MacDonald Mines Exploration Ltd, a mineral exploration company, has announced that all formal requirements precedent to the definitive contracts inked with Currie Rose Resources Inc. and Northern Sphere Mining Corp., as declared on April 30th, 2019, have been fulfilled.
MacDonald Mines has a 100% stake in the Scadding Mine, which represents a portion of its SPJ Iron-Oxide-Copper-Gold Project (IOCG) situated 40 km east of Sudbury, Ontario. In addition, the company has announced that it has been granted an exploration permit that will be valid for a period of three years. This would allow MacDonald Mines Exploration to extend its exploration program at the SPJ Project further than the Scadding Mine.
We are pleased to have completed all formal requirements with respect to the purchase of the Scadding Mine from Currie Rose and Northern Sphere. This area has been identified as an emerging iron-oxide-copper-gold district and our strategy over the last few months has been to expand our land package and, by so doing, increase the number of prospective targets on our property.
Quentin Yarie, President and CEO, MacDonald Mines Exploration Ltd
Yarie continued, “Having 100% ownership of the Scadding Mine and our exploration permit in hand, we can now start a comprehensive exploration program at, and beyond, the Scadding Mine and evaluate the full potential of our large SPJ Iron-Oxide-Copper-Gold Project.”
SPJ Property Highlights and Current Drilling Program
- IOCG potential
- Complete ownership
- More than 10,000 hectares in exceptional mining jurisdiction and proximal to infrastructure
- Contains high-grade past-producing Scadding Gold Mine with permit in place
- Substantial nickel, silver, cobalt-copper, and rare earth showings beyond the Scadding Deposit footprint
- Optimize Group roped in to redevelop the Scadding Deposit
In the past, the Scadding Mine had yielded 914 kg of gold from 127,000 tons of mineralized material grading 7.2 g/t (OFR 5771). MacDonald Mines’ reinterpretation of the geological model at the larger SPJ property as well as the Scadding Deposit denotes that it may contain a gold-rich Iron-Oxide-Copper-Gold deposit. It also indicates that major gold structures could have been overlooked by earlier operators of drilling campaigns (2009–2011).
The aim of the present drill program ongoing at the Scadding Mine is to establish—and if this proves effective—extend the Scadding Deposit’s high-grade gold zones. There will not be any guarantee that such confirmation is imminent, since only inadequate exploration has been carried out so far.