TORONTO, ONTARIO -- (Marketwire) -- 02/21/13 -- MacDonald Mines Exploration (TSX VENTURE: BMK) ('MacDonald' or 'the Company') has commenced its Winter 2013 drill program on the Butler 3 volcanogenic massive sulfide (VMS) target in the Ring of Fire (ROF). The newly delineated drill target exhibits coincident geochemical, density, conductivity and chargeability anomalies. The Butler property is located 36 kilometres west of Cliffs Natural Resources (Cliffs) Big Daddy Chromite deposit (Click here for map).
To view "Figure 1: Outline of gravity anomaly and vertical projection of drilling in the Butler 3 area", please visit the following link: http://media3.marketwire.com/docs/bmk02212013fig1.pdf.
Analogy to Kidd Creek Deposit
The Butler 3 geophysical anomaly (density, IP and EM) measures 100 metres wide by 500 metres long and is located east of the previously identified stringer mineralization. Last year's drill hole BP12-Cu11 intersected hydrothermal talc above this anomaly - interpreted as the top of a large, overturned (approx. 90 degrees) VMS feeder system spanning over 1.5 kilometres in length. The Butler 3 geochemical signature and alteration zone are remarkably similar in size and alteration intensity to that observed at Kidd Creek Mine - one of the world's largest Cu-Zn VMS deposits.
It has been postulated that a Kidd Creek type deposit is possible in the ROF due to the high temperature magma chambers in the footwall of the VMS deposits here. The presence of komatiites, icelandite, talc and tin at Butler 3 is proof that we have a high temperature exhalative system capable of forming large VMS deposit(s).
The Importance Komatiites
The confluence of the prominent markers for high heat flow (komatiites and icelandites), combined with the abundance of highly altered felsic volcanic rocks (rhyolite) all point to this being a highly prospective area. Generally the larger the alteration system, the larger the associated VMS deposit(s).
According to Dr. Larry Hulbert, P.Geo., the only identification of unequivocal komatiites within the ROF are on the Butler Lake property. This has demonstrated to the Company that the property has the potential to host significant mineralization due to the extreme temperatures and potential length of time for a VMS system to form. The only large VMS deposit with a komatiitic suite overlain by rhyolites (as present on the Butler 3 target) is the Kidd Creek deposit in Ontario.
Minister Tony Clement to Take Helm in the Ring of Fire
As reported today in the February 20th, 2013 edition of the National Post, the federal government has won accolades for finally naming a point man for the Ring of Fire.
Minister Tony Clement, president of the Treasury Board and head of a federal development organization for Northern Ontario, announced that he would take the lead role on the file at the request of Prime Minister Stephen Harper.
"There is a lot at stake and we cannot afford to allow this development to stall and become mired in paralysis and uncertainty," he said in a speech in Thunder Bay.
The Ring of Fire, located in the James Bay Lowlands, is thought to contain $30-billion to $50-billion worth of minerals and is poised to be North America's first significant source of chromite.
Butler 1, 2 and 4
At the adjacent Butler 4 property, a DPEM geophysical survey (Crone Geophysics) is being completed, after which drill targets will be selected. The Butler 1, 2 and 4 occurrences all share the same stratigraphic assemblage and analogous geology as Butler 3, a characteristic of most of the producing VMS camps in the Canadian Shield (Click here for a map of the Butler Zones).
Effective February 20, 2013 a total of 5,195,000 stock options were granted to directors, officers, employees and consultants of the Company in accordance with the terms of the Company's incentive stock option plan filed with the Toronto Venture Stock Exchange and approved by shareholders on June 28, 2012. These options are exercisable at a price of $0.10 per share for a period of five years and are subject to a four month and one day hold period as required by the rules of the TSX-V.
The information in this news release has been reviewed and approved by Quentin Yarie, P.Geo., senior Vice President of Exploration of MacDonald Mines Exploration Inc., a qualified person in accordance with Canadian regulatory requirements as set out in NI 43-101.
About MacDonald Mines
MacDonald Mines has steadily moved its exploration forward for 10 years in James Bay's Ring of Fire. The company, under the direction of Hadyn Butler, P.Geo, located and staked what has proven to be highly prospective ground for potential discovery.
This area of James Bay presents a unique opportunity in that the Ring of Fire contains the entire suite of minerals including VMS, nickel, chrome, vanadium, titanium and gold potential. The only other similar region is in the Bushveld in South Africa but this region lacks the copper, zinc and nickel content of James Bay.
MacDonald's exploration team is led by Quentin Yarie, P.Geo and Craig Scherba, P.Geo and supported by key renowned consultants in their respective fields. They include, Jim Franklin, PHD, P.Geo, for VMS, and Larry Hulbert, PHD, P.Geo, for nickel, chrome and vanadium.
Cautionary Statement: The foregoing information may contain forward-looking statements relating to the future performance of MacDonald Mines Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from MacDonald Mines plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by MacDonald Mines with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We seek safe harbour.
Neither TSX Venture Exchange 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
MacDonald Mines Exploration Ltd.
Senior Vice President, Corporate Development
(416) 364-2753 (FAX)
MacDonald Mines Exploration Ltd.
President & CEO
(416) 364-2753 (FAX)
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Ex-BP Employee Settles Insider Trading Charges
- Venture Investments in U.S. Highest Since 2001
- Colo. Cleantech Program Calls for Entrepreneurs
- Hiring Fair for Veterans, Job Seekers
- Unemployment Rates Down, Job Gains Up in March
- Recordings Reveal a Not-So-Nice Martinez: Editorial
- VW Beetle Marks 65th Year in U.S.
- The Biebs Crashes Drake's Release Party