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BMK - MacDonald Mines Exploration News Story

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Sector
Basic Materials
Size
Micro Cap
Market Cap £6.24m
Enterprise Value £5.99m
Revenue £n/a
Position in Universe 1904th / 2712

MacDonald Mines Hits 7.18 g/t gold over 13.23 m, including 41.44 g/t gold over 1.09 m and 22.60 g/t gold over 1.00 m

Thu 19th November, 2020 4:46pm
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TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd.
(TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”)
reports further assay results from its ongoing 2020 drilling program at the
SPJ Property, located 40 km east of Sudbury, Ontario. Hole SM-20-065
intersected, near-surface, 7.18 g/t gold over 13.23 metres, including 41.44
g/t gold over 1.09 metres and 22.60 g/t gold over 1.00 metre, further
expanding the high-grade gold mineralization of the Scadding Deposit (Figure
1). Drilling continues with approximately 7,548 metres of the 14,000 metres
program completed and 74 holes drilled to date (Figure 2). Further assay
results are forthcoming and will be released as they are received.

Holes SD-20-058 and SD-20-059 of the program also revealed broad zones of gold
mineralization west of the Scadding Deposit, in an area that has seen little
exploration in the past. Hole 59 intersected a broad zone of gold
mineralization in the Bristol/Monaco corridor that further supports the
extension of gold mineralization, beyond the current footprint of the Scadding
Mine, between the mine and the South Pit.

MacDonald’s focus through December 2020 is to continue drilling the large
exploration gaps that exist between the Scadding underground mine and both the
North Pit and South Pit areas.

Quentin Yarie, MacDonald’s President and CEO stated, “We continue to drill
new zones of high-grade gold mineralization in the Bristol/Monaco deformation
zone, confirming how we can expand the historic Scadding Deposit. Results are
suggesting that a parallel corridor of gold mineralization exists to the west
within the Bristol Breccia which extends over a strike of 200 metres and
remains open in all directions. We are starting to see indications of chlorite
alteration that could be indicative of further undiscovered zones of
higher-grade gold mineralization in the Bristol Breccia structure. While
drilling continues, we are utilizing the results of our recent IP surveys to
further guide the deposit expansion drill program.”

Figure 1. Long section showing reported holes is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f431705-86d5-4d0b-825e-a3fa594ba015

Table 1. Assay highlights from reported holes

 Hole                      From           To             Length*        Visible        Gold             
                           (m)            (m)            (m)            Gold           (g/t)            
                                                                        Observed                        
                           
 SM-20-057                 113.9          115.17         1.27           Yes            0.71             
 SM-20-058                 150.53         158.07         7.54                          0.64             
                           162.48         176.3          13.82                         0.83             
 SM-20-059                 70.73          73             2.27                          2.41             
                           77.81          85.63          7.82                          0.98             
                           161.04         168.57         7.53                          1.38             
 SM-20-064  No significant results                                                                      
 SM-20-065                 4              17.23          13.23          yes            7.18             
            including      9.1            10.19          1.09           yes            41.44            
            and            13.69          14.69          1                             22.6             
                           165.24         171.32         6.08                          0.44             
 SM-20-066  Intersected the Scadding Mine – Stopped before reaching the targeted zone                   

* Assay results presented over core length. They are estimated to represent
55-85% of true width.

Table 2. Coordinates of reported holes

 Hole ID    Easting  Northing  Elevation  Azimuth  Dip  Depth (m)  
 SM-20-057  529296   5166471   310.9      269      -55  250        
 SM-20-058  529224   5166492   316        303      -46  202        
 SM-20-059  529227   5166416   310.6      272      -48  202        
 SM-20-064  529188   5166356   309.5      270      -76  130        
 SM-20-065  529151   5166474   321        252      -48  196        
 SM-20-066  529247   5166491   313        295      -58  70         

Figure 2. Collar locations and drilling highlights to date is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe33d44b-032c-498a-a7c6-e4fab8de238b

Detailed Description

Hole SM-20-057 was testing the continuity of the Bristol/Monaco Structure
beyond the underground workings of the Scadding Mine. Hole 57 successfully
intersected the deeper extension of the structure with a zone, approximately
16 metres-wide, of pervasive magnetite alteration with an elevated background
in gold. Hole 57 also intersected a narrow zone of chlorite alteration, with
specks of visible gold, in a satellite structure located in the Scadding Mine.

