Underground Drilling Intersects 23.4 g/t Gold Over 2.9 Metres, Including 50.1 g/t Gold Over 1.0 Metre at the PureGold Mine

VANCOUVER, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (PGM:TSX-V, LSE:PUR) (“PureGold” or the “Company”), is pleased to announce that underground exploration drilling has intersected high-grade gold mineralization near the existing main ramp access. Drilling has successfully extended gold mineralization out from planned stopes, discovered new gold zones that are being integrated into the mine plan, and has confirmed stopes scheduled for near term production.¹

Drilling results highlights:

• 23.4 g/t gold over 2.9 metres from drill hole PGU-0143; including
  50.1 g/t gold over 1.0 metre;
• 10.3 g/t gold over 6.0 metres from drill hole PGU-0150; including
  27.7 g/t gold over 1.0 metre
• 13.7 g/t gold over 2.2 metres and 13.9 g/t gold over 1.0 metre from drill hole PGU-0144;
• 14.3 g/t gold over 1.5 metres from drill hole PGB-0179;
• 11.6 g/t gold over 1.9 metres from drill hole PGB-0183;
  

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

“These latest high-grade gold intercepts continue to bolster our belief that continued high grade growth will add to the mine plan as we open up new zones. Our continued underground drilling success in concert with our ongoing surface exploration program, forms the foundation of our near-term and extended growth plan for the PureGold Mine.” stated Darin Labrenz, President and CEO of PureGold. “The PureGold Mine will be one of the highest grade gold mines globally, and newly discovered gold zones show potential to add near-term tonnes to our mine plan, with expected lower development costs owing to close proximity to existing development. ² In addition to ongoing underground drilling, we are actively drilling from surface on several new discovery targets across our seven kilometre gold corridor. With initial gold production imminent, we will continue to deliver exploration success, demonstrate the scalability of our PureGold Mine, and deliver on our objective of building a multigenerational mine in Red Lake, Canada.”

Diamond drilling continues to identify extensions to design stopes, providing opportunity for further high grade tonnes from existing or planned development. Drill holes PGU-0143, PGU-0144 and PGU-0145 have identified a potential new stope accessible from the existing 1300 access drift and adjacent to the main ramp between 4 and 5 Levels.   This area will be targeted by further test holes to refine stope design. PGU-0150 was drilled between a high grade intercept from surface hole PG16-191 and planned ore development, successfully intersecting a broad zone of high grade gold mineralization identifying the potential for additional ore volumes in this area. ³    PGU-0159 has identified an extension of the MV-1225-4080 Stope and PGB-0182 and PGB-0183 have resulted in the identification of new mineralization in the footwall to the MV-1355-4055 Stope which will be followed up with further drilling.

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 70-90% (80%, on average) of reported core lengths above.

For a complete list of 2020 drill results, click link below:

https://puregoldmining.ca/wp-content/uploads/2020/12/2020-DH-Intercepts-Table-October27.pdf

About Pure Gold Mining Inc.
The PureGold Red Lake Mine is Canada’s next gold mine. Fully funded and weeks away from initial gold production, the project is on track to deliver high margin gold production into a strong Canadian gold price environment. The orebody is situated within a seven-kilometre-long gold system that is under active exploration, and multiple discoveries by the Company suggest potential opportunities for near-term growth beyond the initial phase I mine plan.

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, available at www.puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com
   
   
2. Source S&P Global Intelligence for producing mines with average annual production exceeding 80,000 ounces per annum
   
   
3. For further information see news release dated September 27, 2016
   

QA/QC and Core Sampling Protocols
Drill core and test hole samples are submitted to SGS Minerals in Red Lake, Ontario and drill core samples to ALS Minerals in Thunder Bay, Ontario. Surface exploration core samples are sawn with a diamond blade saw and half-core retained for further study. Underground core samples are whole core sampled after being detail logged and photographed. Samples processed at SGS include NQ and EW size whole core samples and test hole sludge samples and 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 GO-FAA30V10 for mine samples and GE-FAA30V5 for exploration samples). Mine samples returning >100 g/t Au and exploration samples returning >5 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.

NQ drill core samples processed at ALS include sample preparation by crushing to 70% less than 2 mm, a rotary split of 1 kg, 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-AA23). Samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GRA21). Mineralized zones with visible gold and shoulder samples are also analyzed by a 1 kg screen fire assay with screening to 100 microns.

A duplicate 30 g fire assay is conducted on the screen undersize with assaying of the entire oversize fraction (code Au-SCR21).

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.

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.

Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the PureGold Mine in Red Lake, Ontario, Canada. And become Canada’s next iconic gold company.

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.

ON BEHALF OF THE BOARD
"Darin Labrenz"                        
Darin Labrenz, President & CEO

Investor inquiries:
Adrian O’Brien, Director of Marketing & Communications
Direct: 604-809-6890
Office: 604-646-8000 x223
info@puregoldmining.ca

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 Red Lake 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", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "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", "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 Pure Gold Red Lake 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 26, 2020 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.