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Pure Gold rises 7% after announcing drill results

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(Kitco News) - Pure Gold Mining (PUR:LSE) has announced drilling has successfully extended gold mineralization out from planned stopes at its Canada based mine. 

Here are some of the highlights from the drill results in today's update:
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;   

Darin Labrenz, President and CEO of PureGold stated “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.” 

Labrenz went on to say “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.”

As you can see from the daily chart below the share price gapped up at the open. The price has now moved conclusively over the red trendline and is heading to the yearly high at 163p. If the bulls can take out the level then it would create an all-time high in the LSE listing. 

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