SOURCE: Broadway Gold Mining Ltd

Broadway Gold Mining Ltd

January 22, 2018 09:00 ET

Broadway Provides Update on Madison Copper-Gold Porphyry Discovery

VANCOUVER, BC--(Marketwired - January 22, 2018) - Broadway Gold Mining Ltd. (TSX VENTURE: BRD) (OTCQB: BDWYF) ("Broadway" or the "Company") is pleased to provide an update on its Phase III surface drilling program at the Company's 100%-owned Madison copper-gold project in the legendary Butte-Anaconda mining region of Montana, USA.

Key highlights to date from the recently documented, well-mineralized, two-mile-long geological, geophysical and geochemical trend include:

  • Latite porphyry discovered in holes C17-24 and C17-27;
  • Anomalous gold, silver, manganese, lead, sulfur, strontium and zinc identified in the phyllically altered latite;
  • Porphyry body appears to be of significant size with intercepts to date measuring up to 234 metres and open in all directions; and,
  • New discovery in regional trend near Butte region.

"The ongoing, multi-faceted exploration continues to point toward the presence of a large copper-gold porphyry system at Madison," said Duane Parnham, President and CEO of Broadway. "The pervasive porphyry alteration and the presence of polymetallic veinlets and stockwork systems suggest we have intercepted the outer margins of the mineralized porphyry system. We need to continue to work systematically and diligently to locate the typically higher-grade core."

Seven holes totaling 2,323 meters have been drilled to date, as Broadway aggressively and systematically tests IP targets highlighted during the property-wide survey completed in 2017.

As expected, some of the holes have encountered excellent indications of a deeper porphyry, while others intersected skarn similar to that encountered in earlier drilling at the Madison mine to the north. Initial areas tested include:

  • The North Central area, where some of the strongest IP responses throughout the survey identified a prominent northwest-striking IP anomaly;
  • The Mise-a-la-Masse target, where a northward extension of a skarn and massive sulfide ore body intercepted in C17-20 (23.8 meters of 1.247% copper and 1.843 grams per tonne gold) was indicated; and,
  • The southeast chargeability area, where two copper-gold porphyry targets have been identified and IP located several anomalies.

The highlight of the program was the initial discovery of the quartz latite porphyry in C17-24 (see October 26, 2017 news release), which is potentially responsible for driving the broad zone of skarn-jasperoid mineralization found at surface. C17-24 encountered 76 meters of quartz latite porphyry. Probing at depth, hole C17-27 encountered 234 meters of latite porphyry.

The quartz latite porphyry is light grey to dark green in color and fine grained. It is moderately to strongly altered with zones of propylitic, silicic and phyllic alteration increasing in intensity with depth. Mineralization in C17-24 consists of porphyry-style disseminated and microveinlet pyrite with lesser sphalerite and galena. A 12.74-meter interval returned positive values of 0.228 g/t Au, 7.69 g/t Ag, 570 ppm Pb and 1205 ppm Zn, confirming the latite is mineralized. Mineralization in C17-27 consists of fine disseminations, microveinlets and coarse blebs of pyrite. Samples for C17-27 will be submitted to the lab as soon as the core is logged and split.

Other highlights from the drilling include:

  • C17-22, where a seven-meter interval of pyrite-rich carbonaceous dolomite returned values of 243 ppm Mo, 188 ppm Cu and 390 ppm vanadium, apparently explaining the northwest trending IP anomaly along the Green Campbell Fault Zone.
  • C17-25 failed to explain a strong IP anomaly in the southeast corner of the property indicating an additional hole on a different azimuth is warranted.

The recently completed remote sensing study located clusters of alteration minerals at fault intersections and along faults, generating 24 exploration targets. Additionally, alteration mineral suites were identified in areas of anomalous soil geochemistry.

Qualified Person

R. Tim Henneberry, P.Geo., Broadway's Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.

About Broadway Gold Mining Ltd.

Broadway Gold Mining Ltd. is a resource company focused on development-stage projects with advanced exploration potential. The company owns a 100% interest in the Madison copper-gold project located in the Butte-Anaconda mining region of Montana, USA. The Madison project is permitted for exploration and contains a past-producing underground mine that Broadway has refurbished. While actively expanding known copper and gold zones that remain open for development in the mine's perimeter, the company's exploration program has identified new anomalies across its extensive land package that provide compelling drill targets that are believed to be associated with large-scale porphyry mineralization.

Forward-Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of The TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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