Broadway Announces Commencement of Drilling at Madison
June 24 2019 - 8:00AM
Broadway Gold Mining Ltd. (“Broadway” or the
“Company”) (TSX-V: BRD) (OTCPK: BDWYF) (FWB: BGH) is pleased
to announce that Kennecott Exploration Company (“Kennecott”), part
of the Rio Tinto Group, has commenced with a drilling campaign at
Broadway’s Madison copper-gold project located in the Butte Region
of Montana.
The initial drilling program consists of three
drill holes targeting an area displaying multi-element soil and
rock chip geochemical anomalies, historic prospects, strong Induced
Polarization (IP) anomalies and porphyry drill intercepts
identified by Broadway’s technical team as per the news release
dated October 26, 2017 and four holes targeting skarn
mineralization.
Details of the drilling program will be released
as information is made available.
About Broadway Gold Mining
Ltd.
Through its wholly owned Montana-based
subsidiary, Broadway Gold Corp., the Company is focused on the
exploration and development of its two mines, the Broadway and
Madison mines, and the delineation of the porphyry source of their
mineralization. The Company owns a 100% interest in the two mines
and has staked an area of four-square-miles in the Butte-Anaconda
region of Montana, a porphyry-based mining district. The Company is
permitted for mining and exploration.
Approximately $20 million has been invested in
the exploration, development and bulk sampling of the Madison mine
since 2005. Whereas the Broadway mine produced 144,000 ounces of
gold at an average grade of 0.32 oz/ton Au from 1880 to 1950, the
Madison produced bulk samples of 13,242 tons at an average grade of
25% Cu and 0.32 oz/ton gold from 2005 to 2011 (see Broadway news
release dated October 17, 2016, citing historic production figures
from Coronado Resources Ltd.).
In April 2019, Broadway and Kennecott
Exploration Company, a division of the Rio Tinto Group, signed an
earn-in agreement with option to enter into a joint venture for 70%
interest after spending US$50 million. Subsequent to signing this
agreement, Broadway signed a purchase arrangement to acquire a
direct 85% interest in the historic Tsumeb Mine in Namibia, Africa,
including the Tsumeb West Mine, Uris copper-vanadium mine and 50 km
of prospective copper-vanadium exploration ground containing over
10 historic mining operations.
For more information:Duane ParnhamExecutive
ChairmanBroadway Gold Mining Ltd.
1-800-680-0661IR@broadwaymining.comwww.broadwaymining.com
Media:Adam BelloPrimoris Group
Inc.+1 416.489.0092media@primorisgroup.com
Forward-Looking StatementsThis
news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release or other future plans, objectives or
expectations of Broadway are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Broadway's plans or expectations include
risks relating to the actual results of current exploration
activities, fluctuating commodity prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by Broadway with securities regulators.
Broadway expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. 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.
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