TORONTO, ONTARIO–(Marketwired – June 1, 2017) – MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (“MacDonald Mines”, or the “Company”) announces that it has completed the previously announced airborne geophysical survey of its Wawa-Holdsworth Project, located 20 km northeast of Wawa, Ontario. Results indicate that the Oxide Sands continue along strike from the known surface exposures (see Figure 1).
Quentin Yarie, MacDonald’s President and CEO commented: “The magnetic survey successfully mapped the Oxide Sands along trend. Results indicate that they likely extend beyond what is currently defined and the upcoming EM survey will map their depth. This data will positively impact our upcoming trenching and drill programs by allowing us to focus our exploration efforts. Following the completion of the geophysical survey, we will undertake an expanded trenching program followed, shortly thereafter, by a drill program.”
An EM geophysical survey is scheduled to begin in early June. The EM survey has been designed to map the depth extent of the Oxide Sands and allow us to better understand the overall potential of the zone.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/Figure1_1096286.jpg
Wawa-Holdsworth Project Highlights
- Approximately 285 hectares, 20 kilometres northeast of the town of Wawa
- 18 fee simple absolute patented claims, includes surface and mining rights
- Neighbouring Argonaut’s Magino Gold Project1 & Richmont’s Island Gold Mine2
- 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 the Wawa-Holdsworth Project
Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:
- Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System);
- 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 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.
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 and silica 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 and recently acquired a 100% interest in the Holdsworth property.
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
1Magino Gold Project – Indicated Gold Resources (inclusive of Reserves): 4.07M oz; Inferred Gold Resources: 1.06 Moz (http://www.argonautgold.com/gold_operations/magino/)
2 Island Gold Mine – Proven and Probable Gold Reserves: 752,200 oz; Measured and Indicated Gold Resources (exclusive of Reserves): 91,450 oz; Inferred Gold Resources : 995,700 oz (https://www.richmont-mines.com/English/operations/production/island-gold-mine/default.aspx)
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.
President & CEO