MacDonald Mines Announces Summer 2018 Exploration Program at its Wawa-Holdsworth Project
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSXV:BMK) ("MacDonald Mines", the "Company", or “BMK”) announces that it will complete a bulk sample of the Oxide Sands this summer in preparation for negotiating an off-take agreement for the extraction of the precious metals-bearing sands at its Wawa-Holdsworth Project*.
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The NI 43-101 resource estimate of the Oxide Sands, currently being undertaken by Golder Associates, will provide the Company with an estimate of the quantity of material available for the bulk sample, whereas the bulk sample will quantify their precious metal content and metallurgy.
MacDonald Mines will also trench and surface map the main gold prospects on the Wawa-Holdsworth property this summer. The Reed-Booth and the Golden Goose showings, located in the southern end of the property (see Figure 1), are prospective targets for gold mineralization. A channel sample taken in the 1930s at the Reed-Booth showing contained 23.6 g/t gold over 3 metres (OFR5798); while grab samples** taken by the Ontario Geological Survey in the waste rock of the vein system contained to 124.49 g/t gold and 33.86 g/t silver (OFR5798). The mechanized trenching and mapping will define the geometry, size and grade distribution of the targeted structures and validate the historic assays reported for the Reed-Booth showing.
* The reader is cautioned that the production decision will not be based on a feasibility study of mineral reserves and that, as such, it will carry increased uncertainty and economic risk.
** Grab samples are selective by nature and may not represent the true metal content of the mineralized zone.
Bulk sample of the Oxide Sands
The bulk sample will be collected in an area defined by the Golder Associates resource calculation. Sonic drilling highlights from the area include:
| Hole No | UTM East (m) | UTM North (m) | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | AuEq (g/t) |
| HW-17-003 | 680018 | 5331444 | 0 | 3.23 | 3.23 | 7.46 | 36.2 | 7.9 |
| Including | ||||||||
| 0.84 | 1.69 | 0.85 | 16.3 | 73.1 | 17.21 | |||
| HW-17-017 | 680009 | 5331447 | 0 | 3.96 | 3.96 | 3.83 | 23.7 | 4.13 |
| Including | ||||||||
| 1.43 | 3.96 | 2.53 | 5.36 | 32.1 | 5.76 | |||
| HW-17-023 | 680037 | 5331440 | 0 | 3.66 | 3.66 | 4.24 | 33.0 | 4.65 |
| Including | ||||||||
| 1.22 | 3.05 | 1.83 | 4.81 | 29.3 | 5.18 | |||
| HW-17-027 | 680063 | 5331433 | 0 | 5.33 | 5.33 | 3.55 | 62.6 | 4.33 |
| Including | ||||||||
| 0.46 | 4.95 | 4.49 | 4.14 | 73.3 | 5.06 | |||
| HW-17-029 | 680079 | 5331431 | 0 | 7.62 | 7.62 | 2.46 | 13.4 | 2.63 |
| Including | ||||||||
| 3.05 | 6.48 | 3.43 | 5.18 | 27.2 | 5.52 | |||
| HW-17-030 | 680059 | 5331434 | 0 | 5.49 | 5.49 | 3.95 | 32.0 | 4.35 |
| Including | ||||||||
| 0.15 | 3.66 | 3.51 | 5.45 | 42.6 | 5.98 | |||
| HW-17-031 | 680066 | 5331432 | 0 | 4.57 | 4.57 | 4.70 | 46.3 | 5.28 |
*AuEq calculated using spot price of 1312 US$/oz for gold and 16.41 US$/oz for silver taken at market closure on May 7th, 2018. AuEq = (Grade Au) + [(Grade Ag)/(Gold Price/Silver Price)] (ratio rounded to 80). Drilling intersection reported as intersection length are estimated to represent >95% true width of the precious-metal rich layer of the soil formation.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8e895979-35bb-4161-95a5-7c5f0a8d5e02
Overview of the Wawa-Holdsworth Project
- Neighbouring Alamos' Island Gold Mine, Argonaut's Magino Gold Project and Goldcorp’s Borden project
- Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor
- Year-long road access and easy access to rail, road, electrical power, labour force and suppliers
Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:
- Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System and Reed-Booth Showing);
- BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation);
- Gold-bearing Oxide Sands developed from the weathering of the auriferous pyrite zones.
To date, the Company has focused its exploration program on the Oxide Sands and is preparing for their potential extraction. MacDonald will now initiate a comprehensive program to test the property’s other gold targets.
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Sand samples were transported in security-sealed bags for analyses to Activation Laboratories Ltd. in Ancaster, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.
MacDonald Mines has implemented a quality-control program to comply with best practices in the sampling and analysis of both the Oxide Sands and drill core. As part of its QA/QC program, MacDonald Mines inserts external gold, silver, platinum and palladium standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Gold Project.
The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".
To learn more about MacDonald Mines, please visit www.macdonaldmines.com
For more information, please contact:
Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com
Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com
Neither 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.