In a Feb. 27 press release, Broadway Gold Mining Ltd. (BRD:TSX.V; BDWYF:OTCQB) announced the onset of underground drilling at the 100%-owned Madison project. The phase 1 underground drilling program is being conducted in tandem with a phase 2 surface drilling program announced in a Feb. 21 press release.
The company states the underground drilling program has two goals: "testing the down dip continuation of the copper and gold mineralization on the 600 Level; and exploring the newly discovered mineralization to the west of the decline."
Broadway's surface exploration program, which got underway in January, was expanded earlier in February, when "alteration and mineralization observed in the eight holes drilled to date provide[d] confidence that additional drilling [was] warranted," the company stated on Feb. 21.
According to the company, the 100%-owned Madison Mine, with a 130-year mining history and proximity to the renowned Butte copper mine, encompasses 450 acres and "consists of six patented claims and 35 unpatented claims, plus a 192-acre ranch, together with exploration permits, rights, interests, buildings and fixtures."
Exploration by the previous owner "confirmed the existence of high-grade gold and copper zones prior to bulk testing," the company's fact sheet states. In addition, the Madison project "also hosts the Broadway gold mine, which from the 1880s through to the 1950s yielded approximately 144,000 ounces of gold."
In an article published in the February/March 2017 issue of Resource World, Ellsworth Dickson lists Broadway Gold Mining as one of eight companies to watch, based on "the three M's: Money, Management, and Mineral Project."
The property, Dickson notes, "hosts a copper-gold skarn deposit and a potentially deeper copper-gold porphyry deposit, has extensive underground development and related facilities."
Kyle Born, in an article for Canadian Mining and Energy, stated Broadway's "opportunity stems from finding an undervalued asset, upgrading it and finding out what its true potential is." The company, which was listed on the Toronto Venture stock exchange in 2016, "will rely heavily on [chairman Duane] Parnham's 30-plus years of experience in the mining industry to get it started on the right track." Born added.
Parnham expressed his optimism about the company's prospects in a January interview with MiningWeekly, explaining, "Our opportunity comprises a substantial land package as well as a large data set, with existing infrastructure allowing for underground exploration work. The deep-seated copper porphyry is the source of the vein-type mineralisation we're seeing. We will be tracing the high-grade skarns looking for the source of the mineralisation, while shipping the ores to a nearby smelter for toll-milling."
In the Feb. 21 release, Parnham noted, "Copper and gold prices continue to show strength, supporting our theory that Broadway is uniquely positioned to deliver an advanced-stage exploration project with near-term production potential."
Parnham elaborated on prospects for the copper and gold markets in an interview with Kitco published Jan. 20, when he asserted that the Trump presidency will bring long-term benefits to the commodity and resource sectors. Parnham told Kitco that "not only will Trump's plan to cut regulations be positive for the mining sector, but his economic and fiscal proposals will boost demand for raw materials."
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1) Tracy Salcedo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
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