MacDonald Mines Extends High-Grade Gold Zones to the North and Down Dip, Intersects 3.6 g/t Gold over 6m and 4 g/t Gold over ...
January 20 2020 - 5:00AM
MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”,
“MacDonald” or the “Company”) announces further results from the
diamond drill program completed last fall at its SJP property, 40
kilometres east of Sudbury, Ontario. Hole SM-19-008 intersected 3.6
g/t gold over 6 metres, including 21.5 g/t over 0.8 metres, testing
the down-dip continuity of the gold zones of the North Pit area.
Hole SM-19-012 intersected 4.0 g/t over 9 metres, including 9.1 g/t
gold and 0.02% cobalt over 0.9 metres, testing the northern
extension of the Scadding Mine. The results from the upper chlorite
zone in hole SM-19-012 in which visible gold was observed, are
still pending.
Highlights:
- Hole SM-19-008 successfully extended at depth gold
mineralization in the Bristol and Monaco structures in the North
Pit area:
- 3.6 g/t gold over 6 metres, including 21.5 g/t gold over 0.8
metres in the Monaco Structure
- Hole SM-19-012 successfully extended mineralization north of
the Scadding Mine:
- 4.0 g/t gold over 9.4 metres, including 9.1 g/t gold and 0.02%
cobalt over 0.9 metres
- Results for a chlorite zone intersected between 48.6 and 55.3
metres, in which visible gold was observed, remain pending;
- Hole SM-19-012 was stopped near the upper contact of the
Bristol breccia as the significance and geological characteristics
of that breccia zone were not known when the hole was drilled.
Quentin Yarie, MacDonald’s President and CEO commented: “The
2019 drilling results continue to significantly expand the
extensions and footprint of the high-grade gold mineralization
found at the Scadding Deposit. We have confirmed that
mineralization extends at depth in the Monaco and Bristol
structures in the North Pit area, and we have indications in hole
SM-19-008 that gold-cobalt mineralization is also possible in those
structures – leading to the possibility of a much larger geological
system at work than historically thought. Hole SM-19-012 shows that
the mineralized structures mined at the Scadding Mine remain open
to the north and that additional step-outs into those structures
are able to discover further zones and extensions of high-grade
gold mineralization.”
Table 1. Assay highlights from holes SM-19-009 and
SM-19-010: |
Hole |
From (m) |
To (m) |
Length (m)* |
Gold (g/t) |
Cobalt (%) |
Visible Gold |
Structure |
SM-19-008 |
129.1 |
135.1 |
6.0 |
3.6 |
|
VG |
Monaco |
|
Including |
|
|
|
129.2 |
130.0 |
0.8 |
21.5 |
|
|
|
|
154.1 |
155.4 |
1.3 |
1.3 |
|
VG |
|
|
179.1 |
186.1 |
7.0 |
0.4 |
0.01 |
VG |
Bristol |
SM-19-012 |
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. |
Drilling in the North Pit
areaHole SM-19-008 was testing the Bristol and Monaco
structures respectively 70 metres and 75 metres down-dip of
SM-19-005 and SM-19-004. SM-19-008 successfully intersected
incipient gold-cobalt in the Bristol Structure and high-grade gold
mineralization in the Monaco Structure, proving the down-dip
continuity of the structures and of mineralization. MacDonald’s
2019 drilling has now confirmed that high-grade gold mineralization
in the Bristol and Monaco structures in the North Pit area is
present over a lateral extension of 125 metres, down-dip over 150
metres and remains open in every direction.
Drilling near the Scadding Mine
Hole SM-19-012 was testing the northern extension of the
mineralized structures mined in the Scadding underground mine.
Although the results from the upper chlorite zone are still
pending, hole SM-19-012 successfully indicated that high-grade gold
mineralization extends north of the Scadding Mine, that
stacked mineralized structures exist near the Scadding Mine and
that additional drilling is likely to continue to expand the
footprint of mineralization north of the Scadding underground mine.
Hole SM-19-012 was terminated near the upper contact of the Bristol
breccia and intersected low grade gold mineralization in the
contact zone (0.25 g/t gold over 3 metres, 0.25 g/t gold over 1.09
metres), indicating that gold mineralization persists in the
Bristol breccia 80 metres north of SM-19-009.
First phase of the 2020 Drilling
ProgramFollowing the very positive results obtained in the
North Pit area, the first phase of MacDonald’s drilling in 2020
will target drilling gaps and the lateral and down-dip extensions
of the Monaco and Bristol structures in the North pit area to
quantify the size and grade of the zones of high-grade gold
mineralization.
Although there are many historic holes in the
North Pit area, MacDonald’s 2019 drilling has shown that the
historic drilling results are unreliable – the historic drilling
intersections cannot be precisely located and many historic holes
were drilled in orientations that significantly minimized the
probabilities of intersecting mineralization. Drilling using
systematic azimuth and spacing is necessary to adequately define
the geometry, continuity and size of the zones of high-grade gold
mineralization in the Bristol and Monaco structures in the North
Pit area.
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).
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.
Two photos accompanying this announcement are
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/48154eb6-d047-4434-9180-6f07ca3ae5a6
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f24893a-3337-42b2-84f2-13db457ca204
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