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TORONTO, ONTARIO–(Marketwired – June 29, 2017) – MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (“MacDonald Mines”, the “Company”, or “BMK”) announces it has received assay results from the recent ground sampling of its 2016 Golden Goose discovery, the Soocana Vein, and of the Oxide Sands at its Wawa-Holdsworth Project (Figure 1).
Highlights from the Sampling Program:
- Grab samples, collected from the Golden Goose Discovery, contain 11.85 g/t and 2.98 g/t gold* and support the presence of reproducible gold grades along the newly discovered gold-bearing structure
- A bulk composite sample of the Oxide Sands composed of 4 different locations returned 0.15 g/t platinum, and 0.36 g/t palladium, in addition to the average grade of 5.45 g/t gold previously reported (see May 16, 2017 News Release)
- 2 kg oxide sand samples contain up to 59.8 g/t silver* (see Table 1 below)
- A grab sample from a quartz-tourmaline vein in the Soocana Vein System contains 34.9 g/t gold*
*The reader is cautioned that grab samples are selected samples and may not be representative of the mineralization hosted on the property
Table 1. Gold and silver grades from collected grab samples
|Description||Gold g/t||Silver g/t|
|Black Sands Area A||3.09||38.8|
|Black Sands Area A||2.71||49.7|
|Black Sands Area A||3.05||59.8|
|Black Sands Area BE||6||24.1|
|Black Sands Area BE||5.62||30.7|
Quentin Yarie, MacDonald’s President and CEO commented: “The large deformation and alteration corridor on the Holdsworth property hosts many known zones of gold mineralization. These results confirm that our Golden Goose Discovery is another potentially important gold-bearing structure on the property. Furthermore, the discovery of high-grade silver, platinum and palladium in the Oxide Sands, in addition to the anomalous gold content, makes the Oxide Sands an even more prospective target on our Wawa-Holdsworth Project.”
Figure 1. Location of gold targets at the Wawa-Holdsworth Project
Figure 2. Location of Oxide Sands samples
About the Wawa-Holdsworth Project
The project is located near Hawk Junction, approximately 20 km north east of Wawa, Ontario. The Holdsworth property consist of a contiguous block of 18 fee simple absolute patented claims, including surface and mining rights covering approximately 705 acres.
- Neighbouring Richmont’s Island Gold Mine, Argonaut’s Magino Gold Project and Goldcorp’s Borden Project
- Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor
- Year-long road access and easy access to rail, road, electrical power, labour force and suppliers
Overview of MacDonald’s Exploration Program
Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:
- Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System and Reed-Booth Showing);
- BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation);
- Gold-bearing Oxide Sands developed from the weathering of the auriferous Pyrite Zones.
MacDonald Mines is focusing its near-term exploration program on the Oxide Sands. These appear to extend for more than 2 kilometres on the property as corroborated by MacDonald’s recent airborne magnetics results (see June 1, 2017 News Release) and reach a depth of at least 8 metres.
Recent preliminary sampling of the Oxide Sands by MacDonald Mines returned an average grade of 5.45 g/t gold (see May 16, 2017 News Release). Preliminary metallurgical testing conducted by previous operators on composite samples recovered, without crushing, between 69% and 98.7 % gold. Earlier this year, MacDonald Mines initiated in depth metallurgical testing of the Oxide Sands to achieve the highest possible gold and silver recovery. Results are expected this Fall.
The soft and relatively unconsolidated Oxide Sands material can be extracted like an aggregate. The Company is working to better define the Oxide Sands as continues to prepare for their potential extraction.
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Oxides Sands samples and grab samples were transported in security-sealed bags for analyses at SGS in Cochrane, 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 Mines has implemented a quality-control program to comply with best practices in the sampling and analysis of all samples. As part of its QA/QC program, MacDonald Mine inserts external gold standards (low to high grade) random standards, blanks, and duplicates of Oxide Sands samples. MacDonald also sends representative samples and/or rejects to secondary labs for confirmation.
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 has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Project.
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
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.
MacDonald Mines Exploration Ltd.
President & CEO
MacDonald Mines Exploration Ltd.
Thu, 29 Jun 2017 10:00:00 GMT