TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces preliminary results from the 2,000-metres drill program, announced on August 1, 2019, at its 100% owned and permitted Scadding Mine. The high-grade Scadding Mine is located within the Company’s 10,647 hectares SPJ (Scadding-Powerline-Jovan) Property (Figure 1), 40 kilometres east of Sudbury, Ontario.
Highlights of current drill program:
- The first two drill holes intersected mineralized hydrothermal breccia zones with visible gold and abundant pyrite;
- Drill hole SM-19-001 intersected two mineralized zones, including an interval with over 12 pinheads of visible gold, centered around 46 metres depth;
- Visible gold was also observed in SM-12-002 in a chlorite breccia at 24 metres depth – the hole had not been completed at the time of this press release.
Quentin Yarie, MacDonald’s President and CEO, said, “We have put considerable effort to consolidate our current land position east of Sudbury. This is an emerging IOCG (Iron-Oxide-Gold-Copper) district and we believe Scadding could host a gold-rich IOCG-type deposit. The gold observed in our first two drill holes confirms that our efforts were well worth it. The first round of assays will be rushed so that we can validate to our shareholders the potential of the SPJ Project.”
Historically, the Scadding Mine 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 SPJ property indicates that it could host a gold-rich Iron-Oxide-Copper-Gold deposit and that significant gold structures may have been missed by previous operators’ drilling campaigns (2009-2011). The objective of the current drill program is to confirm and expand the high-grade gold zones of the Scadding Deposit.
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses prep to Bureau Veritas Minerals in Timmins, Ontario after which they will be sent to Bureau Veritas Minerals Lab in Vancouver for analysis. 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 remaining coarse reject portions of the samples remain in storage if further work or verification is needed.
MacDonald Mines 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 Mines inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
SPJ Property Highlights
- 100% owned
- Very large land position in excellent mining jurisdiction and close to infrastructure
- IOCG potential
- Hosts the high-grade past producing Scadding Gold Mine with permitting in place
- Significant cobalt-copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint
- Optimize Group contracted to redevelop the Scadding Deposit
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 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
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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.