Pure Gold
to be Oxygen Capital’s third producer in 2020 Headframe, mill and tailings facility - Pure Gold Red Lake Mine (Photo by Pure Gold Mining)
Photo: Mark O’Dea, Founder of Oxygen Capital By Kevin Vincent
The financial horsepower behind companies like Pure Gold Mining is talking very bullish about 2020. Dr. Mark O’Dea, Founder of Oxygen Capital told a packed house at an investor event February 3rd in Vancouver that “2020 has vision, certainty and focus.” O’Dea said that the focus in 2020 is very much going to be on gold. He told an audience of nearly 300 that industry sentiment has changed for the better. “Gold has broken $1500 and it looks like it is going to stay there.” “Building and buying during bear markets when properties are cheap is the wise and prudent thing to do,” he told the attentive breakfast audience. For five years Oxygen has been buying, exploring and advancing projects – to use industry jargon, said O’Dea, “Oxygen has been focused on Tier One projects in Tier One places.” Page 56
One of those prime targets is the Pure Gold operation in Red Lake. The company is getting ready for their first gold pour at the Red Lake mine. O’Dea told the audience that Pure Gold will be pouring and producing over the next 10 months during the highest price of gold in Canadian dollars ever. Pure Gold will become Oxygen’s third operating mine in 2020. O’Dea pointed out that Oxygen Capital has been responsible for three of the world’s 42 new gold mines that have been developed since 2016. Repeatedly, quietly, consistently. O’Dea wasn’t shy when he pointed out that some of the biggest producers in the world including Barrick, Newmont, Agnico-Eagle and others would be hard-pressed to match Oxygen’s record over the past 18 years. Five of the companies Oxygen has created over that period have been sold, delivering over $1Billion in value to shareholders. “The Pure Gold Red Lake Mine continues to produce significant, highgrade gold drill intercepts and today’s results from areas planned for mining this year highlight local opportunities for mine expansion”, stated Darin Labrenz, President and CEO of Pure Gold. “Similar to the 2018 test
mining program where the discovery of a new hanging wall zone resulted in 56% more ounces than predicted, these drill holes have identified both potential extensions to mine stopes and opportunities to test and develop new stopes. Since announcing the commencement of construction in 2019, we have rapidly built out our operations team and our ongoing test mining program has provided development within reach of several of these planned stoping areas. We understand the orebody well and we are now demonstrating the potential for it to grow. With construction well underway, we look forward to first gold production expected in late 2020.” Diamond drilling has identified both extensions to existing stopes, and new zones that may be incorporated into future short term mine plans. Drill holes PG19-714, PG19-716, PG19-717 and PG19-722 represent step outs of 4 metres to 18 metres from existing mining shapes. Drill hole PG19-719 suggests a new hanging wall zone, while PG19-735 highlights an opportunity for potential additions to the mine plan, with 6 metres grading 13.2 g/t gold occurring more than 50 metres away from the Cont’d on pg. 58 current mine plan.
