Is Madison the Next Great Copper-Gold Project in Famous Montana District?
July 13, 2017
•4 min read
Last December, Broadway Gold Mining (BRD:CA)(BDWYF) put into layman’s terms for us what it means to have discovered a shallow skarn zone in a region famous for massive metal production. Management also broke it down as to why they believed the recent and historic evidence all point to a deep porphyry deposit at the company’s Madison project in the Butte-Anaconda mining district near Silver Star, Montana. Given the history of successes in the resource sector of Broadway’s management and the prolific nature of the region, there was little reason to question their interpretation of the data. Any doubt that could possibly be conjured up is being erased by one drill success after another in 2017, drilling that has resulted in a new gold zone discovery, high-grade gold and copper intercepts and extension of known gold- and copper-bearing veins at Madison.
The most recent in the steady flow of positive developments at the advanced exploration stage project came from a Phase II surface drilling program that further expanded the areas of “significant mineralization.” Highlights from the drilling including cuts of 3.122% copper and 4.288 grams per tonne (g/t) gold over 9.1 meters in hole C17-10 and 1.391% copper and 0.361 g/t gold over 9.1 meters in hold C17-12. The section massive to semi-massive sulfide in C17-10 is located only 50 meters to the southwest of the 600-level massive sulfide zone.
The complete results from the five drill holes reported showed every hole to have its own valuable merits in defining the mineralization. For instance, intercepts in holes C17-12, C17-14 and C17-15 were contained within a jasperoid zone, a rare alteration found only in limited parts of the world characterized by dense, purple-black rocks with high pyrite content.
“Results to date demonstrate that high-grade sulfide mineralization exists in the area adjacent to our underground infrastructure, and we now see indications of a potential second nearby massive sulfide zone in drill hole C17-10,” said Duane Parnham, President and CEO of Broadway Gold Mining, in the news disclosing the new findings.
Broadway continues to show that they haven’t reached the end of mineralization, with the strike lengthened by the latest assays. “It is also encouraging to see assaying increasing the strike length of the mineralized jasperoid to the northwest,” said Parnham while adding that the results provided “enticing drill targets” for future drilling.
Broadway’s top executive was referring to underground work at the historic Broadway Gold Mine on the property that yielded 144,000 ounces of gold across 70 years to 1950. The gold produced previously, worth some $172.8 million at current prices, was all recovered from shallow depths, primarily less than 400 feet do to the high expense of going deeper at that time. Like an iceberg, though, what’s at the tip of a deep copper-gold porphyry system is only a small representation of the actual structure.
In mid-June, Broadway released results from an underground drill program that proved copper-gold mineralization continuing at depths below the 600 level. Intersects from this drill program included 1.098% copper and 1.651 g/t gold over 25 meters and 0.163% copper and 0.70 g/t gold over 34.7 meters and 1.428% copper and 0.609 g/t gold of 3.7 meters. Using existing permits under its Small Miners Exclusion Statement, Broadway could start producing this gold at its discretion in the future.
So, what Broadway is proving is their initial contention when they acquired the project: high-grade gold and copper are present deeper and wider than was shown in concentrated mining and exploration in the past. They’re also demonstrating that Madison has the potential to evolve into the next massive copper-gold mine in the world, akin to the nearby Continental Butte mine that has produced more than 22 billion pounds of refined copper, 720 million ounces of refined silver and 2.9 million ounces of refined gold in its history.
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