OAKVILLE, Ontario, Nov. 14, 2018 (GLOBE NEWSWIRE) — Broadway Gold Mining Ltd. (“Broadway” or the “Company”) (TSX-V: BRD) (OTCQB: BDWYF) is pleased to announce the discovery of statistically significant strontium/yttrium ratios over a 2.4 kilometer contact zone. Broadway’s data is based on 571 rock chip and 1,468 soil samples taken across prospective areas of the property, including the Broadway and Madison mines. The geochemical model reveals distinctive Sr/Y ratio-based-anomalies that are found throughout a 2.4-kilometer zone of strong structural preparation and mineralization. Following these findings, the field team completed a retrospective analysis of the rock chip and soil geochemistry files and corroborated similar favorable Sr/Y ratios in 231 samples.
“These anomalies indicate through-going structures and leakage of favorable geochemistry; we are in the right place to vector into a significant Au-Cu porphyry discovery,” said Philip Mulholland, Chief Geologist, Broadway.
“This is an excellent validation of our team’s continuous focus on the property,” said Thomas Smeenk, CEO. “These results, coupled with our deep porphyry drilling program, point to a mineralized system at depth. When you add the porphyry system to the underground infill drilling of zones that run up to 35% copper and 82 grams per ton gold, it is safe to say that we have some of the highest-grade targets in the Butte-Anaconda region in a long time. We will now design a drill program to complete a 43-101 complaint resource in the high grade skarn deposit and continue our work to attract a major to drill the gold copper porphyry system,” Smeenk said.
Figure 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/dd7b2054-4648-4efe-98de-541ed3eae528
Figure 1 describes the location of each statistically significant sample. Table 1 describes the number of background and statistically significant multiple element occurrences. The heat map in figure 1 illustrates the individual occurrences spatially to enable visualization of the coincident nature of each occurrence.
| Elements | Background Occurrences |
Statistically Significant Occurrences |
| Gold | 464 | 86 |
| Silver | 510 | 40 |
| Copper | 489 | 61 |
| Molybdenum | 460 | 90 |
| Manganese | 400 | 150 |
| Lead | 513 | 37 |
| Zinc | 367 | 58 |
Table 1
ALS labs in Vancouver, BC conducted the sample prep and analysis utilizing AuME-ST43 for soil samples and Au-ICP21 for rock samples. Laboratory duplicates, blanks and standard samples confirm that good quality control standards were followed by the laboratory and by the ground team for this group of sample results. A total of 1,468 assays are reported in this soil sample set. These assay results indicate several coincident multi-element anomalies that are consistent with porphyry-based mineralization. Each sample was assayed for gold, silver, copper, molybdenum, manganese, lead, zinc and up to 42 other elements.
Slide 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/4efbf387-6669-4251-869c-8e8b78136039
Based on work done by Castillo et al., 1999; Macpherson et al., 2006; Wang et al., 2006; Zhang et al., 2006; Hora et al., 2009; and Chiaradia, 2009; this slide displays Strontium/Yttrium ratios for the variety of intrusions located on the Madison Property. The left-hand side of the slide shows that most of our intrusives rocks fall within the Adakite-like magmas; a few samples fall outside. Calc-alkaline arc rocks that share these distinct trace-element signatures are known as ‘adakite-like’. Adakitic signatures are commonly associated with economic porphyry-style Cu–Au–Mo ore deposits. Seventeen whole rock samples were collected throughout the Madison property both from surface exposures and drill core in holes C17-22, 23, 24 and 27. Samples were submitted to ALS labs for analysis utilizing an ME-MS61r.
Robert S. (“Bob”) Middleton, P.Eng., Broadway’s 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 is focused on the exploration and development of the Broadway and Madison mines and the delineation of the porphyry source of their mineralization. Historically, the mines produced a cumulative 151,500 ounces of gold and 3,020,000 pounds of copper. The Company’s NI 43-101 defines average mill settlement grades of 16% copper and 0.36 ounces per ton gold. The Company owns 100% right, title and interest in 450 acres of land, a 192-acre ranch, buildings, mine equipment and fixtures, six patented mineral claims, 35 unpatented mineral claims and mineral rights to a four-square-mile property in the Butte-Anaconda region of Montana, a porphyry-based mining district.
For more information:
Thomas A. Smeenk, BA
President and CEO
Broadway Gold Mining Ltd.
1-800-680-0661
IR@broadwaymining.com
www.broadwaymining.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.