Broadway Gold Mining Ltd. ("Broadway" or the "Company") today announced that the property-wide IP survey completed on its 100%-owned Madison copper-gold project was successful in identifying chargeability and resistivity anomalies that could be associated with porphyry-style mineralization at depth. In addition, several shallower features were observed, including the zone currently the focus of the 2017 surface drilling program.
The primary purpose of the survey was to test for a deeper porphyry target and the final report has now been received from Peter E. Walcott & Associates Limited. Madison is located in the historic Butte-Anaconda mining region of Montana, USA.
"These newly identified shallow and deep anomalies provide Broadway with compelling new drill targets and lead us to believe that there is potential for large-scale porphyry mineralization at Madison," said Duane Parnham, Chairman of Broadway Gold Mining. "Deep IP geophysics had never been done to this extent at Madison and we believe this promising new information is an important milestone to advance our project."
The survey consisted of eight east-west oriented lines using 656-foot (200-metre) line spacing. It covered the entire property and identified four resistivity lows, four resistivity highs, seven chargeability highs and two magnetic highs.
A zone of high chargeability, consisting of chargeability anomalies cHA, cHB and cHC, in the northwest section of the property is of particular interest. This area hosts the past-producing Broadway Mine, the Madison Mine and the current drilling area to the northwest of the Madison Mine decline. The chargeability zone appears to coincide with the known contact of the Radar Creek intrusive and the response may be an indication of skarn-type mineralization. There appears to be a second zone of high chargeability further to the west, which is also believed to relate to the Radar Creek contact, where the contact has swung back around forming a horseshoe-like shape. Only minimal historic drilling has taken place in this second zone, making it a high-priority target.
The multiple, deep-seated chargeability and resistivity anomalies could reflect or be associated with porphyry-style mineralization at depth. These anomalies will need to be systematically evaluated through diamond drilling.
The IP survey report can be found on the current exploration page of the Company's website.
R. Tim Henneberry, P.Geo., a Director of Broadway and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.