MacDonald Mines Exploration Ltd. announces that it has finalized an agreement to acquire 100% of the Hornby and Pender Properties, located in the “Ring of Fire” area of the James Bay Lowlands, with Temex Resources Corp. An exploration update follows the agreement details below.
The Hornby Property
MacDonald Mines Hornby Property is located contiguous to the KWG/Spider “Big Daddy” chromite deposit. The Company believes, based on a total review of its airborne survey and historical exploration data, that the Hornby Property has the potential to host the extension of the Big Daddy deposit.
The Property also exhibits prospective volcanogenic massive sulfide (VMS) (copper, zinc and lead) geophysical targets and is on same stratigraphy as Spider/KWG McFauld’s Lake VMS discovery. Historical drilling in the proximity of this prospective target intersected VMS mineralization.
As detailed in the Company’s recent press releases, MacDonald Mines has several significant mineral opportunities across multiple properties in the James Bay Lowlands. The spring 2010 drill program consisting of 26 holes, 4,471 meters and focused on the McNugget Property and identified new VMS mineralization of substance on four fold limbs.
A summary of the highlighted drill holes reported were as follows;
- Hole MN10-102 intersected 1.03% over 15 metres
- Hole MN10-111 intersected 1.04% over 5 metres
- Hole MN10-90 intersected 1.11% over 5 metres
- Hole MN10-104 intersected 3.3% over 9 metres
- Hole MN10-106 intersected 2.55% over 4 metres
- Hole MN10-110 intersected 2.82% over 5 metres
- Hole MN10-102 intersected 2.5% over 3 metres
- Hole MN10-104 intersected 2.00% Zn and 0.88% Cu over 6 metres
- Hole MN10-87 intersected 13.32 g/t over 5.3 metres
- Hole MN10-94 intersected 16.56 g/t over 4 metres
- Hole MN10-102 intersected 11.67 g/t over 3 metres
- Hole MN10-104 intersected 11.97 g/t over 3 metres
Final assays from this last phase of drilling are pending and will be reported once they have been received and reviewed by the Company.
This large VMS system, which is open in all directions and yields VMS mineralization over a potential cumulative strike length of approximately 20 kilometres, was described by consulting geologist Hadyn R. Butler, P.Geo, as potentially being a new VMS camp.
Next Phase of Drilling to Commence Early September With 2 Drills
Crone Geophysics’ down-hole and surface EM system was employed in the previous phases of exploration, assisting in the discovery of the four VMS mineralized fold limbs, and will again be utilized for the upcoming drill program for drill target control.
The Company will continue to operate two drills for this upcoming drill program and will focus on the positive results from its successful spring 2010 drilling program on the McNugget Property.
Targeting Nickel and VMS on McNugget Property
The pyrrhotite-chalcopyrite-sphalerite-pyrite mineralization observed in the core of the McNugget property is indicative of VMS mineralization. The pattern of chlorite and sericite alteration, coupled with varying Cu/Zn ratios and alteration index plots from available geochemistry, indicates that there are at least three separate hydrothermal discharge vents/centres found within the same stratigraphic horizon of a large fold complex (McNugget).
Sulphide mineralization observed in drill core generally appears between footwall metasediments and hangingwall felsic volcanics, a lithologic sequence indicative of a Bimodal-Siliciclastic VMS environment.
Based on alteration mineralogy, geochemical vector analysis and 3-D geophysical modelling, it appears that the significant VMS mineralization intersected to date is peripheral to the volcanic centres (sources).
The Company’s current information is pointing to the Fold Nose found on the property as the most immediate prospective appreciable VMS mineralization. A surface and airborne electromagnetic (EM) survey are currently underway on the Fold Nose – and these results will direct the drilling program.
The highest priority nickel target on the McNugget property remains to be in the vicinity of MN07-39. A completion of the airborne magnetic and EM, and Noront Resources’ recent image of the Eagles Nest indicates that the same magnetic horizon extends from the Noront discovery through the McNugget property – adjacent to MN07-39. Prior to further drilling, this area will be investigated further using the following geophysical techniques – VTEM and AeroTEM IV, magnetics, and Crone Geophysics surface and down-hole pulse EM system.