MacDonald Mines Provides Update on Exploration Work
TSX VENTURE: BMK
TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines” or the “Company”) provides update on recent and ongoing fieldwork at its newly optioned Jovan and Powerline properties, located near Sudbury, Ontario.
Mechanized stripping on the Powerline Property uncovered several zones of variably brecciated and mineralized albitites (sodium (Na) alteration) like those found at the historic Scadding and Norstar mines. These zones are typically associated with polymetallic gold mineralization, and they have been classified as a modified Iron Oxide Copper Gold system (“IOCG”) (Schandl et al., 1994; Schandl and Gorton, 2007).
IOCG deposits are magmatic-hydrothermal deposits that contain economic copper (Cu) and gold (Au) grades, are structurally controlled, and commonly contain significant volumes of breccia. This is what the Company observed on the Powerline Property. Historically, the producers in the region have mined copper (Cu), cobalt (Co), gold (Au), nickel (Ni) and silver (Ag).
MacDonald’s previously announced results from sampling on the Jovan property returned gold equivalent (AuEq) grades up to 83.8 g/t in selective grab samples* as well as silver, gold, cobalt, copper, and nickel (Table 1). Recent prospecting identified magnetite-rich boulders on the property that further confirms the IOCG model.
Table 1 – Highlights of previously released grab sample* assays at the Jovan Property
|Sample No||Rock Type||Ag (g/t)||Au (g/t)||Co
*The reader is cautioned that grab samples are selective by nature and do not represent the true metal content of the mineralized zone. The AuEq grade was calculated using metal prices from the London Metal Exchange on August 29th, 2018 – cobalt $64,500 US/tonne, copper $6,118 US/tonne, gold $1,208.3 US/oz, nickel $13,460 US/tonne and silver $14.88 US/oz.
Current and Future Work Plan
An exploration program is currently underway at the Jovan-Powerline Project. Its main objectives are:
- To map and sample the brecciated and mineralized albitites (Na alteration associated with IOCG deposits) to constrain their geometry and determine the possible metal content of the system identified on the Powerline Property;
- To find new zones of polymetallic mineralization on the Jovan Property and beyond;
- To identify the source and the metal content of the discovered iron oxide-rich boulders at the Jovan Property;
- To compile and re-interpret all the historic work on both properties to identify areas of interest for additional exploration.
Following this first phase of exploration, a geophysical survey on both the Jovan and Powerline properties will be conducted to identify drill targets. With an understanding of the geometry of the zones of albitites, the geochemical and mineralogical vectors and the historic data, the geophysical survey will help detect possible concentrations of cobalt, copper, gold, nickel and silver along the structures controlling the formation of the brecciated and mineralized albitites zones observed at surface. The best targets will then be selected for possible diamond drilling.
Update on the Wawa-Holdsworth Project
The Company has received results from the SGS and Golder Associates acid-based accounting (ABA) evaluation of the Oxide Sands as announced on September 5, 2018. The report indicates that the sands will be acid generating. Because this will severely impact the economics of the exploitation of the Oxide Sands, the Company has elected to cease any further work at its Wawa-Holdsworth Project and rather focus its efforts on the Jovan and Powerline properties.
Quentin 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 has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return.
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
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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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.