Chairman’s Update: A Letter to Shareholders
April 14, 2021
TORONTO, Dec. 18, 2019 – MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) has received results from its channel sampling program on the Villeneuve Structure located on the Company’s SPJ Property, 40 kilometers east of Sudbury, Ontario. All channel samples returned gold (up to 147.8 g/t), as well as variable cobalt, copper and nickel. The Villeneuve Structure will be one of the main targets of MacDonald’s upcoming Winter 2020 follow-up drilling program that will be announced when finalized.
Highlights of channel sampling on the Villeneuve Structure:
*The reader is cautioned that the high-grade gold mineralization encountered in channel SMT-19-001-E may not be representative of mineralization in all the gold-bearing structures of the Scadding Deposit.
The Villeneuve Structure is located 70 meters east of the high-grade discovery zone highlighted by 26.2 m of 7.99 g/t gold in the recently reported drill hole SM-19-022 and east of the E-W Pit area where hole SM-19-018 intersected 3.99 g/t between 31 – 32 meters depth (see December 9, 2019 News Release and Figure 1) . The bedding in the sedimentary sequence of the Villeneuve Structure strikes toward the E-W pit and the new high-grade zone discovered in hole 22.
“Our channel sampling of the Villeneuve Structure, located 70 m east of our high-grade gold discovery in SM-19-022, indicates that gold mineralization extends >400 m east of the footprint of the historical Scadding Deposit. These results show that cobalt, nickel and copper mineralization is associated with gold mineralization and may be indicative, as we have interpreted, of a larger mineralized system. Hole SM-19-018 shows that the Villeneuve Structure extents at depth and our channel sampling shows that very high-grade mineralization can be present in this structure. This represents an exciting exploration target, located very close to our significant discovery in SM-19-022.”
Quentin Yarie, MacDonald’s President and CEO
Table 1. Highlights from channel samples at the Villeneuve Structure:
Channel ID | Sample ID | Au (g/t) | Ag (g/t) | Co (ppm) | Cu (ppm) | Ni (ppm) | From (m) | To (m) |
SMT-19-001-A | 3483302 | 0.1 | 0.1 | 13 | 35 | 53 | 0.8 | 1.6 |
3483304 | 0.2 | 0.1 | 101 | 286 | 58 | 2.2 | 3.2 | |
3483305 | 0.5 | 0.1 | 15 | 19 | 33 | 3.2 | 4.2 | |
3483306 | 0.1 | 0.1 | 20 | 133 | 34 | 4.2 | 4.9 | |
3483308 | 0.9 | 0.3 | 52 | 1108 | 63 | 5.7 | 6.7 | |
3483309 | 2.0 | 0.1 | 147 | 92 | 441 | 6.7 | 7.7 | |
3483310 | 2.5 | 0.1 | 25 | 96 | 78 | 7.7 | 8.7 | |
3483313 | 2.4 | 0.1 | 10 | 23 | 37 | 10.7 | 11.7 | |
3483315 | 1.5 | 0.1 | 13 | 37 | 45 | 12.7 | 13.5 | |
SMT-19-001-B | 3483318 | 0.1 | 0.1 | 9 | 14 | 13 | 0 | 1.1 |
3483320 | 4.4 | 0.1 | 20 | 233 | 37 | 2.2 | 3.2 | |
3483321 | 0.1 | 0.1 | 11 | 40 | 15 | 3.2 | 3.7 | |
3483322 | 0.3 | 0.1 | 27 | 193 | 45 | 3.7 | 4.7 | |
3483323 | 0.1 | 0.1 | 13 | 66 | 24 | 4.7 | 5.7 | |
3483324 | 1.2 | 0.1 | 8 | 48 | 10 | 5.7 | 6.7 | |
3483325 | 0.2 | 0.1 | 11 | 21 | 32 | 6.7 | 7.7 | |
3483326 | 0.1 | 0.1 | 17 | 259 | 39 | 7.7 | 8.7 | |
3483327 | 1.1 | 0.1 | 24 | 134 | 24 | 8.7 | 9.7 | |
SMT-19-001-C | 3483328 | 0.4 | 0.1 | 15 | 99 | 31 | 0 | 1 |
SMT-19-001-E | 3483356 | 0.1 | 0.1 | 31 | 40 | 82 | 17.4 | 18.4 |
3483357 | 15.6 | 1.7 | 296 | 528 | 28 | 18.4 | 19.4 | |
3483358 | 147.8 | 5.2 | 1003 | 431 | 45 | 19.4 | 20.4 | |
SMT-19-001-G | 3483368 | 1.4 | 0.2 | 10 | 50 | 32 | 0 | 1.0 |
3483369 | 0.9 | 0.1 | 8 | 9 | 10 | 1.0 | 2.0 | |
3483370 | 2.1 | 0.1 | 10 | 46 | 16 | 2.0 | 3.0 | |
3483371 | 0.7 | 0.1 | 12 | 57 | 29 | 3.0 | 4.0 | |
SMT-19-001-H | 3483382 | 1.7 | 0.1 | 24 | 220 | 26 | 0 | 1.0 |
* Assays results presented over sample length. Additional work is necessary to estimate true width in the mineralized zones exposed on the Villeneuve trench
