Toronto-based MacDonald Mines Exploration (MMP.A-A) has begun diamond drill-testing geophysical anomalies on the Florencia concession in east-central Cuba.
The anomalies, concentrated in the southern end of the property, are believed to represent the on-strike extension of the Florencia North shear-type gold deposit. Previous Cuban exploration work outlined 185,860 tonnes grading 9.1 grams gold per tonne.
The company will also test surface oxides in an attempt to determine their amenability to heap leaching.
MacDonald is earning a 49% interest in the property from the Cuban state agency GeoMinera.
The junior has budgeted US$3.1 million for its exploration programs in the West Indian island nation. One such program is focused on the nearby, 2,000-sq.-km Florencia-Jobabo concession, where the company is nearing completion of a geophysical program on the Golden Hill epithermal discovery and the Maclama skarn zone.
MacDonald is attempting to acquire Golden Hill Mining’s (GHMC-C) 25% interest in the Florencia-Jobabo concession; the remaining half is held by GeoMinera.
To do so, MacDonald must issue 21.5 million shares and 6 million share purchase warrants at 78 cents. Golden Hill is 42%-held by Mill City Gold Mining (MIY-V).
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