Longitudinal section of the former Madsen gold mine and satellite deposits. (Credit: Pure Gold Mining)
ONTARIO – Pure Gold Mining of Vancouver has significantly expanded the resources at the former Madsen gold mine 16 km west of Red Lake. The company estimates there are 1.6 million oz. of gold in the indicated tonnage and 178,000 oz. in the inferred category.
Using a cut-off of 4.0 g/t, the indicated resource is 5.8 million tonnes grading 8.9 g/t gold, and the inferred resource is 587,000 averaging 9.4 g/t gold. The estimate contains data collected up to April 11, 2017. Pure Gold says it has drilled almost 30,000 metres at Madsen since that date.
The company expects to update the resource estimate again in Q4 2017, at which time mineralization in satellite deposits – Russet South and Fork zones – will be included.
The previous Madsen resource estimate was made in 2009, before Pure Gold purchased the property from Claude Resources in 2014. A preliminary economic assessment is underway.
The Madsen mine produced its first gold in 1935. Read more at www.PureGoldMining.ca.