News release this morning:
Mon 10 Feb 97 News Release
See MacDonald Mines Exploration Ltd (MMP.A) News Release Mr Tom Smeenk reports
The exploration programs of MacDonald Mines Exploration in Cuba, continue to expand estimates of the gold and copper resources there. At the Quartz-Alunite and Castle Rock zones, on Big Golden Hill, drilling has now determined that the average thickness of the gold-enriched oxide mineralization is almost 50% greater than previously calculated. Reverse circulation drilling will now be used to finalize resource estimation at those zones.
At the Three Hills zone, drilling has also increased the extent of the main oxide gold-mineralized body and discovered two additional oxide bodies, while significantly expanding the underlying gold and copper sulphide body. In places the sulphide body is greater than 100 metres (328 ft) in vertical thickness. Additional drilling is planned, after current results are analyzed and interpreted, to permit further resource estimation. Drilling at anomally A and anomally B has been completed and a new ground geophysical (IP) anomally has been discovered 1,700 metres (4,647 ft) south of Big Golden Hill. Analytical results are pending from samples at all three of these occurrences. A diamond drill hole at the newly identified Golden Hill South anomally intersected 164.40 metres (449 ft) of hydrothermal breccia similar in appearance to gold-bearing super-siliceous breccia found elsewhere in the Golden Hill discovery area. At the Florencia South zone, continuing sampling has considerably expanded the extent of the at-surface oxide-gold resource. The high-grade (greater than 1.0 g/t Au) zone remains open in both directions on strike and averages 6.3 g/t Au. A broad enveloping zone of lower grade mineralization has also been identified and the average uncut grade of all samples greater than 0.2 g/t Au is 2.7 g/t Au. Sampling of both the Florencia North zone and the Florencia South zones is continuing in order to finalize a resource estimate.
Drilling has now started at the Maclama area to test its six presently identified prospects in skarn-style mineralization, where earlier sampling yielded grades exceeding 34 g/t Au (1.0 oz/ton). The company continues to await regulatory response to its proposal to acquire the interest of partner Golden Hill Mining in the discovery. Golden Hill Mining is approximately 42% held by Mill City Gold Mining. The company's application to list its securities on a senior Canadian stock exchange, has been held pending regulatory approval.
Could this be the one to make an impact on the share price? It's up two cents since this announcement less than an hour ago |
