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News Release - December
10, 2019 4:53 PM ET Editorial Release
MacDonald Mines Intersects 7.99
g/t Gold over 26.2 m Near-Surface at Scadding Deposit, 16 Holes
Pending
NEW YORK, NY, December 10, 2019 /Sector Newswire/ --
MacDonald Mines Exploration Ltd. (TSX-V: BMK)
(US Listing: MCDMF) (Frankfurt: 3M72) this week announced
results from four holes of its now completed Fall 2019 drilling
program at the Company’s SPJ Property, 40 kilometres east of
Sudbury, Ontario. Excerpt copy of that release may be viewed below.
MacDonald Mines is also the subject of a Mining Journal review,
excerpt copy of that review is also located below.
Excerpt of latest news release from
MacDonald Mines Exploration Ltd.:
MacDonald Mines Reports Near-Surface Discovery at
Scadding Deposit - Intersects 7.99 g/t Gold over 26.2
Metres - 16 Holes Pending
TORONTO, Dec. 09, 2019
(GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V:
BMK) (“MacDonald Mines”, “MacDonald” or the “Company”)
announces results from four holes of its now completed
Fall 2019 drilling program at the Company’s SPJ
Property, 40 kilometres east of Sudbury, Ontario.
Results are highlighted by hole SM-19-022 with the
discovery of a significant zone of near-surface gold
mineralization north of the Scadding East-West (“E-W”)
Pit - 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 was
intersected from 16 to 42 metres depth. Twenty-five (25)
holes have been completed with 9 holes reported to date.
The remaining 16 holes are being processed and assay
results will be announced as they are received.
Table 1. Assay highlights from reported holes
Hole |
From (m) |
To (m) |
Length (m)* |
Gold (g/t) |
Gold Structure |
SM-19-006 |
284.78 |
287.33 |
2.55 |
1.18 |
Bristol |
296.21 |
300.44 |
4.23 |
1.30 |
SM-19-007 |
No significant results |
SM-19-018 |
31.45 |
32.52 |
1.07 |
3.99 |
Villeneuve |
SM-19-022 |
16.00 |
42.20 |
26.20 |
7.99 |
Discovery - TBD |
including |
16.00 |
20.98 |
4.98 |
10.98 |
28.00 |
41.24 |
13.24 |
11.54 |
* Assays results presented over core length. In
SM-19-006 they are estimated to represent 65-75% true
width in the North Zone. Additional drilling is
necessary to estimate true width in the zones discovered
in SM-19-018 and SM-19-022.
Quentin Yarie, MacDonald’s President and CEO commented:
“Our 2019 drilling program shows
that significant zones of near-surface, high-grade gold
mineralization are present beyond the original footprint
of the historic operations of the Scadding Deposit.
Having successfully completed the first phase of our
diamond drilling program at Scadding, we will now
finalize the logging of all remaining drill holes,
update our geological model of the deposit and define
the next targets for the budgeted early 2020 diamond
drilling campaign.”
Table 2. Diamond Drill Hole Locations
Hole ID |
Easting |
Northing |
Elev |
Azimuth |
Dip |
Depth |
SM-19-006 |
529354.372 |
5166611.645 |
316.513 |
245 |
-45 |
328 |
SM-19-007 |
529234.31 |
5166605.28 |
311.772 |
265 |
-66 |
257 |
SM-19-018 |
529607.318 |
5166487.92 |
292.766 |
235 |
-45 |
112 |
SM-19-022 |
529532.88 |
5166472.304 |
304.605 |
232.1 |
-62.3 |
166 |
Figure 1. Location of reported drilling to date
relative to Scadding Mine is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/477003b0-af39-4325-8618-96bc23e9e0c7
Location of reported drilling to date relative to
Scadding Mine
-
Holes SM-19-006 and SM-19-007
targeted the deeper extension of the Bristol
Structure that was intersected in holes SM-19-001 to
SM-19-005. Hole SM-19-006 successfully intersected
the extension of the Bristol Structure 215 metres
down-dip of the intersection in SM-19-003. Hole
SM-19-006 proves that the Bristol Structure
continues at depth and remains mineralized. Hole
SM-19-007 intersected the Bristol Structure 150
metres down-dip of SM-19-003. At that pierce point,
no significant mineralization was intersected.
However, given the nature of mineralization,
additional drilling will be required to confirm that
mineralization is not present.
-
Hole SM-19-018 targeted the extension of the
mineralized structures observed on the Villeneuve
trench, located east of the E-W Pit of the Scadding
Deposit. Hole SM-19-018 successfully intersected the
Villeneuve Structure and showed that the structure
remains mineralized at depth.
-
Hole SM-19-022 tested a mineralized structure
observed 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.
Summary of the Fall 2019 Drilling
Program
The objectives of the Fall 2019 drilling program were to
confirm and expand the zones of high-grade gold
mineralization, documented along several mineralized
structures, that form the Scadding Deposit.
The structures targeted included those associated with
gold mineralization in the North, South and E-W pits of
the Scadding Mine, the Scadding underground mine, the
Villeneuve discovery, the historic New Zone located
between the Scadding Mine and the E-W Pit, and a
historic exploration pit located between the New Zone
and the E-W Pit. Evidence of chlorite alteration
associated with gold mineralization was observed in all
the completed drill holes:
-
Hole SM-19-008 successfully
intersected the down-dip extension of the Bristol
and Monaco Structures in the North Pit area. One
speck of visible gold, in addition to variable
pyrite and minor chalcopyrite mineralization, was
observed in both the Bristol and Monaco Structures
in SM-19-008.
