Mountain Lake Resources Inc

Published : January 19th, 2011

Announces the Start-up of the 2011 Drilling Campaign at Leprechaun and Along Strike on the Valentine

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Mountain Lake Res. announces the start-up of the 2011 drilling campaign at leprechaun and along strike on the valentine

 

 

 

 

 

Mountain Lake Resources Inc. (TSX-V:MOA.v - News) (“Mountain Lake” or the “Company”) is pleased to announced today that the 2011 drilling campaign has commenced at the Valentine Lake Property in central Newfoundland. The first drill rig began drilling at the Leprechaun Gold Deposit on January 12, 2011, with the first three drill holes intersecting multiple quartz veins with visible gold mineralization. The second drill rig is scheduled to begin resource expansion and exploration drilling at the Valentine East Gold Zone this week.

The Leprechaun Gold Deposit and Valentine East Gold Zone are located 13 kilometres (“km”) along strike from each other. These gold deposits form part of a 23 km long, highly prospective gold-bearing mineralized corridor that straddles the faulted contact between the older Valentine Lake Intrusive and younger Rogerson Lake sedimentary rocks in the Valentine Lake Property.

The 25,000 metre drilling program at the Valentine Lake Property will focus on aggressive resource expansion for the Leprechaun Deposit, delineation of a NI 43-101 compliant Measured and Indicated Resource for the Valentine East Gold Zone, and exploration drilling to further evaluate the Property’s potential.

Marathon Gold Corp. (“Marathon”) is the operator of the Valentine Lake Project under the sub-option and joint venture agreement (“OJVA”) between Mountain Lake and Marathon. For more information on the OJVA see the news release of December 23, 2009. Marathon and Mountain Lake have agreed to a jointly (50/50) funded budget of $ 6 million for 2011.

Highlights:

  • First three drill holes VL-11-232, VL-11-233 and VL-11-234 at the Leprechaun Deposit intersected mineralized quartz zones with visible gold
  • Planned 2011 drilling at the Leprechaun Deposit is aimed at expanding the NI 43-101 compliant resource (see news release of December 16, 2010) and extending the current boundaries of the Deposit both down-dip and along strike to the NE and SW
  • Drilling at Valentine East Gold Zone is to begin within days, focused on delineation drilling of a new resource
  • Newly delineated IP drill targets will be tested: (1) for 1000 metres (m) along strike to the NE of the Leprechaun Deposit; (2) within the Rogerson Lake conglomerates 500 m east of the Leprechaun Deposit; and (3) over a 500 m strike of the Valentine East Gold Zone
  • Base line environmental studies to begin in February will include water quality, waterfowl and fish surveys
  • Plans for 2011 also include: further metallurgical testing; additional IP surveying along strike of both the Leprechaun Deposit and Valentine East Gold Zone; and geotechnical drilling to test slope stabilities for pit wall design at the Leprechaun Deposit for inclusion in the preliminary economic assessment currently planned for completion by the 1st quarter of 2012

“With a strong exploration team in place, two drills turning, initial drill holes showing visible gold, and the Leprechaun Deposit wide open along strike and down dip, we are well positioned for growth,” said Sherry Dunsworth, V.P. Exploration of Marathon. “We are looking forward to exceeding the success of the 2010 drilling campaign.”

About the Valentine Lake Gold Property:

The Leprechaun Deposit situated approximately 3 km northeast of the Property’s southwest claim boundary is the first defined gold resource within the highly prospective Property, which is over 30 km long and has anomalous gold values in rock and soils, reflecting widespread gold mineralization. Preliminary investigation of these areas has produced favourable drilling results that require follow up. Both Mountain Lake and Marathon believe that the setting of the Property is geologically analogous to other gold camps such as the Abitibi Belt.

Gary Woods, P.Geo., President and CEO of Mountain Lake, is the Company’s Qualified Person on the Valentine Lake Project and has reviewed and verified the contents of this news release.

About Mountain Lake Resources Inc.

