Stuart Adair, CPA, CA, MA, BA, a member of the Board of Directors of MacDonald Mines and Chair of its Audit Committee, has been designated as the Company’s interim Chief Executive Officer effective September 8, 2021. Mr. Adair has extensive financial and operating experience as a “C” suite executive and will provide support, direction, and guidance to MacDonald Mines’ Management during this transition.
MacDonald Mines priorities are to continue with our business plan, deliver on our exploration models, and maintain a stable and effective organization. The Board of Directors has commenced a search for a new CEO. We thank Mia for her contributions and wish her success in her future endeavours.
MacDonald Mines also reports on results from its Summer 2021 mechanized stripping, channel sampling and regional prospecting program at its 100% owned SPJ Project, 30 km east of Sudbury, Ontario (Figure 1).
In the Glade area, channel sampling extended gold mineralization in the Alkin-Glade trend over 225 metres along strike. Exploration work in the Glade area also led to the discovery of a broad zone of anomalous gold in the Espanola limestone 150 m below the mineralized Alkin-Glade corridor in hole AG-21-097. Channel sampling at the Jerome showing indicates that the Nipissing intrusion contains palladium-rich mineralization.
2021 exploration highlights include:
- New channel sample results confirming gold mineralization at the Glade West showing
- 5.12 g/t gold over 3.40 metres including 17.10 g/t gold over 0.80 metre
- Discovery of quartz veins with visible gold 100 metres west of the Glade East showing and 125 metres east of the Glade West showing on trench AGT-21-011
- Suggests that gold mineralization in the Alkin-Glade extends between the Glade East and Glade West showings over 225 metres
- Identification of a broad zone of anomalous gold in the Espanola limestone at the southern margin of the Nipissing diabase (Glade diabase) hosting the Glade system 150 m below the Alkin-Glade trend
- Analysis of the Espanola limestone below the southern contact of the Nipissing sill in hole AG-21-097 indicated 0.14 g/t gold over 31.50 metres
Rathbun block of the SPJ project
- Confirmation that palladium-rich mineralization exists in the Nipissing sill at the Jerome showing in the Rathbun block of the SPJ property
- Channel sample contains 2.97 g/t Pd, 0.42 g/t Pt and 0.24 g/t Au over 4 m (Cu and Ni assays are pending)
Fall 2021 exploration plans
During the Fall of 2021, the Company plans to complete the channel sampling and mapping program in the Glade and Alkin areas of the Alkin-Glade trend in preparation for diamond drilling in the Alkin-Glade corridor. The first phase of the drilling program will consist of a series of drill holes to test the continuity of gold mineralization between the Glade East and Glade West showings, separated by 225 m.
In parallel, the Company plans to prospect, sample and map the McLeod showing where historic diamond drilling intersected significant gold mineralization. The Company also plans to prospect and map gold-copper mineralization at the historic Alwyn Mine and explore for additional palladium-rich mineralization in the Nipissing sill hosting the Jerome showing,
Table 1 – Results of channel sampling along the northern contact of the Glade diabase in the Alkin-Glade trend
|AGT-21-005A||No significant results|
|AGT-21-005B||No significant results|
Table 2 – Results from diamond drilling and channel sampling along the southern contact of the Glade diabase and the Espanola Limestone
|AG-21-097||184.90||216.40||31.50||0.14||Espanola- Glade Diabase contact|
|AGT-21-007B||No significant results|
Table 3 – Results from channel sampling at the Jerome showing
|RAT-21-001A||No significant results||Jerome showing|
|RAT-21-001B||No significant results|
Table 4. Coordinates of the reported channel samples and drill hole
The Alkin-Glade trend is located at the contact between a Nipissing intrusion and sedimentary rocks. The structure hosts two significant zones of mineralization – the historic Alkin Mine and the Glade showings. In the Glade area, Ontario Geological Survey maps and historical exploration identified a broad zone of disruption, alteration, deformation and mineralization that extend over a strike length of 300 m. High-grade gold in quartz veins was reported historically. Old exploration trenches, now overgrown with vegetation are the only evidence of the 1930’s and 1940’s exploration work done at Glade with gold mineralization still exposed at the Glade East and Glade West showings.
