Sector
NewswireTM
Sector: Mining, Precious Metals, Industrial
:
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:
------ ------ ------ ------ ------
------ ------ ------ ------
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
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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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