A 10-hole drill program by MacDonald Mines Exploration (MMP.A-A) is testing several geophysical and geochemical anomalies on the Florencia concession in Cuba.
MacDonald is currently earning a 49% interest in the Florencia concession from GeoMinera, a state-owned Cuban mining company.
The company hopes to identify near-surface, oxide gold resources to add to resources previously identified. As well, geological mapping and channel sampling on the Florencia South zone is now complete, and the company is awaiting results from 300 samples submitted for assaying.
Meanwhile, at the nearby Florencia-Jababo concession, MacDonald reports that half of a 100-km-long grid has been surveyed by induced-polarization and magnetometer methods. The grid covers the Maclama skarn belt, which contains 20 known gold prospects over a strike length of 3 km. The company plans to carry out 1,500 metres of diamond drilling once targets have been identified.
On the same concession, MacDonald will conduct 6,000 metres of diamond drilling on four separate zones: Little Golden Hill, Three Hills, Quarz-Alunite and Castle Rock.
The junior holds a 25% stake in the Florencia-Jobabo concession, and is in the process of acquiring Golden Hill Mining’s (GHMC-C) 25% interest in the project. The deal requires MacDonald to issue 21.5 million shares and 6 million share purchase warrants at 78 cents each. Golden Hill is 42% held by Mill City Gold Mining (MIY-V).
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