources at 1.7 million ounces of gold grading 8.7 g/t of gold and inferred resources at 296,000 ounces gold grading 7.9 g/t of gold.
It plans to produce a feasibility study of the project in the fourth quarter.
