MacDonald Mines expands Scadding gold zone
MacDonald Mines Exploration Ltd. [BMK-TSXV; MCDMF-OTC] on Thursday February 11 released more assay results from a fall drilling program from its Scadding Powerline Jovan (SPJ) property near Sudbury, Ontario where the company has previously intersected high-grade gold.
The company also said it has resumed drilling on the Jovan property located about 9 km east of Scadding. Three holes have been completed to date, with assays pending, the company said.
Assays released on Thursday are from 11 holes which targeted the Scadding deposit. Highlights include Hole SM-20-077, which returned 5.73 g/t gold over 3.67 metres, including 17.30 g/t gold over 1.00 metre.
MacDonald shares declined on the news, falling 13.3% or $0.01 $0.065 on volume of 902,363. The shares trade in a 52-week range of $0.14 and $0.05.
Based in Toronto, 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 a polymetallic gold district about 33 km southeast of Sudbury.
The historic Scadding Mine, located on the SPJ property, produced 144,000 tonnes of ore grading 7.43 g/t gold. The Norstar Mine, located within 500 metres of the Jovan property, produced 63,000 tonnes of ore grading 7.2 g/t gold.
MacDonald has 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 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
“Our latest results continue to expand the gold zone discovered between the historical Scadding underground mine workings and he South Pit,” said MacDonald President and CEO Quentin Yarie. “Results are also adding to the near-surface, high grade gold discovery we made late last year.”
Yarie went on to say that he is excited by preliminary results from the current drilling program at Jovan. “At Jovan, we are testing several gold and gold/polymetallic targets identified in 2018 and corroborated by our latest IP data.”
Assays from another six holes drilled in 2020 at Scadding are pending. 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-bearing structures have been missed by previous operators’ exploration campaigns.