MacDonald Mines Exploration has received a three-year exploration permit for Scadding Mine, which is located east of Sudbury in Northern Ontario, Canada.
The Scadding Mine, which is wholly-owned by the company, is part of its SPJ Iron-Oxide-Copper-Gold Project (IOCG) located 40km east of Sudbury in Ontario.
Valid for a period of three years, the permit will enable MacDonald Mines to expand its exploration programme at the SPJ Project beyond the Scadding Mine.
MacDonald Mines Exploration president and CEO Quentin Yarie said: “We are pleased to have completed all formal requirements with respect to the purchase of the Scadding Mine from Currie Rose and Northern Sphere.
“This area has been identified as an emerging iron-oxide-copper-gold district and our strategy over the last few months has been to expand our land package and, by so doing, increase the number of prospective targets on our property.
“Having 100% ownership of the Scadding Mine and our exploration permit in hand, we can now start a comprehensive exploration programme at, and beyond, the Scadding Mine and evaluate the full potential of our large SPJ Iron-Oxide-Copper-Gold Project.”
The current drilling programme of the SPJ property highlights 100% ownership of MacDonald over 10,000ha mining jurisdiction with potential to host Iron oxide copper gold (IOCG) ore.
It also shows that the Scadding deposit will host significant reserves of cobalt-copper, silver, nickel and rare earth showings outside of the deposit footprint.
Previously, the mine produced 914kg of gold from 127,000t of mineralised material graded at 7.2g/t.
The current drilling programme aims to confirm high-grade gold zones of the Scadding Deposit.