Broadway Update on Madison Copper-Gold Porphyry Discovery, Phase III Drilling
VANCOUVER, British Columbia, March 06, 2018 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (TSX-V:BRD) (OTCQB:BDWYF) (“Broadway” or the “Company”) is pleased to provide an update on its Phase III surface drilling program at the Company’s 100%-owned Madison copper-gold project in the historic Butte-Anaconda mining region of Montana, USA.
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Recently, Broadway has documented a well-mineralized, two-mile-long geological, geophysical and geochemical trend at Madison. Key highlights to date include:
- Confirmed new porphyry discovery in regional trend near Butte region;
- Latite porphyry intercepted in holes C17-24 and C17-27;
- Porphyry body appears to be of significant size with intercepts to date measuring up to 234 meters and open in all directions;
- Anomalous gold, silver, manganese, lead, sulfur, strontium and zinc identified in the phyllically altered latite; and
- Geochemical analysis indicating characteristics consistent with gold or gold-coper-rich systems.
"Our discovery of the quartz latite porphyry in C17-24 pointed to a potential deep source for the broad zone of skarn-jasperoid mineralization delineated near surface in our previous drilling,” said Duane Parnham, President and CEO of Broadway. “The presence of anomalous gold and copper grades, the length of the porphyry intercepts and Whole Rock Analysis of the core from Phase III drilling now support our belief that Madison is capable of hosting a large hydrothermal system and concentrating sufficient gold, copper and sulphur to form a significant deposit.”
Based on Whole Rock Analysis interpretation performed by Rex McLachlin, Consulting Senior Geologist for Childs Geoscience, analysis of local intrusive rocks encountered in the Phase III drilling show compositions consistent with a gold-rich or gold-copper-rich productive magmatic-hydrothermal system. Noteworthy attributes include evidence of high-pressure fractionation of hornblende from a hydrous, calc-alkaline magma. Such magma is capable of forming both large hydrothermal systems as well as concentrating sufficient gold, copper, sulphur and water to form a deposit.
Mr. McLachlin notes, “The latite porphyry at Madison has low Y and Zr levels and high Nb, Th and Ba levels indicating the system is highly prospective for copper and particularly gold. Gold-productive magmas have higher than average Nb/Zr ratios in 98% of cases and higher Th/Zr ratios in 80% of cases. The geology at Madison is well above average for both of these ratios. Similarly, Madison exhibits significantly lower Zr levels than comparable barren calc-alkaline suites, which is typical of known copper, copper-gold and gold porphyry deposits.”
Madison Porphyry Model
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/70150608-1465-4ad8-898a-7bf71ee26f4b
Seven holes totaling 2,323 meters have now been drilled to complete Phase III as Broadway aggressively and systematically tests IP targets highlighted during the property-wide survey completed in 2017.
Final drilling assay results have been reported for C17-27 with results confirming the presence of anomalous gold, silver, manganese, lead and zinc. The anomalies are found in sections of core exhibiting weak phyllic alteration halos around quartz-calcite-pyrite micro-veinlets where enriched metal grades exist relative to the background values found in the propylitically altered latite as shown in Table 1.
Table 1: Core Geochemistry Grades (ppm) in C17-27 by Alteration Type
| Alteration Zones Core Depth | Propylitic 273m – 363m | Vein/Fracture Controlled Phyllic 363m – 511m |
| Gold | <0.001 | 0.019 |
| Silver | <0.05 | 1.0 (4.7 high) |
| Copper | 46 | 54 |
| Manganese | 657 | 1,343 |
| Lead | 20 | 129 |
| Zinc | 63 | 225 |
Broadway is currently planning a follow-up program to define the core of the porphyry system through ground-based geophysical surveys, geologic mapping, soil and rock chip sampling and drilling. The Company also intends to re-focus on adding to the underground high-grade copper-gold skarn resource in and around the historic Madison Mine.
Qualified Person
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.
For more information:
Duane Parnham
President and CEO
Broadway Gold Mining
1-800-680-0661
info@broadwaymining.com
www.broadwaymining.com
Media:
Adam Bello
Primoris Group Inc.
+1 416.489.0092
media@primorisgroup.com
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.
