MacDonald Mines Exploration Ltd. (TSX-V:BMK) ("MacDonald Mines",
the "Company", or “BMK”) announces that it has received gold and
silver assays for most of the remaining trenches across the Oxide
Sands zone. Trenches 650, 675, 700, 775S, 1200, 1250, 1250SE, 1400
and 1700 all 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.
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Trench ID |
Sample ID |
From (cm) |
To(cm) |
Sample length (cm) |
Au (g/t) |
Ag (g/t) |
AuEq (g/t)* |
TR1250SE-4 |
260462 |
50 |
95 |
45 |
5.92 |
24.2 |
6.2 |
TR675-2 |
18070 |
47 |
103 |
56 |
5.94 |
9.61 |
6.1 |
TR675-8 |
18077 |
0 |
45 |
45 |
4.81 |
10.5 |
5.0 |
TR775S-9 |
260121 |
20 |
103 |
83 |
4.47 |
11.4 |
4.6 |
TR650-5 |
260313 |
126 |
162 |
36 |
3.6 |
43.6 |
4.2 |
TR675-1 |
18065 |
0 |
76 |
76 |
4.10 |
4.23 |
4.2 |
TR1700-26 |
260427 |
30 |
92 |
62 |
3.52 |
29.1 |
3.9 |
TR1250SE-4 |
260461 |
0 |
50 |
50 |
3.69 |
11.6 |
3.8 |
TR1700-25 |
260426 |
56 |
95 |
39 |
3.31 |
38.6 |
3.8 |
TR775S-9 |
260122 |
103 |
140 |
37 |
3.57 |
8.03 |
3.7 |
TR1250SE-6 |
260465 |
0 |
70 |
70 |
3.59 |
5.06 |
3.7 |
TR1250SE-6 |
260466 |
70 |
110 |
40 |
2.96 |
13.6 |
3.1 |
TR1250SE-3 |
260458 |
0 |
36 |
36 |
2.70 |
28.9 |
3.1 |
TR1250-1 |
260252 |
40 |
93 |
53 |
2.93 |
6.02 |
3.0 |
TR1250SE-5 |
260464 |
67 |
105 |
38 |
2.66 |
17.4 |
2.9 |
TR650-3 |
260307 |
187 |
227 |
40 |
2.58 |
23.2 |
2.9 |
TR775S-10 |
260124 |
60 |
100 |
40 |
2.57 |
19 |
2.8 |
TR675-0 |
18063 |
7 |
67 |
60 |
2.65 |
6.88 |
2.7 |
TR1250SE-3 |
260459 |
36 |
90 |
54 |
2.42 |
11 |
2.6 |
TR1200-4 |
260236 |
115 |
130 |
15 |
1.75 |
58.1 |
2.5 |
TR1250SE-2 |
260457 |
0 |
42 |
42 |
2.43 |
6.95 |
2.5 |
TR1250SE-5 |
260463 |
0 |
67 |
67 |
1.92 |
23 |
2.2 |
TR1200-6 |
260241 |
116 |
130 |
14 |
1.62 |
44.4 |
2.2 |
TR1200-5 |
260238 |
116 |
130 |
14 |
1.65 |
33.7 |
2.1 |
TR675-0 |
18062 |
0 |
7 |
7 |
1.96 |
7.21 |
2.1 |
TR675-3 |
18073 |
45 |
130 |
85 |
1.83 |
7.62 |
1.9 |
TR1400S-21 |
260444 |
50 |
120 |
70 |
1.19 |
51.4 |
1.9 |
TR1700-24 |
260422 |
0 |
93 |
93 |
1.54 |
10.4 |
1.7 |
TR675-1 |
18067 |
76 |
136 |
60 |
1.61 |
5.52 |
1.7 |
TR675S-6 |
260221 |
0 |
45 |
45 |
1.34 |
20 |
1.6 |
TR650-8 |
260323 |
155 |
219 |
64 |
1.27 |
19.2 |
1.5 |
TR775S-11 |
260128 |
40 |
110 |
70 |
1.29 |
16 |
1.5 |
TR750S-11 |
260143 |
70 |
140 |
70 |
1.3 |
13.4 |
1.5 |
TR750S-9 |
260138 |
0 |
70 |
70 |
1.32 |
11.7 |
1.5 |
TR675S-5 |
260223 |
30 |
70 |
40 |
1.25 |
16.4 |
1.5 |
TR700-15 |
18128 |
0 |
30 |
30 |
1.40 |
4.82 |
1.5 |
TR650-6 |
260316 |
135 |
175 |
40 |
1.07 |
24.4 |
1.4 |
TR650-4 |
260310 |
213 |
273 |
60 |
1.2 |
13.8 |
1.4 |
TR775S-10 |
260123 |
0 |
60 |
60 |
1.04 |
13.5 |
1.2 |
TR1700-25 |
260424 |
14 |
56 |
42 |
0.97 |
14.2 |
1.2 |
TR1250-2 |
260253 |
44 |
70 |
26 |
1.05 |
5.72 |
1.1 |
TR650-9 |
260327 |
146 |
206 |
60 |
0.95 |
13.1 |
1.1 |
TR1400S-22 |
260441 |
104 |
155 |
51 |
0.34 |
58 |
1.1 |
TR675S-8 |
260216 |
38 |
88 |
50 |
0.89 |
12.5 |
1.1 |
TR750S-14 |
260149 |
0 |
70 |
70 |
0.90 |
10.6 |
1.0 |
TR775S-8 |
260117 |
30 |
88 |
58 |
0.88 |
10.3 |
1.0 |
TR650-7 |
260319 |
210 |
255 |
45 |
0.87 |
10.9 |
1.0 |
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*AuEq
calculated using spot price of 1291.5 US$/oz for gold and 17.13
