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MacDonald Mines Hits 7.99 grams per tonne over 26 Meters in New, Near Surface Discovery Zone

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The new, near surface discovery zone was intersected at a depth from 16 metres down to 42 metres.

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Additional Information:

Company: MacDonald Mines
Website: http://www.macdonaldmines.com
Stock Symbol: TSXV: BMK
Date Published: Dec 9, 2019
Transcript: Available

Video Transcript:

I’m Fiona Forbes for InvestmentPitch Media

MacDonald Mines reports that it has now completed 25 drill holes, releasing results for the latest 4 holes, with results pending for another 16 holes.

These latest results include 7.99 grams per tonne gold over 26.2 metres.

The new, near surface discovery zone was intersected at a depth from 16 metres down to 42 metres.

MacDonald has 100% ownership of the SPJ Property located 40 kilometers east of Sudbury, Ontario, close to infrastructure and year-round road access.

The property comprises 17,720 hectares of claims including and surrounding the past producing mine at the Scadding Deposit.

Current work by MacDonald indicates that the SPJ Property could host a much larger gold-rich Iron-Oxide-Copper-Gold deposit with drilling to date supporting the hypothesis that gold mineralization in the Scadding Deposit is primarily controlled by a series of north- to north-northeast-oriented structures distributed in a west to east corridor at least 500 metres-wide.

Several structures were targeted in and around North, South and East-West pits and the Scadding underground mine with drilling extending out to the Villeneuve discovery.

Evidence of chlorite alteration associated with gold mineralization was observed in all the completed drill holes and visible gold was observed in several of the drill holes.

Hole 22 was collared north of the eastern end of the East-West Pit from a drill pad used in a 2011 drill program. Hole 22 was drilled 193 degrees opposite of the previous drill program demonstrating MacDonald’s theory that the historic drilling was not fully optimized to test the mineralized structures.

Hole 22’s new drill orientation resulted in the discovery of a new, near surface zone of high-grade gold mineralization grading 7.99 grams per tonne gold over 26.2 metres which included 29.25 grams per tonne over 2.87 metres, 10.98 grams per tonne over 4.98 metres and 29.25 grams per tonne over 2.87 meters.

Holes 6 and 7 targeted the deeper extension of the Bristol Structure previously hit in holes 1 through 5.

Hole 6 intersected an extension of the structure 215 meters down dip of the section in hole 3 and shows that mineralization continues at depth.

Hole 7, although hitting the Bristol Structure 150 meters down dip did not return significant mineralization but due to the nature of the mineralization, additional drilling will be needed to confirm the presence or not of gold mineralization.

Hole 18, targeting the extension of the Villeneuve Structure observed in the trench previously cut east of the East-West Pit shows the structure remaining mineralized further at depth

Quentin Yarie, MacDonald’s President and CEO commented: “Our 2019 drilling program shows that significant zones of near-surface, high-grade gold mineralization are present beyond the original footprint of the historic operations of the Scadding Deposit. Having successfully completed the first phase of our diamond drilling program at Scadding, we will now finalize the logging of all remaining drill holes, update our geological model of the deposit and define the next targets for the budgeted early 2020 diamond drilling campaign”.

The shares are trading at $0.09 on the TSXV under the symbol BMK.

For more information, please visit the company’s website, www.macdonaldmines.com, contact Quentin Yarie, President & CEO at 416-364-4986, or by email qyarie@macdonaldmines.com.

For Investor Relations, contact Mia Boiridy, at 416-364-4986, or email mboiridy@macdonaldmines.com


I’m Fiona Forbes for InvestmentPitch Media