New Discovery Increases Understanding of Broadway’s Porphyry System
VANCOUVER, British Columbia, June 14, 2018 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (TSX-V:BRD) (OTCQB:BDWYF) (“Broadway” or the “Company”) is pleased to announce the discovery of a new soil geochemistry anomaly located 1.86 miles south of the Madison and Broadway mines situated on the same contact zone and in close proximity to the Silver Star Fault.
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Figure 1: Madison Project Gold-in-Soil Geochemical Map is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3528276d-b818-4a70-8b4f-8f3536126c7d
| Element | Sample Set Average Grade (g/t) | # Samples Above Average | Lowest Grade Anomaly (g/t) | Highest Grade Anomaly (g/t) |
| Au | 0.022 | 24 | 0.0285 | 0.203 |
| Ag | 0.131 | 29 | 0.131 | 0.544 |
| Cu | 28.8 | 11 | 45.2 | 87.2 |
| Mo | 0.756 | 15 | 1.1 | 7.92 |
| Mn | 898 | 29 | 910 | 6530 |
| Pb | 50 | 16 | 66 | 1515 |
| Zn | 124 | 21 | 124.5 | 779 |
| Table 1: Geochemical Test Results (120 Total Samples) | ||||
“Broadway’s technical team has delivered on a fifth major milestone,” said Phillip Mulholland, Chief Geologist, Broadway. “These anomalies are worthy of additional testing as they are a surface expression of porphyry-related alteration and mineralization of the Silver Star Fault Zone, a major regional structure extending through the Madison property and continuing 23 miles to the northwest into the prolific, porphyry-based Butte mining district.”
The soil anomalies consist of coincident gold, silver, copper, molybdenum, manganese, lead and zinc (Au, Ag, Cu, Mo, Mn, Pb and Zn, respectively). Table 1, above, lists the number of samples that reported above the numerical average of the sample set, and the low to high values indicated by the anomalies. Laboratory duplicates, blanks and standard samples confirm that good quality control standards were followed by the laboratory and by the ground team for this group of sample results.
A total of 120 assays are reported in this soil sample set. The new assay results indicate several coincident multi-element anomalies that are consistent with porphyry-based mineralization.
“Successes like these, driven by our geology team’s extensive local porphyry expertise, help drive an understanding of the value of our two historical copper-gold mines that sit on top of up to four square miles of the mineralizing system,” said Thomas Smeenk, CEO for Broadway.
This area became of interest to the geology team due to widespread argillic-silica alteration found along the Silver Star Fault Zone. The area is hosted by Pennsylvanian Quadrant Formation overlain by Cretaceous Elkhorn Mountains Volcanic andesite tuffs and tuff breccias on the east side of the fault and Archean gneiss and amphibolite to the west.
Additional soil sampling will be completed to the north of these anomalous areas.
Qualified Person
R. Tim Henneberry, P.Geo., Broadway’s Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.
About Broadway Gold Mining Ltd.
Broadway Gold is focused on the exploration and development of the Broadway and Madison mines and the discovery of the porphyry source of their mineralization. The Company owns a 100% interest in a four-square-mile property, which is in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for exploration and bulk sampling. Of two underground mines, one, the Madison, is Mine Safety and Health Administration (MSHA) compliant. While actively expanding known copper and gold zones open for development, the Company’s exploration program has identified new anomalies along the two-mile contact zone, and across its extensive four-square-mile land package. The Company confirmed a Latite porphyry discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
For more information:
Thomas Smeenk, BA
President and CEO
Broadway Gold Mining Ltd.
1-800-680-0661
IR@broadwaymining.com
www.broadwaymining.com
Media:
Adam Bello
Primoris Group Inc.
+1 416.489.0092
media@primorisgroup.com
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. 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.