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News Release - February 21, 2020 5:17 PM ET    Editorial Release

 

 

MacDonald Mines Continues Quality Intersects at SPJ Property, Ontario; 11.6 Metres of 2.70 g/t Gold Including 13.40 g/t over 1.3 Metres and 4.32 g/t over 4.5 Metres including 8.80 g/t over 1.3 Metres

  

NEW YORK, NY, February 21, 2020 /Sector Newswire/ -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (US Listing: MCDMF) (Frankfurt: 3M72) this week announced two news releases regarding exploration on the Company’s SPJ Property, 40 kilometres east of Sudbury, Ontario.;

 

1) MacDonald Mines Reports Whole-Core Assay Results for Near-Surface Discovery Intersection with Visible Gold, and

 

2) MacDonald Mines Drills 11.6 Metres of 2.70 g/t Gold Including 13.40 g/t over 1.3 Metres and 4.32 g/t over 4.5 Metres including 8.80 g/t over 1.3 Metres at Scadding.

 

Excerpt copy of those two releases may be viewed further below.

 

MacDonald Mines is also the subject of a Mining Journal review, which looks at this impressive growing IOCG-style (gold dominant) project that has recently prompted well-known precious metal investor Eric Sprott to take a strategic position. The 2020 drill program is now underway, drilling from the first phase of 2020 drilling should generate some exceptional results if all goes to plan as the Company drills to the north of where it intersected quality grades in mid-2019 of nearly an ounce/t over ~20m in the main Scadding deposit area -- BMK couldn't drill to the north of it because it was wet, now that it is winter (frozen) the geological team is stepping out in that direction. This could really move the markets in the coming months. The refined IP surveys will ensure the geological team targets precisely the less resistive features of chlorite in which the gold runs.

 

Advancing Multiple Stacked Zones of High-Grade Gold Mineralization: The following image (taken from one of this weeks news release) is an interpretation of the geometry and surface view of the zones intersected in MacDonald Mines program on SPJ Property -- MacDonald Mines is clearly building a significant near-surface gold asset:

 

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Excerpt of latest drill hole results news release from MacDonald Mines Exploration Ltd.:

 

MacDonald Mines Reports Whole-Core Assay Results for Near-Surface Discovery Intersection with Visible Gold

 

TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) reports the assay results from the other half of the high-grade intersection of drill hole SM-19-022 that was announced in December 2019 (see Dec. 9, 2019 News Release). The intersection between 16.00 and 20.98 metres included significant visible gold (VG); which is an indication of a potential nugget effect. 
 

A nugget effect results when a small sampling size fails to adequately represent the composition of the core tested due to the non-uniform distribution of high-grade gold nuggets in the material sampled. MacDonald’s methodology to eliminate bias has been to always send the same side of the split core for assay – regardless of where any potential visible gold is noted. By analyzing the other half of the core of hole SM-19-022 and by averaging the grade of both halves, the gold grade of the intersection has increased by more than 35%.

 

The Company may or may not conduct whole-core testing of the other intersections that reported visible gold from the 2019 program.

Table 1. Assay results from Hole SM-19-022 – Dec. ’19 vs Feb. ‘20.

 

 

 

 

February
2020


December

2019

Average
(whole
core)

Hole

From (m)

To (m)

Length (m)

Au (g/t)

Au (g/t)

Au (g/t)

SM-19-022

16.00

17.00

1.00

12.14

9.56

10.85

SM-19-022

17.00

17.90

0.90

5.30

8.63

6.96

SM-19-022

17.90

18.95

1.05

18.00

7.95

12.97

SM-19-022

18.95

19.99

1.04

9.58

8.42

9.00

SM-19-022

19.99

20.98

0.99

47.72

20.47

34.09

 

 

Total

4.98

18.68

10.98

14.83

* Assay results presented over core length. Additional drilling is necessary to estimate true width in the zones discovered in SM-19-022.

 

The December 2019 results from hole SM-19-022 reported the discovery of a significant zone of near-surface gold mineralization north of the Scadding East-West (“E-W”) Pit from 16 to 42 metres depth, intersecting 7.99 g/t gold over 26.2 metres including 10.98 g/t over 4.98 metres and 11.54 g/t over 13.24 metres.

 

It has been well documented in the literature that, in order to adequately sample gold grains, a representative sample should weigh, at minimum, a few hundred tonnes (New Bendigo: Johannsen et al, 2003). In order to counter the nugget effect in hole SM-19-022, the Company decided to assay the other half of the core from hole SM-19-022, even though it recognized that the sample size was small.