The historical Alkin gold mine is located 2.2 km W-NW of the Glade showings. At the Alkin mine, gold mineralization occurs as a network of quartz veins hosted in the felsic phase of the Nipissing Diabase intrusion that also hosts the Glade showings. Reconnaissance work by the Ontario Geological Survey reported gold assays up to 38.8 g/t gold in grab samples taken from the veins exposed at the Alkin Mine (OFR 5771). The reader is cautioned that grab samples are selective by nature and do not represent the actual grade of the targeted mineralization. In addition, the reader is cautioned that a qualified person has not done sufficient work to validate the accuracy of the historical results. The Company is not treating the historical estimates as current mineral resources.
Diamond drilling under the Glade West Showing in holes AG-21-096 and AG-21-097 revealed a large alteration and mineralization system where shear-hosted quartz veins are surrounded by networks of gold mineralized, multidirectional and variably spaced quartz tension veins concentrated in the Nipissing intrusion at its northern contact with the Bruce conglomerate. Diamond drilling also identified that mineralization extends in the Espanola limestone along the southern contact of the Nipissing diabase hosting the networks of gold-bearing shear zones and quartz veins. Visible gold was observed in many of the quartz veins in both holes AG-21-096 and AG-21-097, and in the channel samples taken at Glade East. Surface work at the Glade East showing confirmed comparable mineralization 225 m east of the Glade West discovery. Visible gold is associated with iron-rich chlorite alteration emplaced and crosscutting the quartz veins. This association between gold and iron-rich chlorite observed at the Glade West is similar to the iron-chlorite and gold at the Scadding Deposit. The observed relationship in mineralization could represent a considerable extension of the mineralized system of over 800m.
The Jerome showing is located on the Rathbun block of the SPJ property. PGE mineralization is hosted in an intrusion pertaining to the Nipissing sills according to the Ontario Geological Survey maps of the area. PGE mineralization is associated with disseminations of pyrrhotite, chalcopyrite and magnetite in the Nipissing sills. The base metal results for the channel samples taken by MacDonald Mines remain pending.
Jean-François Montreuil, P.Geo., Chief Geologist of MacDonald Mines, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for preparing, supervising, and approving this news release’s scientific and technical content.
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security sealed bags for analysis to Actlabs in Ancaster, Ontario. Individual samples are labelled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The samples transported to Actlabs were dropped in rice bags with security seals by Manitoulin Transport. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.
MacDonald Mines has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, the Company inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates. All samples over 10 g/t gold or the samples with abundant visible gold are analyzed using a 1-kilogram metallic screen. Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.
MacDonald Mines has developed and implemented precautions and procedures that are compliant with Ontario’s health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential for community contact and spreading of the virus.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario that trades on the TSX Venture Exchange under the symbol “BMK”.
The Company is focused on developing its 100%-owned SPJ Project in Northern Ontario. Following up on its successful 2019/20 exploration and drilling campaigns, MacDonald Mines is focused on what it theorizes to be a large gold system at work on the 18,340 ha property with high-grade gold surrounding the past-producing Scadding Gold Mine and gold/polymetallic mineralization over several kilometres around it.
To learn more about MacDonald Mines, please visit www.macdonaldmines.com
For more information, please contact:
Stuart Adair, CEO, email@example.com
Fiona Fitzmaurice, CFO, firstname.lastname@example.org
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.tsx tsx venture otc tsxv gold iron diamond
Toshiba, Sojitz and CBMM partner to commercialize next-generation Li-ion batteries with NTO anodes
Toshiba Corporation, Sojitz Corporation, and CBMM have entered into a joint development agreement for the commercialization of next generation lithium-ion…
Toshiba Corporation, Sojitz Corporation, and CBMM have entered into a joint development agreement for the commercialization of next generation lithium-ion batteries using niobium titanium oxide (NTO) as the anode material.
