Kennecott Exploration Company, a part of the Rio Tinto Group, has commenced its drilling campaign at Broadway Gold Mining’s Madison copper-gold project in Montana, US.
Located in the Butte region of Montana, the drilling programme will initially consist of three drill holes. These will be targeted areas displaying multi-element soil and rock chip geochemical anomalies, historic prospects, strong Induced Polarization (IP) anomalies and porphyry drill intercepts as identified by Broadway’s technical team. There will be an additional four holes targeting skarn mineralisation.
Broadway is engaged in the development and exploration of its two mines – the Broadway and Madison mines.
The Broadway mine produced 144,000oz of gold graded at 0.32oz/t Au from 1880 to 1950, while Madison produced bulk samples of 13,242t graded at 25% Cu and 0.32oz/t gold from 2005 to 2011.
Since 2005, the company has invested more than $20m in the exploration, development and bulk sampling of the Madison mine.
In April, Broadway and Kennecott signed an earn-in agreement with the option to enter a joint venture for a 70% interest after spending $50m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Following the signing of this agreement, Broadway signed a purchase arrangement to acquire a direct 85% interest in the historic Tsumeb mining camp in Namibia, Africa.
Broadway acquired four exploration prospecting licences (EPLs) in the Tsumeb land package, namely 6074, 6075, 6257 and 6999. The mineralisation of these licences stretches over a total strike length of 30km west of Tsumeb.