 

The sampling of the entire core did make a significant difference in the reported gold grade in the section of the hole between 16.00 and 20.98 metres.  The reported grade of the intersection increased by more than 35% when we average all the assay results.  There is no assumption that similar results would be observed in other intersections on the property nor that assay results would always be higher.  The purpose of this one-time sampling procedure was to corroborate our observations of VG with the results over this particular intersection.

 

Table 2. Drill hole coordinates

Hole ID

Easting

Northing

Elev

Azimuth

Dip

Depth

SM-19-022

529532.88

5166472.304

304.605

232.1

-62.3

166

Hole SM-19-022 tested a mineralized structure located north of the eastern end of the E-W Pit of the Scadding Deposit. Consistent with MacDonald’s observation that the historic drilling patterns were not systematically optimized to test the mineralized structures of the property, hole SM-19-022 was collared at an azimuth that was 193.5 degrees opposite of the azimuth a drill hole from the 2011 drilling program located on the same drill pad. This led in hole SM-19-022 to the discovery of a significant zone of near-surface high-grade gold mineralization starting from 16 metres down-hole. Additional drilling will be necessary to fully constrain the geometry and extent of the newly discovered structure.

 

On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to Bureau Veritas in Timmins, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.

 

MacDonald has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, MacDonald inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.  All samples over 10 g/t gold or the samples with abundant visible gold are analysed by 1 kilogram metallic screen.

 

SPJ Property highlights

  • 100% ownership

  • 17,720 hectares in excellent mining jurisdiction and close to infrastructure

  • Hosts the high-grade past producing Scadding Gold Mine

  • Evidence of polymetallic mineralization at the Scadding Deposit indicative of IOCG potential

  • Significant gold, cobalt, copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint

Historically, the Scadding Mine produced 914 kilograms of gold from 127,000 tonnes of mineralized material grading 7.2 g/t (OFR 5771). MacDonald’s reinterpretation of the geological model at the Scadding Deposit and larger SPJ property indicates that it could host a gold-rich Iron-Oxide-Copper-Gold deposit and that significant gold structures may have been missed by previous operators’ drilling campaigns (2009-2011).

 

Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

 

About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold exploration in Canada.  The Company is focused on developing its large SPJ Project in Northern Ontario.

The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".

To learn more about MacDonald Mines, please visit www.macdonaldmines.com 

For more information, please contact:

Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com

Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com.

 

...Click Here for full copy from source

 

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Excerpt of other recent drill hole results news release from MacDonald Mines Exploration Ltd.:

 

MacDonald Mines Drills 11.6 Metres of 2.70 g/t Gold Including 13.40 g/t over 1.3 Metres and 4.32 g/t over 4.5 Metres including 8.80 g/t over 1.3 Metres at Scadding

 

TORONTO, Feb. 19, 2020 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces that it has received results from the remaining 3 holes from its fall 2019 drill program at the Company’s SPJ Property, 40 kilometres east of Sudbury, Ontario.
 

Results indicate that high-grade gold intervals were intersected at the Villeneuve, Bristol and Monaco structures highlighted by 4.32 g/t gold over 4.5 metres including 8.80 g/t gold over 1.1 metres in SM-19-014 and 2.70 g/t gold over 11.6 metres including 13.40 g/t over 1.3 metres in SM-19-017.  Results now show that the high-grade gold mineralization in the Bristol and Monaco structures extends over 350 metres in strike.  The Villeneuve Structure extends more than 450 metres along strike. All structures remain open in all directions (Figure 1). Drilling is currently well into the first phase of the 2020 program aimed at continuing to expand the original footprint of the Scadding Deposit.  Assays will be announced as they are received.

 

Quentin Yarie, MacDonald’s President and CEO stated, “The results reported today further trace continuity and substantially increase the strike length of the high-grade gold mineralization at the Bristol and Monaco structures and the Villeneuve Structure. These structures remain open in all directions and are part of the focus of the 2020 drill program already underway. The gold-cobalt mineralization in the Bristol breccia further substantiates the Company’s novel, high-grade gold-polymetallic-IOCG model suggesting that Scadding’s high-grade gold system is associated with a much larger mineralization system than previously thought.”

