MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”,
“MacDonald” or the “Company”) announces that it has filed on SEDAR
a National Instrument 43-101 (“NI 43-101”) technical report for the
SPJ Gold Project, 40 kilometres east of Sudbury, Ontario. The
report highlights recent high-grade gold results from the ongoing
drill program and outlines recommended exploration work going
forward. New programs and further results will be announced as they
are finalized or received.
Quentin Yarie, MacDonald’s President and CEO
commented: “The technical report for the SPJ Project includes the
recent high-grade gold discoveries made in our on-going drill
program there and details the potential for further gold
mineralization on the whole SPJ property. The report also
illustrates how we have been able to capitalize on past drilling
and data to discover new gold mineralization with a goal to
transition back into an operating mine”.
Summary of the NI 43-101 Technical Report:
To date, MacDonald Mines’ fall 2019 drill
program has confirmed the presence of high-grade gold in the North
Zone of the Scadding Deposit (Table 1). Past explorers did not
understand the structures that control mineralization there. The
Company’s re-interpretation of the Scadding Deposit as an
Iron-Oxide-Copper-Gold Deposit can expand the mineralized zones of
the deposit.
Gold was first discovered in the Wahnapitae Gold
Region in the late 1800s. The Scadding Mine, located on the SPJ
property, was discovered in 1973. Three small pits were mined in
1984 and a spiral ramp was constructed for mining from 1987 to
1988. Production at Scadding totalled 140,000 t gold at 7.22 g/t
(Gates, 1991). Historical drill results also indicate that
high-grade gold mineralization occurs in areas that have not been
mined.
The primary objective of MacDonald Mines’
current exploration program is to demonstrate that a sizeable
deposit exists on the SPJ Project. The program will be realized in
2 phases:
Phase 1 - Understand the attributes of
the Scadding Deposit’s high-grade gold mineralization
- Evaluate drilling completed in the North and Central Zones of
the Scadding Deposit.
- Continue the 2019 drilling program to explore the extension of
the high-grade gold zones of the South, E-W and newly discovered
zones of the Scadding Deposit.
- Expand the prospecting program to cover areas surrounding the
Scadding Deposit.
- Continue a trenching program to mechanically strip areas where
the Company’s recent compilation of historic data, uncovered
potential zones of chlorite and magnetite alteration that were
never drilled before. These zones, located outside the known
footprint of the Scadding Deposit, have the potential to expand the
mineralized zone.
Phase 2 – Find/expand the high-grade
gold mineralization in the Scadding Deposit
- Conduct a geophysical survey that is optimized to detect
mineral assemblages associated with polymetallic gold
mineralization in the Scadding Deposit and in other prospective
areas of the Project.
- Initiate an exploration drilling program to extend the 5 zones
of the Deposit and the potential discoveries identified with the
geophysical survey and geological modelling.
Table 1. Assay Highlights from holes
reported to date
Drill Hole ID |
|
From (m) |
To (m) |
From (m) |
To (m) |
Length (m)* |
Gold (g/t) |
SM-19-001 |
|
8.6 |
15.9 |
|
7.3 |
11.12 |
|
Including |
14.9 |
15.9 |
1 |
77.16 |
|
25.2 |
30.7 |
|
5.5 |
5.73 |
|
Including |
27.3 |
28.8 |
1.5 |
17.17 |
|
37.8 |
50.1 |
|
12.3 |
52.02 |
|
Including |
45.9 |
49.9 |
3 |
210.23 |
SM-19-002 |
|
20.2 |
27.83 |
|
7.63 |
8.56 |
|
Including |
23 |
27.21 |
4.21 |
14.04 |
|
32.34 |
47.63 |
|
15.29 |
3.21 |
|
Including |
37 |
37.93 |
0.93 |
13.44 |
|
Including |
43.15 |
44.02 |
0.87 |
23.15 |
SM-19-003 |
|
27.88 |
34.02 |
|
6.14 |
11.1 |
|
Including |
27.88 |
30.55 |
2.67 |
11.39 |
|
Including |
31.42 |
33 |
1.58 |
23.32 |
|
127.07 |
128.87 |
|
|
1.8 |
3.29 |
SM-19-004 |
|
11.2 |
14.2 |
|
3 |
5.15 |
|
Including |
11.2 |
13.2 |
2 |
7.4 |
|
73.75 |
75.12 |
|
|
1.37 |
3.03 |
|
82.77 |
84.75 |
|
|
1.98 |
9.02 |
|
Including |
83.91 |
84.75 |
0.84 |
20.38 |
* Assays results presented over core length and
are estimated to represent between 65 and 85% true width.
Additional drilling is necessary to define the geometry of the
intersected zones of gold mineralization.
Table 2. SPJ Project drill hole
information
Drill Hole ID |
Collar location |
Hole Attributes |
|
X |
Y |
Z |
Length |
Az |
Dip |
SM-19-001 |
529164 |
5166689 |
304.0 |
96 |
280 |
-84 |
SM-19-002 |
529181 |
5166726 |
305.5 |
105 |
245 |
-49 |
SM-19-003 |
529131 |
5166654 |
312.4 |
149 |
245 |
-48 |
SM-19-004 |
529224 |
5166681 |
309.6 |
134 |
250 |
-52 |
Figure 1. is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c33fd92-5c5a-4053-8448-043904e0670a
Figure 2. is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/66543a37-ea3e-4064-9b4d-ed587c4b4574
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.
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 recently acquired the
high-grade past-producing Scadding Gold Mine and 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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