MacDonald Mines Announces Inaugural Drill Program at its SPJ Iron-Oxide-Copper-Gold Property
TSX VENTURE: BMK
TORONTO, Aug. 01, 2019 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces that it will commence a 2,000 metres drill program at its 100%-owned, and permitted, Scadding Mine (“Scadding”) in the next 2 weeks. The high-grade Scadding Mine is located within the Company’s 10,647 hectares SPJ (Scadding-Powerline-Jovan) Property, 40 kilometres east of Sudbury, Ontario. Historically, it produced 914 kilograms of gold from 127,000 tonnes of ore grading 7.2 g/t (OFR 5771). MacDonald’s reinterpretation of the geological model at the Scadding Deposit and larger SJP property indicates that it could host gold-rich Iron-Oxide-Copper-Gold (“IOCG”) deposit and that significant gold structures may have been missed by previous operators’ drilling campaigns (2009-2011). The large land package surrounding the deposit has also yielded multiple discovery areas to explore - including significant showings of copper, cobalt, nickel and silver in addition to high-grade gold.
The Scadding Deposit is located in a mining-friendly jurisdiction, 16.5 km from the Trans-Canada highway along the municipal Kukagami Road, close to power, rail and a skilled workforce. The objective of this initial drill program is to confirm and expand the high-grade gold zones of the Scadding Deposit.
SPJ Property highlights include:
- Very large land position
- IOCG potential
- Significant cobalt-copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint
- Potential of a large tonnage gold-rich polymetallic deposit, with zones of higher-grade gold mineralization at the Scadding Deposit
- Optimize Group contracted to redevelop the Scadding Deposit
Quentin Yarie, MacDonald’s President and CEO commented: “We’re excited to launch our drill program at SPJ. The initial prospecting work we completed earlier this year, as well as all of the historic data we’ve compiled to date, show that there is a large footprint of polymetallic mineralization on our property. The region has been recently identified as a promising Iron-Oxide-Copper-Gold district by the Geological Survey of Canada and we believe there is potential to define an IOCG deposit at Scadding.”
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 recently acquired the high-grade past-producing and permitted Scadding Gold Mine and 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:
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, which only 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.