One of the major requirements for rechargeable battery development is greater energy density and faster charging. NTO has twice the theoretical volume density of the graphite-based anode generally used in lithium-ion batteries. In June 2018, the three companies entered into a joint agreement to develop NTO’s potential as an anode material.
This work, led by Toshiba’s Corporate Research & Development Center, has reached fruition with the development of prototype cells, and the companies have now agreed to extend collaboration for accelerating development of mass production processes and the early commercialization of next-generation lithium-ion batteries.
Prototype cell & Niobium Titanium Oxide (NTO)
The three companies aim to commercialize high energy density, quick charging batteries in FY2023, mainly targeting application in commercial e-vehicles. CBMM has contracted with Volkswagen Caminhões e Ônibus, a pioneer in the development and serial production of electric trucks in Latin America, to mature this technology further in real application. Toshiba and Sojitz will support this project.
The NTO battery will be installed on new electric vehicle designed by Volkswagen Caminhões e Ônibus as a pilot project and parties will collect the valuable vehicle operation data.
Niobium (Nb), one of the metallic elements, is an important additive in the production of high-grade steel alloys, including high-tensile and stainless steel, and its ability to enhance strength while reducing weight has made it indispensable for automotive applications. Brazil-based CBMM is the world’s leading producer of niobium and is well-known for its strong technology and product development programs.
As CBMM’s shareholder and distribution agent in the Japanese market, Sojitz has cultivated the knowledge and capabilities needed to establish a stable supply system and assist in the development of different applications for niobium.
Towards commercialization, Toshiba aims to secure stable supply of niobium materials from CBMM and Sojitz, and the three companies will target to gain market share in the rapidly expanding secondary battery market by utilizing CBMM and Sojitz’s global network.
Your cash will lose at least 5% of its purchasing power in the next year
Earlier this week, Fed Chair Jerome Powell announced that the real yield on dollar cash and cash equivalents is likely to be -5% or less over the next…
Earlier this week, Fed Chair Jerome Powell announced that the real yield on dollar cash and cash equivalents is likely to be -5% or less over the next 12 months. Yes, your cash balances will lose at least 5% of their purchasing power over the next year, and that's virtually guaranteed. So what are you—and others—going to do about it?
Assumptions: This forecast of mine optimistically assumes that 1) the first Fed rate hike of 25 bps comes, as the market now expects, about a year from now, and 2) the rate of inflation slows over the next 12 months to 5% from its year-to-date rate of 5.9%. Personally, I think inflation next year likely will be higher, if only because of the delayed effect of soaring home prices on Owner's Equivalent Rent (about one-third of the CPI), the recent end of the eviction moratorium on rents, and the continued, unprecedented expansion of the M2 money supply.
I'm a supply-sider, and that means I believe in the power of incentives. Tax something less and you will get more of it. Tax something more and you will get less of it. Erode the value of the dollar at a 5% annual rate and people will almost certainly want to hold fewer dollars than they do today.
I'm also a monetarist, and that means I believe that if the supply of dollars (e.g., M2) increases by more than the demand for dollars, higher inflation will be the result. We've already seen this play out over the past year: the M2 money supply has grown by more than 25% (by far an all-time record) and inflation has accelerated from less than 2% to 6-8%. Massive fiscal deficits have played an important role in this, but so has an accommodative Fed. Between the Fed and the banking system, 3 to 4 trillion dollars of extra cash were created over the past 18 months. At first that was necessary to supply the huge demand for cash the followed in the wake of the Covid shutdowns. But now that things are returning to normal, people don't need or want that much cash. Yet the Fed continues to expand its balance sheet, and they won't finish "tapering" their purchases of notes and bonds until the middle of next year. That means that there will be trillions of dollars of cash sitting in retail bank accounts (checking, demand deposits and savings accounts) that people will be trying to unload.
