Market Herald logo

Subscribe

Be the first with the news that moves the market
  • MacDonald Mines (TSXV:BMK) has intersected exceptionally high-grades of gold during an exploration program at Scadding Mine in Ontario
  • The company intersected 735.5 grams per tonne of gold over 1 metres and 411 grams per tonne of gold over 0.93 metres
  • Scadding is an historic mine site the company has been exploring since late 2018
  • Quentin Yarie, MacDonald’s President and CEO said the results reinforce the likelihood of an expansive gold resource on the property
  • MacDonald Mines Exploration (BMK) was up 31.25 per cent, with shares trading for C$0.10 at 2.15pm EST

MacDonald Mines (TSXV:BMK) has intersected exceptionally high-grades of gold early on in its 2020 exploration program. 

Most notably, the first drill hole recorded 735.5 grams per tonne of gold over 1 metres and 411 grams per tonne of gold over 0.93 metres. 

The current drill program is focused on the historic Scadding Mine located on company’s SPJ property in Ontario.

When the mine was operational it produced 144,000 tonnes of gold are at a grade of 7.43 grams per tonne.

The mine’s history, and the presence of viable mining projects in the surrounding area, enticed the company to purchase the plot in mid-2018. 

By October of that year, the company had initiated the exploration program. 

Since then, MacDonald Explorations has been exploring the decommissioned mine in search of a viable undiscovered deposit.

Earlier testing suggests the deposits at Scadding are likely a gold-rich, mixed with iron and copper compounds.

Quentin Yarie, MacDonald’s President and CEO is pleased with the results.

“The first hole of our 2020 drilling program confirms the presence of significant high-grade gold mineralization in the North Pit area of the Scadding Deposit,” he said.

Yarie went on to say that the results reinforce the likelihood of an expansive high-grade gold resource on the property. 

Nine holes were drilled as part of the program. Results from the other holes are still pending.

MacDonald Mines Exploration (BMK) was up 31.25 per cent, with shares trading for C$0.10 at 2.15pm EST.

More From The Market Herald

" Eastern Platinum (TSX:ELR) sign finance facility agreement with Investec Bank

Eastern Platinum (ELR) has signed a finance facility agreement with Investec Bank.

" Revival Gold Intersects Revival (TSXV:RVG) intersects more gold at Beartrack-Arnett

Revival Gold (RVG) released new results from its 2022 drilling program at the Beartrack-Arnett Gold Project.

" Buscando Resources (CSE:BRCO) announces private placement financing

Buscando Resources (BRCO) announced a non-brokered private placement for gross proceeds of $200,000.
The Market Herald Video

" Dundee Corporation (TSX:DC.A) closes privatization of Big River Gold

Dundee (DC.A) has closed its privatization of Big River Gold with Aura Minerals.