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BMK MacDonald Mines Exploration Ltd

0.035
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
MacDonald Mines Exploration Ltd TSXV:BMK TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.035 0.035 0.04 750 01:00:00

MacDonald Commences Drilling in James Bay's Ring of Fire

21/02/2013 12:00pm

Marketwired Canada


MacDonald Mines Exploration (TSX VENTURE:BMK) ('MacDonald' or 'the Company') has
commenced its Winter 2013 drill program on the Butler 3 volcanogenic massive
sulfide (VMS) target in the Ring of Fire (ROF). The newly delineated drill
target exhibits coincident geochemical, density, conductivity and chargeability
anomalies. The Butler property is located 36 kilometres west of Cliffs Natural
Resources (Cliffs) Big Daddy Chromite deposit (Click here for map).


To view "Figure 1: Outline of gravity anomaly and vertical projection of
drilling in the Butler 3 area", please visit the following link:
http://media3.marketwire.com/docs/bmk02212013fig1.pdf.


Analogy to Kidd Creek Deposit

The Butler 3 geophysical anomaly (density, IP and EM) measures 100 metres wide
by 500 metres long and is located east of the previously identified stringer
mineralization. Last year's drill hole BP12-Cu11 intersected hydrothermal talc
above this anomaly - interpreted as the top of a large, overturned (approx. 90
degrees) VMS feeder system spanning over 1.5 kilometres in length. The Butler 3
geochemical signature and alteration zone are remarkably similar in size and
alteration intensity to that observed at Kidd Creek Mine - one of the world's
largest Cu-Zn VMS deposits. 


It has been postulated that a Kidd Creek type deposit is possible in the ROF due
to the high temperature magma chambers in the footwall of the VMS deposits here.
The presence of komatiites, icelandite, talc and tin at Butler 3 is proof that
we have a high temperature exhalative system capable of forming large VMS
deposit(s). 


The Importance Komatiites

The confluence of the prominent markers for high heat flow (komatiites and
icelandites), combined with the abundance of highly altered felsic volcanic
rocks (rhyolite) all point to this being a highly prospective area. Generally
the larger the alteration system, the larger the associated VMS deposit(s).


According to Dr. Larry Hulbert, P.Geo., the only identification of unequivocal
komatiites within the ROF are on the Butler Lake property. This has demonstrated
to the Company that the property has the potential to host significant
mineralization due to the extreme temperatures and potential length of time for
a VMS system to form. The only large VMS deposit with a komatiitic suite
overlain by rhyolites (as present on the Butler 3 target) is the Kidd Creek
deposit in Ontario. 


Minister Tony Clement to Take Helm in the Ring of Fire

As reported today in the February 20th, 2013 edition of the National Post, the
federal government has won accolades for finally naming a point man for the Ring
of Fire. 


Minister Tony Clement, president of the Treasury Board and head of a federal
development organization for Northern Ontario, announced that he would take the
lead role on the file at the request of Prime Minister Stephen Harper.


"There is a lot at stake and we cannot afford to allow this development to stall
and become mired in paralysis and uncertainty," he said in a speech in Thunder
Bay.


The Ring of Fire, located in the James Bay Lowlands, is thought to contain
$30-billion to $50-billion worth of minerals and is poised to be North America's
first significant source of chromite.


Butler 1, 2 and 4

At the adjacent Butler 4 property, a DPEM geophysical survey (Crone Geophysics)
is being completed, after which drill targets will be selected. The Butler 1, 2
and 4 occurrences all share the same stratigraphic assemblage and analogous
geology as Butler 3, a characteristic of most of the producing VMS camps in the
Canadian Shield (Click here for a map of the Butler Zones). 


Administration

Effective February 20, 2013 a total of 5,195,000 stock options were granted to
directors, officers, employees and consultants of the Company in accordance with
the terms of the Company's incentive stock option plan filed with the Toronto
Venture Stock Exchange and approved by shareholders on June 28, 2012. These
options are exercisable at a price of $0.10 per share for a period of five years
and are subject to a four month and one day hold period as required by the rules
of the TSX-V.


The information in this news release has been reviewed and approved by Quentin
Yarie, P.Geo., senior Vice President of Exploration of MacDonald Mines
Exploration Inc., a qualified person in accordance with Canadian regulatory
requirements as set out in NI 43-101.


About MacDonald Mines

MacDonald Mines has steadily moved its exploration forward for 10 years in James
Bay's Ring of Fire. The company, under the direction of Hadyn Butler, P.Geo,
located and staked what has proven to be highly prospective ground for potential
discovery. 


This area of James Bay presents a unique opportunity in that the Ring of Fire
contains the entire suite of minerals including VMS, nickel, chrome, vanadium,
titanium and gold potential. The only other similar region is in the Bushveld in
South Africa but this region lacks the copper, zinc and nickel content of James
Bay. 


MacDonald's exploration team is led by Quentin Yarie, P.Geo and Craig Scherba,
P.Geo and supported by key renowned consultants in their respective fields. They
include, Jim Franklin, PHD, P.Geo, for VMS, and Larry Hulbert, PHD, P.Geo, for
nickel, chrome and vanadium.


Cautionary Statement: The foregoing information may contain forward-looking
statements relating to the future performance of MacDonald Mines Exploration
Inc. Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and actual results
may differ materially from MacDonald Mines plans and expectations. These plans,
expectations, risks and uncertainties are detailed herein and from time to time
in the filings made by MacDonald Mines 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. We seek safe harbour.




FOR FURTHER INFORMATION PLEASE CONTACT: 
MacDonald Mines Exploration Ltd.
Brent Nykoliation
Senior Vice President, Corporate Development
(416) 364-4986
(416) 364-2753 (FAX)
bnykoliation@macdonaldmines.com


MacDonald Mines Exploration Ltd.
Kirk McKinnon
President & CEO
(416) 364-4986
(416) 364-2753 (FAX)
kmckinnon@macdonaldmines.com
www.macdonaldmines.com

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