The allure of Broadway Gold Mining Ltd. (BRD:CA)(BDWYF) Madison Project is underlined by several tantalizing pieces of the mining puzzle. For starters, the project has historic production at its Broadway Gold mine dating back to the 1880s through the 1950s, yielding an estimated 450,000 tons, averaging 0.32 ounces per ton gold from 6,000 feet of a shallow underground mine to a vertical depth of only about 750 feet. Second, the 450-acre project is in Madison Country in the prolific gold belt in the Silver Star Mining District in southwest Montana, meaning that it’s a mining-friendly district with more than ample infrastructure.
Mines have historically surrounded the Butte/Anaconda district since back in the mid-1800s, with Madison County hosting an impressive number, including the Watseca, Green Campbell, Iron Rod and the Broadway Gold mines, to name a few that produced chiefly gold, but silver, copper, lead and zinc as well.
Broadway Gold CEO Duane Parnham is no stranger to building resource-related companies, including several metal explorers and UNX Energy, a junior oil and gas company sold six years ago for nearly C$750 million. The combined thoughts of Parnham and wily mining industry veteran Tim Henneberry, P. Geo., Chief Geologist at Broadway Gold, are that the property is a gold copper skarn deposit associated with a deeper copper porphyry deposit. This means that Madison could potentially be the next major discovery in the famous district, one that previous miners only scratched the surface of.
Broadway’s exploratory work to date has done little to dissuade the company from its deeper copper porphyry deposit thesis.
In fact, last month Broadway drilled its best copper holes so far as part of a Phase II surface drilling program. Highlights from the results included a cut in hole C17-16 grading 1.725% copper and 0.097 grams per tonne gold over 49.4 meters. Most of that intersection (30.2 meters) assayed even higher at an average 2.571% copper and 0.151 g/t gold.
Hole C17-17 returned 1.02% copper and 0.159 g/t gold over 31.1 meters.
In the words of Parnham, the “longest and strongest copper intersection to date” in combination with other drill data shows that the jasperoid body is well mineralized and traced now for 85 meters, while verifying one of a series of chargeability highs identified during an initial Induced Polarization study of the property. IP studies involve sending an electrical current through the ground to help identify drill targets and areas of mineralization. The dovetailing of IP study information and actual drill results is promising for future drilling at Madison and, again, the contention of management that the resources still in the ground dwarf what was historically extracted.
Interestingly, the best copper intercepts were collected at depths near the far end of the range of what was historically mined on the property.
About a week after disclosing those results, Broadway followed up with more strong drill results from the surface drill program. C17-20 was detailed, showing 1.247% copper and 1.843 g/t gold over 23.8 meters, including a 3.7-meter cut grading 2.156% copper and 3.214 g/t gold.
This part of the drill program was the first time that surface drilling targeting the area beneath high-grade mineralization that was intercepted during an underground drill program by Broadway. The drill results also represented the last from the Phase II program, which means that the Vancouver-based company can complete the initial geological model for Madison and define the new high priority targets for another stage of drilling to further delineate the property.
“We have now confirmed with a series of impressive copper and gold drill holes that mineralization extends on a major northwest to southeast trend and also confirmed our belief that the massive-sulphide zone is open at depth,” Parnham said, casually putting an exclamation point on the results and potential for a large gold/copper discovery.
It’s certainly also worth noting that Broadway expanded its team during July, adding Dr. Roger Laine and Victoria Donato as independent directors to its board. Dr. Laine brings over 40 years of highly relevant experience to Broadway, enveloping advanced mineral exploration, development, geo-statistics and reserve estimating, copper and copper-gold porphyry deposits, underground and open pit mines and more. Ms. Donato, a CPA, brings to Broadway a skillset in finance, compliance and risk management that complements those of existing Broadway management.
In short, July was productive to say the least, with the leadership team getting stronger and the Madison project not just reaching a milestone in completing the Phase II drill program, but doing it in style with the best assays yet.
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