Sudbury, ON - October 27, 2014 - Manitou Gold Inc. (TSX-V: MTU) ("Manitou" or the "Company") announces the receipt of grab sample assay results from the recently completed exploration program on the Gaffney Patents Project. The company has conducted geological mapping, prospecting, line cutting and soil sampling programs across a portion of the property.
The most recent prospecting program was focused on identifying new prospective targets located within the folded diorite unit, along its contacts and within additional quartz feldspar porphyry dykes located across the property. A total of 98 grab samples from the Gaffney area as well as the Beehive area were collected. Samples returned gold assay values ranging from nil to 12.4 g/t Au on the Gaffney area and nil to 1.6 g/t Au on the Beehive area. A complete list of assays is available on the Company's website.
The folded diorite unit within the vicinity of the historical Gaffney shaft was identified by previous property operators and this interpretation was confirmed by Manitou's recent geological mapping program. Previous exploration was focused only on the most southern portion of the diorite, with little to no focus given to the more northern portion. This prospecting and sampling program was aimed at identifying other prospective targets away from the area of known gold mineralization. Prospecting has revealed several prospective looking zones ranging from shear zones (sericite-chlorite +/- fuchsite schist), altered diorite, quartz veins and quartz feldspar porphyry dykes with anomalous to high grade gold values.
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In addition to prospecting, a grid has been cut across a portion of the property and a soil sampling program has been completed across the grid with approximately 400 soil samples recently taken to the lab for analysis. In the winter, a geophysical survey is planned to be completed over this grid
Todd Keast commented "As we continue to explore the Gaffney Patents Project, we identify new prospective targets, which indicates the quality of the project and evidence of a significant gold system that has been underexplored."
Todd Keast, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
For further details about the Company's projects please visit the Manitou website at www.manitougold.com.
For further information on Manitou Gold Inc. contact:
Todd Keast, P. Geo.
President and CEO
Manitou Gold Inc.
Telephone: 705-222-8800
Facsimile: 705-222-8801
Email: [email protected]
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.