MacDonald hits high-grade gold at SPJ project, Ontario
MacDonald Mines Exploration Ltd. [BMK-TSXV; MCDMF-OTC] shares rallied Thursday May 13 after the company released results from a 2021 winter drilling program at its 100%-owned Scadding Powerline Jovan (SPJ) property near Sudbury, Ontario.
The company said highlights include a high-grade discovery in the Glade area, 800 metres south of the historical Scadding mine. Results included 5.17 g/t gold over 22.67 metres, including 113 g/t gold over 0.96 metres. The company said ground exploration will begin next week to develop new targets on the 2.3-kilometre Alkin-Glade trend for the next round of drilling.
MacDonald shares advanced on the news, rising 8.3% or $0.05 to $0.065 on volume of 745,900. The shares are currently trading in a 52-week range of $0.145 and $0.05.
MacDonald is focused on precious metals exploration, primarily in Ontario. The company has a 100% interest in the 10,000-hectare SPJ property located in an underexplored polymetallic gold district.
The historic Scadding Mine, located on the SPJ property, produced 144,000 tonnes of ore grading 7.43 g/t gold. The Norstar Mine, within 500 metres of the Jovan property, produced 63,000 tonnes of ore grading of 7.2 g/t gold.
MacDonald said its objective is to continue to expand the footprint and the extent of the high-grade gold mineralization around the Scadding Mine deposit and further explore regional targets, well beyond the mine area, where current and historic prospecting exhibit significant gold, copper, cobalt, and nickel showings that may be indicative of a much larger gold-rich iron-oxide-copper-gold system at work in the region.
The structures targeted by previous drilling (2019) include those associated with gold mineralization in the North, South, and E-W pits of the Scadding Mine, the Scadding Underground mine, the Villeneuve discovery, the historic New Zone located between the Scadding Mine and the E-W Pit, and a historic pit located between the New Zone and E-W Pit. Evidence of chlorite alteration associated with gold mineralization was observed in all the completed drill holes.
“The results at Glade are exciting. Not only did we intersect quartz veins with high-grade gold, but the presence of iron-chlorite alteration, similar to what is seen in Scadding, indicates that this area may represent an extension of that mineralized system,” said MacDonald President and CEO Mia Boiridy.
“We will immediately follow up on this discovery and look to extend the high-grade gold mineralization along the 2.3-kilometre trend between the Glade showings and the historical Alkin mine,” she said.