MacDonald Mines Reports Multiple Discovery Zones of Gold Mineralization North of the Scadding Mine: Intersects 9.4 g/t gold o...
23 January 2020 - 11:13PM
MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”,
“MacDonald” or the “Company”) announces the complete results from
hole SM-19-012 (see partial results in Jan. 20, 2019 news release)
drilled last fall at its SJP property, 40 kilometres east of
Sudbury, Ontario. Hole SM-19-012 intersected four zones of gold
mineralization north of the Scadding Mine and the top of the
Bristol breccia at depth. The latest results include 9.4 g/t gold
over 4.9 metres, including 35.7 g/t gold over 0.5 metres and 24.1
g/t gold 0.4 metres with the complete intersection of SM-19-012
grading 1.63 g/t gold over 65.6 metres. Hole SM-19-012 indicates a
much larger corridor of gold mineralization north of the Scadding
Mine than what was suggested by historic drilling results.
Highlights:Hole SM-19-012
intersected four zones of gold mineralization north of the Scadding
Mine:
- 9.4 g/t gold over 4.9 metres, including 35.7 g/t gold over 0.5
metre and 24.1 g/t gold over 0.4 metre in the Mosport
Structure;
- 1.7 g/t gold over 2.9 metres in a new structure;
- 4.1 g/t gold over 3.8 metres in a new structure;
- And previously reported 4.0 g/t gold over 9.4 metres, including
9.1 g/t gold and 0.02% cobalt over 0.9 metres in the Telladega
Structure.
Quentin Yarie, MacDonald’s President and CEO
commented: “We are positively surprised by the results of hole 12,
north of the Scadding Mine. Historic drilling results in the area
did not indicate the presence of the multiple, stacked zones of
gold mineralization we’ve encountered, nor hint at their size. We
have now identified a high-quality and large exploration target
north of the Scadding underground mine with potential for multiple
zones of high-grade mineralization that are open laterally to the
north and at depth. Our 2019 drilling results continue to prove our
new structural and geological model as we keep discovering
significant zones of gold mineralization in areas untested, or not
adequately tested, by historic drilling.”
Table 1. Assay highlights from hole
SM-19-012:
Hole |
From (m) |
To (m) |
Length (m)* |
Gold (g/t) |
Cobalt (%) |
Visible Gold |
Structure |
SM-19-012 |
49.7 |
115.3 |
65.6 |
1.6 |
|
|
Mosport |
including |
|
|
49.7 |
54.6 |
4.9 |
9.4 |
|
|
including |
|
|
51.5 |
52.0 |
0.5 |
35.7 |
|
VG |
54.2 |
54.6 |
0.4 |
24.1 |
|
VG |
71.8 |
74.7 |
2.9 |
1.7 |
|
|
Discovery |
89.6 |
93.4 |
3.8 |
4.1 |
|
|
Discovery |
including |
|
|
90.7 |
92.0 |
1.3 |
5.1 |
|
|
105.9 |
115.3 |
9.4 |
4.0 |
|
|
Talladega |
including |
|
|
109.9 |
110.8 |
0.9 |
9.1 |
0.02 |
|
* Assays results presented over core length and
are estimated to represent >70% true width.
Figure 1. Location of hole
SM-19-012
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/652df1a3-44e2-465d-82eb-023a587a1c85
Table 2. Diamond Drill Hole
Locations
Hole ID |
Easting |
Northing |
Elev |
Azimuth |
Dip |
Depth |
SM-19-012 |
529245.4 |
5166477.9 |
310.9 |
302 |
-46 |
160 |
Drilling near the Scadding Mine
Hole SM-19-012 successfully demonstrated that stacked zones of
mineralization exist near the Scadding Mine and that additional
drilling is likely to expand the footprint of mineralization to the
north and at depth. The amalgamation of the stacked mineralized
structures that are hosted in a continuous zone of sodic alteration
variably enriched in gold indicates that a wide corridor of
brecciation and mineralization is hosting the Scadding Mine. Hole
SM-19-012 also shows that gold mineralization persists in the
Bristol breccia starting at 142.9 metres where low grade gold
mineralization was intersected in the contact zone (0.2 g/t gold
over 3 metres, 0.2 g/t gold over 1.0 metre). Because hole SM-19-012
was stopped near the upper contact of the Bristol breccia (the
significance and geological characteristics of that breccia zone
were not known when the hole was drilled), the full width of the
mineralized corridor remains unknown at this time.
On-site Quality Assurance/Quality Control (“QA/QC”)
MeasuresDrill 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
- 18,860 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6dc42b4e-1a11-48f6-8fa0-39478a97518e
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 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 and Corporate Development,
(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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