TORONTO, Sept. 24, 2019 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines” or the “Company”) announces that all formal conditions precedent to the definitive agreements signed with Northern Sphere Mining Corp. (“Northern Sphere”) and Currie Rose Resources Inc. (“Currie Rose”), as announced on April 30, 2019, have been satisfied. The Company holds a 100% interest in the Scadding Mine, which is part of MacDonald’s SPJ Iron-Oxide-Copper-Gold Project (“IOCG”) located 40 km east of Sudbury, Ontario. The Company also reports that it has received an exploration permit, valid for 3 years, that will enable MacDonald Mines to expand its exploration program at the SPJ Project beyond the Scadding Mine.
Quentin Yarie, MacDonald’s President and CEO commented, "We are pleased to have completed all formal requirements with respect to the purchase of the Scadding Mine from Currie Rose and Northern Sphere. This area has been identified as an emerging iron-oxide-copper-gold district and our strategy over the last few months has been to expand our land package and, by so doing, increase the number of prospective targets on our property. Having 100% ownership of the Scadding Mine and our exploration permit in hand, we can now start a comprehensive exploration program at, and beyond, the Scadding Mine and evaluate the full potential of our large SPJ Iron-Oxide-Copper-Gold Project.”
SPJ Property highlights and current drilling program
- 100% ownership
- Over 10,000 hectares in excellent mining jurisdiction and close to infrastructure
- IOCG potential
- Hosts the high-grade past producing Scadding Gold Mine with permitting in place
- Significant cobalt-copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint
- Optimize Group contracted to redevelop the Scadding Deposit
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).
The objective of the current drill program at the Scadding Mine is to confirm, and if successful in so doing, expand the high-grade gold zones of the Scadding Deposit. There can be no assurances that such confirmation is forthcoming as insufficient exploration has been completed to date.
First Nations Cooperation
MacDonald Mines would like to acknowledge and thank Chief Valerie Richer, the Councillors and Community of the Atikameksheng Anishnawbek First Nation for their support during the permit process.
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 recently acquired the high-grade past-producing and permitted Scadding Gold Mine and 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 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
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.