VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd.’s (TSX-V:BRD) (OTCQB:BDWYF) (“Broadway” or the “Company”) CEO, Thomas
Smeenk, is pleased to provide an update on the Company’s strategic direction following its ratification by the Board of Directors
and an onsite technical review of the Company’s Broadway and Madison mines, including an underground review of the Madison mine
from May 3-9, 2018. Both mines are located within the Company’s 100%-owned Madison copper-gold project in the historic
Butte-Anaconda mining region of Montana, USA.
“Our current corporate strategy seeks to maximize our shareholders’ interests through a number of initiatives
that will move these past-producing mines forward,” said Mr. Smeenk. “Our recent drill results and discoveries, historic
exploration and production activities, extensive academic research and the subsequent development of a working geological model for
our property all suggest an assessment of the commercial potential of the Madison project is warranted. Such forward-looking
analysis and planning will help demonstrate the value of Broadway’s assets to current and future shareholders and other
stakeholders.”
As Broadway continues to advance its Madison copper-gold project, the Company’s key near-term objectives
include:
- Amalgamating scientific work completed on the property describing the formation of high-grade mineralized zones (see
reference below) and correlating it with historic economics in order to detail the “how”, “where”, “why” and “how much”
mineralization exists in relation to the contact-mineral-zones at Madison.
- Engaging a contract mining engineer to evaluate bulk sampling from the higher-grade zones discovered and confirmed in the
recent Phase 1 and 2 drill programs, which were designed to intersect the extensions of mineralization bulk sampled by the
previous operator.
- Completing a technical review of the 100, 200 and 500 levels, where the previous operator recovered 3,020,600 pounds of
copper and 7,570 ounces of gold from mineralization grading 0.049% to 46.27% copper (43-101 reported mill settlement statement
average of bulk samples 16% copper) and 0.36 to 0.73 ounces per tonne gold (43-101 reported mill settlement statement of average
bulk samples of 0.36 ounces per ton gold), to determine the optimal parameters of a short-hole and surface drill program to test
the down-dip extensions, contact zones and strike length of the Madison and Broadway mines.
- Continuing to study the vectors generated by the new porphyry discovery and designing an extensive drill program with the
potential to attract equity and an earn-in interest.
Foote’s PhD Thesis: Scientific Analysis of the Company’s Mineralization
Interested parties are invited to read Contact Metamorphism and Skarn Development of the
Precious Metals Deposits at Silver Star, Madison County, Montana, the PhD thesis of Martin Foote from the Department of
Geology and Geophysics, University of Wyoming, 1986, which is now posted on the Company’s website in the Technical section.
Foote scientifically defines the multiple mineralization events believed to be the basis of the gold, silver and
copper deposits at the Broadway and Madison mines on the Company’s property.
“Foote defines each and every vector required to explore for and mine the contact zones, which offers valuable
guidance for future exploration and possible development at the Madison mine,” said Mr. Smeenk.
Foote’s thesis states that the development of mineralization at Silver Star has taken place in three stages with
the second-stage mineralization averaging 4% copper, 0.5 ounces per ton gold and approximately 1 ounce per ton silver. Foote
also refers to mineralized bodies representing the third stage of mineral deposition averaging 1 and 2 ounces per ton gold and 3 to
5 percent copper.
Porphyry Discovery
Broadway is continuing to evaluate the porphyry at Madison, which includes designing the criteria of an earn-in
or joint venture that will include an extensive exploration program, to drill the porphyry targets at depth. The Company confirmed
a Latite porphyry discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to
234 meters, open in all directions.
Qualified Person
R. Tim Henneberry, P.Geo., Broadway’s Geologist and a Qualified Person as defined by NI 43-101, has reviewed and
approved the technical information contained in this news release.
About Broadway Gold Mining Ltd.
Broadway Gold Mining Ltd. is focused on the exploration and development of the Broadway and Madison mines and
the discovery of the porphyry source of their mineralization. The Company owns a 100% interest in a four-square-mile property,
which is in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for exploration and
bulk sampling. Of two underground mines, one, the Madison, is Mine Safety and Health Administration (MSHA) compliant. While
actively expanding known copper and gold zones open for development, the Company's exploration program has identified new anomalies
along the two-mile contact zone, and across its extensive four-square-mile land package. The Company confirmed a Latite porphyry
discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to
234 meters, open in all directions.
For more information:
Thomas Smeenk, BA
President and CEO
Broadway Gold Mining Ltd.
1-800-680-0661
IR@broadwaymining.com
www.broadwaymining.com
Media:
Adam Bello
Primoris Group Inc.
+1 416.489.0092
media@primorisgroup.com
Forward-Looking Statements
This 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.
