Pure Gold Mining (PGM.V) has added a fourth drill rig to speed up the ongoing 51,000 meter drill program that has been budgeted for this year at the company’s flagship Madsen gold project in Canada. The company is approximately half way, as it has already released the assay results of almost 25,000 meters of drilling which contain some interesting very high-grade intervals such as 1.4 meters of almost 2 ounces per tonne at the Austin zone, whilst the drill bit also encountered 2 meters of 32.5 g/t at McVeigh.
The addition of this new, fourth rig allows the company to already drill some holes at the satellite targets without scaling back its exploration efforts at the McVeigh Horizon, where the company’s focus was (and is). It does look like Pure Gold is quite optimistic about the Russet South zone as Pure Gold is using this satellite zone as an example for its ‘regional’ exploration program. These satellite zones could easily contribute more mill feed on top of what the company could access from the McVeigh portal, which will very likely be opened in the next quarter.
Pure Gold shouldn’t be worried about cash at all, as it has received C$19M in proceeds from warrantholders exercising approximately 38 million warrants at C$0.50.
Go to Pure Gold’s website
The author has no position in Pure Gold Mining. Please read the disclaimer
