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Manitou Gold Inc. (TSX VENTURE:MTU - News) today reported diamond
drill assay results from the Sherridon Property,
located within the Upper Manitou Lake Area of the Kenora
Mining Division. The results are from the final three diamond drill holes of
a nine hole (1,914 m) second phase drill program,
designed to evaluate this newly identified area of multiple gold showings.
The Company has also recently completed a phase of drilling of 9 holes at Canamerica, for which drill results are pending.
Sherridon Project
At the Sherridon
Project, diamond drill hole SH-10-17 was drilled on
the same section and 100m below previously released hole SH-10-16. SH-10-17
intersected multiple gold bearing veins, including 38.7 g/t Au over 0.5m,
which occurred within a wider 2.75m intersection of 7.1 g/t Au. With the
results of SH-10-17, the envelope of gold mineralization has been expanded
and is now broadly defined with a thickness between 50m and 120m, an
east/west strike direction of 150m, and a down dip dimension of 300m. The
envelope of gold mineralization remains open to the east, west and down dip.
In total, eighteen occurrences of visible gold were encountered in six of the
nine holes.
The Company has initiated exploration on
the extensions of this envelope of gold mineralization, with line cutting and
ground geophysical surveys (induced polarization or "IP") planned
for early 2011, with further drilling to follow. IP surveys have shown to be
an effective exploration tool on the Sherridon
Project for identifying and tracing the sulphide
bearing shear zones hosting the gold mineralization.
Highlights of intersections that are the
basis for the delineation of this broad envelope of gold mineralization
consist of the following:
-- 3.6 g/t Au over 1.5 m in hole SH-10-17
-- 7.1 g/t Au over 2.75 m in hole SH-10-17
-- 38.7 g/t Au over 0.5 m in hole SH-10-17
-- 1.5 g/t Au over 2.0 m in hole SH-10-17
-- 3.0 g/t Au over 1.65m in hole SH-10-17
-- 46.0 g/t Au over 0.5 m in hole SH-10-12(i)
-- 14.3 g/t Au over 0.5 m, in hole SH-10-12(i)
-- 2.9 g/t Au over 2.5 m in hole SH-10-12(i)
-- 8.0 g/t Au over 0.8 m in hole SH-10-12(i)
-- 4.6 g/t Au over 2.5 m in hole SH-10-15(i)
-- 23.0 g/t Au over 0.5 m in hole SH-10-15(i)
-- 2.6 g/t Au over 4.8 m in hole SH-10-15(i)
-- 11.5 g/t Au over 0.7 m in hole SH-10-15(i)
-- 5.0 g/t Au over 1.0 m in hole SH-10-15(i)
-- 10.3 g/t Au over 0.5 m in hole SH-10-16(i)
-- 1.9 g/t Au over 1.0 m, and in hole SH-10-16(i)
-- 5.7 g/t Au over 1.0 m in hole SH-10-16(i).
Holes denoted by an asterisk were
reported in the Company's press release dated December 3, 2010.
In addition, prospecting from an area
1.2 km east of recent drilling and off the current grid has identified a new
gold bearing structure, which has been traced for over 100m. Prospecting grab
samples from this newly identified shear zone consisted of 40.6 g/t Au, 10.1,
g/t Au, 3.9 g/t Au and 3.1 g/t Au. This shear zone is oriented parallel to
the orientation of other defined structures investigated to date on the Sherridon property.
A summary of drill results from the
three holes referred to above are detailed in the following table:
Table 1: Summary of Sherridon drill results
From To Width Au
Hole # (m) (m) (m) (gpt)
SH-10-17 176.5 178 1.5 3.6
SH-10-17 192 194.75 2.75 7.1
including 192 192.5 0.5 38.7
SH-10-17 221.5 223.5 2 1.5
SH-10-17 258.85 260.5 1.65 3.0
SH-10-17 291.5 292.5 1 0.5
SH-10-18 66 69 3 1.3
Notes:
Intersections above represent approximations of true widths
of gold mineralization. Holes SH-10-18 and SH-10-19 were
designed to test IP anomalies unrelated to the envelope of
gold mineralization. Hole SH-10-19 did not contain any
significant gold assays.
The gold showings associated with the Sherridon Project were discovered in 2009 and represent a
new gold discovery. The property has not received any historic documented
exploration.
Canamerica Project
At the Canamerica
Project, the Company has very recently completed 9 holes, on the Little
Master Area, and assay results with be released when they are received.
Drilling at Canamerica will resume in the new year.
The Little Master Shaft is located 3.2 km northeast of the Big Master Mine,
within the Manitou Straits Deformation Zone.
The history and details of the Little
Master operation is unknown as records were not preserved by previous
operators. The shaft was sunk on a quartz vein system that has been traced on
surface for 50m until it extends below overburden. Assay values from previous
grab samples ranged from 2.6 g/t to 169.0 g/t Au, with a number of highly
anomalous samples. The Little Master gold bearing vein is located along the
flanks of a 600m long IP anomaly, which was partially tested as part of the
most recent set of holes at Canamerica for which
assays are pending.
About Manitou Gold
Manitou Gold Inc. is a well-funded gold
exploration company focused with a dominant land position in the Gold Rock
Mining Camp, located in the Upper and Lower Manitou areas of the Kenora Mining District. The Company's largest individual
shareholder is Goldcorp Inc, who holds a 15% interest in the Company.
In the Upper and Lower Manitou areas,
where Sherridon, Kenwest
and Canamerica projects are located, past
exploration work filed with the Ministry of Northern Development, Mines, and
Forestry includes only 310 diamond drill holes with an average depth of 8m . The relatively low drill density for this area
approximates one drill hole per 5 square kilometers, which emphasizes the
underexplored nature of this area.
The Company has identified a number of
characteristics of the Manitou Straits Deformation Zone that favorably
compare with the major gold camps of the Abitibi subprovince.
The Manitou Straights Deformation Zone a geological structure containing both
strong geological alteration and extensive gold mineralization. The Company
considers all of these characteristics to be positive, in that they confirm
that the Company is exploring in a relatively underexplored setting that has
the potential of hosting an economic gold deposit.
The Qualified Person responsible for the
technical content of this news release is Todd Keast,
P. Geo., Vice President, Exploration of Manitou Gold
Inc. Mr. Keast has verified all of the technical
data contained in this release.
The Company has implemented a quality
control program to ensure best practice in sampling and analysis. Assayed
samples are transported in security sealed bags for preparation and analysis
at ALS Chemex facilities. ALS Chemex
is an ISO 9001-2000 and ISO 17025 registered laboratory. A prepared sample is
digested with aqua regia. The resulting solution is
analyzed by inductively coupled plasma-atomic emission spectrometry.
Statements in this release that are
forward-looking statements are subject to various risks and uncertainties,
certain of which are beyond the control of the Company including, but not limited
to, the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the uncertainty of
exploration results and estimates and that the resource potential will be
achieved on exploration projects, currency fluctuations, dependence upon
regulatory approvals, the uncertainty of obtaining additional financing and
exploration risk. Readers should also refer to the specific factors disclosed
under the heading "Risk Factors" in the Company's filings with Canadian
securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The Company does not assume any obligation to update any
forward-looking statements, save and except as may be required by applicable
securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Richard Murphy
Manitou Gold Inc.
President and CEO
705-222-8800
705-222-8801 (FAX)
info@manitougold.com |