Pure Gold Mining Inc (TSX:PGM)

Mining

Pure Gold Mining Inc is a exploration and mining company with interest in Canadian mineral properties.

It is also engaged in the exploration, development, production and acquisition of precious metal properties like gold.

PureGold Mine Project is the mining firm’s principal property located near the Red Lake in Ontario.

Red Lake is reportedly famous as a high-grade gold district that produced 30 million ounces of gold till now.

The mining company claims that indicated resources at the mine is pegged at approximately 2.1 million ounces, while 0.5 million ounce of inferred resource is estimated.

The mine is located within the Red Lake Greenstone Belt, spread in 50 by 40-kilometer surface area. It comprises old volcanic and sedimentary deposits
The mine has been reportedly producing the yellow metal for over 90 years now, the company claims.

Pure Gold Mining Inc is also focused on the development of high-grade Gold Corridor, an underground deposit located 1.5 to 2.5 kilometers deep.

In addition, it aims to undertake exploration and developmental activities along the seven-kilometer gold corridor and conduct potential drilling program at the complex.

Pure Gold Mining Inc also aims to become Canada’s leading high-grade gold producer in coming years, reportedly.

In the early 2000s, Goldcorp reportedly achieved transformational success through mining gold in high-grade zone at Red Lake Mine complex.

The ‘8 Zone’ displays similar high-grade gold characteristics as discovered by GoldCorp, the company claims.

Kirkland Lake Gold, a gold producer, claims to have made significant discoveries at its Canada-based Macassa mine and Fosterville mines, located in Australia.

The company claims that its key investors own over 30 per cent stake in its corporate structure, including Newmont, AngloGold Ashanti, etc.

Pure Gold Mining Inc is presently focused on ramping up the production of high-grade ore from its mine and the production rates are expected to rise towards the design capacity of 800 tons per day.

In addition, it aims to accelerate the development process of the main ramp and the east ramp in a bid to increase the mine’s capability and expansion beyond the pre-determined design capacity and an early access to high grade mining zones, including the ‘8 Zone’.

Pure Gold Mining Inc also claims to achieve organic growth through accretive acquisition and expansion.