MacDonald Mines Exploration Ltd. (CVE: BKE) announced Thursday that it had struck visible gold in the first two holes of its ongoing 2,000-metres drilling program in its fully-owned Scadding Mine near Sudbury, Ontario. Since then, the company’s stock has ticked up 2 cents, or 33.3%, to $8.00 per share.
The company reports that the first drill hole of the project tapped into “an interval with over 12 pinheads of visible gold, centred around 46 metres depth.” It also notes that the second hole yielded visible gold as well, though neglects to mention just how much.
MacDonald Mines purchased a 100% interest in the longstanding Scadding Mine property from Northern Sphere Mining and Currie Rose Resources in April. The site was established in the mid-80s by Northgate Exploration, yielding about 30,000 ounces of gold averaging a solid 7.2 grams/tonne from 1984 to 1990, and has “seen bouts of sporadic exploration since” from Currie Rose, Trueclaim Explorations, and four other companies. You can see the data from a few of these historical assays here, but of course, past performance does not indicate future results. MacDonald President and CEO Quintin Yarie hopes that the project still harbours untapped potential.
About MacDonald Mines
Macdonald Mines Exploration Ltd. is a Toronto-based exploration company helmed by Quentin Yarie, a geophysicist who worked as a partner for an environmental engineering consultation group managing projects “including the ESA of the Sydney Tar Ponds, the closure of the Canadian Forces Bases in Germany and the Maritime and Northeast Pipeline Project” according to his bio on the MacDonald site. More recently, he was the business development officer at Geotech Ltd, an airborne geophysical survey mapping company. He currently is also the CEO of Red Pine Exploration Ltd. (CVE: RPX) and Honey Badger Exporation Inc. (CVE: TUF).