SPJ Iron-Oxide-Copper-Gold Project

 

Targeted Commodity:

Gold, Copper, Nickel, Cobalt, Silver

Property Size and Position:

  • 17,720 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.

Table 1. Assay highlights from reported holes SM-19-001 to SM-19-005:

Hole From (m)To (m)Length (m)* Gold (g/t) Visible GoldStructure
SM-19-0018.615.97.311.2Monaco
Including
14.915.91.077.16
25.230.75.55.73Bristol
Including
27.328.81.517.17VG
37.850.112.352.02
Including
45.9546.70.75361.21VG
46.747.851.15179.16
47.8549.81.05136.52
SM-19-00220.227.837.638.56Monaco
Including
23.027.214.2114.04VG
32.3447.6315.293.21Bristol
Including
37.037.930.9313.44VG
43.1544.020.8723.15VG
SM-19-00327.8834.026.1411.10Bristol
Including
27.8830.552.6711.39.
31.4233.01.5823.32VG
127.07128.871.83.29Kyalami
SM-19-00411.214.23.05.15Daytona
Including
11.213.22.07.4
73.7575.121.373.03Monaco
82.7784.751.989.02Bristol
Including
83.9184.750.8420.38VG
SM-19-00549.550.941.447.75Daytona
Including
49.550.330.8313.44VG
59.6760.350.681.81
73.1374.771.6421.66
IncludingMonaco
73.13740.8740.6VG
105.3107.21.908.1
IncludingBristol
106.2107.2115.15VG

* Assays results presented over core length. In SM-19-001 they are estimated to represent 65-75% true width in the Bristol and Monaco Structures. In SM-19-002 to SM-19-005 they are estimated to represent between 75 and 85% true width in the Bristol and Monaco Structures. Additional drilling is necessary to define the geometry of the discovered zones.

MacDonald’s drilling to date supports the hypothesis that gold mineralization in the Scadding Deposit is primarily controlled by a series of north- to north-northeast-oriented structures laterally distributed in a west to east corridor at least 500 metres-wide (Figure 2).

Figure 2. Location of current drill holes and mineralized structures identified to date at the Scadding Deposit.

The objective of the current drill program is to confirm and expand the high-grade gold zones of the Scadding Deposit. To date, 15 holes have been drilled for a total of 2,488 metres. Of those, 1,543 metres have been logged. Samples are sent to the lab in batches and assay results will be announced as they are received.