TORONTO, May 02, 2019 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) ("MacDonald Mines" or the "Company") expands the information on the exploration potential of its newly acquired Scadding Mine, located 50 kilometres from Sudbury, Ontario. The mine produced 914 kg of gold from 127,000 tonnes of ore grading 7.2 g/t between 1984 and 1990 (OFR 5771). It included three shallow pits (North, South and East-West Zones) and an underground ramp development in the Central Zone.
Attributes of the Scadding Deposit and of MacDonald’s land position in the Southern Province
The Scadding Deposit is one of several polymetallic gold deposits, with variable copper and cobalt showings and occurrences, that are hosted in Ontario’s Southern Province. Recent studies suggest that the mineralized systems of the Southern Province share affinities with iron oxide-copper-gold (“IOCG”) systems. IOCG systems can host large tonnage and low to medium-grade polymetallic gold-copper, and possible cobalt deposits. These types of deposits make for highly profitable mines.
Within the Southern Province, the Geological Survey of Canada identified the Wanapitei area (which hosts the Scadding Mine) as a promising district for IOCG exploration1. The district features key indicators of IOCG mineralization:
- regional corridors of sodic alteration;
- an important period of granitic magmatism that is contemporaneous with the formation of the sodic alteration zones;
- the localized formation of iron oxide mineralization;
- potassic-iron alteration associated with polymetallic mineralization;
- and the presence of gold and copper in mineralized zones.
The acquisition of the Scadding Mine and surrounding mineral claims, in addition to MacDonald’s Jovan-Powerline Property, considerably expands the Company’s strategic land position in the Southern Province. The expanded position, covering several corridors of albitization, increases the probability of discovering new zones of polymetallic gold mineralization, and provides additional opportunities to expand the known gold-copper-cobalt showings on the property.
Exploration Potential at the Scadding Mine
The Scadding Deposit has seen a considerable amount of exploration drilling (30,338 metres of diamond drilling by 7 operators) and some mining since its discovery in 1973. Nevertheless, recent diamond drilling programs (1990s to 2010s) show that significant near-surface gold zones remain in the deposit (Table 1).
MacDonald’s review and 3D compilation of historic data suggests that the mineralization is hosted in a set of mineralized structures that are striking NNW and dipping to the ESE (Figure 1). The drilling programs of the 2010s drilled down-dip of the mineralized structures and appear to have missed them. This offers a considerable opportunity for MacDonald Mines to fill in the gaps and prove up mineralization that was likely missed.
Quentin Yarie, President and CEO of MacDonald Mines, stated “We are very excited by the exploration potential at Scadding. We have an excellent technical team with expertise in reinterpreting historical data and finding new ways of approaching exploration to create untapped value for our shareholders. In addition, some of the hidden value in this property is the fact that the Scadding Mine is permitted, meaning that successful exploration programs can quickly translate into near term production, assuming the necessary financing can be brought into place.”
Table 1. Historical drill holes assay results 1
The reader is cautioned that a qualified person has not done sufficient work to verify these values. These are historical values that may not be representative of the mineralization present at the Scadding Deposit and there can be no assurances that the Scadding Deposit contains economically viable mineralization.
|Company||Zone||Drill Hole||Year drilled||From (m)||To
|Length (m)||Au (g/t)||Source|
|Currie Rose||North Zone||CR-2||1997||11.28||16.01||4.73||55.06||Drill Hole Report 41I10NE2005|
|Currie Rose||North Zone||CR-2||30.88||48.29||17.41||3.02||Drill Hole Report 41I10NE2005|
|Currie Rose||North Zone||CR-3||1997||6.49||11.59||5.10||30.53||Drill Hole Report 41I10NE2005|
|Trueclaim Exploration||North Zone||TRM-10-07||2010||52.35||71.64||19.29||12.85||Drill Hole Report 20000006269|
|Currie Rose||New Zone||CR-25||1997||53.26||58.26||5.00||42.68||Drill Hole Report 41I10NE2005|
|Currie Rose||New Zone||CR-28||1997||54.57||54.88||0.31||250.14||Drill Hole Report 41I10NE2005|
|Trueclaim Exploration||New Zone||TRM-11-22||2011||32.00||33.00||1.00||141.18||Moss et al, 2011.|
|Northgate Exploration||Central Zone||N-11||1980||57.79||67.18||9.39||5.92||41I10NE0185|
|Northgate Exploration||East-West Zone||N-17||1981||6.10||8.05||1.95||55.57||41I10NE0185|
|Trueclaim Exploration||South Zone||TRM-11-10||2010||53.00||66.00||13.00||6.33||Moss and MacMillan, 2011|
|Northgate Exploration||Central Zone||N-6||1980||87.66||101.00||13.35||20.33||41I10NE0185|
|D.R. Watt||Central Zone||W-29||1979||91.04||123.2||32.16||12.00||Drill Hole Report 41I10NE0185|
|Northgate Exploration||Central Zone||N-10||1980||87.66||101.00||13.35||20.32||Drill Hole Report 41I10NE0185|
1 Technical Report NI 43-101 on Scadding Gold Property, Scadding Township, District of Sudbury Ontario, L.D.S. Winter, P. Geo., June 2009.
Macdonald Mines has contracted Optimize Group Inc. (“Optimize Group”) to assist in its program to develop the Scadding Mine once again. The Optimize team has an established track-record of delivering mineral reserves estimates, mine plans, design optimizations, and development projects. Optimize Group offers MacDonald Mines the expertise to potentially bring the Scadding Mine back into operation.
Board and Management Changes
MacDonald announces that Ms. Petra Decher is stepping down as CFO of the Company, to pursue other opportunities. Ms. Tara Gilfillan steps down from the Chairman of the Board position to replace Ms. Decher as CFO.
Quentin Yarie, President and CEO of MacDonald Mines stated “We would like to thank Petra for the many contributions she made to MacDonald Mines and we want to wish her all the best in her future endeavours. We are happy Tara is taking on the role of CFO. Her knowledge of the Company and her experience will be invaluable as we develop our new Scadding property.”
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'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:
1 Corriveau, L., 2007, Iron oxide-copper-gold deposits: a Canadian perspective, in: Goodfellow, W.D., (ed.), Mineral deposits of Canada: a synthesis of major deposit-types, district metallogeny, the evolution of geological provinces, and exploration methods: Geological Association of Canada, Mineral Deposits Division, Special Publication 5, p. 307-308.
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.