MacDonald Mines Exploration Ltd. (TSX-V: BMK) is encountering spectacular high-grade gold intercepts on stackings of thick gold zones.
MacDonald Mines Exploration Ltd. (TSX:BMK)
NEW YORK, NY, UNITED STATES, November 18, 2019 /EINPresswire.com/ — MacDonald Mines Exploration Ltd. (TSX-V: BMK) (US Listing: MCDMF) (Frankfurt: 3M72) is encountering spectacular high-grade gold intercepts on stackings of thick gold zones using a predictive model at its 100%-owned 17,720 hectares SPJ Project, located ~33km SE of Sudbury, Ontario Canada. So impressive is this growing IOCG-style (gold dominant) project that well-known precious metal investor Eric Sprott has taken a strategic position in BMK.V this October-2019.
The potential for a near-term high-grade shallow open-pitting production scenario (followed by underground) is increasingly developing off the North Pit of the historic Scadding Mine as MacDonald Mines builds intrinsic value with each new drill hole, and with only 5% of this land package having been explored to date there is also the possibility to see many more discoveries, especially since IOCG-style mineralized success often occurs in clusters.
MacDonald Mines is the subject of a Mining Journal review, the full review may be viewed at https://miningmarketwatch.net/bmk.htm online.
"SPJ" stands for the assemblage of the Scadding, Powerline, and Jovan properties. MacDonald Mines Exploration recently assembled this brownfield land package and only began drilling this August-2019, expanding off the known high-grade mineralization next to the historic Scadding Mine (which is located on the property with an active mining permit in place), a past-producer in the 1980's of 144,000 tons of ore from open-pit at a grade of 7.43 g/t gold and 0.9% copper. The Norstar Mine, located within 500 metres of the Jovan Property, produced 63,000 tons of ore at a grade of 7.2 g/t gold and 0.9% copper (OFR 5771). Grab samples from the Norstar waste pile also contain 0.065 to 0.3% cobalt (a desirable and apparently viable companion-kicker if that deposit was mined today).
Headline grades of recent Gold intercepts in the Scadding Deposit from BMK.V's 2019 drilling campaign on SPJ Property:
October 22, 2019: MacDonald Mines Hits Three High-Grade Gold Zones with 21.66 g/t Gold over 1.64 m including 40.6 g/t Gold over .87 m.
October 15, 2019: MacDonald Mines Drills 11.10 g/t Gold over 6.14 m at its SPJ Property.
October 7, 2019: MacDonald Mines Drills 14.04 g/t Gold over 4.21 m at its SPJ Property.
September 26, 2019: MacDonald Mines Intersects High-Grade Gold in the Scadding Deposit – Drills 52 g/t Gold over 12 m.
To date BMK.V has reported 5 holes from its 2019 drilling campaign, and has other drill core in the lab with results pending. The Company is cashed-up to continue drilling, able to drill year round, and investors can look forward to a continued stream of news. Some of the drill core currently in the lab looks spectacular with holes having intersected multiple zones of iron-rich chlorite with visible gold in the core (note: iron-rich chlorite is what holds the high-grade gold mineralization on this IOCG-style deposit, it is the equivalent of finding a quartz vein in say Timmins), and others (results pending) having intersected hydrothermal breccia zone(s) containing iron-rich chlorite that has been associated with impressive gold mineralization in holes holes 001 through 005. (A summary, with insight, of holes with results pending is provided in a recent Company Exploration Update).
BMK.V's technical team has been able to find what past operators struggled with; the team has found the main direction of continuity of zones of high-grade mineralization. This has enabled them to develop a predictive model that is yielding quality intercepts, and in time should lead to a meaningful resource estimate.
The Company's 2019 drill program has traced multiple zones of high-grade mineralization in the North Pit area over 100 metres along strike and down dip over 150 metres. There appears large upside share price appreciation in store for shareholders as drilling continues; the main structures that control mineralization are oriented North-South with a corridor width at least 500 m wide, the strike length can be traced at least over 500 m and theorized to be going much further — possibly 2 km (Note: on November 13, 2019 the Company announced grab samples yielding anomalous cobalt, copper, nickel and gold values extending on strike 3.5 km NE of the Scadding Mine in the northern extension of the associated uranium anomaly, further confirming the enormous potential).
The full Mining Journal review may be viewed at https://miningmarketwatch.net/bmk.htm online.
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.
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Source: EIN Presswire