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MacDonald Mines Exploration (TSXV:BMK, OTC:MCDMF) has announced a new drilling program at its 100% owned SPJ Project near Sudbury, Ontario, starting January 2025. The program, planned with Canuc Resources , will comprise approximately 800m of drilling targeting gold mineralization lenses at the North Pit of the Scadding Gold Deposit.
The initiative aims to confirm historically reported gold mineralization zones and explore potential extensions at depth. The North Pit zones are being evaluated as potential source material for the Scadding Tailings reprocessing project by Environmental Tailings (ETC), following an agreement announced in November 2022.
This program represents an initial step toward estimating a mineral resource for the North Pit's gold zones. Future exploration will focus on testing the McLaren Fault Zone's potential for iron-rich copper-gold mineralization in the Alwyn area, building on encouraging results from the 2023 drilling program.
MacDonald Mines Exploration (TSXV:BMK, OTC:MCDMF) has completed a non-brokered private placement offering, raising $500,000 through the issuance of 10,000,000 units at $0.05 per unit. Each unit consists of one Class A common share and one purchase warrant, exercisable at $0.10 per share for 24 months following the closing date.
Company insiders participated in the offering by acquiring 800,000 units, representing 8% of the total proceeds. The funds will be used to advance the SPJ Project and for general working capital. All securities are subject to a four-month and one-day hold period and require final TSX Venture Exchange approval.
MacDonald Mines Exploration (TSX-V:BMK, OTC:MCDMF) has issued a correction to their earlier news release regarding a non-binding letter of intent (LOI) with Canuc Resources The corrected aggregate consideration value is $5,040,000, not $3,365,400 as previously stated. Under the LOI terms, Canuc will issue 72,000,000 common shares to MacDonald Mines shareholders. The LOI extends until April 30, 2025. The transaction completion depends on various conditions, including regulatory approvals and due diligence. If completed, MacDonald Mines shares will be delisted from TSX Venture Exchange.
MacDonald Mines Exploration has signed a non-binding letter of intent (LOI) with Canuc Resources for the acquisition of all MacDonald Mines' outstanding shares. Under the LOI terms, Canuc will issue 72,000,000 common shares to MacDonald Mines shareholders, valued at approximately $3,365,400. The LOI remains effective until April 30, 2025. The transaction completion depends on several conditions, including a definitive agreement, shareholder and regulatory approvals, and successful due diligence. Upon completion, MacDonald Mines' shares will be delisted from TSX Venture Exchange, with shareholders becoming Canuc shareholders.
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