There’s gold in those Sudbury hills, and Toronto-based MacDonald Mines Exploration Ltd. (TSX-Venture:BMK) is cashing in these days, likewise, its investors.
Thursday, the junior miner announced preliminary results from the 2,000-metres drill program at its 100% owned and permitted Scadding Mine, located on the 10,647 hectares SPJ (Scadding-Powerline-Jovan) Property 40 kilometres east of the Northern Ontario town.
Thursday’s news released said the first two drill holes intersected mineralized hydrothermal breccia zones with visible gold and abundant pyrite.
Visible gold was also observed another hole at 24 metres depth, which as yet had not been completed.
Exulted CEO Quentin Yarie, "We have put considerable effort to consolidate our current land position east of Sudbury. This is an emerging IOCG (Iron-Oxide-Gold-Copper) district and we believe Scadding could host a gold-rich IOCG-type deposit.
"The gold observed in our first two drill holes confirms that our efforts were well worth it. The first round of assays will be rushed so that we can validate to our shareholders the potential of the SPJ Project."
Shares in BMK gained a penny, or 16.7%, to seven cents to 863,000
