Update on Strategic Direction of Broadway Gold Mining Ltd.
Vancouver, BC – May 30, 2018 – Broadway Gold Mining Ltd.’s (TSX-V: BRD) (OTCQB: BDWYF) (“Broadway” or the “Company”) CEO, Thomas Smeenk, is pleased to provide an update on the Company’s strategic direction following its ratification by the Board of Directors and an onsite technical review of the Company’s Broadway and Madison mines, including an underground review of the Madison mine from May 3-9, 2018. Both mines are located within the Company’s 100%-owned Madison copper-gold project in the historic Butte-Anaconda mining region of Montana, USA.
“Our current corporate strategy seeks to maximize our shareholders’ interests through a number of initiatives that will move these past-producing mines forward,” said Mr. Smeenk. “Our recent drill results and discoveries, historic exploration and production activities, extensive academic research and the subsequent development of a working geological model for our property all suggest an assessment of the commercial potential of the Madison project is warranted. Such forward-looking analysis and planning will help demonstrate the value of Broadway’s assets to current and future shareholders and other stakeholders.”
As Broadway continues to advance its Madison copper-gold project, the Company’s key near-term objectives include:
- Amalgamating scientific work completed on the property describing the formation of high-grade mineralized zones (see reference below) and correlating it with historic economics in order to detail the “how”, “where”, “why” and “how much” mineralization exists in relation to the contact-mineral-zones at Madison.
- Engaging a contract mining engineer to evaluate bulk sampling from the higher-grade zones discovered and confirmed in the recent Phase 1 and 2 drill programs, which were designed to intersect the extensions of mineralization bulk sampled by the previous operator.
- Completing a technical review of the 100, 200 and 500 levels, where the previous operator recovered 3,020,600 pounds of copper and 7,570 ounces of gold from mineralization grading 0.049% to 46.27% copper (43-101 reported mill settlement statement average of bulk samples 16% copper) and 0.36 to 0.73 ounces per tonne gold (43-101 reported mill settlement statement of average bulk samples of 0.36 ounces per ton gold), to determine the optimal parameters of a short-hole and surface drill program to test the down-dip extensions, contact zones and strike length of the Madison and Broadway mines.
- Continuing to study the vectors generated by the new porphyry discovery and designing an extensive drill program with the potential to attract equity and an earn-in interest.
Foote’s PhD Thesis: Scientific Analysis of the Company’s Mineralization
Interested parties are invited to read Contact Metamorphism and Skarn Development of the Precious Metals Deposits at Silver Star, Madison County, Montana, the PhD thesis of Martin Foote from the Department of Geology and Geophysics, University of Wyoming, 1986, which is now posted on the Company’s website in the Technical section.
Foote scientifically defines the multiple mineralization events believed to be the basis of the gold, silver and copper deposits at the Broadway and Madison mines on the Company’s property.
“Foote defines each and every vector required to explore for and mine the contact zones, which offers valuable guidance for future exploration and possible development at the Madison mine,” said Mr. Smeenk.
Foote’s thesis states that the development of mineralization at Silver Star has taken place in three stages with the second-stage mineralization averaging 4% copper, 0.5 ounces per ton gold and approximately 1 ounce per ton silver. Foote also refers to mineralized bodies representing the third stage of mineral deposition averaging 1 and 2 ounces per ton gold and 3 to 5 percent copper.
Broadway is continuing to evaluate the porphyry at Madison, which includes designing the criteria of an earn-in or joint venture that will include an extensive exploration program, to drill the porphyry targets at depth. The Company confirmed a Latite porphyry discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
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 focused on the exploration and development of the Broadway and Madison mines and the discovery of the porphyry source of their mineralization. The Company owns a 100% interest in a four-square-mile property, which is in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for exploration and bulk sampling. Of two underground mines, one, the Madison, is Mine Safety and Health Administration (MSHA) compliant. While actively expanding known copper and gold zones open for development, the Company’s exploration program has identified new anomalies along the two-mile contact zone, and across its extensive four-square-mile land package. The Company confirmed a Latite porphyry discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
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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.
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.