Laurentian Goldfields announced June 25 that it has closed the acquisition of the Newman-Madsen Property from Sabina Gold & Silver at Red Lake in northwestern Ontario.
The Vancouver gold digger now possesses a huge land package of more than 5,000 hectares which includes the existing high-grade Madsen Gold Project.
Last December, Laurentian announced it had picked up the Madsen Gold Project from Claude Resources. The property contained two former gold mines, including the Madsen Mine which had once produced 2.4 million ounces.
The acquisition of the Newman-Madsen property was announced in January.
It now gives the company a 12-kilometre-long corridor to focus on discover new zones of mineralization and to add ounces to its resource base.
Laurentian is also changing its name. With the approval of the TSX Venture Exchange, the company starts trading as Pure Gold Mining on June 26.
“We have further consolidated the Madsen Mine Trend under single ownership and have assembled a proven board and management team with deep knowledge of the Red Lake District,” said Darin Labrenz, company president-CEO. “With the third largest land position (behind Goldcorp and Rubicon Resources) and the second largest historical production in North America’s most prolific gold camp, the foundation has been laid for Laurentian to become a leading Red Lake gold explorer.”