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BMK - MacDonald Mines Exploration News Story

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Last Trade - 14/01/22

Sector
Basic Materials
Size
Micro Cap
Market Cap £5.43m
Enterprise Value £5.18m
Revenue £n/a
Position in Universe 1985th / 2712

MacDonald Mines Intersects 4.97 g/t Gold over 3.03 m, including 15.7 g/t Gold over 0.95 m from its 2020 Program at Scadding and Announces a 3-Area Drill Program for 2021

Mon 22nd March, 2021 10:00am
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TORONTO, March 22, 2021 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd.
(TSX-V: BMK) (“MacDonald Mines” or the “Company”) announces results
from the last 7 holes from its 2020 drilling program at Scadding on its 100%
owned SPJ Project, 20 kilometres east of Sudbury, ON. Highlights include
4.97g/t gold over 3.03 metres, including 15.7g/t over 0.95 metres and
significant cobalt mineralization over the same interval (see Figure 1, 2 and
Table 1). The Company also reports that it has completed 9 of 10 planned
diamond drill holes at the Jovan property, 9 kilometres east of Scadding and
that assays are pending. Following drilling at Jovan, the drill rig will be
mobilized to Alkin-Glade, a target identified by the 2020 IP survey,
approximately 1 kilometre south of Scadding, with drilling expected to
commence shortly.

Mia Boiridy, President and CEO, comments, “The results from the 2020 program
continue to support the Company’s geological model that has the Scadding
Deposit extending at depth, as well as showing that gold mineralization
continues within the 100-metre zone between the historical Scadding
underground mine and the South Pit. We will continue the systematic
exploration of what we believe to be a large, modified IOCG system at the SPJ
Project. For 2021, MacDonald Mines will focus exploration on three areas:
1. Continued drilling around, downdip and extensions of Scadding, including
Alkin-Glade, 
2. Exploration and drilling at the Alwin area, 5 kilometres north of Scadding,
3. Drilling at Jovan, approximately 9 kilometres east of Scadding.
We will have a full year of drilling and exploration in 2021, expanding the
program to 3 separate areas covering a substantially larger footprint spanning
several kilometres at the SPJ Project.”

Figure 1. Plan Map of 2020 drilling and current reported holes at the
historical Scadding Mine
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e7e14d0-b39f-4934-a7bd-1106748f0eca

Figure 2. Gold mineralization at the historical Scadding Mine in cross-section
https://www.globenewswire.com/NewsRoom/AttachmentNg/396cc162-f9ee-4206-acbd-6f0fb72cc072

Table 1. Reported assays - 2020 Scadding Drill Program

 Hole        From    To      Length*   Gold (g/t)  Co (wt. %)  Ni (wt. %)  
             (m)     (m)     (m)                                           
 SM-20-076   202.89  218.90  16.01     0.24                                
 SM-20-078   13.00   14.66   1.66      0.53                                
 SM-20-079   5.31    8.34    3.03      4.97        0.023                   
                                                               includ 
                                                               ing   
             7.39    8.34    0.95      15.70       0.041                   
             13.85   14.71   0.90      1.73                                
 SM-20-080   233.28  239.40  6.12      0.45                                
 SM-20-081   251.81  254.48  2.67      0.70                    0.13        
 SM-20-082   133.93  139.11  5.18      0.74        0.017                   
 SM-20-083A  No significant results                                        

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

Table 2. Coordinates of reported holes (2020 Scadding Program)

 Hole ID     Easting  Northing  Elevation  Azimuth  Dip    Depth (m)  
 SM-20-076   529232   5166570   314.1      227      -62    262        
 SM-20-078   529189   5166416   313.6      280.1    -54.8  91         
 SM-20-079   529174   5166461   320.9      254.1    -52    235        
 SM-20-080   529259   5166561   313.8      232.3    -65.1  253        
 SM-20-081   529259   5166561   313.8      230.6    -71.2  292        
 SM-20-082   529201   5166585   315.5      230.1    -63.2  295        
 SM-20-083A  529582   5166518   299.6      210.1    -60    109        



2021 Exploration and Drilling Programs

In addition to the high-grade gold mineralization present at the Scadding
Mine, multiple centres of polymetallic (Au, Cu, Co, Ni and Ag) mineralization
have been identified on the large 18,340 ha SPJ Project. MacDonald Mines
completed five induced polarization (“IP”) surveys in 2020 that covered
4.75 sq. kilometres. The surveys identified 49 anomalies, with more than 35
labelled as priority drill targets. Since the beginning of January and
continuing for the rest of 2021, the Company is prioritizing drill testing in
3 of the target areas where the geophysical anomalies are associated with
known showings of gold and polymetallic mineralization (Figure 3). MacDonald
Mine’s objective is to test the continuity of known zones of mineralization
identified along major structural corridors and continue to show that a
modified Iron-Oxide-Copper-Gold (“IOCG”) system is present at the SPJ
Project.

