06/03/2019 | Press release | Distributed by Public on 06/03/2019 07:38
- Tsumeb West Mine development property, past-producing Tsumeb Mine and numerous copper targets on strike to
historical Uris and producing Tschudi mines (operated by Weatherly International plc);
- Ten separate vanadate mineralized prospects and past-producing mines are situated within extensive land package
west of Tsumeb Mine;
- First time this extensive land package has been assembled by a junior resource company with exploration and
- Board and management's extensive success in Namibia will be leveraged to enhance shareholder value.
Oakville, ON - June 3, 2019 - Broadway Gold Mining Ltd. ('Broadway' or the 'Company') (TSX-V: BRD) (OTCQB: BDWYF) (FWB: BGH) is pleased to announce that the Company is expanding its effort to identify world-class deposits and has acquired an 85% interest in an extensive land package in Namibia, Africa. The land is known for hosting both large high-grade polymetallic deposits (Tsumeb Mine) and stratabound copper-silver-cobalt deposits (Zambian Copper Belt, Kalahari Copper Belt), as well as unique deposits of gold, vanadium, germanium and uranium.
'Namibia is a mineral-rich country with world-class base-metal and uranium deposits. Broadway's management team has successfully worked in the country for over 19 years, and delivered a number of unique opportunities to shareholders during this time,' says Duane Parnham, Executive Chairman of Broadway. 'Over the years, Namibia has grown into an excellent, development-friendly jurisdiction with mining companies like B2 Gold, Dundee and others successfully operating in the country, and we look forward to establishing a strong exploration presence. We believe our access to the Tsumeb mining camp will give us another opportunity to show that we can upgrade a promising project to development or alternatively attract a major partner like Kennecott, a division of Rio Tinto, at our Madison copper project located south east of Butte, Montana.'
Four Exploration Prospecting Licences ('EPLs') - 6074, 6075, 6257 and 6999 - have been purchased with known mineralization over a total strike length of 30 kms west of Tsumeb, Namibia. Within these licences, which cover 56.3 square kms (see Figure 1), ten former vanadium mines and prospects occur as well as three former copper mines, five of which produced unknown amounts of vanadium in the early half of the 20th Century. All the past-producing mines and prospects on the EPLs are hosted in the Tsumeb Super Group and include the Alt Bobos, Bobosberg N and S, Torassen, Uris, Karavatu, Tsumeb West, Tsumeb and Freisenberg mines.
The four EPLs also cover numerous copper occurrences that extend from and surround the Tschudi copper mine (49.7 Mt of .8% Cu) (from published reports by Weatherly Mining), and this copper horizon extends east to the Tsumeb Mine, which produced 30 Mt of 10% Pb, 4.3% Cu, 3.5% Zn, 100 ppm Ag (3 oz), 50 ppm Ge (germanium) with other amounts of Sb, Ga, Cd by-products from 1905 to 1996 (from production records published by the Geological Survey of Namibia). Unmined zones still remain to the side of the main mine workings and will be followed up in a planned exploration program. The Tsumeb West Mine known for copper, silver and vanadium production lies within the EPLs. Tsumeb West was briefly mined in 2007-2008. The Tsumeb smelter, owned and operated by Dundee Precious Metals of Toronto, and the town of Tsumeb (44,000 pop.) sit on the eastern boundary of the property.
Figure 1: General geology and licenses
Figure 2: Regional geology and copper vanadium occurrences of the Tsumeb Mine area
Approximately 35 kms east, the four EPL licences surrounding Tsumeb, the Abenab and Christina mines were larger producers of vanadium (please see information published by Golden Deeps Limited of Australia, including its news release dated April 8, 2019, and the Geological Survey of Namibia). These deposits, on the properties of Golden Deeps Limited, are all hosted in Neoproterozoic sediments and the majority of the vanadium occurs in the Tsumeb Super Group of rocks in brittle fracture zones and breccia pipes. The figures quoted in this news release are taken from a publication by the Geological Survey of Namibia.
Broadway has signed license transfer agreements with three separate Namibian corporations to acquire an undivided 85% interest by paying a total of US$50,000 and issuing three-million common shares. The agreements are subject to TSXV approval and successful transfer of 85% interest in the EPLs into a Namibian corporation 100% controlled by Broadway.
The properties referenced in this news release have been inspected in the field by Robert S. ('Bob') Middleton, P.Eng., Broadway's Qualified Person as defined by NI 43-101. Mr. Middleton has also reviewed and approved the technical information contained in this news release.
About Broadway Gold Mining Ltd.
Through its wholly owned Montana-based subsidiary, Broadway Gold Corp. together with Kennecott Exploration Company ('Kennecott'), part of the Rio Tinto Group, signed an Earn-In with Option to Joint Venture Agreement on its Madison copper-gold project on April 30, 2019, and are focused on the exploration and development of the Broadway and Madison mines, and the delineation of the porphyry source of their mineralization. The Company has staked an area of four-square-miles in the Butte-Anaconda region of Montana, a porphyry-based mining district, and is permitted for mining and exploration.
Approximately $20 million has been invested prior to the Kennecott JV 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.).
Broadway and Kennecott are expanding known copper and gold zones that are open to depth; working a surface exploration program that has identified new anomalies along the two-mile contact zone; and planning to drill porphyry targets identified by soil geochemistry, geophysics, and the discovery of latite porphyry in holes C17-24 and C17-C27 (see Broadway news release dated January 22, 2018) that appear to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
For more information:
Broadway Gold Mining Ltd.
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.