MacDonald Mines Exploration Ltd. (TSX-V:BMK) ("MacDonald Mines",
the "Company", or “BMK”) announces that it has received gold and
silver assays on 7 trenches across the Oxide Sands zone.
Trenches 950, 975, 1000, 1025 and 1050 produced positive gold (Au)
and silver (Ag) results.
Table 1 highlights the recently received
results from the on-going sampling. The spatial relationship
between these trenches and the Oxide Sands trend is shown in Figure
1.
Trench ID |
Au (g/t) |
Ag (g/t) |
AuEq (g/t)* |
Sample Length (cm) |
TR1050S-3 |
8.65 |
21.6 |
8.93 |
90 |
TR1050S-2 |
7.09 |
41.7 |
7.63 |
65 |
TR1025S-4 |
5.2 |
7.78 |
5.3 |
70 |
TR1025S-3 |
4.95 |
22.5 |
5.24 |
75 |
TR1000-2 |
4.83 |
17.8 |
5.07 |
35 |
TR1050S-6 |
4.14 |
7.67 |
4.24 |
53 |
TR1000-4 |
4.07 |
7.76 |
4.17 |
30 |
TR1025S-5 |
3.68 |
22.1 |
3.97 |
40 |
TR1025S-4 |
3.48 |
29.4 |
3.86 |
50 |
TR1000-3 |
3.49 |
27.3 |
3.85 |
80 |
TR1050S-7 |
3.43 |
15.7 |
3.63 |
30 |
TR1000-3 |
3 |
32.4 |
3.43 |
25 |
TR1025S-5 |
3.25 |
8.65 |
3.36 |
70 |
TR1025S-2 |
2.88 |
25.9 |
3.22 |
47 |
TR1025S-6 |
3.05 |
7.15 |
3.14 |
65 |
TR1025S-7 |
2.75 |
25.4 |
3.08 |
25 |
TR975-4 |
2.63 |
29.2 |
3.02 |
25 |
TR1025S-1 |
1.88 |
15.7 |
2.08 |
75 |
TR950-19 |
1.977 |
5.65 |
2.05 |
63 |
TR950-16 |
1.955 |
6.3 |
2.04 |
75 |
TR1050S-6 |
1.87 |
10.9 |
2.01 |
50 |
TR1000-2 |
1.64 |
15.6 |
1.85 |
20 |
TR950-16 |
1.764 |
5.12 |
1.83 |
18 |
TR975-3 |
1.662 |
7.51 |
1.76 |
47 |
TR950-18 |
1.64 |
8.53 |
1.75 |
75 |
TR975-4 |
1.64 |
6.53 |
1.73 |
40 |
TR950-18 |
1.56 |
10.8 |
1.7 |
23 |
TR975-6 |
1.567 |
7.67 |
1.67 |
30 |
TR975-1 |
1.522 |
6.4 |
1.61 |
53 |
TR975-7 |
1.52 |
5.79 |
1.6 |
40 |
TR950-17 |
1.415 |
2.82 |
1.45 |
75 |
TR975-2 |
1.312 |
3.58 |
1.36 |
13 |
TR1050S-5 |
1.21 |
9.83 |
1.34 |
70 |
TR950-15 |
1.18 |
6.48 |
1.27 |
75 |
TR1025S-6 |
1.07 |
4.66 |
1.13 |
40 |
TR1050S-7 |
0.829 |
4.09 |
0.88 |
70 |
*AuEq
calculated using spot price of 1279.4 US$/oz for gold and 16.63
US$/oz for silver taken at market closure on September 29, 2017.
AuEq = (Grade Au) + [(Grade Ag)/(Gold Price/Silver Price)] (ratio
rounded to 76). |
A PDF accompanying this announcement is available
at: http://www.globenewswire.com/NewsRoom/AttachmentNg/a6473d68-3fd7-4228-bcc8-4536e6bd43e6
Quentin Yarie, President and Chief Executive Officer of
MacDonald Mines stated, "With assays results up to 8.93 g/t AuEq,
our trenching program is demonstrating the existence of higher
grade zones in the Oxide Sands. The on-going sonic drilling will
quantify the thickness and vertical distribution of the precious
metals in the sand formation.”
Gold distribution in the “Oxide Sands”
formationTrenching revealed a new higher grade zone in the
Oxide Sands where contiguous AuEq grades > 4 g/t were measured.
The occurrence of higher grade zones in three contiguous trenches
support the lateral continuity of that higher grade zone. Results
for the trench TR1100S, located west of TR1050 are pending. In the
adjacent trenches TR925 to TR900, a gradual eastward thickening of
overburden over the precious metals-rich unit prevented its
sampling. However, AuEq grades up to >3g/t were still measured
in those trenches.
Oxide Sands Trenching and Sampling
ProcedureMacDonald’s trenching program is exposing the
uppermost layers of the soil formation containing the Oxide Sands
and does not generally exceed 1m in depth.
The primary objectives of the trenching program are: 1) identify
which units, in addition to the historically recognized black
sands, contain precious metals, 2) constrain the lateral extent of
precious metals enrichments in the soil formation, and 3) identify
the key visual and chemical attributes of the precious metal-rich
units of the soil formation.
The unconsolidated units are characterized by taking short
representative samples. As shown by Figure 2, the sampling lengths
reported are not representative of the vertical extent and size of
the units containing precious metals in the soil formation, but
only of the length of the representative sample taken to
characterize the precious metal content of that unit.
The current trenching program is not defining the vertical
extension of the units containing precious metals, especially as
the units richer in precious metals are generally deeper in the
formation and only their top part is exposed. Sonic drilling will
be used to characterize the vertical distribution and size of the
units rich in precious metals in the Oxide Sands formation.
A PDF accompanying this announcement is available
at: http://www.globenewswire.com/NewsRoom/AttachmentNg/61ba8106-e6cb-44e2-8503-cf7d37198b27
Note that the pure black sands are located at the bottom of the
exposed soil column, which will result in a short sample length for
that unit that is not representative of its total vertical extent
that remains unknown. Sonic drilling will define the vertical
thickness.
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
ProjectHistoric 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.
On-site Quality Assurance/Quality
Control (“QA/QC”) MeasuresSand samples were transported in
security-sealed bags for analyses to Activation Laboratories Ltd.
in Ancaster, 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 Mines has implemented a
quality-control program to comply with best practices in the
sampling and analysis of both the Oxide Sands and drill core. As
part of its QA/QC program, MacDonald Mines inserts external gold,
silver, platinum and palladium standards (low to high grade) and
blanks every 20 samples in addition to random standards, blanks,
and duplicates.
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
aggressively advancing its highly prospective Wawa-Holdsworth Gold
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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