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macmillan minerals inc (MACIF) Key Developments

MacMillan Minerals Inc. Auditor Raises 'Going Concern' Doubt

MacMillan Minerals Inc. filed its Annual on Jan 23, 2015 for the period ending Sep 30, 2014. In this report its auditor, McGovern, Hurley, Cunningham, LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

MacMillan Minerals Inc. Auditor Raises 'Going Concern' Doubt

MacMillan Minerals Inc. filed its Annual on Jan 28, 2014 for the period ending Sep 30, 2013. In this report its auditor, McGovern, Hurley, Cunningham, LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

MacMillan Minerals Inc., Annual General Meeting, Mar 31, 2014

MacMillan Minerals Inc., Annual General Meeting, Mar 31, 2014., at 09:30 Eastern Standard Time. Location: The Toronto Board of Trade, First Canadian Place. Agenda: To consider the consolidated financial statements of the company for the fiscal year ended September 30, 2013 and 2012, together with the report of auditors thereon; to consider, and approve a resolution re-approving the 10% rolling stock option plan of the company subject to any existing stock option grants being cancelled if and when any share consolidation is implemented; to consider and approve a consolidation of the company's issued and outstanding common share capital on the basis of one new common share for between each three old common shares and each five old common shares, with any existing stock option grants to be cancelled upon implementing any share consolidation and with the effective date of the share consolidation and the final ratio of the share consolidation to be determined by the directors of the company; and to transact such further and other business as may properly come before the Meeting or any adjournment thereof.

MacMillan Minerals Inc. Releases Positive Drill Results from Five Newly Titled Mexico Mining Concessions

MacMillan Minerals Inc. announced that the company has received the title documents for each of the five concessions being sought by the company. Applications for these five concessions were originally filed by the company through the normal staking process. The five concessions cover an area of 1,036 hectares in the state of Nayarit. These concessions have been added to the company's Las Cucharas Project bringing the size of this project to eighteen concessions covering 4,679 hectares. The Las Cucharas Gold and Silver Project is situated in the northern part of Nayarit State in Mexico. This area is located near the central part of the Las Cucharas Project. At the La Union target, a historical 70 metre cross-cut was driven to exploit a quartz vein along a 25 metre drift within a quartz stringer vein system which strikes west-northwest and dips 70 degrees southwest. Wall rocks exhibit strong brecciation with quartz veining and silicification and with moderate to strong iron oxide and clay alteration. The zone has been traced with confidence over a strike length of 200 metres. Local wall rocks consist of andesite, rhyodacite and lithic breccias. Sampling from the workings reported 3.429 g/t Au and 233.8 g/t Ag over 1.7 metres estimated true width, as well as 1.58 g/t Au and 104.0 g/t Ag over 3 metres from the vicinity of the vein. Also a northeast trending, crosscutting structure encountered in the adit assayed 7.2 g/t Au and 624.8 g/t Ag over 1.7 metres. The El Cardon vein is located approximately 100 metres east of La Union. It trends north-northwest, sub-parallel to the La Union zone, and dips steeply variably from southwest to northeast. Wall and country rocks are the same units as at La Union, and include andesite, rhyodacite and lithic breccia units. The zone consists of a quartz vein and fault splays generally less than one metre wide; however, alteration consisting of weak to moderate silicification and moderate to strong iron oxide and argillization extend 15 to 40 metres outward from the vein. The principal workings consist of a collapsed stope or shaft, now represented on surface by a depression about 10 metres in width which has been historically reported to reach depths of 115 metres, as well as a now inaccessible adit, located approximately 220 metres northwest of, and topographically below the shaft collar. Only wall rock remnants of the vein are exposed consisting of variably silicified fault breccias and argillized gouge. The zone has been traced for a distance of approximately 450 metres on surface, disappearing under younger volcanic cover to the southeast, where it may potentially intersect the La Union vein. The El Cardon vein was extensively exploited, and was mined as recently as the early 1990's with the mineralized rock directly shipped to a smelter in Torreon, Coahuila. Along an 80 metre strike segment, MacMillan geologists completed five chip sample lines across the El Cardon vein near the historic workings. Sample results yielded the following notable values. 2.65 g/t Au and 120 g/t Ag over 4.75 metres, 6.18 g/t Au and 376 g/t Ag over 4.7 metres, 3.49 g/t Au and 329 g/t Ag over 4.1 metres, 2.15 g/t Au and 105 g/t Ag over 2.0 metres and 0.54 g/t Au and 134 g/t Ag over 1.2 metres.


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