Mountain Lake Resources Inc. (TSX-V:MOA.v - News) is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Mountain Lake’s current projects include: a 30% interest in the Valentine Lake gold property (Newfoundland) with an option to acquire the remaining 70% interest from Richmont Mines Inc. (TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture agreement whereby Marathon Gold Corp. can earn a 50% interest in the property; a 100% interest in the Glover Island gold exploration property (Newfoundland); an option to earn a 100% interest in the Little River gold-antimony exploration property (Newfoundland); a 100% interest in the Bobby’s Pond base metals property (Newfoundland); and a minority (~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South Africa). For more information visit: www.mountain-lake.com

ON BEHALF OF THE BOARD OF DIRECTORS

s/“Gary Woods”
President & CEO

NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

 

 

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All

Mountain Lake Resources Inc

EXPLORATION STAGE
CODE : MOA.V
ISIN : CA62419J1030
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Mountain Lake Res. is a zinc and lead development stage company based in Canada.

Mountain Lake Res. produces zinc, lead, diamonds in South Africa, and holds various exploration projects in Canada.

Its main assets in production are DIAMOND PROJ # 1 (NOOITGEDACHT 131) and DIAMOND PROJECT #2 (MOOI RIVER) in South Africa and its main exploration properties are LITTLE RIVER, VALENTINE LAKE (LEPRECHAUN) and BOBBY'S POND (MLR) in Canada.

Mountain Lake Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 16.1 millions as of today (US$ 15.9 millions, € 12.6 millions).

Its stock quote reached its highest recent level on September 26, 2003 at CA$ 1.44, and its lowest recent point on December 12, 2008 at CA$ 0.08.

Mountain Lake Res. has 50 412 000 shares outstanding.

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Annual reports of Mountain Lake Resources Inc
2007 Annual report
Financings of Mountain Lake Resources Inc
6/21/2010Arranges Private Placement Financing
3/10/2008Completes Private Placement
Project news of Mountain Lake Resources Inc
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3/13/2011(Little River)Provides Update on Little River Antimony-Gold Project in Sou...
3/8/2011(Valentine Lake (leprechaun))Leprechaun Gold Deposit Continues to Grow with Latest Result...
1/19/2011(Valentine Lake (leprechaun))Announces the Start-up of the 2011 Drilling Campaign at Lepr...
4/8/2010Drilling Intersects Two High Grade Intervals Over 105 g/t (3...
3/25/2010(Valentine Lake (leprechaun))Mtn Lake - Latest Drill Results
12/9/2009(Little River)Completed Drill Program on the Little River Gold
11/10/2009(Little River)Commences Drilling at Little River
9/22/2008(Bobby's Pond (mlr))Reports a Substantial Resource Increase at Bobby’s Pond
1/29/2008(Bobby's Pond (mlr))Drilling Continues to Extend Mountain Lake’s
12/12/2007(Falls Grid Gold) Options Gold Property West of Bathurst, New Brunswick
5/31/2006provides corporate update on main projects
Corporate news of Mountain Lake Resources Inc
12/23/2009Enters Joint Venture with Marathon
10/15/2009 Trenching Results Reveal Strong Gold Values Plus New Discov...
8/25/2009Today's Mountain Lake News
8/10/2009Today's Mountain Lake News
7/3/2009Adds Mining Engineer to Board of Directors
5/20/2009AGM reminder
1/7/2009Today's Mountain Lake News
9/2/2008Options New Gold Property in Southern Newfoundland
3/27/2008COMPLETE ACQUISITION OF VALENTINE LAKE GOLD PROPERTY
3/12/2008Etruscan Diamonds’ February Sales Average Over $750 Per Cara...
2/6/2008Substantial Increase in Blue Gum Resource and Stronger Diamo...
10/9/2007Today's Mountain Lake News
9/10/2007arranges $ 2 million financing with Sprott Asset Management
2/26/200707-02 - Cornerstone signs Mountain Lake to joint venture on ...
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