Our Mine

Welcome to The PureGold Mine

By The Numbers

Here’s a snapshot of key metrics for our Phase One mine.1

 

 

Bringing High-Grade Gold to Life

Welcome to The PureGold Mine.

This is one of the highest-grade gold mines on the planet. In fact, it’s in the top 5th percentile.1,4

Our Phase One mine is now pouring gold, and our growth story has only just begun.

Phased Organic Growth Strategy. Our vision is to develop a long-life gold-producing company in the very heart of Red Lake. Our disciplined plan is sensible and financially sound: to develop our PureGold Mine incrementally, step-by-step, using a Phased approach.

Phase One Feasibility Study. Our Phase One mine alone will generate more than $1.2 billion in pre-tax cashflow at current gold prices. At an exceptionally low all-in sustaining cash cost of USD $787 per ounce. Yielding a 56% operating margin of more than $1,350 per ounce.1,3

Which will fund our program for organic growth and continued expansion along our 7-kilometre-long Gold Corridor.1,3

Phase Two Optimization. Even before we finished Phase One, we began work on Phase Two Optimization to maximize the value of our mine and set the stage for expansion. A second ramp access underground. Fine-tuning the processing facilities. Accelerating access to deep high-grade zones. Recommissioning the shaft and hoist. Phase Two is already underway to ensure the PureGold Mine lives up to its full potential.

Phase Three Expansion. Our objective is to significantly increase our high-grade gold resource and reserve numbers, thereby transforming PureGold into Canada’s next iconic gold producer. Our strategy for Phase Three is to incorporate existing and newly-discovered mineral resources that lie outside of the Phase One footprint into an expanded mine plan – fueled by our continuing and highly-successful exploration and expansion drilling program along our 7-kilometre-long Gold Corridor.1

 

An Overview of the PureGold Mine

The PureGold Mine is located in Red Lake, Ontario, Canada, one of the world’s richest and most prolific gold mining districts. Located primarily on patented claims, there is year-round access to the property via Ontario Highway 618. Numerous secondary roads transect the 4,700-hectare property providing simple access for exploration and development. The district also benefits from scheduled commercial air services to the Red Lake Airport via Thunder Bay and Winnipeg.

Our underground operation utilizes a combination of longhole stoping, conventional cut-and-fill, and mechanized cut-and-fill mining methods. Processing includes conventional crushing and grinding, followed by gravity concentration to recover free-milling gold, followed by pre-oxidation, leaching, carbon in pulp circuit and electrowinning, and refining to produce doré gold.

We believe that this will become a multi-generational mine, and PureGold will be Canada’s next iconic gold producer.

Technical Report

Mine Attributes.

  • Mining Method: Underground
  • Processing: 800tpd Gravity/CIP Plant
  • Gold Recovery: 95.8%

2021 PureGold Mine Milestones.

  • Q1 2021 Ongoing Ramp-up and Commissioning
  • Q2/Q3 2021 Updated Mineral Resource Estimate
  • Q2/Q3 2021 Commercial Production

1See the National Instrument 43-101 technical report entitled “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 for complete details, available on the Company’s website at www.puregoldmining.ca or Sedar profile at www.sedar.com.
3Based on current metal price of US$1800/oz and US$1 = C$1.33. Free cash flow is pre-tax. This is a non-GAAP performance measure. See “Non-GAAP” Measures and other Financial Measures cautionary language Under ‘Legal Notice’.
4Source S&P Global Market Intelligence, VT Capital; based on life of mine producing mine reserve grades most recent reported, as of 2020.