Pure Gold Mining PLC - Vancouver-based gold mining company focused on Canada - Announces an updated mineral resource estimate for its PureGold mine near Red Lake, Ontario. Says the updated estimate includes 1.65 million ounces of gold at 7.4 grams per tonne within 6.9 million tonnes in the indicated mineral resource section, and 0.37 million ounces of gold at 6.3 grammes per tonne within 1.8 million tonnes in the inferred mineral resource category.

Chief Executive Officer Mark O’Dea says: ‘The thorough independent review and update led by SRK shows that the PureGold mine remains underpinned by a multi-million-ounce high grade gold resource. The updated MRE is based on a combination of deep geological understanding, closely spaced drilling, and first-hand observations of stope scale shapes and continuity.’

Says the mineral resource estimate will form the basis of a new pre-feasibility study and life of mine plan, expected to be released in the fourth quarter of 2022.

Current stock price: 7.19 pence, up 6.6%

12-month change: down 90%

Copyright 2022 Alliance News Limited. All Rights Reserved.