US$/oz for silver taken at market closure on November 23, 2017.
AuEq = (Grade Au) + [(Grade Ag)/(Gold Price/Silver Price)] (ratio
rounded to 75). |
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A map accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/f33d87bf-52b9-482c-8bec-825b5cbe0b14
Quentin Yarie, President and Chief Executive Officer of
MacDonald Mines stated, "The trenching of the Oxide Sands has
resulted in very positive findings. It not only confirmed
that they extend on surface over a strike length of 1100m but also,
that we’re dealing with higher grades than anticipated. Assay
results with up 8.94 g/t gold are very encouraging and we expect
the assay results from our sonic drilling campaign to corroborate
these findings.”
Next Steps for the Wawa-Holdsworth
Project
Oxide Sand resource
estimationThe Company is currently awaiting assay results
for 401 holes drilled during its 2,000 m sonic drilling program.
Once results are made available, the Company will initiate a
NI43-101 inferred resource estimation for the Oxide Sands. Assays
for sonic drilling are taking longer than expected due to the
necessity to dry the unconsolidated materials before mixing.
Unlike crushing hard rock samples where the moisture content is
minimal, these drill cores are saturated and prepping them is a
much longer process.
Lode gold exploration at the Reed-Booth
ShowingIn addition to the Oxide Sands, MacDonald Mines
continues to investigate the lode gold potential on the
property. The Reed Booth Showing is a target for high-grade
gold mineralization at the Wawa-Holdsworth Project and the Company
is awaiting the results of its channel sampling program announced
on Nov. 9, 2017.
Regionally, structures parallel to the one
hosting the Reed-Booth Showing, host some of the historic
high-grade mines of the Michipicoten Greenstone Belt. This includes
the Edward Mine (144,000 ounces of gold at 11 g/t) located 28 km
NE, and the Minto Mine South Zone actively explored by Red Pine
Exploration (historic Minto Mine produced 22,000 ounces of gold at
12.56 g/t gold) located 18 km SSW. The reader is cautioned that the
gold mineralization present at the Edward Mine and in the Minto
Mine South Zone is not necessarily indicative of mineralization on
the Company’s Wawa-Holdsworth property.
Overview of the Wawa-Holdsworth
Project
- Neighbouring Alamos' 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
Historic 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. Assays results received so
far indicate that the precious metals-rich sand formation occurs
over a 1.1 km strike length, but Oxide Sands were also observed in
the trenching and drilling west of line 1700. Pending assay
results, the favourable soil formation containing the Oxide Sands
may have an overall strike length of approximately 1.7 km. This
will corroborate MacDonald’s interpretation of the geophysical
anomalies obtained by the MAX-MIN survey conducted earlier this
year (see July 6, 2017 News Release).
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’s
trenching and sonic drilling programs completed earlier this fall
were designed 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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