MacDonald Mines Exploration Ltd. (TSX-V: BMK, OTC:
MCDMF) (“MacDonald Mines” or the
“Company”) is pleased to report new surface
exploration results from the Ashigami Cu-Au occurrence
(“Ashigami”), 4.5 Km SE of the historic Alwyn Mine (“Alwyn”), both
located along/adjacent to the McLaren Lake Fault Zone (“MLFZ”) on
its 100% owned SPJ Property (“SPJ”) near Sudbury, Ontario.
Survey Highlights:
- New grab samples from Ashigami
blast pit containing 1.00 to 6.45 g/t gold, 3.11 to 5.55 % copper
and 133 to 211 ppm cobalt. *The reader is cautioned that
grab samples are selective by nature and do not necessarily
represent the true metal content of the mineralized zones.
- Mineralization consists primarily of
chalcopyrite with pyrite within dense multidirectional networks of
quartz-carbonate veins, hosted in Gowganda formation sediments
- Very comparable to veining and mineralization observed
in the Alwyn Cu-Au trend.
- Located 4.5 km southeast of the
historic Alwyn Mine and adjacent to the prospective MLFZ, Ashigami
Cu-Au occurrence may represent a broader extension of the
mineralized system observed along the Alwyn Cu-Au trend drilled in
2022.
Greg Romain, President & CEO, commented:
“Following our 2022 drilling success in the Alwyn Cu-Au trend, we
started to re-examine the showings and occurrences along the MLFZ
to test for the presence of Cu-Au mineralization comparable to the
Alwyn trend. This initial surface work at the Ashigami showing
revealed the presence of Cu-Au-Co mineralization that is comparable
to what is observed in the Alwyn Cu-Au trend 4.5 km to the
northwest and is suggesting a larger footprint than originally
anticipated for polymetallic Cu-Au-Co mineralization along the
MLFZ”.
Figure 1. Location of Ashigami Cu-Au-Co
occurrence relative to the historic Alwyn Mine and 2022
drilling.
Table 1. Anomalous grab samples collected by
MacDonald Mines at the Ashigami Cu-Au occurrence.
Year |
Sample No. |
Easting |
Northing |
Au g/t |
Cu ppm |
Co ppm |
Ag ppm |
Veined Gowganda Fm Sediments |
|
2023 |
610444 |
530637 |
5168231 |
1.00 |
55500 |
140.0 |
7.42 |
610445 |
530637 |
5168231 |
3.90 |
31100 |
211.0 |
7.39 |
610446 |
530637 |
5168231 |
6.45 |
31900 |
133.0 |
3.34 |
2019 |
3482959 |
530643 |
5168221 |
0.60 |
15790 |
18.6 |
0.30 |
3482960 |
530642 |
5168225 |
0.49 |
14850 |
31.3 |
0.80 |
3482961 |
530649 |
5168224 |
0.46 |
33270 |
44.5 |
3.20 |
Espanola Fm Limestone – Gowganda Fm Conglomerate
Contact |
|
2019 |
3482956 |
530874 |
5168257 |
0.10 |
9.5 |
64.1 |
<0.10 |
3482957 |
530872 |
5168251 |
4.89 |
25.7 |
1356.1 |
0.10 |
3482958 |
530883 |
5168273 |
6.24 |
2.6 |
19.3 |
<0.10 |
*The reader is cautioned that grab samples are
selective by nature and do not necessarily represent the true metal
content of the mineralized zones.
Ashigami Cu-Au and Au-Co
showings
Mineralization occurs in two areas at the Ashigami
occurrence, located approximately 225 m east-west of each other. In
1981, a 100 ft x 20 ft blast pit was created to bulk sample the
first occurrence, which yielded approximately 0.22% copper and
negligible gold values (OGS assessment report 41I10NE0167). This
occurrence is hosted within Gowganda Fm sediments and has a
brecciated appearance due to intense, multi-direction
quartz-carbonate veining, which contains primarily chalcopyrite
with pyrite mineralization. The blast pit is still well exposed and
was resampled this year (new samples 610444 – 610446) in order to
test the similarities of the occurrence’s geology and
mineralization to that of the Alwyn Cu-Au trend.
The second showing, located 225 m east of the blast
pit, was sampled in 2019 and occurs at a strongly deformed contact
between Espanola Fm limestone and a clast-poor Gowganda Fm
conglomerate. The contact is sheared in a N-S orientation and Au-Co
mineralization associated with pyrite within the limestone unit.
The continuity of Au-Co mineralization at the contact is not yet
known.
Based on historic surface sampling, sodic and
iron alteration (earthy/specular hematite & chlorite) occur
throughout the Ashigami area at variable intensities, with some of
the strongest sodic alteration observed directly around the
Ashigami showings (OGS report 41I10NE0073). The combination of
these new assay results, in addition to the presence of strong
sodic and seeping hematite-bearing alteration, further highlight
the similarities between Cu-Au-Co mineralization in Ashigami and
Alwyn areas and define the Ashigami area as a primary focus for
Cu-Au-Co exploration along the MLFZ during the spring and summer of
2023. The Company’s primary objective moving forward is to
determine the relationship of Cu-Au-Co mineralized showings along
the MLFZ, such as Alwyn and Ashigami, and prove the area’s
potential to host an IOCG and affiliated deposits.
Shares for Payment
The Company, at its option, has issued shares in
lieu of cash payment under the terms of the Powerline Property
Agreement entered on June 30, 2018 and the Jovan Property Agreement
entered into July 10, 2018. A total of 71,429 common shares of the
Company were issued based on the closing March 20, 2023 price of
$0.07.
Grant of Options
The Company announces the grant, under the
Company’s stock option plan, of 680,000 stock options to certain
directors, officers, employees, and consultants of the Company. The
options entitle the holders to purchase the same number of common
shares of the Company at a price of $0.10 per share for a period of
five years.
About MacDonald Mines Exploration
Ltd.
MacDonald Mines is a Canadian gold and base
metal exploration company focused on exploring its 100%-owned,
19,720 ha (197 km2) SPJ Project, 20 km southeast of the prolific
Sudbury Mining Camp in Northern Ontario. The Company’s focus is to
locate what it theorizes to be large gold systems with high-grade
gold surrounding the past producing Scadding Gold Mine and
potential large gold and polymetallic structures surrounding Alwyn,
Glade, MacLeod and Norstar. The Company is also focusing on key
critical metal systems surrounding Candore and Jerome within the
SPJ Project to supply the renewable energy transition, particularly
nickel, copper, and PGE’s. The demand and need for critical metals
is at an all-time high, and Macdonald Mines’ believes the SPJ
Property Area has the potential to be part of the solution.
Qualified Person
Jean-François Montreuil, P.Geo., Chief Geologist
of MacDonald Mines, is the Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects,
responsible for preparing, supervising, and approving this news
release's scientific and technical content.
Forward-Looking Statements
This news release may contain certain “forward
looking statements.” Forward-looking statements involve known and
unknown risks, uncertainties, assumptions, and other factors that
may cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Any forward-looking statement speaks
only as of the date of this news release and, except as may be
required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To learn more about MacDonald Mines, please
visit www.macdonaldmines.com
For more information, please contact:
Greg Romain, President &
CEO Phone:
+1 (416)
364-7024 Email:
gromain@macdonaldmines.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7df0fe07-0743-4029-b1f8-072788120cfe
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