Broadway Discovers Porphyry System at Madison
Vancouver, BC – October 26, 2017 – Broadway Gold Mining Ltd. (TSX VENTURE: BRD) (OTCQB: BDWYF) (“Broadway” or the “Company”) today announced the discovery of a new latite porphyry zone of mineralization at its 100%-owned Madison project in the legendary Butte-Anaconda mining region of Montana, USA.
“Broadway’s technical team has successfully delivered on a fourth major milestone worthy of additional testing by discovering a porphyry system underlying the shallower skarn zones, which were mined in the past and expanded in our recent drilling. Although indications suggest a typical copper porphyry alteration system is present, this new mineralization discovered at Madison exhibits similar characteristics to the latite porphyry hosted at Barrick’s Golden Sunlight Mine (GSM) located 36 kilometers away in Whitehall, Montana,” said Duane Parnham, President and CEO of Broadway.
Hole C17-24 was designed to evaluate a chargeability anomaly identified within a highly prospective part of the property. It is the first hole drilled into an area of scattered historic prospect pits within a section of carbonate rocks displaying skarn and jasperoid alteration.
Hole C17-24 was drilled to a depth of 1,237 feet at -60⁰ incline 245⁰ azimuth ending in latite porphyry. Numerous limestone-dolomite breccia zones were encountered throughout the hole, some zones containing fine-grained disseminations and blebs of pyrite and chalcopyrite. The carbonate-latite porphyry contact was intercepted at 988 feet and exhibits pervasive propylitic alteration at the contact. A zone of phyllic alteration was encountered measuring over 41 feet from 1,014 to 1,055 feet down hole consisting of closely spaced quartz-pyrite veinlets and pyrite microveinlets. The pyrite disseminations and blebs are surrounded by a fine-grained gray sulfide, either sphalerite or galena. In places within the core of the phyllic alteration zone, narrow micro breccia and hydrothermal streaming textures can be seen. This alteration zoning from propylitic to phyllic is typical of porphyry systems moving toward the typically mineralized core.
Photo 1: C17-24 980-988 is the carbonate-latite porphyry contact, note the chaotic folding and brecciation.
Photo 2: C17-24 1032.5-1041.4 is a photo of the latite porphyry showing the phyllic alteration.
Core is being logged and split in preparation for shipping to the ALS Minerals Laboratory in North Vancouver, British Columbia for analysis and fluid inclusion studies. Results of these assays will be released once received.
Recent interpretation from Madison identified multiple priority target areas believed to be associated with large-scale porphyry mineralization at depth and located within a well-mineralized, two-mile-long geological, geophysical and geochemical trend. Phase III drilling is currently underway (see news release dated September 18, 2017) and Broadway is fully funded for completion of the program.
The results to date are encouraging however identification of a latite porphyry does not necessarily imply economic mineralization will be identified on the property.
R. Tim Henneberry, P.Geo., Broadway’s Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.
About Broadway Gold Mining Ltd.
Broadway Gold Mining Ltd. is a resource company focused on development-stage projects with advanced exploration potential. The company owns a 100% interest in the Madison copper-gold project located in the Butte-Anaconda mining region of Montana, USA. The Madison project is permitted for exploration and contains a past-producing underground mine that Broadway has refurbished. While actively expanding known copper and gold zones that remain open for development in the mine’s perimeter, the company’s exploration program has identified new anomalies across its extensive land package that provide compelling drill targets that are believed to be associated with large-scale porphyry mineralization.
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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