Located in the heart of a prolific gold belt in the Silver Star Mining District, the Madison Mine Project is 38 kilometres southeast of Butte, Montana, the location of the world renowned Butte copper mine. The property covers 450 acres with extensive underground development and facilities. It is a gold copper skarn deposit associated with a deeper copper gold porphyry deposit, which consists of six federal patented lode claims and 35 under-explored, unpatented mineral claims. In addition, the project has a 192-acre ranch, together with permits, rights, interests, mining equipment, buildings and fixtures and an exploration database that includes 101 drill holes, multi-element and gold assays from rock-chip sampling and bulk sampling, and detailed geologic mapping.
The Madison Mine also hosts the Broadway Gold Mine, where historic production from the 1880s to the 1950s yielded an estimated 450,000 tons averaging 0.32 ounces per ton (oz/t) gold from 6,000 feet of underground workings to a vertical depth of 750 feet.
Broadway believes the Madison Mine presents an exciting opportunity as the area has never been fully exploited or explored and the Company has identified a series of existing high-grade gold and copper zones that remain open for expansion.
Gold and Copper Shipments 2008 to 2013
Drill programs and bulk sampling were completed by the previous owner at the Madison Mine between 2005 and 2012, stockpiling oxide gold, massive sulphide gold and copper mineralization for subsequent mill shipment. A crushing plant, certified weigh scale and sufficient power exist on the current property.
In 2008, the first oxide gold averaging 0.694 oz/t was shipped to Barrick Gold’s nearby Golden Sunlight Mine in Whitehall, Montana.
The first sulphide gold averaging 0.71 oz/t was shipped to Kinross Gold’s Republic Mine in Republic, Washington in 2009.
Based on data from 12 shipments, the gold recovery had an overall average of 83%.
Historically, approximately 20,000 tons was shipped as bulk samples during underground development and trial mining. The previous owner did not calculate a mineral resource or reserve estimate.
Surface and underground drilling confirmed the existence of the high-grade gold and copper zones prior to bulk testing. Highlighted intercepts include:
|Drill Hole||Au Intercept (m)||Au Grade (g/t)||Cu Intercept (m)||Cu Grade (%)|
The drill intercepts were summarized by Broadway from the previous owner’s drill hole database. These historic drill intersection highlights are down hole lengths not true width lengths. True width conversions were not included in the drill hole database. Broadway management believes the majority of these drill intersections were subsequently bulk sampled by the previous owner.
Workings remain open and all permits from the bulk sampling programs remain in good standing. The Madison Mine’s Small Miners Exclusion Statement (SMES) allows for maximum surface disturbance of five acres, but with no upper limit on the amount of bulk sampling per year.