MacDonald Mines Exploration Enters into MOU with Michipicoten First Nation
TORONTO, Sept. 27, 2017 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V:BMK) ("MacDonald Mines", “MacDonald”, or the "Company") is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with the Michipicoten First Nation (“MFN”). The MOU outlines a clear and mutually agreed upon process for consultation between the parties during the exploration phase of the Wawa-Holdsworth Gold Project. The Project located 20 km northeast of Wawa, Ontario, consists of fee simple lands and mining claims that are located in the MFN Territory.
The MFN is a signatory of the 1850 Robinson-Superior Treaty and an aboriginal people within the meaning of Section 35 of the Constitution Act, 1982, and as such, asserts aboriginal and treaty rights within the area.
Quentin Yarie, President and Chief Executive Officer of MacDonald Mines stated, “MacDonald Mines is committed to fostering a mutually beneficial working relationship with the MFN as we continue to advance the Wawa-Holdsworth Project. Founded on principles of trust, respect and understanding, this MOU formalizes the consultation process and enables MFN to understand the potential impacts of the development of the Project on the exercise of aboriginal and treaty rights.
It has been a pleasure to work with Chief Tangie and her representatives. The MFN has been considerate and understanding through the whole process and MacDonald Mines does not envision anything different as we move towards more intensive exploration and development considerations in the future.”
Wawa-Holdsworth Project Overview
Neighbouring Richmont's Island Gold Mine, Argonaut's Magino Gold Project and Goldcorp’s Borden project, the 1142 acres Wawa-Holdsworth Gold Project has all the attributes to host a large gold system with numerous gold showings occurring in a 500-metre-wide deformation corridor. Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project: 1) Greenstone-hosted quartz-carbonate vein deposits (Soocana Vein System and Reed-Booth Showing); 2) BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation); and 3) Gold-bearing Oxide Sands developed from the weathering of the auriferous Pyrite Zones.
MacDonald is focusing its near-term exploration program on the Oxide Sands. The soft and relatively unconsolidated material can be extracted like an aggregate and and the Company is evaluating its potential extraction.
A recent EM Max-Min survey confirmed that the sands extend at least 1.8 km along strike and reach depths beyond 8 m. MacDonald’s trenching and sampling program returned up to 6.45 g/t gold (TR775-0), up to 52.7g/t silver (TR750-6) and expanded the lateral extents of the “black sands”. The discovery of new precious metals (gold and silver) horizons within the soil profile indicate that the gold and silver inventory of the Oxide Sands at the Wawa-Holdsworth Project may be larger than initially anticipated.
Preliminary metallurgical test work has shown that conventional flotation techniques can be used to concentrate the precious metals. Last week, the Company initiated a 2,000m sonic drilling program to assess the vertical distribution of the precious metals within the Sands with the ultimate goal of developing a resource.
Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
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 has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is currently aggressively advancing its highly prospective Wawa-Holdsworth Project.
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
Cautionary Statement:
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.