MacDonald Mines Exploration Enters into MOU with Michipicoten First Nation
September 27 2017 - 6:00AM
MacDonald Mines Exploration Ltd. (TSX-V:BMK) ("MacDonald Mines",
“MacDonald”, or the "Company") is pleased to announce that it has
entered into a Memorandum of Understanding (“MOU”) with the
Michipicoten First Nation (“MFN”). The MOU outlines a clear and
mutually agreed upon process for consultation between the parties
during the exploration phase of the Wawa-Holdsworth Gold Project.
The Project located 20 km northeast of Wawa, Ontario, consists of
fee simple lands and mining claims that are located in the MFN
Territory.
The MFN is a signatory of the 1850
Robinson-Superior Treaty and an aboriginal people within the
meaning of Section 35 of the Constitution Act, 1982, and as such,
asserts aboriginal and treaty rights within the area.
Quentin Yarie, President and Chief Executive
Officer of MacDonald Mines stated, “MacDonald Mines is committed to
fostering a mutually beneficial working relationship with the MFN
as we continue to advance the Wawa-Holdsworth Project. Founded on
principles of trust, respect and understanding, this MOU formalizes
the consultation process and enables MFN to understand the
potential impacts of the development of the Project on the exercise
of aboriginal and treaty rights.
It has been a pleasure to work with Chief Tangie
and her representatives. The MFN has been considerate and
understanding through the whole process and MacDonald Mines does
not envision anything different as we move towards more intensive
exploration and development considerations in the future.”
Wawa-Holdsworth Project
OverviewNeighbouring Richmont's Island Gold Mine,
Argonaut's Magino Gold Project and Goldcorp’s Borden project, the
1142 acres Wawa-Holdsworth Gold Project has all the attributes to
host a large gold system with numerous gold showings occurring in a
500-metre-wide deformation corridor. Historic work by previous
operators defined three gold targets on the Wawa-Holdsworth
Project: 1) Greenstone-hosted quartz-carbonate vein deposits
(Soocana Vein System and Reed-Booth Showing); 2) BIF-hosted gold
deposits (gold-bearing pyrite zones in an Algoma-type iron
formation); and 3) Gold-bearing Oxide Sands developed from the
weathering of the auriferous Pyrite Zones.
MacDonald is focusing its near-term exploration
program on the Oxide Sands. The soft and relatively unconsolidated
material can be extracted like an aggregate and and the Company is
evaluating its potential extraction.
A recent EM Max-Min survey confirmed that the
sands extend at least 1.8 km along strike and reach depths beyond 8
m. MacDonald’s trenching and sampling program returned up to 6.45
g/t gold (TR775-0), up to 52.7g/t silver (TR750-6) and expanded the
lateral extents of the “black sands”. The discovery of new precious
metals (gold and silver) horizons within the soil profile indicate
that the gold and silver inventory of the Oxide Sands at the
Wawa-Holdsworth Project may be larger than initially
anticipated.
Preliminary metallurgical test work has shown
that conventional flotation techniques can be used to concentrate
the precious metals. Last week, the Company initiated a 2,000m
sonic drilling program to assess the vertical distribution of the
precious metals within the Sands with the ultimate goal of
developing a resource.
Qualified PersonQuentin 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 has built a portfolio
of safe-jurisdiction, infrastructure-rich projects that demonstrate
the greatest market potential for return. The Company is currently
aggressively advancing its highly prospective Wawa-Holdsworth
Project.
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
Cautionary Statement:
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.
No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. The foregoing information may contain
forward-looking statements relating to the future performance of
the Company. Forward-looking statements, specifically those
concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially from the
Company’s plans and expectations. These plans, expectations, risks
and uncertainties are detailed herein and from time to time in the
filings made by the Company with the TSX Venture Exchange and
securities regulators. MacDonald Mines does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
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