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Sector: Mining - Metals and Minerals :

 

News Release -  August 11, 2017 05:10 PM ET 

 

 

MacDonald Mines Receives First Gold Assay on Trenching of Oxide Sands at Wawa, Trenching up to 6.45 g/t Au

 

NEW YORK, NY, August 11, 2017 /Sector Newswire/ - MacDonald Mines Exploration Ltd. (TSX-V: BMK) (US Listing: MCDMF) (Frankfurt: 3M72) this week announced that it has received gold assays on 4 trenches across the Oxide Sands zone at its Wawa-Holdsworth Project, located 20 km northeast of Wawa, Ontario, further demonstrating the robust precious metal content of the project. This news falls on the heels of an investment fund managed by Goodman & Company subscribing to 100% of a CAD$500,000 private placement with no warrants.

 

Immediately below (to the right) is a link to an interview from Jay Taylor of Hard Money Advisors Inc. with the CEO of MacDonald Mines, Quentin Yarie, at the recent Metals Investment Forum about the opportunity and developments within the Company. In the interview the CEO discusses the potential of the Oxide Sands it intends to mine; "If our calculations are right, we are looking at the ability to generate north of $100 million in revenue in a very short period of time."  The Company intends on using the proceeds of mining the Oxide Sands to advance the bigger precious metal picture on the property without shareholder dilution. Important to note is that the Company only has ~70M shares (post aforementioned PP) outstanding, and does NOT appear to require funds to take the project to large-scale aggregate mining of the Oxide Sands.

 

MacDonald Mines Quick to Cash Flow

 

Fig. 1 (above) Black Oxide Sands of Wawa-Holdsworth Property


 

Potential for an initial >50,000+ oz Gold from oxide sands aggregate open-pit appears to be edging closer to fruition.

 

MacDonald Mines Exploration Ltd. is executing on the strategy articulated in the aforementioned interview. The company is cashed up with well over $1 million in the bank, capitalized to see its flagship Wawa-Holdsworth through to fruition, advancing towards a near-term low-capex mining production scenario. There is the possibility of a 2.2 km strike length of Gold-Platinum-Palladium-Silver laden Oxide Sands Zones over the auriferous iron formation (which acted as a trap for gold circulating in the system). The gold-bearing oxide sand zones now being quantified appear to offer a quick pathway to production; neither aggregate licencing nor bulk sampling permissions will be required for large scale extraction of the Oxide Sands. An initial bulk composite sample of the Oxide Sands composed of 4 different locations returned 0.15 g/t platinum, and 0.36 g/t palladium, in addition to the average grade of 5.45 g/t gold. 2 kg oxide sand samples contain up to 59.8 g/t silver.

running time 7 min.

  

Click to see CEO interview

 

Jay Taylor of Hard Money Advisors and Editor of J. Taylor's Gold, Energy & Tech Stocks, interviews Quentin Yarie, CEO of MacDonald Mines.

- Metals Investment Forum Q2, 2017

 

"If our calculations are right, we are looking at the ability to generate north of $100 million in revenue in a very short period of time."

-- CEO Quentin Yarie

 

Excerpt of MacDonald Mines August 9, 2017 news release:

 

MacDonald Mines Receives First Gold Assay on Trenching of Oxide Sands, Wawa-Holdsworth Project, Wawa, Ontario

 

TORONTO, ONTARIO--(Marketwired - August 9, 2017) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) ("MacDonald Mines", the "Company", or "BMK") announces that it has received final gold assays on 4 trenches across the Oxide Sands zone. Trenches 725, 750 and 775 produced positive gold (Au) results. No significant results for gold (Au) were detected in trench TR-800 which crossed a road and where only disturbed material (road fill) was encountered. In all cases, where the Oxide Sands were sampled, gold was detected.

Table 1 highlights the recently received results from the on-going sampling. The results for silver content are pending. The spatial relationship between these trenches and the Oxide Sands trend is shown in Figure 1.

Table 1: Highlights from on-going Oxide Sands trenching and sampling

Trench ID   Au (gpt)
TR725-0   2.58
TR725-1   1.881
TR725-5   3.44
TR725-7   1.205
TR750-14   3.55
TR750-16   4.15
TR750-3   1.84
TR750-5   1.778
TR750-6   5.601
TR750-7   3.47
TR750-8   1.754
TR775-0   6.45
TR775-1   3.51
TR775-11   1.04
TR775-12   3.55
TR775-7   5.692

To view "Figure 1: Plan map of trenching locations with gold (Au) values" please visithttp://media3.marketwire.com/docs/1100534a.pdf

Figure 1: Plan map of trenching with gold (Au) values

Quentin Yarie, President and Chief Executive Officer of MacDonald Mines stated, "We will continue to expose and sample the Oxide Sands trend. In the next few weeks, with the arrival of a drill on site, we will begin to assess the vertical distribution of the gold within the sands with the ultimate goal of developing a resource. This resource model will be used to optimize a program for the extraction of the sands, their concentration and the production of a saleable product."

