SPJ Iron-Oxide-Copper-Gold Project

 

Targeted Commodity:

Gold, Copper, Nickel, Cobalt, Silver

Property Size and Position:

  • 16,910 hectares in the Davis, Street and Scadding Townships, 33 kilometres southeast of Sudbury, Ontario .
  • Close to key infrastructure (rail, road, power, qualified workforce) and in a mining friendly jurisdiction.
Net Ownership:
  • 100% ownership on 7 leases and 1,294 claims
  • 100% ownership of the permitted Scadding Mine
Overview:

There is a history of high-grade polymetallic gold mineralization in the area.  This under-explored polymetallic gold district also exhibits similarities to the Idaho Cobalt Belt with Iron-Oxide-Copper-Gold (“IOCG”)-like mineralization.

The historic Scadding Mine, located within the SPJ Project, produced 144,000 tons of ore at a grade of 7.43 g/t gold (OFR 5771). The Norstar Mine, located within 500 metres of the Jovan Property, produced 63,000 tons of ore at a grade of 7.2 g/t gold and 0.9% copper (OFR 5771). Grab samples from the Norstar waste pile also contain 0.065 to 0.3% cobalt (OFR 5771).

MacDonald Mines initiated its exploration program at the SPJ Property in late summer 2018 and results to date support its reinterpretation of that the Scadding Deposit is likely a gold-rich Iron-Oxide-Copper-Gold (IOCG) deposit.

The Company completed a surface sampling program in 2018 that confirmed the potential of the SPJ property. Several cobalt-copper, silver, nickel and rare earth showings were discovered outside of the Scadding Deposit footprint.

An inaugural 2,000-metres drilling program is currently underway at in the Scadding Deposit to confirm historical results and expand its footprint.

Assay results for the first hole 2019-SM-001 (Sept. 26, 2019 News Release) returned:

52.02 g/t gold over 12.3 metres, including 210.23 g/t gold over 3 metres,
5.73 g/t gold over 5.5 metres, including 17.17 g/t gold over 1.5 metres and;
11.12 g/t gold over 7.3 metres including 77.16 g/t gold over 1 metre.

Assay results for the on-going drilling program are expected in the coming weeks.

The Company’s 2019 exploration program is also focused on discovering new mineralized zones and expanding the known gold-cobalt-nickel-silver showings and prospects on the property.