SUDBURY, Ontario, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (MTU.V) (the “Company” or “Manitou”) is pleased to announce receipt of assay results for the first four of the holes drilled during the winter drilling program at its Kenwest property, located approximately 50 km South of Dryden, Ontario.
A total of 2,078 metres of drilling over 16 holes were completed. Detailed geological logging and sampling of the remaining drill core is still ongoing at time of publication.
The first four drill holes were designed to test the Big Master (“BM”) #2 shear zone and confirm a new structural model for the mineralized zones. Twelve further holes tested the BM#1 shear zone in areas that were historically undrilled and had similar target characteristics to the newly identified structurally associated gold mineralization. Visible gold was observed in holes KW-18-03, KW-18-06, KW-18-09 and KW-18-10.
Hole KW-18-01 encountered 9.2 g/t gold across 1.59 metres from 42.08 m to 43.67 m. Hole KW-18-02 cut 1.43 metres of vein material averaging 4.0 g/t gold from 68.87 m to 70.3 m. Hole KW-18-03 intersected two separate sections of mineralization, the first of which averaged 7.7 g/t gold over 2.1 meters from 43.0 m to 45.1 m, while the second section averaged 4.7 g/t gold over 2.81 meters from 50.29 m to 53.1 m. Hole KW-18-04 intersected 1.91 meters of mineralized vein averaging 2.0 g/t gold from 42.47 m to 44.38 m. The intersections described above were encountered at vertical depths of between 20 and 50 meters. True thicknesses are estimated at approximately 70% of reported core lengths.
The BM#1 and BM#2 shear zones are subparallel, northeast to southwest trending shear zones that exhibit a near vertical dip and have been filled with quartz veining and related alteration. The BM#1 shear zone is located on the northwest side of the BM#2 shear zone. A plan map showing the area of the drilling on the BM#1 and BM#2 shear zones can be found on the Manitou Gold Website.
An updated the long section illustrating these new results from the BM# 2 shear zone can also be found on the Manitou Gold Website.
“We are encouraged by the return of very respectable grades along strike and down plunge from previously identified mineralization along the BM#2 vein,” stated Richard Murphy, CEO of Manitou Gold. “Furthermore we have been able to identify faults in two of the holes that confirm some of our working theories about further control on the gold mineralization at Kenwest. We will be able to leverage this new knowledge in planning the next drilling campaign on the property. I look forward to sharing the results for the remainder of this drill program as they become available.”
For further information on Manitou Gold Inc., contact:
Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, President
Telephone: 1 (705) 626-0666
Email: info@manitougold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this document.
Drill core samples reported herein were transported in sealed bags to Activation Laboratories assay lab in Dryden, Ontario. Samples were then crushed to 75% passing 2mm, split, then pulverized to 85% passing 75 microns. Using a riffle splitter, a 50g sub-sample was created. Then, 50g fire assays were performed with an AA finish. Over limit analysis was performed on all primary assay results >10 g/t Au. All over limits were tested by fire assay with gravimetric finish.
Manitou Gold has a quality assurance and quality control program in place. A high or low grade standard sample is submitted one every 30 samples, and a blank sample is inserted every 30 samples (average 1 standard or blank sample in every 15 assays). Results are validated against known standard values.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including without limitation, statements with respect to the prospective nature of any of Manitou’s property interests. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the timing and amount of future exploration, the availability of necessary financing, the progress of exploration activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including, but not limited to the receipt of applicable regulatory approvals, risks inherent in exploration and development activities, changes in project parameters as plans continue to be redefined, mineral prices, competition, access and supply risks, reliance on key personnel, operational risks, capitalization and financing risks, risks related to disputes concerning property titles and interest, and environmental risks. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.