MacDonald Mines Reports that Grab Samples, Collected 7 km from Scadding Mine, Indicate Potential for Large System on the SPJ Property
TORONTO, Dec. 16, 2019 (GLOBE NEWSWIRE) — MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces highlights from one hundred and eighty-eight (188) grab samples collected outside of the Scadding Mine footprint. Polymetallic mineralization, indicative of an Iron-Oxide-Copper-Gold (‘IOCG’) deposit, was observed 7 kilometres east of the Scadding Mine (Figure 1). The grab samples were collected primarily on the Jovan Property where channel sampling in 2018 revealed significant concentrations of gold, cobalt, copper and nickel at the Brady Showing (see Nov. 27, 2018 News Release). Results from 19 holes of the now completed Fall 2019 drilling program at the SPJ property are still pending and will be announced as they are received.
Table 1: Assay highlights from grab samples* from regional exploration on the SPJ Property (*The reader is cautioned that grab samples are selective by nature and may not represent the true mineralization on the property)
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98e94672-edaf-46b9-a9a3-7e268042106dQuentin Yarie, MacDonald’s President and CEO commented: “Our regional exploration program on the SPJ property continues to expand the footprint of the mineralized system and indicates that polymetallic mineralization extends at least 7 km east of the Scadding Deposit. Our exploration results also suggest that high-grade gold-cobalt-copper-nickel mineralization that was sampled at the Brady Showing occurs in many other locations on the property. Overall our 2018 and 2019 exploration programs suggest that the SPJ property has the potential to host an Iron-Oxide-Copper-Gold system.”Eastern extension of the Scadding Deposit hydrothermal system in the Jovan Sector
MacDonald Mines surface exploration work on the Jovan property encountered multiple zones of polymetallic mineralization that contained variable gold, cobalt, copper, nickel and silver. Comparable to the mineralized zones observed at, and near, the Scadding Deposit, corridors of sodic alteration, leading to the formation of albitites, appear to preferentially host zones of polymetallic mineralization.MacDonald’s exploration work also revealed that many of the mineralized zones in the Jovan area of the SPJ property are spatially associated with a ENE-trending structural corridor at least 2.5km long. This corridor is defined in part by the alignment of many positive magnetic anomalies. MacDonald’s exploration work showed that the strongest magnetic anomaly, 500x175m in size, relates to the formation of hydrothermal magnetite and to zones of semi-massive pyrrhotite associated with significant cobalt and nickel enrichments. The Brady Showing, where MacDonald’s 2018 channel samples contains up to 4.31% copper, 4.42 g/t gold, 0.011% cobalt, 11.15 g/t silver and 0.013% Ni over 3.6 metres, and 3.44% cobalt, 3.81 g/t gold, 0.14% nickel, 0.59 % copper, and 3.79 g/t silver over 1.5 metres is also located just north of that structural corridor.Located just outside the SPJ property, the McLeod Showing, where historic drilling intersected up to 11.65 g/t gold over 8.69 metres, is also spatially associated with that structural corridor. The reader is cautioned that the mineralization observed at the McLeod Showing may not be representative of the mineralization and grades present on MacDonald’s SPJ property.On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Grab samples were transported in security-sealed bags for analyses to Actlabs Labs. in Ancaster, 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 if 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 60 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 highlights100% ownership17,720 hectares in excellent mining jurisdiction and close to infrastructureHosts the high-grade past producing Scadding Gold MineEvidence of polymetallic mineralization at the Scadding Deposit indicative of IOCG potentialSignificant gold, cobalt-copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprintHistorically, 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).Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78c34e2a-0f65-46c6-af57-cd5a8cd1e948Qualified 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.comFor more information, please contact:Quentin Yarie, President & CEO, (416) 364-4986, firstname.lastname@example.orgOr Mia Boiridy, Investor Relations, (416) 364-4986, email@example.comNeither 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.