By Joe Hoppe
Pure Gold Mining Inc. said Wednesday that it has downgraded its gold estimate for its mine near Red Lake in Ontario, Canada, but that the revised estimates provide a clearer forecast for the project.
The mining company said it now expects up to 6.9 million indicated metric tons of gold at a grade of 7.4 grams per ton at PureGold, down from 7.2 million tons at a grade of 8.9 grams per ton according to its previous, 2019 mineral resource estimate.
Inferred mineral resource estimates have also been lowered to 1.8 million tons from 1.9 million tons, with expected grades lowered to 6.3 grams per ton from 7.7.
The company said the revised estimate includes several methodology and input updates, providing a stronger estimate overall and aligning more closely with actual mining to date.
"The team is confident that the forthcoming updated pre-feasibility study and life of mine plan will demonstrate the near-term potential of the PureGold mine and lay the foundation for future growth," President and Chief Executive Mark O'Dea said.
Shares at 0758 GMT were up 2.2%, or 0.15 pence, at 6.9 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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August 10, 2022 at 03:02PM
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Pure Gold Downgrades Gold Estimate at Canadian Mine - MarketWatch
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