OAKVILLE, Ontario, June 24, 2019 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (“Broadway” or the “Company”) (BRD.V) (BDWYF) (BGH.F) is pleased to announce that Kennecott Exploration Company (“Kennecott”), part of the Rio Tinto Group, has commenced with a drilling campaign at Broadway’s Madison copper-gold project located in the Butte Region of Montana.
The initial drilling program consists of three drill holes targeting an area displaying multi-element soil and rock chip geochemical anomalies, historic prospects, strong Induced Polarization (IP) anomalies and porphyry drill intercepts identified by Broadway’s technical team as per the news release dated October 26, 2017 and four holes targeting skarn mineralization.
Details of the drilling program will be released as information is made available.
About Broadway Gold Mining Ltd.
Through its wholly owned Montana-based subsidiary, Broadway Gold Corp., the Company is focused on the exploration and development of its two mines, the Broadway and Madison mines, and the delineation of the porphyry source of their mineralization. The Company owns a 100% interest in the two mines and has staked an area of four-square-miles in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for mining and exploration.
Approximately $20 million has been invested in the exploration, development and bulk sampling of the Madison mine since 2005. Whereas the Broadway mine produced 144,000 ounces of gold at an average grade of 0.32 oz/ton Au from 1880 to 1950, the Madison produced bulk samples of 13,242 tons at an average grade of 25% Cu and 0.32 oz/ton gold from 2005 to 2011 (see Broadway news release dated October 17, 2016, citing historic production figures from Coronado Resources Ltd.).
In April 2019, Broadway and Kennecott Exploration Company, a division of the Rio Tinto Group, signed an earn-in agreement with option to enter into a joint venture for 70% interest after spending US$50 million. Subsequent to signing this agreement, Broadway signed a purchase arrangement to acquire a direct 85% interest in the historic Tsumeb Mine in Namibia, Africa, including the Tsumeb West Mine, Uris copper-vanadium mine and 50 km of prospective copper-vanadium exploration ground containing over 10 historic mining operations.
Primoris Group Inc.
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.