Figure 3. 2021 Exploration target areas
https://www.globenewswire.com/NewsRoom/AttachmentNg/6019b1d7-c712-4f1d-a2be-dafc01af3c32

Scadding 
MacDonald Mines’ 2021 Exploration Program will continue further drilling at
and around the Scadding Deposit. The Company will test the down-dip extension
of gold mineralization in the North Pit area and test the underexplored
extensions of mineralization west of the historical Scadding underground mine.

Alkin-Glade - Target Area Adjacent to Scadding

The drill is being mobilized to a target area 0.8 kilometres south of the
Scadding Deposit, where another large geophysical anomaly was identified
through the 2020 IP survey. The anomaly is located north of the Glade showing
along strike of a structural corridor that hosts the historical Alkin Gold
Mine (ref. MDI41I10NE00023).

Jovan 
Nine holes (JV-21-084 to JV-21-092) for a total of over 2,593 metres have been
drilled to date at the Jovan Property. Drilling is testing the polymetallic
potential of the area. It is targeting geophysical anomalies identified by the
latest IP survey in the Ess Creek Structural Corridor where MacDonald Mines’
2018 channel sampling at the Brady Showing returned up to 3.81 g/t gold, 3.44%
cobalt, and 0.59% copper over 1.5 metres, and grab samples assayed between
traces and up to 24.2 g/t gold. The reader is cautioned that grab samples are
selective by nature and do not represent the true metal content of the
mineralized zone. A map of completed and planned holes at Jovan is provided in
Figure 4. Assay results are pending and will be released when received.

Figure 4. Current drilling at the Jovan Property
https://www.globenewswire.com/NewsRoom/AttachmentNg/336676e4-e461-4988-8048-e787d3435798

Alwyn

The historical Alwyn Mine will also be targeted in 2021. McDonald Mines plans
to complete an IP survey over the mine to direct drilling. Historical drilling
at Alwyn reported up to 16.59 g/t gold over 1.52 metres and 4.46 g/t gold over
3.81 metres. Copper values were not reported during the 1983 drilling program
(Haultain Resources, 1983, AFRI 41I10NE0154). The reader is cautioned that the
data is historical in nature, and the qualified person has not independently
validated the accuracy of the historical results. The true width of the
intersected zone of mineralization is unknown.

Additional Claims Acquired 
The Company has signed a definitive agreement to acquire a 100% interest in 4
claims (the "Claims") located on the Jovan property (Figure 4). This
acquisition adds 36 hectares to the Company's land position. The acquired
claims cover an extension of the geophysical anomaly that MacDonald is
currently targeting in its ongoing drilling program at Jovan.

Acquisition Terms

To acquire an 100% interest in the Claims, on closing, MacDonald Mines agrees
to:

 (i)   pay to the Vendor C$75,000 in cash; and                                                                                                                           
 (ii)  issue to the Vendor the equivalent of C$75,000 Class A common shares in the capital of the Company based on the previous 5-day VWAP (subject to TSX-V approval);  

The complete terms of the transaction will be available on SEDAR under the
Company's profile.

Upcoming Webinar
MacDonald Mines is providing an opportunity for shareholders and other
interested parties to participate in a webinar on Thursday, March 25, 2021 at
4:30pm EDT. Click on the following link
https://zoom.us/webinar/register/WN_AbBSa9wQQMipyI75vXo_Eg to register. After
registering, you will receive a confirmation email containing information
about joining the webinar.

Qualified Person
Jean-François Montreuil, P.Geo., Chief Geologist of MacDonald Mines, is the
qualified person as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects, responsible for preparing, supervising, and
approving this news release's scientific and technical content.

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 Mines 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, the Company 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.

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. 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:

Mia Boiridy, President & CEO, (250) 575-3305, mboiridy@macdonaldmines.com

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 1. 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/9e7e14d0-b39f-4934-a7bd-1106748f0eca/en)
Plan Map of 2020 drilling and current reported holes at the historical
Scadding MineFigure 2. 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/396cc162-f9ee-4206-acbd-6f0fb72cc072/en)
Gold mineralization at the historical Scadding Mine in cross-sectionFigure 3. 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/6019b1d7-c712-4f1d-a2be-dafc01af3c32/en)
2021 Exploration target areasFigure 4. 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/336676e4-e461-4988-8048-e787d3435798/en)
Current drilling at the Jovan Property


GlobeNewswire, Inc. 2021
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