 

Table 1. Assay highlights from reported holes

Hole

From (m)

To (m)

Length* (m)

Gold (g/t)

Cobalt (wt. %)

Structure

SM-19-014

50.4

54.9

4.5

4.32

 

Villeneuve/Bugatti

including

52.8

53.9

1.1

8.80

 

SM-19-017

68.4

80.0

11.6

2.70

 

Villeneuve/Bristol/Monaco

including

73.0

74.3

1.3

13.40

 

SM-19-024

11.9

21.2

9.3

0.67

 

Bristol/Monaco

including

17.0

18.0

1.0

2.88

 

156.0

166.0

10.0

0.50

 

Bristol breccia

including

159.0

160.9

1.9

1.31

0.017

199.9

201.8

1.9

0.11

0.045

 

 

 

 

 

 

 

* Assay results presented over core length. They are estimated to represent 75-85% true width.

 

Table 2. Coordinates of reported holes

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Depth (m)

SM-19-014

529480

5166433

300.5

315.5

-45.1

142.0

SM-19-017

529209

5166368

307.8

312.9

-45.0

103.0

SM-19-024

529134

5166361

308.1

319.0

-45.0

211.0

Hole SM-19-014 shows the continuity of gold mineralization underneath the western end of the E-W pit. It extended the Villeneuve Structure 70 metres west of hole SM-19-022 and 55 metres down-dip from the gold mineralization at the intersection of the Bugatti and Villeneuve structures in SM-19-025 (see Feb. 11, 2020 News Release). The mineralization remains open in all directions.

 

SM-19-017 targeted the intersection of the Villeneuve and Bristol/Monaco structural corridors and intersected near-surface gold mineralization.  The gold mineralization and chlorite alteration in the Bristol/Monaco structural zones extend over a strike length of 350 metres between SM-19-002 and SM-19-024. It remains open at each end and at depth. In addition, the gold mineralization and chlorite alteration in the Villeneuve Structure extends over a strike length of 450 metres between SM-19-018 and SM-19-017 and remains open in all directions.

 

Hole SM-19-024 shows the continuity of gold mineralization 65 metres up-dip of SM-19-017 in the Bristol/Monaco structural zones. Results also continue to show wide bands of gold-cobalt mineralization in the Bristol breccia. Mineralization remains open in all directions.

 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c26b8cde-6044-4426-bccd-73d9ddf33764

 

On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to Bureau Veritas in Timmins, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The remaining coarse reject portions of the samples remain in storage in case further work or verification is needed.

 

MacDonald has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, MacDonald inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.  All samples over 10 g/t gold or the samples with abundant visible gold are analysed by 1 kilogram metallic screen.

 

Issuance of Incentive Stock Options Under the Company’s Stock Option Plan
The Company has granted a total of 4,725,000 options to Officers, Directors, Consultants and Employees of the Company.  The exercise price of the options is $0.08 and the options are exercisable for a period of five years.   The options are subject to TSX-V regulations and approval.

 

SPJ Property highlights

  • 100% ownership

  • 17,720 hectares in excellent mining jurisdiction and close to infrastructure

  • Hosts the high-grade past producing Scadding Gold Mine

  • Evidence of polymetallic mineralization at the Scadding Deposit indicative of IOCG potential

  • Significant gold, cobalt, copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint

Historically, the Scadding Mine produced 914 kilograms of gold from 127,000 tonnes of mineralized material grading 7.2 g/t (OFR 5771). MacDonald’s reinterpretation of the geological model at the Scadding Deposit and larger SPJ property indicates that it could host a gold-rich Iron-Oxide-Copper-Gold deposit and that significant gold structures may have been missed by previous operators’ drilling campaigns (2009-2011).

 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/30b365f8-91c8-40d1-af8a-15717711a25e
 

Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

 

About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in  Toronto, Ontario focused on gold exploration in Canada.  The Company is focused on developing its large SPJ Project in Northern Ontario.

 

The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".

 

To learn more about MacDonald Mines, please visit www.macdonaldmines.com

 

For more information, please contact:

Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com

Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

...Click Here for full copy from source

 

MacDonald Mines Exploration Ltd. is also the subject of a Mining MarketWatch Journal review.

 

Full copy of the Mining Journal review may be viewed at https://miningmarketwatch.net/bmk.htm online.

 

Excerpt of review:

 

MacDonald Mines Exploration Ltd. (TSX-V: BMK) (US Listing: MCDMF) (Frankfurt: 3M72) is encountering spectacular high-grade gold intercepts on stackings of thick gold zones using a predictive model at its 100%-owned 17,720 hectares SPJ Project, located ~33km SE of Sudbury, Ontario Canada. So impressive is this growing IOCG-style (gold dominant) project that well-known precious metal investor Eric Sprott has recently taken a strategic position.

