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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  TMAC Resources Inc.    TMR   CA8725771015


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TMAC Resources : Continues to Intersect High-Grade at Doris BTD Extension Zone

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10/16/2019 | 10:14am EST

TMAC Resources Inc. (TSX: TMR) ('TMAC' or the 'Company') is pleased to provide an update on the ongoing exploration programs at Hope Bay, including continued high-grade drilling results in the Doris North BTD Extension.

Jason Neal, President and Chief Executive Officer of TMAC, stated, 'We continue to intersect high-grade gold values over minable widths in the growing Doris North BTD Extension zone. Our work includes infill drilling and sill development in advance of first production ore in the fourth quarter. The BTD Extension will become an increasingly significant contributor of high-grade ore into 2020.'

Jason Neal continued, 'The regional exploration programs have been ongoing through the third quarter. Regional exploration includes gold in glacial till sampling, lake-bottom sediment sampling, mapping and prospecting, and some diamond drilling. Drilling results have returned anomalous gold values that will help generate targeting and follow up work for the 2020 program. In the fourth quarter we are active at Boston and look forward to providing an update on results in early 2020.'


At Doris mine, underground expansion and infill drilling and production development is ongoing on the high-grade Doris North BTD Extension zone. During the quarter, infill drilling has continued to confirm continuity of high-grade gold mineralization. Highlights from the recent underground drilling program include drill hole TMBE-19-50148 returning 196.1 g/t Au over 6.8 metres, and TMDBE-19-50510 returning 31.6 g/t Au over 1.2 metres and 26.8 g/t Au over 9.3 metres, and drill hole TMDBE-19-50528 returning 87.5 g/t Au over 6.6 metres, and 19.7 g/t Au over 4.9 metres. Production development continues within the southern portion of the zone, with sill development on five levels in preparation for longhole mining which has commenced in the fourth quarter of 2019. In addition, the exploration drive is being extended 125 metres to the north, which will allow further expansion drilling in late 2019 and 2020.

Assays were also received for the final drill hole completed as part of the surface exploration program at Doris, north of the known deposit in the Doris Valley. The initial five holes intersected the Doris deposit stratigraphy, and significant mineralization between 325 to 375 metres along strike to the north, returning up to 8.9 g/t Au over 8.5 metres and 97.6 g/t Au over 0.3 metres. Refer to the news release issued on August 14, 2019 titled 'TMAC Announces Growth of Doris BTD Extension Zone and First Results from Doris Regional Program'. Based on the positive results in 2019, a drilling program is being designed for the 2020 winter exploration season.


The regional exploration program is designed to focus on highly prospective targets that are in proximity to established or planned infrastructure and where successful exploration will influence TMAC's decisions with respect to property-wide mine development. In defining targets, TMAC benefits from a significant database of historic work completed by BHP, Miramar, Newmont and TMAC, including geological mapping, sampling and airborne geophysical surveys. Field activities for 2019 include gold in glacial till sampling, lake-bottom sediment sampling, mapping and prospecting, and diamond drilling.

The regional exploration program is split into two programs: (1) a northern regional program based out of the Doris camp, that commenced in the second quarter and (2) a southern regional program based out of the Boston camp, that commenced in the third quarter. Year to date more than 15,000 metres of regional exploration diamond drilling has been completed, within both the north and south portions of the belt.

The Too showing is located 10 kilometres south of Boston and has approximately 200 metres of exposed strike length, with quartz veining and surface sampling returning results greater than 100 grams per tonne gold. Several surface veins contain fine visible gold. The geological setting of the showing is primary a glomophyric feldspar gabbro, flanked by strongly strained mafic volcanics and associated quartz veining. Surfcace outcrop channel sampling completed prior to the 2019 drilling returned results up to 28.3 g/t Au over 0.4 metres and 18.6 g/t Au over 0.5 metres. There is no historical drilling in the area, and TMAC completed four drill holes as part of the 2019 regional program. Assays are pending for the 2019 drilling.

The Domani area is part of an alteration trend, extending approximately 6 kilometres south east of the Boston Deposit. Surface sampling of quartz-carbonate veining has returned samples greater than 100.0 g/t Au with samples extending over a strike length of approximately two kilometres in the Domani south area. The 2019 drilling will follow up on historical surface showings and shallow drilling, with historical narrow, high-grade intercepts up to 37.5 g/t Au over 1.0 metres and 28.0 g/t Au over 1.1 metres. TMAC completed nine drill holes in 2019. Assays are pending for the 2019 drilling.

