VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 8, 2015) - Pure Gold Mining Inc. (TSX VENTURE:PGM) ("Pure Gold" or the "Company") is pleased to announce final drill results from the 2014 exploration program at its 100% owned Madsen Gold Project in the prolific Red Lake gold district of northwest Ontario. The results are highlighted by an intercept of 7.0 g/t gold over 9.0 metres, including 26.6 g/t gold over 2.0 metres, occurring approximately 35 vertical metres below surface at the Austin Zone. This hole targeted near surface mineralization on the southern, up-dip extent of the Madsen mineral resource(1).
Madsen 2014 Drill Results
Pure Gold completed a total of 6,895 metres from 26 exploration drill holes in 2014 and has been successful in discovering high-grade mineralization in the Fork Zone, McVeigh Ramp and Austin target areas (see news releases dated October 23 and October 29, 2014 for previous results). All drilling in 2014 was conducted utilizing oriented core to help identify structural and stratigraphic controls on mineralization.
New significant assay results are reported in Table 1. These recent drill holes targeted the McVeigh Ramp and Austin target areas with the goal of improving the confidence of, and expanding the mineral resource. Several holes intersected high-grade near surface mineralization.
Table 1 - Madsen Significant Assay Results(*)
| Hole ID | From
(m) | To
(m) | Length
(m) | Au
(g/t) | Target |
| PG14-014 | 279.0 | 280.0 | 1.0 | 15.5 | McVeigh Ramp |
| PG14-015 | 344.0 | 348.0 | 4.0 | 5.2 | McVeigh Ramp |
| Including: | 346.2 | 348.0 | 1.8 | 10.1 | |
| PG14-024 | 40.0 | 49.0 | 9.0 | 7.0 | Austin |
| Including: | 47.0 | 49.0 | 2.0 | 26.6 | |
| PG14-025 | 50.0 | 52.0 | 2.0 | 7.0 | Austin |
| PG14-026 | 134.2 | 140.3 | 6.1 | 2.9 | McVeigh Ramp |
| Including: | 139.0 | 140.3 | 1.3 | 5.7 | |
(*) Assay composites were calculated using uncut assays and are reported as drilled widths and interpreted to vary between 85% to 95% of true widths.
"Our exploration drilling in 2014 has delivered high-grade intercepts in several target areas, while leading to an improved understanding of geology and structural controls on mineralization over the 50 square kilometer land package at Madsen," stated Darin Labrenz, President and CEO of Pure Gold. "Pure Gold's comprehensive 2014 field program has highlighted the potential of gold-bearing structures in the Fork Zone and Russet South target areas to host high grade mineralization. We look forward to drill-testing these targets in our upcoming winter drill program."
For a drill map of all 2014 target areas, please click here: www.puregoldmining.ca/sites/default/files/Nr1501targetmap.pdf.
For a complete table of drill results, please click here: www.puregoldmining.ca/sites/default/files/NR1501drilltable.pdf.
Initiation of 2015 Exploration Drill Program
Structural and alteration mapping, soil and rock geochemical sampling and geologic interpretation have significantly advanced priority target areas to drill-ready status. At the Russet South target, located approximately 1,400 metres west of the Madsen shaft and 1,600 metres up-dip of the high-grade Madsen 8 Zone resource, several zones of strong alteration have been identified in surface outcrop where they are associated with intense shearing through the hinge of folded ultramafic stratigraphy. The occurrence of historic high-grade intercepts from within the area, mineralized shearing, quartz-carbonate-biotite alteration, and coincidental soil and rock anomalies within folded mafic-ultramafic stratigraphy, all support the 8 Zone up-dip potential of the area. The 8 Zone resource, discovered in 1969 in the footwall of the Madsen Mine, lies directly down-dip of the Russet South target area, and is associated with the same ultramafic unit that has been identified in surface mapping at Russet South.
At the Fork Zone, recently completed MMI soil sampling has returned geochemical anomalism south of recent drilling by Pure Gold, supporting the potential for down plunge extensions to previously reported high-grade intercepts. Modelling and interpretation of Pure Gold drilling in conjunction with re-logging of historic drilling in the area has been utilized to develop targets for follow-up drilling.
Pure Gold is currently preparing for a winter drill program set to commence later in January. The winter drill program will target prospective structures at both the Russet South and Fork Zone targets, with a goal of discovering new zones of high-grade mineralization along the ultramafic contact.
QA/QC and Core Sampling Protocols
Check samples were submitted to ALS Minerals in Thunder Bay, Ontario for sample preparation by crushing to 70% less than 2mm, rotary split off 1kg, and pulverize the split to better than 85% passing 75 microns. Sample pulps are shipped to the ALS assay laboratory in North Vancouver, B.C. for gold analysis with a 30 gram fire assay and AAS finish (code Au-AA23). Samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GRA21). Mineralized zones with visible gold are re-analyzed by a 1kg screen fire assay with screen to 100 microns. A duplicate 30g fire assay is conducted on the screen undersize while assaying of entire oversize fraction (code Au-SCR21). Control samples (accredited standards and blanks) were inserted on a regular basis. Results were monitored on receipt of assays by Gary Lustig, MSc, P.Geo, an independent consultant to Pure Gold and a Qualified Person as defined by National Instrument 43-101.
Qualified Persons
Darren O'Brien, P. Geo., Vice President, Exploration for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
ABOUT PURE GOLD
Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the next multi-million-ounce gold discovery at the Madsen Gold Project in Red Lake, Ontario. And become Canada's next iconic gold company.
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.
ON BEHALF OF THE BOARD
Darin Labrenz, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may constitute forward-looking statements. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the price of gold and other commodities, continued exploration success, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results including any pending results set out herein will not be consistent with past results or the Company's expectations, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses, financing risk, and other risks and uncertainties including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Many of these uncertainties and contingencies can affect the Company's actual performance and could cause actual performance to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
(1) For details of the Madsen mineral resource see Technical Report for the Madsen Gold Project, Red Lake, Ontario, Canada with an effective date of February 18, 2014, available on the Company's website at www.puregoldmining.ca and under the Company's SEDAR profile at www.sedar.com.
