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With a grade of 9g/t gold, the company describes its phase one mine as the fourth-highest grade in Canada and 16th-highest in the world.
Production from the project, previously known as Madsen, was forecast at 66,000 ounces in year one and set to average 102,000oz/y over the mine life.
Pure Gold had last week reported more high-grade results from drilling, which it said demonstrated scalability and pointed to the potential of "building a multigenerational mine".
South Africa-based AngloGold Ashanti recently increased its stake in the company to about 16% through the exercise of warrants.
High-profile investor Eric Sprott and gold major Newmont are other strategic shareholders.
The company is fully funded to production.
Pure Gold shares reached a 52-week high intraday on Friday in both Toronto and London, where it listed last year.
Its Toronto-listed shares (TSXV: PGM) reached C$2.92 intraday, before closing up 7.8% to $2.90 to capitalise it at $1.1 billion (US$0.9 billion).
