OAKVILLE, Ontario, March 04, 2019 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (“Broadway” or the “Company”) (TSX-V: BRD) (FWB: BGH) (OTCQB: BDWYF) is pleased to announce that it has closed its previously announced non-brokered private placement of securities (the “Offering”). Broadway will file an updated NI 43-101 Report on SEDAR and in the technical section of the Company’s website in the next week. The Company is now quoted as BGH on five exchanges in Germany.
Pursuant to the Offering, the Company issued 6,201,000 units at a price of $0.07 per unit for gross proceeds of $434,070. Each unit is comprised of one share and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable at any time during the 12-month period following the issuance thereof to acquire one common share at a price of $0.15 per share. A finder’s fee of 8% ($22,136) was paid with respect to subscriptions by investors introduced to the Company by finders. All securities issued in connection with the Offering are subject to a restricted period of four months and one day following the issuance thereof. The Offering is subject to the approval of the TSX Venture Exchange. The Company may complete further closings of the Offering; however, there is no assurance it will do so.
Broadway’s updated NI 43-101 will be released in the next week. It includes the following highlights:
- 35% Cu and 23 grams per tonne (“gpt”) Au from mill settlements* of 2,429 tonnes and 1,342 tonnes, respectively;
- 25% Cu and 17.8 gpt Au, average grades, from mill settlements of a bulk sample of 13,242 tonnes;
- 62,230 feet of drilling, 150 holes, with Madison mine-related data now modeled in Vulcan 3D;
- UG17-05, total length 189 feet, true width approximately 80% of core length, intercepted 24.5 gpt Au + 0.391% Cu over 100 feet, containing 68.6 gpt Au + 0.375% Cu over 15 feet and 82.9 gpt Au + 0.366% Cu over 9 feet;
- Alteration zoning from propylitic to phyllic that is typical of porphyry systems moving toward mineralized core, in hole C17-24 drilled to a depth of 1,237 feet, which ended in latite porphyry. Exhibiting similar characteristics to the latite porphyry hosted at Barrick’s Golden Sunlight Mine the carbonate-latite porphyry contact was intercepted at 988 feet and exhibits pervasive propylitic alteration at the contact. A zone of phyllic alteration was encountered measuring over 41 feet, from 1,014 to 1,055 feet, consisting of closely spaced quartz-pyrite veinlets and pyrite microveinlets. The pyrite disseminations and blebs are surrounded by a fine-grained gray sulfide, either sphalerite or galena. In places within the core of the phyllic alteration zone, narrow micro breccia and hydrothermal streaming textures can be seen. Hole C17-24 was designed to evaluate a chargeability anomaly identified within a highly prospective part of the property;
- Interpreted porphyry mineralization at depth given surface-based strontium/yttrium ratios in combination with statistically significant coincident gold, silver, copper, molybdenum, manganese, lead and zinc over a 2.4-kilometer contact zone, which is based on 571 rock chip, 1,468 soil and 231 retrospective soil samples;
- Induced polarization and other geophysical surveys that combine data to a depth of 1,680 feet from resistivity, chargeability and magnetics, inclusive of mineralized zones, that identified four resistivity lows, four resistivity highs, seven chargeability highs and two magnetic highs interpreted to be associated with the skarn and porphyry source of the mineralization; and,
- The Company is permitted for mining and exploration.
Data Verification
- *Mill settlements mean the grade post mill process; it is the amount of copper and gold per tonne that is recovered, which is used to calculate a royalty.
- Supervision, organization and splitting of core samples were undertaken by Company personnel. Samples were collected in three-foot intervals from half core samples, catalogued and stored in a secure location. Data verification for this report consisted of taking quarter cuts of core during the QP’s site visit between April 23, 2017 and May 2, 2017. All QP cut samples were kept by the QP and shipped independently for assaying to ALS Mineral Laboratories, Vancouver, BC.
Broadway’s shares are quoted in three currencies (CAD, USD, Euro) and quoted under symbols BRD in Canada, BDWYF in the USA and BGH in Germany.
Qualified Person
Robert S. (“Bob”) Middleton, P.Eng., Broadway’s 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.
Through its wholly owned Montana-based subsidiary, Broadway Gold Corp., the Company is focused on the exploration and development of its two mines, the Broadway and Madison mines, and the delineation of the porphyry source of their mineralization. The Company owns a 100% interest in the two mines and has staked an area of four-square-miles in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for mining and exploration.
Approximately $20 million has been invested in the exploration, development and bulk sampling of the Madison mine since 2005. Whereas the Broadway mine produced 144,000 ounces of gold at an average grade of 0.32 oz/ton Au from 1880 to 1950 to a depth of 750 feet, the Madison is a new mine developed from 2007 to 2012 to a depth of 215 feet. The Madison mine has produced bulk samples of 13,242 tons at an average grade of 25% Cu and 0.32 oz/ton gold.
Currently, Broadway is expanding known copper and gold zones that are open to depth and seeking a senior mining company to drill porphyry targets identified by its soil geochemistry, its geophysics, and its discovery of Latite porphyry in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appear 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.