|
MacDonald Mines Exploration Ltd. (TSX-V: BMK) ("MacDonald Mines", "MacDonald" or the "Company") reports the remaining assay results from its Winter 2020 drilling program and results from 3 holes of its Spring 2020 drilling program at the SPJ Property, 20 km east of Sudbury, Ontario. Hole 41 intersected 27.2 g/t gold over 5.13 m in a new, near-surface discovery in the western extension of the New Zone-Villeneuve trend. Hole 43 intersected 2.3 g/t gold over 6.04 m and 2.1 g/t gold over 3.08 m in the New Zone-Villeneuve trend extending the zone of near-surface mineralization discovered in SM-19-022 (Dec. 9, 2019 News Release). The mineralization in the New Zone-Villeneuve trend has been traced over more than 225 metres along strike and remains open along strike and to depth. These initial results from the Spring program corroborate the recently completed IP survey data used to target the drilling for this year's program (Figure 1). Results for another 4 holes drill ed this spring are pending and will be announced as they are received.
Figure 1. Plan map of assay results on IP anomaly
https://www.globenewswire.com/NewsRoom/AttachmentNg/32cd3c41-4059-4ff3-94dd-384729324d8b
Quentin Yarie, MacDonald's President and CEO stated, "Our near-surface drilling continues to significantly extend the lateral footprint of mineralization at the Scadding Deposit. These latest results show that thick, high-grade mineralization, located along the trend of the historic East-West Pit, remains open. The development of a correlation of the IP data with the gold assays has proven a powerful tool. We have paused drilling as we await assays and conduct mapping and field work to evaluate several new trends identified by the large 700m by 700m IP anomaly and the Jovan and Powerline prospects."
Table 1. Assays from reported holes
Hole From (m) To Length* (m) Visible Gold Observed Gold (g/t)
(m)
SM-20-037 No significant results
SM-20-038 2.77 4.27 1.50 0.9
130.3 132.51 2.21 yes 0.7
SM-20-039 No significant results
SM-20-040 Intersected diabase dyke - No significant results
SM-20-041 11.76 16.89 5.13 yes 27.2
including
11.76 12.73 0.97 yes 23.6
15.02 15.86 0.84 yes 34.4
15.86 16.89 1.03 yes 79.3
SM-20-043 3.72 9.76 6.04 yes 2.3
including
6.54 7.41 0.87 yes 9.2
40 42.05 2.05 3.0
* Assay results are presented over core length. Additional drilling remains necessary to clearly constrain the geometry of the zones of mineralization and estimate the true width of the reported intersections.
MacDonald utilized its recent IP survey, combined with other data, to target its Spring 2020 drill targets. The survey, conducted over an area of approximately ~700m by 700m, shows a number of east-west trends that correlate with the historic pits and underground operations and illustrates the potential extent of mineralization around Scadding (Figure 1).
IP Interpretation
The Company has been interpreting the IP survey data collected in January 2020. Review of the resistivity and chargeability data has shown that there is a correlation of low resistivity and high chargeability with gold mineralization. A modified "metal factor" has been calculated utilizing this relationship and a plan map of these results is shown in Figure 1. Cross sections with borehole intercepts are also presented in Figures 2 and 3.
Figure 2. Cross-section of hole SM-20-041
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb082e56-aaba-4f7e-a5b9-c575515936a3
Figure 3. Cross-section of hole SM-20-043
https://www.globenewswire.com/NewsRoom/AttachmentNg/810dc598-973a-4d3a-a259-927e2388e8f7
The calculated metal factor modelling agrees with MacDonald's measured dip and strike from both the orientated core and surface measurements. The resulting product is providing the Company with a high degree of certainty on the placement of future drill holes to intersect mineralization. The data also visualizes the massive extent of potential mineralization within the area of the IP survey (~700m by 700m) showing several east-west trends and folding that correlate with the historic pits and underground operations.
The low resistivity values appear to be related to the chlorite/non albitized parts of the system with the chargeability correlating well with the sulfides. The two events don't always correlate so the calculated derivative takes this factor and presents the data in a very beneficial manner.
Table 2. Coordinates of reported holes
Hole ID Easting Northing Elevation Azimuth Dip Depth (m)
SM-20-037 529304 5166682 309.3 241 -78 241.58
SM-20-038 529318 5166724 301.4 251 -61 171.00
SM-20-039 529247 5166751 305.8 241 -45 142.00
SM-20-040 529285 5166484 312.1 305 -46 136.68
SM-20-041 529377 5166469 309.7 303 -45 97.00
SM-20-043 529558 5166480 299.0 234 -60 64.00
Holes SM-20-037 to -039 were drilled to test the down-dip and lateral continuity of the zone of chlorite alteration in the Bristol/Monaco Structure in the North Pit area. The holes successfully intersected chlorite alteration in the projected extensions of the structure, including visible gold in SM-20-038. The successful intersection of chlorite alteration in all the holes shows that the mineralized structures remain open laterally and at depth, and that additional drilling could uncover new zones of gold mineralization.
Hole SM-20-040 was testing the down-plunge extension of the mineralization intersected in SM-19-012, in the extension of the structure that hosts the Scadding underground mine. The hole intersected an unexpected diabase dyke where the chlorite zones were expected.
Hole SM-20-041 was testing the hinge area of a fold in the New Zone-Villeneuve trend, 80 metres west of the western end of the E-W pit where trenching identified chlorite alteration in folded sedimentary rocks. Results from SM-20-041 indicate that the hinge area is well mineralized.
Holes SM-20-043 sucessfully intersected the down-plunge extension of the high-grade mineralization discovered in the New Zone-Villeneuve trend in SM-19-022, in the eastern extension of the E-W pit. It was collared in chlorite alteration that was never previously recognized and visible gold was observed in one location in the chlorite zone in association with later quartz veining. SM-20-043 indicates that the gold-mineralized iron alteration zone extends down-dip and down-plunge of the intersection in SM-19-022.
On-site Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples were transported in security-sealed bags for analyses to SGS in Sudbury, Ontario. 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 in case further work or verification is needed.
MacDonald 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 inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates. All samples over 10 g/t gold or the samples with abundant visible gold are analysed by 1 kilogram metallic screen.
SPJ Property Highlights
-- 100% ownership
-- 18,340 hectares in excellent mining jurisdiction and close to infrastructure
-- Hosts the high-grade past producing Scadding Gold Mine
-- Evidence of polymetallic mineralization at the Scadding Deposit indicative of IOCG potential
-- Significant gold, cobalt, copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint
Historically, the Scadding Mine produced 914 kilograms of gold from 127,000 tonnes of mineralized material 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).
Qualified Person
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
For more information, please contact:
Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com
Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com
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.
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.
|
