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An update on a company with a JV with Goldcorp

Big Al
September 30, 2015

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MacMillan Minerals just came out with the news release posted below.

 

TORONTO, CANADA – September 30, 2015 – Thomas Skimming, CEO of MacMillan Minerals Inc. (TSX-V:MMX) is pleased to announce that Minera Penasquito S.A. de C.V., a wholly owned subsidiary of Goldcorp Inc., is commencing the 2015 drill program at the Cerro de Oro Project in Zacatecas, Mexico. The Cerro de Oro Project is located approximately 20 km from their operating Penasquito Mine. Minera Penasquito has earned a 51% interest in the Cerro de Oro Project from MacMillan by having paid US$100,000 to MacMillan and by having spent in excess of US$2,000,000 since optioning the Cerro de Oro. Minera Penasquito may now increase its interest to 70% by completing a Mineral Resource Estimate compliant to National Instrument 43-101.

 

The initial 2015 drill plan is for 2,500 metres of drilling in six holes to test skarn, manto, structural, and breccias targets. Results may modify or extend the planned drill program. Diamond drilling is being conducted under the direct supervision of Minera Penaquito S.A. de C.V.

 

An access agreement recently completed with the Mazapil Ejido has allowed the drill to be mobilized last week. Negotiations continue to also complete an access agreement with the nearby Santa Rosa Ejido. Minera Penasquito has received approval of the required Environmental Impact Report (Informe Preventivo de Impacto Ambiental) to allow this drilling program. A permit has also been authorized by the National Water Commission (Comision Nacional del Agua) allowing the extraction of water from a mine shaft located on private property within the project area for use in the drill program.

 

Mr. Skimming states: “This is very exciting news for MacMillan. Historical drilling at the Cerro de Oro has included reported assay results in diamond drill hole #13 of 85.5 metres with grades of 0.196 grams gold/t, 82.9 grams silver/t, and 0.33% lead within the first 175 metres from surface. The historical drill results from the nearby Penasquito mine indicated that their gold grades improved at depths well over 200 metres. We look forward with great anticipation to positive drill results from our property which has excellent logistics including being located within trucking distance to Penasquito, Mexico’s largest operating mine, and access to an existing power line which crosses the project area.” (Results as news released on April 11, 2005 by Duran Resources ULC, formerly MacMillan Gold Corp.)

 

Any disclosure of scientific and technical information has been approved by William Hamilton, P.Geo., the Exploration Manager of MacMillan. Mr. Hamilton is a Qualified Person within the meaning of National Instrument 43-1-1. The information regarding the proposed 2015 drill program and recent exploration activities at the Cerro de Oro is from information as reported to MacMillan by Minera Penasquito S.A. de C.V.

 

MacMillan has 5,984,330 common shares issued and outstanding with a fully diluted of 6,574,330 common shares.

 

MacMillan is an exploration company with a focus on gold and silver exploration on several properties in Mexico and has been listed and trading as MMX on the TSX Venture Exchange since May 2012. MacMillan’s public filings are available on SEDAR at www.sedar.com

 

For additional information, contact: Tel: (416) 867-1101 Fax: (416) 867-1222

Email: macmillanminerals@ca.inter.net

 

Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release

Discussion
6 Comments
    CFS
    Oct 01, 2015 01:58 AM

    In case you missed it:

    http://www.zerohedge.com/news/2015-09-30/want-hear-joke

    The only reason MACIF has 6 million shares is the 10:1 roll-back, of course.

      Oct 01, 2015 01:14 AM

      Exactly correct.

    CFS
    Oct 01, 2015 01:01 AM

    G.A.Brown has recently sold shares…..why?

      Oct 01, 2015 01:15 AM

      Probably because he needs the money.

      Oct 01, 2015 01:25 AM

      The company has been unable to pay me any salary for the past three years and it not being accrued as a payable either. A man has got to eat and keep a roof over his head.