Broadway Gold Mining identifies porphyry targets at depth

Broadway Gold Mining Ltd. [BRD-TSXV; BDWYF-OTCQB] has provided an update of its exploration developments and strategy for 2017-2018, including the identification of copper-gold porphyry targets at depth at its 100%-owned Madison copper-gold project in Madison County, Montana. With a new geological model and funding raised, Broadway is planning a Phase III drill program to test multiple high-priority targets. The targets were identified through detailed programs in 2017 and extend over a two-mile-long by one-mile-wide zone of geophysical, geological and geochemical indicators.

“Broadway has delivered extremely high-grade gold and copper intersections from Phase I and II drilling in 2017 that targeted the shallower skarn zones at Madison, including some of the highest grades intercepted in the western United States in recent memory. Using data from extensive exploration programs conducted throughout 2017, we have assembled a geological model that supports the existence of a porphyry system at depth,” said Duane Parnham, President and CEO of Broadway Gold Mining. “This deeper-seated copper-gold target will become a focal point of upcoming drilling, and we will also seek to expand existing high-grade mineralization.”

The geological model includes four primary copper-gold porphyry exploration targets including a variety of geophysical anomalies in four target areas. It is postulated that a porphyry system produced a generation of fluids which formed the skarn zones discovered to date along faulted intrusive contacts currently exposed in accessible mine workings and at surface. The mineral characteristics of the skarn zones are consistent with a significant source of volatiles and sulfur and a possible copper-gold porphyry at depth.

“Childs Geoscience and the Broadway technical team have interpreted the geological, geochemical and geophysical evidence to indicate a significant source of volatiles, metals and sulfur at depth. The source is thought to be a porphyry copper-gold system, which we are aiming to validate through drilling,” adds Parnham. “Geophysics have also identified numerous significant shallow and deep targets, some of which are in previously unexplored areas.”

Additional drill targets at Madison include the underground massive sulfide zone, an extension of which is indicated immediately to the north of the 600-level by a recent Mise-a-la-Masse survey, the shallow skarn jasperoid copper zone and flanking shallow skarn gold zone.

For the remainder of 2017 and into 2018, Broadway will continue with on-site activity at Madison, focusing on executing exploration strategies to confirm economic deposits of the wide-spread copper-gold mineralization discovered to date.

Dr. John Childs and the CGI team concluded that the Broadway copper-gold skarn district exhibits a multi-episodic mineralization history over a two-mile-long by one-mile-wide zone of skarn and alteration. The two-mile-long trend of geophysical, geological and geochemical indicators is characterized by regional-scale faulting, extensive marble development, propylitic alteration, auriferous and cupriferous late silicification in the form of jasperoids, and massive sulfides exhibiting strongly magmatic sulfur isotope values.

In 2017 to date, and after expanding its program due to initial success, Broadway has drilled 19 surface holes totaling 3,984 metres. Drilling resulted in the discovery of a larger jasper zone with abundant native copper and gold. Results included 1.725% copper and 0.097 g/t gold over 49.4 metres in hole C17-16, including 2.571% copper and 0.151 g/t gold over 30.2 metres. Hole C17-17 returned 1.020% copper and 0.159 g/t gold over 31.1 meters and hole C17-20, drilled into a massive-sulfide zone that remains open at depth, returned 1.247% copper and 1.843 g/t gold over 23.8 metres.

Peter Walcott and Associates completed deep IP surveying across the entire property targeting skarn and porphyry systems, time domain electro-magnetic (TDEM) surveying over two target areas targeting sulfide accumulations and Mise-a-la-Mase surveying targeting massive sulfide depth extension to underground workings.

The company’s technical team completed property-wide surface mapping, rock sampling, and soil geochemistry identifying several zones of recrystallization, alteration, skarnification and surface copper mineralization.

Broadway completing a non-brokered private placement of 2,811,114 Units at a price of $0.90 per Unit for gross proceeds of $2,530,002.60. The financing provided capital to fund the upcoming Phase III drill program as well as working capital expenses.