Oxide Sands Sampling Procedure

The Oxide Sands samples are sampled like a borehole at systematic 1-metre intervals along the trenches. Overburden is not sampled - if the sands are exposed, they are sampled vertically along the wall of the trench in 2 to 3kg bags. Oxide Sands samples are not grab samples (seeSchematic: http://media3.marketwire.com/docs/1100534b.pdf).

Wawa-Holdsworth Project Highlights

  • Neighbouring Richmont's Island Gold Mine, Argonaut's Magino Gold Project and Goldcorp's Borden project

  • Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor

  • Year-long road access and easy access to rail, road, electrical power, labour force and suppliers

Overview of the Wawa-Holdsworth Project

Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:

  • Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System and Reed-Booth Showing);

  • BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation);

  • Gold-bearing Oxide Sands developed from the weathering of the auriferous pyrite zones.

MacDonald Mines is focusing its near-term exploration program on the Oxide Sands. These appear to extend for more than 2 kilometres on the property as corroborated by MacDonald's recent airborne magnetics results (see June 1, 2017 News Release) and reach a depth of at least 8 metres.

Positive preliminary metallurgical results (see July 11, 2017);

  • The concentration ratio of gold in rougher flotation averaged 6.0:1

  • The concentration ratio of silver in rougher flotation averaged 5.2:1

  • Reduction of feed volume in rougher flotation by approximately 85-90%

  • The Oxide Sands can be processed by a simple crushing/flotation process

  • No caustic treatments are necessary

  • The processing will require low power requirements

  • The waste material is inert (>70 percent silica/quartz)

The soft and relatively unconsolidated Oxide Sands material can be extracted like an aggregate. The Company is working to better define the Oxide Sands in preparation for their potential extraction....

...click here for full copy from source

 

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Excerpt of MacDonald Mines August 2, 2017 news release:

 

MacDonald Mines Announces Private Placement and Strategic Investor on its Wawa-Holdsworth Project, Wawa, Ontario

 

TORONTO, ONTARIO--(Marketwired - August 2, 2017) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) ("MacDonald Mines", the "Company") is pleased to announce a non-brokered private placement for gross proceeds of CAD$500,000(the "Offering"). The Company intends to close the Offering on Wednesday August 2, 2017 subject to the receipt of all regulatory approvals including the approval of the TSX Venture Exchange.

The Offering will consist of the issuance of 5,000,000 Class A common Shares (the "Shares") at a subscription price of CAD $0.10 per share.

The Company is pleased to announce that CMP 2016 Resource Limited Partnership ("CMP"), an investment fund managed by Goodman & Company, Investment Counsel Inc., an affiliate of Dundee Corporation, will subscribe for all 5,000,000 Shares to be issued in the Offering. Following the closing of the Offering, CMP will hold approximately 7.26% of the issued and outstanding Shares of the Company on an undiluted basis

Wawa-Holdsworth Project Highlights

  • Neighbouring Richmont's Island Gold Mine, Argonaut's Magino Gold Project and Goldcorp's Borden project

  • Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor

  • Year-long road access and easy access to rail, road, electrical power, labour force and suppliers

Overview of the Wawa-Holdsworth Project

Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:

  • Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System and Reed-Booth Showing);

  • BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation);

  • Gold-bearing Oxide Sands developed from the weathering of the auriferous Pyrite Zones.

MacDonald Mines is focusing its near-term exploration program on the Oxide Sands. These appear to extend for more than 2 kilometres on the property as corroborated by MacDonald's recent airborne magnetics results (see June 1, 2017 News Release) and reach a depth of at least 8 metres.

Recent preliminary sampling of the Oxide Sands by MacDonald Mines returned an average grade of 5.45 g/t gold (see May 16, 2017 News Release).

Preliminary metallurgical testing conducted by previous operators on composite samples recovered, without crushing, between 69% and 98.7 % gold. Earlier this year, MacDonald Mines initiated and reported an in depth metallurgical test of the Oxide Sands to achieve the highest possible gold and silver recovery.

The soft and relatively unconsolidated Oxide Sands material can be extracted like an aggregate. The Company is working to better define the Oxide Sands as continues to prepare for potential exploitation of the material....

...click here for full copy from source

    

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The following additional research links have been identified for further DD on MacDonald Mines Exploration Ltd.:
 

MacDonald Mines' corporate website: http://www.macdonaldmines.com

 

SEDAR Filings for MacDonald Mines: http://sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00004560

 

Q2-2017 interview with Analyst Jay Taylor of Hard Money Advisors: https://www.youtube.com/watch?v=J2jrtYe3jzo

 
Q2-2017 Report by Analyst Jay Taylor of Hard Money Advisors: http://www.sectornewswire.com/bmk-JTaylor-20170421.pdf

 
Recent Mining Journal review of MacDonald Mines: http://miningmarketwatch.net/bmk.htm

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This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. * indicates not necessarily NI-43-101 compliant.

 

 

SOURCE: Sector Newswire editorial

editorial@SectorNewswire.com

 

 

 

  

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