Red Lake miner chops gold resource base by 20 per cent – by Staff (Northern Ontario Business – August 10, 2022)

Pure Gold hopes it’s figured out Red Lake’s geology with a new mineral resource estimate

Pure Gold Mining is reporting almost 20 per less gold in the ground at its namesake Red Lake mine than what was originally reported more than three years ago.

The Vancouver company released an updated mineral resource estimate showing 2,019,200 million ounces of gold in the indicated and inferred categories, a significant drop from the 2,530,000 ounces posted in February 2019.

Today’s new numbers show 1.65 million ounces of gold at 7.4 grams per tonne (g/t) within 6.9 million tonnes in the indicated category, and 0.37 million ounces of gold at 6.3 g/t within 1.8 million tonnes on the inferred side.

Pure Gold recently raised financing to help with a turnaround plans at the struggling Red Lake underground operation. The company ran into trouble last year when the mine began falling short of reaching its gold production targets within months of starting commercial production in August of 2020.

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