TORONTO, ONTARIO--(Marketwired - March 8, 2017) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) ("MacDonald Mines" or the "Company") is pleased to introduce its new Technical Advisory Committee. The Company believes that these experienced industry professionals with a varied array of expertise and background will be an important asset to the Company as it advances its recently acquired mineral projects.
Technical Advisory Committee
Jean-Philippe Desrochers, Ph.D., P.Geo.
Mr. Jean-Philippe Desrochers, has over twenty years of experience in the mineral exploration industry in Canada, Central and South America. Dr. Desrochers has been involved with intermediate and junior mining companies with exploration projects ranging from grass-roots to mine-scale. He was Vice-President of Exploration at the Windfall Lake Gold Project for Murgor Resources Inc. from 2005 to 2010, and joined Eagle Hill as Chief Geologist in 2010 before becoming Vice-President Exploration for Eagle Hill in 2013. Past experience also includes senior positions with Aur Resources and SRK Consulting. Dr. Desrochers specializes in the field of structural geology applied to ore deposits in the search for Archean lode gold, volcanogenic massive sulphides, porphyry copper, skarn, and epithermal gold deposits.
James Franklin, Ph.D., FRSC, P.Geo.
Dr. James (Jim) Franklin, is a renowned and award winning exploration geologist with over 40 years of extensive geological knowledge and expertise focusing on discovering base metal, uranium, and gold-bearing ore deposits. His career in the mineral industry has involved teaching at the university level, and directing research programs for the Geological Survey of Canada as Director of the Survey and as its Chief Geoscientist from 1993 to 1998. Dr. Franklin was past President of both the Geological Association of Canada and the Society of Economic Geologists. He was a Co-editor of Exploration and Mining Geology for CIM and was also Associate Editor of Economic Geology (trade journal) for seven years. He serves as a Fellow of the Royal Society of Canada and is an Adjunct Professor at Queen's, Laurentian and Ottawa university. Dr. Franklin is an expert on gold and VMS deposits in the Churchill and Superior Provinces of the Canadian Shield.
Mr. Mackenzie Watson, B.Sc., P.Geol., P.Eng.
Mr. Mackenzie (Mac) Watson, has over 50 years experience in the exploration, development, and mining industry, and has been involved in the discovery of numerous mineral deposits in Canada. He is currently Honorary Chairman of the Board of Directors of Quest Rare Minerals. Mr. Watson spent his career in the junior mining sector, as CEO of Lynx Canada Exploration from l969 to 1985, and CEO of Freewest Resources from 1985 until 20l0 when it was taken over by Cliffs Natural Resources. Mr. Watson was awarded Canada's Prospector of the Year Award in 1991 for his contribution to the discovery of the Harker Holloway gold mine (Ontario), the Icon-Sullivan copper mine (Quebec), the Long Lake zinc mine (Ontario), the Ellison gold deposit (Quebec) and the Hebecourt copper deposit (Quebec); and again in 2010 for his contributions to the mineral discoveries in the Ring of Fire area of Northern Ontario. He was also awarded the Quebec Prospector of the Year Award in 1992 for his participation in the discovery of the Pusticamica and Verneuil gold deposits in Quebec. In January 2015, Mr. Watson was inducted into the Canadian Mining Hall of Fame.
Mr. Hadyn Butler, B.Sc., P.Geo., P.Eng.
Mr. Butler is a Professional Geoscientist and a practicing member of the Association of Professional Geoscientists of Ontario. Mr. Butler had 30 years consulting experience with INCO and has enjoyed substantial success in mineral exploration. He has over 40 years of geological experience. He has been a Director of MacDonald Mines Exploration Ltd., since August 14, 2003 and a member of its Technical Advisory Committee since February 2011. He served as Director of Uranium Star Corp. (Formerly Yukon Resources Corp.) from December 22, 2006 to January 2, 2009. He graduated with a degree in geology in 1974 (Bachelor of Science, with First Class Honours and University Medal) at the University of New England, Armidale, New South Wales, Australia.
Trenching on Oxide Sands to Commence Spring 2017
Expedition Group of Companies Inc. has been contracted to conduct the trenching of the Oxide Sands, one of the main gold targets on the property.
The Oxide Sands are interpreted to be derived from the weathering of an auriferous and pyritized Algoma-type iron formation. The pyritized iron formation has been traced over a 2km strike length. In 2002, the Oxide Sands were sampled over 332.5 metres along strike. They were reported to reach a depth of at least 8 metres and contained an average gold grade of 3.45 g/t and an average silver grade of 29.99 g/t.
The objective of MacDonald's trenching program is to confirm the Oxide Sands' strike length and thickness and to undertake a systematic sampling of the mineralized horizon over the total strike length.
Additional Financing Closes.
The Company is also pleased to announce it has closed on March 6 and 7, 2017 an additional private placement offering (the "Offering") of securities. Pursuant to the Offering, the Company issued a total of 2,842,858 units (the "FT Units") with each FT Unit comprised of one class A common share that qualifies as a "flow-through" share pursuant to the Income Tax Act (Canada) and one non-flow-through class A common share purchase warrant (the "Warrants") at a price of $0.07 per FT Unit and 2,605,999 units ("Non-FT Units") with each Non-FT Unit comprised of one class A common share and one Warrant at a price of $0.07 per Non-FT Unit, for aggregate gross proceeds of $381,419.99. Each Warrant is exercisable to acquire one class A common share at a price of $0.10 per share for a period of 36 months following the issuance thereof.
Total gross proceeds received to date from this Offering as well as the previous private placement offerings of securities which closed on December 29, 2016, December 30, 2016 and January 20, 2017 is approximately $1,200,000.00.
In connection with the closing of the Offering, the Company has paid finders fees equal to 9% of the gross proceeds raised by the Company to investors introduced to the Company by such finders, or approximately $31,177.80 and has issued compensation options (the "Compensation Options") equal to 9% of the number of Units sold to investors introduced to the Company by such finders, or 445,397 Compensation Options. The Compensation Options are exercisable to acquire one Non-FT Unit for a period of five years from the date of issuance thereof at a price of 0.07 per Non-FT Unit. All securities sold or issued in connection with the Offering are subject to a hold period of four months and one day from the date of issuance thereof. The Offering is subject to receipt of final approval of the TSX Venture Exchange.
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold and silica exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Project and Charlevoix Silica Property.
Wawa-Holdsworth Project Highlights:
- Approximately 285 hectares, located 20 kilometres northeast of the town of Wawa.
- Neighbouring Argonaut's >6Moz gold Magino Deposit & Richmont's >1Moz gold Island Gold Mine.
- Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor.
- Year-long road access and easy access to rail, road, electrical power, labour force and suppliers.
Charlevoix Silica Property Highlights:
- Located approximately 42 kilometres north of Baie-Saint-Paul, Quebec.
- The geology on the property appears to be an extension of the high-purity silica horizons of the Sitec Mine, located within 15 kilometres.
- The Sitec's Silica Mine has been in production for more than 50 years and produces approximately 250,000 tonnes of silica a year. It has an estimated future mine life of over 20 years.
- Rogue's Silicon Ridge Project is adjacent to the Charlevoix Property. It hosts a measured and indicated resource of 9.7 Mt at 98.6% SiO2 and an inferred resource of 1.6 Mt at 98.56% SiO2 (NI 43-101 Technical report on the Silicon Ridge Mineral Resources Quebec - Canada, June 7, 2016).
The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".
To learn more about MacDonald Mines, please visit www.macdonaldmines.com
This news release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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