PureGold Definition Drilling Confirms High Grades in Upcoming Stopes

VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), is pleased to report high-grade drill intercepts returned from surface and underground drilling completed during the fourth quarter of 2021. This recently expanded drilling program was successful in confirming the tenor and continuity of gold mineralization in near-term production stopes, as well as establishing the potential for resource expansion close to existing development. Infill and extension drilling continues from both surface and underground to refine and prioritize mine sequencing, optimize mine production, and support incremental resource expansion in areas of active development.

Definition drilling results highlights:

• 21.1 g/t gold over 4.0 metres from drill hole PGP-03-3845-02; including
  49.4 g/t gold over 1.0 metre;
• 12.2 g/t gold over 6.5 metres from drill hole PGP-03-3845-12; including
  20.7 g/t gold over 3.0 metres;
• 9.7 g/t gold over 7.8 metres from drill hole PGP-02-3738-11; including
  26.6 g/t gold over 1.0 metre;
• 14.9 g/t gold over 4.0 metres from drill hole PGP-02-5143-08;
• 63.5 g/t gold over 1.0 metre from drill hole PGP-02-3738-08;
• 39.0 g/t gold over 1.5 metres from drill hole PGP-00168; including
  54.3 g/t gold over 1.0 metre;
• 13.4 g/t gold over 4.0 metres from drill hole PGP-02-5143-10.
  

A summary table of results is set out at the end of this News Release.

“Our recently expanded definition drilling program continues to provide a stream of precise geological information which supports optimized final stope designs and, ultimately, enhances our high-grade scheduling flexibility and allows us to drive operational excellence from the ground up,” stated Troy Fierro, President & CEO of PureGold. “These drill results also highlight the fantastic opportunities for increased head grades and resource expansion that we see in many of the mining areas currently under development for production in the next 6-12 months. As we continue to execute our plan to bring the PureGold Mine toward its full potential, definition drilling provides the critical information needed for precise planning while also highlighting opportunities for potential resource expansion and growth.”

Currently two surface core drill rigs and three underground core drill rigs are executing this definition drilling program targeting production areas in the near-term mine plan, in both the East and West Ramp areas. Results from this drilling will be reported on a timely basis as received.

Drill Results Summary
New assay results from select drill holes are outlined below:

*Assay composites were calculated using uncut assays and true widths are interpreted to vary from 75-95% (90%, on average) of reported core lengths above.

QA/QC and Core Sampling Protocols
Drill core samples are submitted to SGS Minerals in Red Lake, Ontario and ALS Minerals in Thunder Bay, Ontario. NQ, BQ, and AQTK size core samples are whole core sampled after being detail logged and photographed. Samples are bagged, sealed, and shipped from the mine property to the analytical labs.

Samples processed at SGS are prepared by drying and crushing to 75% less than 2 mm, a riffle split of 250 g, and pulverization of the split to better than 85% passing 106 microns. Gold analysis is completed in the SGS Red Lake lab with a 30 g fire assay and AAS finish (code GE-FAA30V10). Samples returning >100 g/t Au are re-assayed with a gravimetric finish (code GO-FAG30V). Mineralized zones with visible gold are also analyzed by a 500 g screen fire assay with screening to 106 microns (code GO-FAS30M). Duplicate 30 g fire assays are conducted on the screen undersize and combined with an assay of the entire oversize fraction.

Samples processed at ALS include sample preparation by crushing to 70% less than 2 mm, a riffle split of 250 g, and pulverization of the split to better than 85% passing 75 microns. Sample pulps are shipped to the ALS assay laboratory in North Vancouver, BC for gold analysis with a 30 g fire assay and AAS finish (code Au-AA25). Samples returning >100 g/t Au are re-assayed with a gravimetric finish (code GRA21). Control samples (certified standards and uncertified blanks), along with field, prep and pulp duplicates, are inserted on a regular basis. Results are assessed for accuracy, precision, and contamination on an ongoing basis.

Further details of drilling, analytical process, quality assurance and control, and sampling are available in the Feasibility Study technical report.¹

Qualified Persons and 43-101 Disclosure
Phil Smerchanski, 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 Mining Inc.
PureGold is a Canadian gold mining company, located in the very heart of Red Lake, Ontario, Canada. Our vision is pure and simple. To build a highly profitable, multi-generational growth company in the world-class gold mining district of Red Lake. With our 100%-owned, fully constructed operating PureGold Mine, a multi-million-ounce gold endowment, and significant exploration upside, our value-maximizing strategy is to pursue operational excellence today, while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.

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

1. For further information, see the technical report titled “Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit Red Lake, Ontario, Canada” with an effective date of February 5, 2019, and dated July 5, 2019 (the “Feasibility Study”), for further information please see www.puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com
   

ON BEHALF OF THE BOARD
    "Troy Fierro"   
Troy Fierro, President & CEO

Investor inquiries:
Adrian O’Brien, Director, Marketing and Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca

Non-IFRS Financial Performance Measures

The Company has included certain non-IFRS measures in this new release. Refer to the Company’s MD&A for an explanation of non-IFRS measures. The Company believes that these measures, in addition to measures prepared in accordance with International Financial Reporting Standards (“IFRS”), provide readers with an improved ability to evaluate the underlying performance of the Company and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the PureGold Mine complex, timing of expected production, timing and size of exploration activities, potential for advancing the amount and timing for higher grade ore, potential for additional resources and expansion of known deposits and potential for making new discoveries and the focus of the Company in the coming months . Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "progress", "confirms", "continue", "planned", "expect", "expectations", "expand", "enhanced", "increasing", "optimize", "project", "predict", "potential", "supports", "targeting", "intends", "believe", "improved", "potential", and similar expressions, or describes a "goal", or variation , of such words and phrases or state that certain actions, events or results "may", "should", "confirms", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the PureGold Mine complex; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration and development activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 31, 2021 in the section entitled "Risk Factors", under PureGold’s SEDAR profile at www.sedar.com.

Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.