Hole SM-20-058 was testing the northern extension of the mineralization zones
at the Scadding Mine. Hole 58 successfully intersected a zone of chlorite
alteration in which visible gold was observed, but this did not return
significant gold assays. Hole 58 also intersected a large breccia zone, west
of the Scadding Mine, the Bristol Breccia where gold mineralization is
associated with pervasive dissemination of pyrite in a silica-rich breccia
matrix.

Hole SM-20-059 was testing the Bristol/Monaco Structure between the Scadding
Mine and the South pit and successfully intersected a zone of
chlorite-magnetite alteration in the structure, suggesting the potential
continuity of mineralization between the South Pit and the Scadding Mine.
Additionally, hole 59 discovered a new zone of gold mineralization west of the
Bristol/Monaco Structure likely associated with the Bristol Breccia. Gold
mineralization in that new zone occurs as pervasive disseminations of pyrite
associated with silica-carbonate alteration. Rims of chlorite around some of
the carbonates suggest that zones of chlorite alteration, typically associated
with higher-grade gold mineralization, could be present in that new structural
corridor west of the Scadding Deposit.

Hole SM-20-064 was testing the deeper extension of gold mineralization in the
South Pit area. Hole 64 successfully intersected the extension of the
structure characterized by pervasive magnetite alteration, but that extension
did not contain significant gold mineralization.

Hole SM-20-065 was testing a zone of chlorite alteration exposed at surface
between the Scadding Mine and the South Pit. Hole 65 demonstrated that
significant gold mineralization and near-surface zones of chlorite alteration
are left to be discovered at the Scadding Mine and between the mine’s
current footprint and the South Pit. Additionally, hole 65 intersected a zone
of low-grade gold mineralization in the Bristol Breccia west of the
Bristol-Monaco structural trends of the Scadding Deposit.

Hole SM-20-066 was testing the northern extension of the structures
controlling chlorite alteration and gold mineralization in the Scadding Mine.
The hole was stopped before reaching target as it intersected the underground
workings of the Scadding Mine.

On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to
Actlabs in Ancaster, Ontario. Individual samples are labeled, placed in
plastic sample bags and sealed. Groups of samples are then placed into durable
rice bags and then shipped. The samples transported to Actlabs were dropped in
rice bags with security seals by Manitoulin Transport. The remaining coarse
reject portions of the samples remain in storage in case further work or
verification is needed.

MacDonald has implemented a quality-control program to comply with best
practices in the sampling and analysis of drill core. As part of its QA/QC
program, MacDonald inserts external gold standards (low to high grade) and
blanks every 20 samples in addition to random standards, blanks, and
duplicates. All samples over 10 g/t gold or the samples with abundant visible
gold are analysed by 1 kilogram metallic screen. Check assays are routinely
performed for samples with visible gold to ascertain the gold content of the
mineralization zone.

SPJ Property Highlights
* 100% ownership
* 18,340 hectares in excellent mining jurisdiction and close to infrastructure
* Hosts the high-grade past producing Scadding Gold Mine
* Evidence of polymetallic mineralization at the Scadding Deposit indicative
of IOCG potential
* Significant gold, cobalt, copper, silver, nickel and rare earth showings
outside of the Scadding Deposit footprint
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 bearing structures have been missed by
previous operators’ exploration campaigns (2009-2011).

Qualified Person
Quentin Yarie, P Geo., CEO and President of MacDonald Mines and the Qualified
Person as defined by National Instrument 43-101 has reviewed and approved the
technical information in this news release.

COVID-19 Precautions
MacDonald Mines has developed and implemented precautions and procedures that
are compliant with Ontario’s health guidelines. Strict protocols are in
place to ensure the safety of all staff, thereby reducing the potential for
community contact and spreading of the virus.

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 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

Neither TSX Venture Exchange 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.

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.

(https://www.globenewswire.com/NewsRoom/AttachmentNg/c4240c9f-4f01-4631-bcc4-56a9912f9d42)
Figure 2 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/3f431705-86d5-4d0b-825e-a3fa594ba015/en)
Collar locations and drilling highlights to dateFigure 1 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/fe33d44b-032c-498a-a7c6-e4fab8de238b/en)
Long section showing reported holes


GlobeNewswire, Inc. 2020
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