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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 Company has received assay results
for six diamond drill holes as part of a nine hole
(1,914 m) second phase drill program, designed to evaluate this newly
identified area of multiple gold showings. Assays are pending for the
remaining three holes.
Gold bearing quartz veins have been
identified within a broad envelope of gold mineralization, which varies in
thickness between 50 m and 120 m and measures 150 m along an east/west strike
direction and 200 m in a down dip direction. The envelope of gold
mineralization remains open to the east, west and down dip. Sixteen
occurrences of visible gold were encountered in five of the six holes.
Highlights of intersections that were
the basis for the initial delineation of this broad envelope of gold
mineralization consist of the following (full details of assays are provided
in a table below):
-- 46.0 g/t Au over 0.5 m in hole SH-10-12;
-- 14.3 g/t Au over 0.5 m, in hole SH-10-12;
-- 2.9 g/t Au over 2.5 m in hole SH-10-12;
-- 8.0 g/t Au over 0.8 m in hole SH-10-12;
-- 4.6 g/t Au over 2.5 m in hole SH-10-15;
-- 23.0 g/t Au over 0.5 m in hole SH-10-15;
-- 2.6 g/t Au over 4.8 m in hole SH-10-15;
-- 11.5 g/t Au over 0.7 m in hole SH-10-15;
-- 5.0 g/t Au over 1.0 m in hole SH-10-15;
-- 10.3 g/t Au over 0.5 m in hole SH-10-16;
-- 1.9 g/t Au over 1.0 m, and in hole SH-10-16; and
-- 5.7 g/t Au over 1.0 m in hole SH-10-16.
Hole SH-10-12 is located 100 m east of
SH-10-5 (see press release dated Sept 20, 2010), which intersected 19.7 g/t
Au over 0.8 m, 7.6 g/t Au over 0.5 m, 5.7 g/t Au over 2.4 m and 25.3 g/t 0.5
m.
Encouraged by the results of this second
phase of drilling at Sherridon, the Company has
initiated exploration on the extensions of this envelope of gold
mineralization. Ground geophysical surveys (induced polarization or
"IP") are 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.
The Company is currently drilling at the
Canamerica Project on the Little Master Area. 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 50 metres 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 600 metre
long IP anomaly. Assay results on this drilling at Canamerica,
as well as the balance of the Sherridon second
phase drilling, will be released once received.
A summary of drill results from the six
holes referred to above are detailed in the following table:
Table: Summary of Sherridon drill results
From To Width Au From To Width Au
Hole # (m) (m) (m) (gpt) Hole # (m) (m) (m) (gpt)
Hole SH-10-11 Hole SH-10-15
SH-10-11 37.4 38.3 0.9 1.0 SH-10-15 78.5 81.0 2.5 4.6
SH-10-11 47.8 48.8 1.0 0.5 including 79.3 79.8 0.5 23.0
SH-10-11 56.0 56.6 0.5 1.2 SH-10-15 89.0 90.0 1.0 0.6
SH-10-11 69.3 69.8 0.5 1.1 SH-10-15 102.0 102.5 0.5 2.4
Hole SH-10-12 SH-10-15 114.3 127.0 12.8 1.2
SH-10-12 34.0 34.5 0.5 0.9 including 114.3 119.0 4.8 2.6
SH-10-12 59.3 62.3 3.0 7.7 including 114.3 115.0 0.7 11.5
including 60.5 61.0 0.5 46.0 SH-10-15 140.0 140.5 0.5 2.7
SH-10-12 76.0 78.4 2.4 0.4 SH-10-15 157.6 158.1 0.5 1.8
SH-10-12 95.3 97.8 2.5 0.2 SH-10-15 169.5 172.0 2.5 0.4
SH-10-12 100.5 101.0 0.5 14.3 SH-10-15 194.5 195.0 0.5 0.5
SH-10-12 104.5 107.0 2.5 2.9 SH-10-15 201.0 202.0 1.0 5.0
including 104.5 105.3 0.8 8.0 SH-10-15 221.5 222.0 0.5 0.3
SH-10-12 110.0 110.8 0.8 0.3 Hole SH-10-16
Hole SH-10-14 SH-10-16 155.5 160.0 4.5 0.3
SH-10-14 29.0 30.0 1.0 0.5 SH-10-16 166.0 171.5 5.5 1.3
SH-10-14 33.0 34.0 1.0 0.3 SH-10-16 170.0 170.5 0.5 10.3
SH-10-14 56.0 60.5 4.5 0.3 SH-10-16 180.5 181.5 1.0 1.9
SH-10-14 71.4 72.0 0.7 0.4 SH-10-16 186.0 187.0 1.0 5.7
SH-10-14 88.1 88.7 0.6 1.7 SH-10-16 196.0 198.0 2.0 0.6
SH-10-14 104.5 107.0 2.5 0.4 SH-10-16 217.0 218.0 1.0 0.5
SH-10-14 144.3 144.8 0.5 0.8 SH-10-16 220.0 221.1 1.1 0.5
SH-10-16 237.0 239.0 2.0 0.5
SH-10-16 270.0 273.0 3.0 0.4
SH-10-16 276.0 279.5 3.5 0.5
Notes:
Intersections above represent approximations of true widths of gold
mineralization. Hole SH-10-13 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 past documented
exploration activities and the region is largely underexplored. Past
exploration activities in the Upper and Lower Manitou areas filed with the
Ministry of Northern Development, Mines, and Forestry includes only 310
diamond drill holes with an average depth of 80 metres.
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 recognized a number of
characteristics of the Manitou Straits Deformation Zone, which favorably
compare with the major gold camps of the Abitibi subprovince.
The Company considers 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.
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 Kenora Mining District,
in Northwestern Ontario. The Company's largest individual shareholder is
Goldcorp Inc, who holds a 15% interest in the Company.
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
www.manitougold.com |