The Pogey target area is located 13 kilometres south of Madrid North. The area of interest is hosted in a south plunging antiform, comprising variolitic volcanics in contact with fine grained clastic metasediments. Diamond drilling was focused around the intercept from previous drill hole TM00023, which intersected 14.1 g/t Au over 0.5 metres and 3.3 g/t Au over 6.4 metres. A second target included testing the fold hinge, where surface samples from quartz veining returned up to 714.0 g/t Au. Anomalous gold mineralization was intersected in all drill holes, in some cases over significant width, up to 0.4 g/t Au over 15.5 metres and local, short higher-grade intervals up to 3.0 g/t Au over 0.8 metres in drill hole TMRPG-19-00004.

The Kamik exploration target area is located 18 kilometres south of Madrid North. Geology of the area is interpreted as a tightly folded structure, cored by variolitic pillow basalts and bounded by ultramafic/gabbro sills. Historic drilling has intersected mineralized quartz-iron carbonate-sulphide veining on the margins of the gabbroic intrusives, including historical drill hole 10KKD001, intersecting 5.3 g/t Au over 1.2 metres. Two drill holes were completed in 2019, testing the down-dip projection of these mineralized horizons. Anomalous mineralization, up to 0.3 g/t Au over 11.0 metres was intersected in both drill holes.

The Quaqtuq exploration area is located 2 kilometres west of Doris and proximal to an interpreted synvolcanic felsic intrusion-basalt contact. Drilling in 2019 has targeted a major flexure in the regional stratigraphy with steep gravity gradients and coincident gold in glacial till anomalies. Four diamond drill holes were completed in 2019, with anomalous, low-grade gold mineralization, up to 0.3 g/t Au over 12.5 metres, intersected in drill hole TMRQA-19-00003.

Regional drilling in 2019 also tested the potential statigraphy north of the Madrid North Naartok Zone, where ultramafic and variolitic units contact amygdaloidal flows.


For the 2019 drilling campaigns, samples were prepared at ALS Laboratories in Yellowknife, Northwest Territories and assayed at their Vancouver, British Columbia laboratory (an ISO/IEC 17025 accredited lab for gold analysis). Analysis for gold is completed on sawn half-core samples (NQ) using 50 gram fire assay with atomic absorption (AAS) finish. Samples with higher grade gold (greater than100 grams per tonne) are re-assayed using the pulp and fire assay with gravimetric finish procedures. Samples with visible gold and surrounding samples are analyzed using screen metallics (1,000 grams of material is screened to 100 microns, with all +100 micron material analyzed and two samples of -100 micron analyzed by 50 gram fire assay with AAS finish, results are averaged based on weight). Chip samples and select drill hole samples from Doris were prepared and analyzed at the internal laboratory located at the Doris mine site (non accredited lab), operated by SGS SA. Analysis for gold is completed using 30 gram fire assay with atomic absorption (AAS) finish. Samples with higher grade gold (greater than10 g/t Au) are re-assayed using the pulp and fire assay with gravimetric finish. Samples with visible gold are selected to go directly to fire assay with gravimetric finish. The Company control checks include the insertion of standard reference materials and blank samples to monitor the precision and accuracy of the assay data. For a complete description of TMAC's sample preparation, analytical methods and QA/QC procedures refer to the 2018 Annual Information Form dated March 11, 2019 and filed on TMAC's profile at www.sedar.com.


TMAC operates the Hope Bay property located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. In that time, more than $1.5 billion of expenditures have been spent in exploration and evaluation, surface infrastructure, and mine and process plant development. TMAC began producing gold in early 2017 from Doris, its first mine at Hope Bay, and processed gold at the Doris Plant which originally had nameplate capacity of 1,000 tonnes per day and expanded to 2,000 tonnes per day midway through 2018. Hope Bay has 4.8 million ounces of measured and indicated resources at Doris, Madrid and Boston deposits, largely within 350 metres of surface. There is potential to grow these established deposits considerably at depth, and then grow resources further through the prioritized exploration of the more than 90 other identified regional targets. TMAC is now permitted to produce from both Madrid and Boston.


This release contains 'forward-looking information' within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. 'Forward-looking information' includes statements that use forward-looking terminology such as 'may', 'will', 'expect', 'anticipate', 'believe', 'continue', 'potential' or the negative thereof or other variations or comparable terminology.

'Forward-looking information' is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such 'forward-looking information' involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements expressed or implied.


Jason Neal

Tel: 416-628-0216

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (CAD)
Sales 2019 268 M
EBIT 2019 53,3 M
Net income 2019 23,7 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 16,7x
P/E ratio 2020 4,85x
Capi. / Sales2019 1,37x
Capi. / Sales2020 1,06x
Capitalization 366 M
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A. Terrance MacGibbon Executive Chairman
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