Metallic screen analyses of the high-grade samples of the Villeneuve Structure revealed a very strong nugget effect affecting gold distribution in the structure. A significant component of coarse-gold was detected in the analyzed samples (up to 26 g/t). This high nugget effect explains the heterogeneous gold distribution in the channel samples taken at the Villeneuve Structure. The same nugget effect also likely explains the unexpected lower gold grade, even though visible gold was observed, in hole SM-19-018 that intersected the Villeneuve Structure.
MacDonald’s 2019 Trenching Program
As part of its 2019 exploration program on the SPJ Project, MacDonald completed a mechanized stripping and channel sampling program to expand the footprint of the mineralized zones of the Scadding Deposit. East of the E-W pit, MacDonald’s surface work recognized a significant zone of chlorite alteration, characteristically associated with gold mineralization, which had not been channel sampled by previous operators – the Villeneuve Structure.
The Villeneuve Structure had limited exposure and was covered with overburden. Channel sampling uncovered a zone of very high-grade gold with cobalt mineralization in an area that is characterized by chlorite alteration mixed with incipient to moderate quartz veining. MacDonald also identified two structural trends that control the geometry of chlorite alteration and gold mineralization associated with the Villeneuve Structure. One structural trend is oriented NNE and steeply dips to the ESE. The other structural trend is defined by the orientation of bedding in the sedimentary sequence that dips moderately to steeply to the NNE and strikes toward the E-W Pit and the high-grade gold zone discovered in hole SM-19-022.
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Channel samples were transported in security-sealed bags for analyses to Bureau Veritas in Timmins, 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 has implemented a quality-control program to comply with best practices in the sampling and analysis of channel samples. As part of its QA/QC program, MacDonald inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates. All samples over 10 g/t gold or the samples with abundant visible gold are analyzed by 1-kilogram metallic screen.
SPJ Property highlights
Historically, the Scadding Mine produced 914 kilograms of gold from 127,000 tonnes of mineralized material grading 7.2 g/t (OFR 5771). 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 (2009-2011).
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
is focused on developing its large SPJ Project in Northern Ontario.
The Company’s common shares trade on the TSX Venture Exchange under the symbol “BMK”.
To learn more about MacDonald Mines, please visit https://macdonaldmines.com/ or https://insidexploration.com/bmk/
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
I am a 3rd generation miner who was born and raised in the silver capital of Canada, Cobalt, Ontario. For the last 10 years I have been invested in the mining sector and as a retail investor found it difficult gathering information on companies of interest. For this reason we created Insidexploration.com as a means to share our due diligence with investors all around the world. Disclosure The thoughts and opinions expressed in my articles and research reports are my own and do not represent those of the companies I write about. I often buy and sell the stocks I write about and may do so at any point in time without warning. Disclaimer My articles and research reports should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided is derived from sources believed to be accurate, but cannot be guaranteed. I do not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. I am not a registered financial advisors and one should always do your own due diligence and consult a licensed investment adviser prior to making any investment decisions. Always reference www.SEDAR.com for important risk disclosures.
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