If we're lucky, the inept and feckless Biden administration will be unable to pass its $1.5 trillion infrastructure and $3.5 trillion reconciliation bills in the next several weeks. This will lessen the pressure on the Fed to remain accommodative, but it's not clear at all whether it will encourage the Fed to reverse course before we have a huge inflation problem on our hands. Non-supply-siders (like Powell) view an additional $5 trillion of deficit-financed spending as an unalloyed stimulus for the economy. Supply-siders view it as a virtually guaranteed way to increase government control over the economy and thereby destroy growth incentives and productivity.
Amidst all this potential gloom, there are some very encouraging signs, believe it or not. Chief among them: household net worth has soared to a new high in nominal, real, and per capita terms. Also, believe it or not, the soaring federal debt has not outpaced the rise in the wealth of the private sector. See the following charts for more details:
Commodities and Cryptos: Oil’s path higher, Gold turns positive, China’s Bitcoin blow
Oil Crude prices continue to climb higher as both short-term supply and demand fundamentals suggest the oil market will remain tight throughout the winter. …
Crude prices continue to climb higher as both short-term supply and demand fundamentals suggest the oil market will remain tight throughout the winter. The crude demand outlook is turning very upbeat as some scientist’s models predict a steady decline in COVID cases through March. Holiday bookings will continue to pick up, supporting jet fuel demand and a trucking demand crisis will likely mean diesel demand will remain very strong.
A cherry on top for the bullish outlook is that low natural gas inventories and a cold winter for the northern hemisphere could mean added demand for crude as an alternative energy source. Today’s rally in crude prices is impressive as it has been a steady climb higher this week, alongside a strengthening dollar that normally dampens appeal for commodities. Oil prices have one direction to go for the remainder of the year and that is higher.
Before the New York open, WTI crude softened after Iranian Foreign Minister Hossein Amirabdollahian said Iran nuclear deal talks will resume soon. Expectations for sanction relief for Iran have diminished since Iran’s inauguration day. Negotiations will be a long drawn-out process that will likely require compliance before the US gives any sanction relief. Extra Iranian barrels of crude seem unlikely to be a 2021 story.
Gold prices turned positive after Evergrande’s woes extended beyond China. US Evergrande investors reportedly have not yet received interest payments and the China Evergrande New Energy Vehicle Group Ltd has a serious shortage of funds. It looks like China won’t save Evergrande but will try to contain any systemic risks, which should lead to some safe-haven flows for bullion.
Gold has been battling against a stronger dollar that stemmed from surging Treasury yields post-Fed. Gold is in a very tough spot and volatility will remain elevated with the risks remaining to the downside. The US growth story will continue to improve if COVID modelers are right about a steady decline in COVID cases through March. If Evergrande’s fallout is contained over the weekend, gold could be vulnerable for a test of the $1700 level.
Bitcoin was dealt a major blow after China’s central bank said all cryptocurrency transactions are illegal and must be banned. Bitcoin initially fell over 5% and the other top coins dropped around 10%. Overseas exchanges that offer Chinese residents services are illegal, also taking aim at Chinese nationals who work at those exchanges are at risk of an investigation. Bitcoin, Ethereum, and Tether were specifically named as cryptos that can’t circulate in China.
Beijing withheld banning possession of cryptocurrencies, which would have dealt a massive blow to the entire crypto space. A banning of possession of cryptos probably would have sent everything crypto 20% lower. If you are a Chinese crypto holder, you might be deciding now is the time to cash out. Three years ago, crypto was heavily centralized in China, with over two-thirds of the mining happening there. If Chinese crypto holders fear a ‘possession ban’ is looming, a tremendous amount of selling from old wallets may occur.
Bitcoin remains extremely vulnerable on the break of the $38,000 level, which could trigger momentum selling to the $35,000 level.aim gold
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Your cash will lose at least 5% of its purchasing power in the next year