-
Hole SM-19-009 tested a chlorite-bearing structure,
located west of the Scadding Mine. One speck of
visible gold, variable pyrite and minor chalcopyrite
mineralization were observed in the zone of chlorite
in SM-19-009.
-
Holes SM-19-010, SM-19-011 and SM-19-012 were
collared east of the Scadding Mine to test
mineralization in the vicinity of the underground
workings of the Scadding Mine. They intersected two
new N-S structures – the Calabogie and Mosport
Structures that also host zones of chlorite
alteration with variable pyrite and pyrrhotite, and
minor chalcopyrite mineralization. Specks of visible
gold were observed in the chlorite zone of the
Mosport Structure in SM-19-012. SM-19-011 had to be
terminated before intersecting the Mosport Structure
as it intersected the Scadding Mine’s underground
development.
-
The structure where visible gold was intersected in
SM-19-009 was likely intersected in holes SM-19-010
and SM-19-012. Holes SM-19-010 and SM-19-012 also
successfully intersected the northern and southern
extensions of the chlorite-bearing structure mined
in the Scadding Mine – the Talladega Structure. This
is suggesting that the zones of chlorite alteration
associated gold mineralization in the Talladega
Structure remain open in all directions and beneath
of the underground developments of the Scadding
Mine.
-
SM-19-013, SM-19-016 and SM-19-025 tested chlorite
structures located between the Scadding Mine and the
E-W Pit that were historically named the New Zone.
Hole SM-19-013 successfully intersected two
structures hosting chlorite alteration with variable
pyrrhotite, pyrite, and minor chalcopyrite
mineralization. Hole SM-19-016 successfully
intersected the down-dip and lateral extensions of
the chlorite structures intersected in SM-19-013.
Hole SM-19-025 tested a structure associated with a
small pit located between the E-W Pit and the New
Zone, and the extension of the chlorite structures
of the New Zone north of SM-19-016. SM-19-025
successfully intersected a chlorite-bearing
structure between 10 and 15 metres. One speck of
visible gold was observed in that structure. Hole
SM-19-025 also successfully intersected the northern
extension of the chlorite structures of the New
Zone, 40 metres north of the intersections in
SM-19-016. Visible gold was observed in one of the
intersected chlorite structures between 88 and 94.5
metres.
-
SM-19-014 and SM-19-015 tested the western extension
of the E-W Pit and successfully intersected zones of
chlorite alteration with variable pyrrhotite, pyrite
and magnetite, and minor chalcopyrite, in a new N-S
structure named the Bugatti Structure. The Bugatti
Structure is interpreted as one of the structures
that controls chlorite alteration and gold
mineralization shallowly mined in the E-W Pit.
Additional drilling will be necessary to confirm the
geometry of the Bugatti Structure.
-
Hole SM-19-019, SM-19-020 and SM-19-021 tested the
extension of the Villeneuve Structure north, south
and down-dip of the intersection in SM-19-018. All
the holes successfully intersected chlorite
structures that are interpreted to be the potential
extensions of the Villeneuve Structure.
-
Hole SM-19-017, SM-19-023 and SM-19-024 tested
mineralization associated with the South Pit of the
Scadding Deposit. With the exception of SM-19-023,
that intersected a significant diabase dyke instead
of the mineralization indicated by historic
drilling, both holes SM-19-017 and SM-19-024
successfully intersected structures with chlorite
alteration.
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).
Figure 2. Macdonald Mines SPJ Property is
available at https://www.globenewswire.com/NewsRoom/AttachmentNg/66c47246-43d5-4a58-94de-ea5ebd753640
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.
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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 taken a strategic position
in BMK.V this October-2019.
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).
Headline grades of recent Gold intercepts
in the Scadding Deposit from BMK.V's 2019 drilling campaign on SPJ
Property:
Dec. 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.
To date BMK.V has reported 5 holes
from its 2019 drilling campaign, and has other drill core in the lab
with results pending. The Company is cashed-up to continue drilling,
able to drill year round (the 2019 drill campaign is set for 2,750
m), and investors can look
forward to a continued stream of news. Some of the drill core
currently in the lab looks spectacular with holes having intersected
multiple zones of iron-rich chlorite
with visible gold in the core (note: iron-rich chlorite is what holds the
high-grade gold mineralization on this IOCG-style deposit, it is the
equivalent of finding a quartz vein in say Timmins), and others
(results pending) having intersected hydrothermal breccia zone(s)
containing iron-rich chlorite that has been associated with holes
that have already intersected impressive gold mineralization.
BMK.V's technical team has been able to find what past
operators struggled with;
the team has found the main direction of
continuity of zones of high-grade mineralization. This has enabled
them to develop a predictive model that is yielding quality
intercepts, and in time should lead to a meaningful resource
estimate.
2019
drill area is adjacent Scadding Mine pits, BMK.V has handle on geometry of gold zones
The Company's
2019 drill program has traced multiple zones of
high-grade mineralization in the North Pit area over 100 metres
along strike and down dip over 150 metres. 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 (Note:
on November 13, 2019 the Company announced 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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