Broadway Identifies Copper-Gold Porphyry Targets, Plans Phase III Drilling Based on New Geological Model
Vancouver, BC – September 7, 2017 – Broadway Gold Mining Ltd. (TSX-V: BRD) (OTCQB: BDWYF) (“Broadway” or the “Company”) is pleased to provide an update of its exploration developments and strategy for 2017-2018, including the identification of copper-gold porphyry targets at depth at the Company’s 100%-owned Madison copper-gold project. With a new geological model and funding raised, Broadway is planning a Phase III drill program to test multiple high-priority targets. The targets were identified through detailed programs in 2017 and extend over a two-mile-long by one-mile-wide zone of geophysical, geological and geochemical indicators.
“Broadway has delivered extremely high-grade gold and copper intersections from Phase I and II drilling in 2017 that targeted the shallower skarn zones at Madison, including some of the highest grades intercepted in the western United States in recent memory. Using data from extensive exploration programs conducted throughout 2017, we have assembled a geological model that supports the existence of a porphyry system at depth,” said Duane Parnham, President and CEO of Broadway Gold Mining Ltd. “This deeper-seated copper-gold target will become a focal point of upcoming drilling, and we will also seek to expand existing high-grade mineralization.”
The geological model includes four primary copper-gold porphyry exploration targets including a variety of geophysical anomalies in four target areas as shown on Figure 1. It is postulated that a porphyry system produced a generation of fluids which formed the skarn zones discovered to date along faulted intrusive contacts currently exposed in accessible mine workings and at surface. The mineral characteristics of the skarn zones are consistent with a significant source of volatiles and sulfur and a possible copper-gold porphyry at depth.
“Childs Geoscience Inc. (CGI) and the Broadway technical team have interpreted the geological, geochemical and geophysical evidence to indicate a significant source of volatiles, metals and sulfur at depth. The source is thought to be a porphyry copper-gold system, which we are aiming to validate through drilling,” adds Parnham. “Geophysics have also identified numerous significant shallow and deep targets, some of which are in previously unexplored areas.”
Additional drill targets at Madison include the underground massive sulfide zone, an extension of which is indicated immediately to the north of the 600-level by a recent Mise-a-la-Masse survey, the shallow skarn jasperoid copper zone and flanking shallow skarn gold zone.
Figure 1: Madison Copper-Gold Project
Figure 1 – Possible drill targets: Mise-a-la-Masse target for massive sulfides; North Central and East Central target to test deep copper porphyry system; Northeast is target for massive sulfides; and, Southeast contains two targets for copper-gold porphyry.
For the remainder of 2017 and into 2018, Broadway will continue with on-site activity at Madison, focusing on executing exploration strategies to confirm economic deposits of the wide-spread copper-gold mineralization discovered to date.
Dr. John Childs and the CGI team have delivered to Broadway a Vulcan 3D model incorporating all available current and historical geological data from Madison. CGI concludes that the Broadway Cu-Au skarn district exhibits a multi-episodic mineralization history over a two-mile-long by one-mile-wide zone of skarn and alteration. The two-mile-long trend of geophysical, geological and geochemical indicators is characterized by regional-scale faulting, extensive marble development, propylitic alteration, auriferous and cupriferous late silicification in the form of jasperoids, and massive sulfides exhibiting strongly magmatic sulfur isotope values.
Figure 2: Deep Porphyry Exploration Model
Figure 2 – Interpretive cross section showing an inferred porphyry system at depth superimposed on a geologic section presented by the US Geological Survey (O’Neill, 1996).
Figure 3: 3D Model – Looking North
Recent Milestones and Progress:
- In 2017 to date, and after expanding its program due to initial success, Broadway has drilled 19 surface holes totaling 3,984 meters. Drilling resulted in the discovery of a larger jasper zone with abundant native copper and gold. Results included 1.725% Cu and 0.097 grams per tonne (g/t) Au over 49.4 meters in hole C17-16, including 2.571% Cu and 0.151 g/t Au over 30.2 meters. Hole C17-17 returned 1.020% Cu and 0.159 g/t Au over 31.1 meters and hole C17-20, drilled into a massive-sulfide zone that remains open at depth, returned 1.247% Cu and 1.843 grams per tonne (g/t) Au over 23.8 meters.
- Peter Walcott and Associates Limited completed deep IP surveying across the entire property targeting skarn and porphyry systems, time domain electro-magnetic (TDEM) surveying over two target areas targeting sulfide accumulations and Mise-a-la-Mase surveying targeting massive sulfide depth extension to underground workings.
- The Company’s technical team completed property-wide surface mapping, rock sampling, and soil geochemistry identifying several zones of recrystallization, alteration, skarnification and surface copper mineralization.
- Broadway received positive response to its financing earlier this year, successfully completing a non-brokered private placement by issuing a total of 2,811,114 Units at a price of $0.90 per Unit for gross proceeds of $2,530,002.60 (see press release dated April 28, 2017). The financing has provided the necessary capital to fund the upcoming Phase III drill program as well as working capital expenses necessary to advance the Company’s strategic business objectives.
Tim Henneberry, P.Geo., Broadway’s Chief 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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Forward Looking Statements
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.
Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of The TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.