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MacDonald Mines ~ results from the first hole of its inaugural drill program on the Scadding Deposit at its SPJ Property in Ontario

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Highlights include 52.02 gpt gold over 12.3 meters, including 210.23 gpt gold over 3 meters, 5.73 gpt gold over 5.5 meters, including 17.17 gpt gold over 1.5 meters and 11.12 gpt gold over 7.3 meters including 77.16 gpt gold over 1 meter.

Additional Information:

Company: MacDonald Mines Exploration Ltd.
Website: http://www.macdonaldmines.com
Stock Symbol: TSXV: BMK
Date Published: Sep 26, 2019
Transcript: Available

Video Transcript:

I’m Nadika Viswakula for InvestmentPitch Media

MacDonald Mines Exploration Ltd. announced results from the first hole of its inaugural drill program on the Scadding Deposit at its SPJ Property in Ontario.

The 100% owned SPJ Property, which exceeds 10,000 hectares, is located 33 kilometers northeast of Sudbury, close to infrastructure and in an excellent mining jurisdiction.

Hole SM-19-001 intersected three gold zones, each composed of iron-rich chlorite with variable disseminated sulfides and locally abundant specks of visible gold, confirming that significant high-grade gold mineralization exists in the North Zone of the Scadding Deposit.

Highlights include 52.02 gpt gold over 12.3 meters, including 210.23 gpt gold over 3 meters, 5.73 gpt gold over 5.5 meters, including 17.17 gpt gold over 1.5 meters and 11.12 gpt gold over 7.3 meters including 77.16 gpt gold over 1 meter.

Quentin Yarie, President and CEO, stated: “These results exceed our expectations. They highlight the Iron-Oxide-Copper-Gold potential of the Scadding Deposit and confirm that the deposit hosts significant and stacked zones of high-grade gold mineralization. These gold-rich zones also appear to be wider than suggested by historic drilling. Now that we have our exploration permit in hand, we’ll be able to advance our exploration activities and drilling on the property and further expand the footprint of the Scadding Deposit.”

The objective of the current drill program at the Scadding Mine is to confirm and expand the high-grade gold zones of the Scadding Deposit.

To target areas of high-grade gold mineralization, the company located, as precisely as possible, the historic holes drilled in the deposit by previous operators.

The company also chose drilling targets that could maximize the probability of intersecting multiple gold zones.

The first hole, near the historic holes CR-2, 79W44, TRM-10-10, CR-1 and JS-06, resulted in assays that exceeded the historical results reported in all of these nearby holes.

The company believes that drilling H-sized core, much larger in size than the BQ or the BTW core drilled by the previous operators, may account for the increased probability of intersecting zones of coarse-gold that is characteristic of the high-grade zones of the Scadding Deposit.

Historically, the Scadding Mine produced 914 kilograms of gold from 127,000 tonnes of mineralized material grading 7.2 gpt.

MacDonald’s reinterpretation of the geological model at the Scadding Deposit, and larger SPJ property, indicates that it could host a gold-rich Iron-Oxide-Copper-Gold deposit and that significant gold structures may have been missed by previous operators’ drilling campaigns between 2009 and 2011.

The shares are trading at $0.145.

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.

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

I’m Nadika Viswakula for InvestmentPitch Media