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MacDonald Mines completes 15 holes and identifies multiple high-grade gold structures in Scadding deposit near Sudbury ON

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Current work indicates 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 meters-wide.

Additional Information:

Company: MacDonald Mines
Website: http://www.macdonaldmines.com
Stock Symbol: TSXV: BMK
Date Published: Nov 7, 2019
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investment Pitch Media

MacDonald Mines has completed 15 diamond drill holes and one trench at the Scadding Deposit on its SPJ Property in northern Ontario.

The SPJ Property, located 40 kilometers east of Sudbury, Ontario, close to infrastructure and year-round road access, comprises 17,720 hectares and surrounds the past producing mine at the Scadding Deposit which has an active mining permit in place.

Between 1984 and 1990 the Scadding Deposit produced 914 kilograms of gold from 127,000 tonnes grading 7.2 grams per tonne gold.

This table shows results from the first 5 holes with the assays for holes 6 to 15 announced as they become available.

Quentin Yarie, President and CEO, commented: “The first five holes of our on-going drill program indicate that significant high-grade gold exists in the Scadding Deposit. The gold mineralization is controlled by a series of structures that are wider and of higher-grade than previously reported. More importantly, our results also show that there is continuity of these gold bearing structures. The two mineralized structures in the North Pit area - the Bristol and Monaco structures, remain open in all directions and they have been followed over 100 metres along strike and down dip over 150 metres. With the data gathered so far we are building a predictive geological model that is guiding our selection of drill targets as we continue to expand the mineralization of the SPJ Property.”

MacDonald’s exploration goal was to reinterpret the geological model at the Scadding Deposit and larger SPJ property from previous drill programs and target significant gold structures that may have been missed by the previous operators.

Current work indicates 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 meters-wide.

The objective of the fall 2019 drill program is to confirm and expand the high-grade gold zones of the Scadding Deposit. Results to date indicate thick and stacked high-grade gold zones and a series of structures wider and of higher grade than previously reported.

Holes 1 through 5, reported today, were drilled in the North Pit area and covered 100 meters of strike and down-dip extension of 100 meters and shows the zone remains open in all directions.

Holes 6 and 7 tested the gap between the Scadding Mine and the North Pit – a chlorite breccia zone intersected in hole 6 could represent the deeper extension, 220 meters down-dip of hole 3.

Hole 8 successfully intersected the down-dip extension of the 2 structures in the North Pit area with an occurrence of visible gold, variable pyrite and minor chalcopyrite mineralization.

Hole 9 tested a chlorite-bearing structure, located west of the Scadding Mine also showed a speck of visible gold, variable pyrite and minor chalcopyrite mineralization.

Holes 10 and 12 also successfully intersected the northern and southern extension of the chlorite-bearing structure mined in the Scadding Mine - the Talladega Structure - possibly the same structure intersected in hole 9 where visible gold was seen. This is suggesting that the zones of chlorite alteration associated gold mineralization in the Talladega Structure remains open in every direction outside of the underground developments of the Scadding Mine.

Hole 13 tested the shallower extension of a chlorite structure located between the Scadding Mine and the EW-pit historically named the New Zone.

The hole successfully intersected two structures hosting chlorite alteration containing variable pyrrhotite and pyrite, and minor chalcopyrite mineralization.

Holes14 and 15 tested the western extension of the east-west Pit and successfully intersected zones of chlorite alteration with variable pyrrhotite, pyrite and magnetite, and minor chalcopyrite, in a new north-south structure named the Bugatti structure.

In addition to drilling, MacDonald’s exploration program on the SPJ Property also includes prospecting and trenching.

Multiple indicators of gold mineralization were observed in the broad zone of chlorite alteration exposed on the Villeneuve trench.

Channel samples were observed to contain pervasive disseminations of pyrite with minor chalcopyrite in the chlorite and a sample contained specks of visible gold.

The Villeneuve showing is located approximately 50 metres east of the E-W Pit of the Scadding Deposit and indicates that the broader north-south structural corridor that is associated with gold mineralization in the Scadding Deposit extends over 500 metres laterally in an east-west orientation.

The shares are trading at $0.11.

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

Investor Relations is handled by Mia Boiridy, who can be reached 416-364-4986, or email mboiridy@macdonaldmines.com

I’m Cassandra Bolinski for Investment Pitch Media