LRTNF - Pure Gold Mining: A Disappointing Start To Mining Madsen
- Pure Gold Mining released its preliminary results from Q1, with a disappointing start to mining at its Madsen-Red Lake Mine.
- While Pure Gold managed to ramp up to above 75% nameplate capacity since January with peak throughput of 897 tonnes per day, grades have been a major disappointment.
- Challenges are not unusual for any new mine, but it's looking like this will be a sub 45,000-ounce year for Pure Gold in terms of gold production.
- An oversold rally is possible after a 3-week correction of 36%, but I would view any rallies back to the US$1.65 level as selling opportunities.
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Pure Gold Mining: A Disappointing Start To Mining Madsen