MacDonald Mines Exploration Ltd V.BMK

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ORIGINAL: MacDonald Mines Hits 7.18 g/t gold over 13.23 m, including 41.44 g/t gold over 1.09 m and 22.60 g/t gold over 1.00 m

 

2020-11-19 11:46 ET - News Release

 

TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) reports further assay results from its ongoing 2020 drilling program at the SPJ Property, located 40 km east of Sudbury, Ontario. Hole SM-20-065 intersected, near-surface, 7.18 g/t gold over 13.23 metres, including 41.44 g/t gold over 1.09 metres and 22.60 g/t gold over 1.00 metre, further expanding the high-grade gold mineralization of the Scadding Deposit (Figure 1). Drilling continues with approximately 7,548 metres of the 14,000 metres program completed and 74 holes drilled to date (Figure 2). Further assay results are forthcoming and will be released as they are received.

Holes SD-20-058 and SD-20-059 of the program also revealed broad zones of gold mineralization west of the Scadding Deposit, in an area that has seen little exploration in the past. Hole 59 intersected a broad zone of gold mineralization in the Bristol/Monaco corridor that further supports the extension of gold mineralization, beyond the current footprint of the Scadding Mine, between the mine and the South Pit.

MacDonald’s focus through December 2020 is to continue drilling the large exploration gaps that exist between the Scadding underground mine and both the North Pit and South Pit areas.

Quentin Yarie, MacDonald’s President and CEO stated, “We continue to drillnew zones of high-grade gold mineralization in the Bristol/Monaco deformation zone, confirming how we can expand the historic Scadding Deposit. Results are suggesting that a parallel corridor of gold mineralization exists to the west within the Bristol Breccia which extends over a strike of 200 metres and remains open in all directions. We are starting to see indications of chlorite alteration that could be indicative of further undiscovered zones of higher-grade gold mineralization in the Bristol Breccia structure. While drilling continues, we are utilizing the results of our recent IP surveys to further guide the deposit expansion drill program.”

Figure 1.Long section showing reported holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f431705-86d5-4d0b-825e-a3fa594ba015

Table 1. Assay highlights from reported holes

Hole		From (m)	To (m)	Length* (m)	Visible Gold Observed	Gold (g/t)
SM-20-057		113.9	115.17	1.27	Yes	0.71
SM-20-058		150.53	158.07	7.54		0.64
		162.48	176.3	13.82		0.83
SM-20-059		70.73	73	2.27		2.41
		77.81	85.63	7.82		0.98
		161.04	168.57	7.53		1.38
SM-20-064	No significant results
SM-20-065		4	17.23	13.23	yes	7.18
	including	9.1	10.19	1.09	yes	41.44
	and	13.69	14.69	1		22.6
		165.24	171.32	6.08		0.44
SM-20-066	Intersected the Scadding Mine – Stopped before reaching the targeted zone

* Assay results presented over core length. They are estimated to represent 55-85% of true width.

Table 2. Coordinates of reported holes

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth (m)
SM-20-057	529296	5166471	310.9	269	-55	250
SM-20-058	529224	5166492	316	303	-46	202
SM-20-059	529227	5166416	310.6	272	-48	202
SM-20-064	529188	5166356	309.5	270	-76	130
SM-20-065	529151	5166474	321	252	-48	196
SM-20-066	529247	5166491	313	295	-58	70

Figure 2. Collar locationsand drilling highlights to date is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe33d44b-032c-498a-a7c6-e4fab8de238b

Detailed Description

HoleSM-20-057 was testing the continuity of the Bristol/Monaco Structure beyond the underground workings of the Scadding Mine. Hole 57 successfully intersected the deeper extension of the structure with a zone, approximately 16 metres-wide, of pervasive magnetite alteration with an elevated background in gold. Hole 57 also intersected a narrow zone of chlorite alteration, with specks of visible gold, in a satellite structure located in the Scadding Mine.

Hole SM-20-058 was testing the northern extension of the mineralization zones at the Scadding Mine. Hole 58 successfully intersected a zone of chlorite alteration in which visible gold was observed, but this did not return significant gold assays. Hole 58 also intersected a large breccia zone, west of the Scadding Mine, the Bristol Breccia where gold mineralization is associated with pervasive dissemination of pyrite in a silica-rich breccia matrix.

Hole SM-20-059 was testing the Bristol/Monaco Structure between the Scadding Mine and the South pit and successfully intersected a zone of chlorite-magnetite alteration in the structure, suggesting the potential continuity of mineralization between the South Pit and the Scadding Mine. Additionally, hole 59 discovered a new zone of gold mineralization west of the Bristol/Monaco Structure likely associated with the Bristol Breccia. Gold mineralization in that new zone occurs as pervasive disseminations of pyrite associated with silica-carbonate alteration. Rims of chlorite around some of the carbonates suggest that zones of chlorite alteration, typically associated with higher-grade gold mineralization, could be present in that new structural corridor west of the Scadding Deposit.

Hole SM-20-064 was testing the deeper extension of gold mineralization in the South Pit area. Hole 64 successfully intersected the extension of the structure characterized by pervasive magnetite alteration, but that extension did not contain significant gold mineralization.

Hole SM-20-065 was testing a zone of chlorite alteration exposed at surface between the Scadding Mine and the South Pit. Hole 65 demonstrated that significant gold mineralization and near-surface zones of chlorite alteration are left to be discovered at the Scadding Mine and between the mine’s current footprint and the South Pit. Additionally, hole 65 intersected a zone of low-grade gold mineralization in the Bristol Breccia west of the Bristol-Monaco structural trends of the Scadding Deposit.

Hole SM-20-066 was testing the northern extension of the structures controlling chlorite alteration and gold mineralization in the Scadding Mine. The hole was stopped before reaching target as it intersected the underground workings of the Scadding Mine.

On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to Actlabs in Ancaster, 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 samples transported to Actlabs were dropped in rice bags with security seals by Manitoulin Transport. 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. Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

SPJ Property Highlights

• 100% ownership
• 18,340 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 bearing structures have been missed by previous operators’ exploration campaigns (2009-2011).

Qualified Person
Quentin Yarie, P Geo., CEO and President of MacDonald Mines and the Qualified Person as defined by National Instrument 43-101 has reviewed and approved the technical information in this news release.

COVID-19 Precautions
MacDonald Mines has developed and implemented precautions and procedures that are compliant with Ontario’s health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential for community contact and spreading of the virus.

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, [phone], [e-mail]

Or Mia Boiridy, Investor Relations, [phone], [e-mail]

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, whichonly 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.

Figure 2

 

Collar locations and drilling highlights to date

Figure 1

 

Long section showing reported holes

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