MacDonald Mines Drills 735.5 g/t Gold over 0.96 Metres and 411 g/t Gold over 0.93 Metres within 19.07 Metres of 59.2 g/t Gold...
27 February 2020 - 10:00PM
MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”,
“MacDonald” or the “Company”) is pleased to announce a strong start
to its 2020 definition drilling program in the North Pit area. Hole
SM-20-026 intersected 59.2 g/t gold over 19.07 metres (m) in the
Bristol Structure, 18 metres north-east of the intersection of 52
g/t gold over 12 metres in SM-19-001 (see Sept. 26, 2019 News
Release). The on-going 2020 drilling program is well underway with
9 holes drilled so far. Results will be released as they are
received.
Quentin Yarie, MacDonald’s President and CEO
stated, “The first hole of our 2020 drilling program confirms the
presence of significant high-grade gold mineralization in the North
Pit area of the Scadding Deposit. Holes SM-19-001 and SM-20-026
indicate continuity for a zone of exceptionally high-grade gold
mineralization discovered in the North Pit area. This reinforces
the potential for a near-surface high-grade gold resource in the
North Pit area as our on-going 2020 drilling program continues to
expand the footprint of gold mineralization.”
Table 1. Assay highlights from reported
hole
Hole |
From (m) |
To (m) |
Length* (m) |
Gold (g/t) |
Silver (g/t) |
Structure |
SM-20-026 |
58.98 |
78.05 |
19.07 |
59.2 |
|
Bristol/Monaco |
including |
71.00 |
73.96 |
2.96 |
376.8 |
11.2 |
Including |
71.00 |
72.07 |
1.07 |
25.1 |
0.4 |
72.07 |
73.00 |
0.93 |
411.0 |
10.0 |
73.00 |
73.96 |
0.96 |
735.5 |
24.4 |
* Assay results presented over core length. They
are estimated to represent 75-85% true width.
Table 2. Coordinates of reported
hole
Hole ID |
Easting |
Northing |
Elevation |
Azimuth |
Dip |
Depth (m) |
SM-20-026 |
529217 |
5166720 |
306.1 |
246 |
-50 |
100.00 |
Hole SM-20-026 was testing the continuity of
high-grade mineralization in the Bristol/Monaco structure down-dip
of the high-grade intersection of 52 g/t gold over 12 metres in
SM-19-001. Hole SM-20-026 successfully intersected the extension of
that high-grade zone. Comparable to SM-19-001, the chlorite zone in
SM-20-026 is comprised of strong chlorite alteration with low
sulfide content and is cut by numerous dark-grey quartz stringers
and one larger quartz vein rich in pyrrhotite. MacDonald believes
that these quartz stringers, that can be rich in very coarse-gold,
contribute to the formation of exceptionally high-grade
mineralization in the chlorite zones of the Scadding Deposit.
Figure 1. Location of reported
hole is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b13c6908-c842-43bb-a586-b8de261ef832
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 in case 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 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/914732ff-45a8-43f6-9bc2-c500b2fec962
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, (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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