 

The potential for a near-term high-grade shallow open-pitting production scenario (followed by underground) is increasingly developing off the North Pit of the historic Scadding Mine as MacDonald Mines builds intrinsic value with each new drill hole, and with only 5% of this land package having been explored to date there is also the possibility to see many more discoveries, especially since IOCG-style mineralized success often occurs in clusters.

 

Fig.1 Location map (below) - SPJ Project has year-long road access, is close to infrastructure & labour force.

 

"SPJ" stands for the assemblage of the Scadding, Powerline, and Jovan properties. MacDonald Mines Exploration recently assembled this brownfield land package and only began drilling this August-2019, expanding off the known high-grade mineralization next to the historic Scadding Mine (which is located on the property with an active mining permit in place), a past-producer in the 1980's of 144,000 tons of ore from open-pit at a grade of 7.43 g/t gold and 0.9% copper. The Norstar Mine, located within 500 metres of the Jovan Property, produced 63,000 tons of ore at a grade of 7.2 g/t gold and 0.9% copper (OFR 5771). Grab samples from the Norstar waste pile also contain 0.065 to 0.3% cobalt (a desirable and apparently viable companion-kicker if that deposit was mined today).

 

Recent headline grades of recent Gold intercepts in the Scadding Deposit from BMK.V's 2019 drilling campaign on SPJ Property:

 

Feb. 20, 2020: MacDonald Mines Reports Whole-Core Assay Results for Near-Surface Discovery Intersection with Visible Gold.

 

Feb. 19, 2020: MacDonald Mines Drills 11.6 Metres of 2.70 g/t Gold Including 13.40 g/t over 1.3 Metres and 4.32 g/t over 4.5 Metres including 8.80 g/t over 1.3 Metres at Scadding.

 

Feb. 11, 2020: MacDonald Mines Makes 2 Discoveries at Scadding: 12.10 g/t Gold over 7.8m Including 71.10 g/t over 1m and 5.47 g/t Gold over 4.5m with Significant Copper, Cobalt and REOs.

 

January 23, 2020: MacDonald Mines Reports Multiple Discovery Zones of Gold Mineralization North of the Scadding Mine: Intersects 9.4 g/t gold over 4.9m, including 35.7 g/t gold over 0.5m, and 24.1 g/t gold over 0.4m.

 

January 20, 2020: MacDonald Mines Extends High-Grade Gold Zones to the North and Down Dip, Intersects 3.6 g/t Gold over 6m and 4 g/t Gold over 9.4m Commences Winter Drilling Program.

 

December 9, 2019: MacDonald Mines Reports Near-Surface Discovery at Scadding Deposit - Intersects 7.99 g/t Gold over 26.2 Metres - 16 Holes Pending.

 

October 22, 2019: MacDonald Mines Hits Three High-Grade Gold Zones with 21.66 g/t Gold over 1.64 m including 40.6 g/t Gold over .87 m.

 
October 15, 2019: MacDonald Mines Drills 11.10 g/t Gold over 6.14 m at its SPJ Property.

 
October 7, 2019: MacDonald Mines Drills 14.04 g/t Gold over 4.21 m at its SPJ Property.

 
September 26, 2019: MacDonald Mines Intersects High-Grade Gold in the Scadding Deposit – Drills 52 g/t Gold over 12 m.

 

Drill area is adjacent Scadding Mine pits, BMK.V has handle on geometry of gold zones

  

The Company's 2019 & 2020 drill program has traced multiple zones of high-grade mineralization in the North Pit area; high-grade gold mineralization in the Bristol and Monaco structures extends over 350 metres in strike. The Villeneuve Structure extends more than 450 metres along strike. All structures remain open in all directions. There appears large upside share price appreciation in store for shareholders as drilling continues; the main structures that control mineralization are oriented North-South with a corridor width at least 500 m wide, the strike length can be traced at least over 500 m and theorized to be going much further -- possibly 2+ km (The Company has grab samples yielding anomalous cobalt, copper, nickel and gold values extending on strike 3.5 km NE of the Scadding Mine in the northern extension of the associated uranium anomaly, further confirming the enormous potential).

 

Full copy of the Mining Journal Review may be viewed at https://miningmarketwatch.net/bmk.htm online.

 

 

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. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL(s).

 

 

SOURCE: Sector Newswire editorial

editorial@SectorNewswire.com

 

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