Manitou Gold Inc. Commences Diamond Drilling on Highly Prospective Targets
February 26 2014 - 7:30AM
Marketwired Canada
Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces the
start of a winter diamond drill program on the Elora and Kenwest Projects
located in Northwestern Ontario. The company anticipates completing
approximately 1,200 metres of drilling to test the shallow portion of the highly
prospective Jubilee gold zone, two prominent Soil Gas Hydrocarbon (SGH)
geochemical anomalies, and the high grade gold showing on the #2 shear zone.
Approximately 10 diamond drill holes are planned to evaluate the shallow portion
(0-50m vertical depth) of the Jubilee Zone along a strike distance of 125
metres. Diamond drill results from previous project operators (Table 1) in
conjunction with historical sampling results from the open cut and underground
drift (Table 2) broadly outlines a shallow zone of gold mineralization (Figure
1: http://www.manitougold.com/_resources/maps/0226-Figure_1.jpg).
Table 1. Historic drilling
----------------------------------------------------------------------------
DDH Au g/t Width (m)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
E-06-16 5.3 3.8
----------------------------------------------------------------------------
98-08 14.0 4.4
----------------------------------------------------------------------------
98-09 4.1 8.8
----------------------------------------------------------------------------
98-06 3.9 5.9
----------------------------------------------------------------------------
DDH-1(i) 5.1 1.8
----------------------------------------------------------------------------
DDH 4(i) 4.5 4.8
----------------------------------------------------------------------------
DDH-5(i) 6.5 4.4
----------------------------------------------------------------------------
DDH-9(i) 6.3 1.8
----------------------------------------------------------------------------
Table 2. Historic sampling from underground workings
----------------------------------------------------------------------------
Au g/t Width (m) Length (m)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Open Cut North(i) 11.3 2.8 37.5
----------------------------------------------------------------------------
Open Cut South(i) 5.4 2.5 44.2
----------------------------------------------------------------------------
North Drift(i) 2.2 4.2 32.2
----------------------------------------------------------------------------
2.7 2.9 29.0
----------------------------------------------------------------------------
South Drift(i) 5.4 4.6 81.7
----------------------------------------------------------------------------
3.4 2.8 29.0
----------------------------------------------------------------------------
4.1 2.3 30.2
----------------------------------------------------------------------------
(i) Historical data in Tables 1 and 2 not verified by Manitou
The company was able to re-log and re-assay the drill core from the past project
operators' drill programs (1998, 2004, 2006 and 2008) and has established a high
level of confidence in these results. The sampling results from the open cut and
underground drift were extracted from historical records which the Company has
not attempted to duplicate at this time. The upcoming drill program will provide
a substantially higher density of drilling in order to increase the level of
confidence in this prospective area of gold mineralization. Additional holes
along strike and at depth will be considered pending the results of the initial
holes.
During the 2013 summer exploration season the Company completed a Soil Gas
Hydrocarbon (SGH) survey over portions of the Elora and Kenwest properties. The
SGH survey identified two robust anomalies which both ranked 5.5 out of 6.0 (as
interpreted and rated by Activation Laboratories Ltd.). The first anomaly is
located approximately 500 metres southwest of the Jubilee zone in an area with
little past exploration work. (Figure 2:
http://www.manitougold.com/_resources/maps/0226-Figure_2.jpg). The second SGH
anomaly is located between the Jubilee Shear and the Big Master #1 Shear on the
Overlook Shear Zone. Both SGH anomalies are proximal to the historical patent
property boundary which is believed to have been a hindrance to previous
exploration efforts.
Several short holes are planned for the Big Master #2 high grade area where
drilling in the past by the Company intersected numerous very shallow, high
grade gold intersections (Table 3) including a spectacular intersection of
53,700 g/t Au over 0.55 m in drill hole KW-11-26. Several shallow holes are
planned to trace this high grade gold occurrence to surface. The high gold
content and shallow position may provide the company with an opportunity to
recover this gold in a low cost low volume extraction.
Table 3:
----------------------------------------------------------------------------
DDH From m To (m) Length (m) Au g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
KW-11-26 55.3 63.7 8.5 3497.0 uncut
----------------------------------------------------------------------------
KW-11-26 55.3 63.7 8.5 4.9 cut to 50 g/t
----------------------------------------------------------------------------
including 55.9 56.5 0.6 53700.0
----------------------------------------------------------------------------
KW-11-46 29.9 38.9 9.0 26.9
----------------------------------------------------------------------------
including 29.9 30.5 0.7 316.0
----------------------------------------------------------------------------
KW-11-48 72.5 77.0 4.5 7.0
----------------------------------------------------------------------------
including 72.5 74.2 1.7 14.2
----------------------------------------------------------------------------
KW-11-50 36.2 37.0 0.8 12.0
----------------------------------------------------------------------------
KW-11-51 45.0 46.2 1.2 4.4
----------------------------------------------------------------------------
KW-11-52 53.3 63.8 10.5 2.1
----------------------------------------------------------------------------
KW-11-53 75.7 82.5 6.8 8.4
----------------------------------------------------------------------------
including 75.7 76.5 0.8 35.0
----------------------------------------------------------------------------
KW-11-54 94.5 101.0 6.5 8.4
----------------------------------------------------------------------------
including 94.5 95.6 1.1 35.7
----------------------------------------------------------------------------
KW-11-55 32.7 41.0 8.4 4.7
----------------------------------------------------------------------------
including 34.5 35.0 0.5 67.1
----------------------------------------------------------------------------
KW-11-56 49.7 57.3 7.6 1.1
----------------------------------------------------------------------------
KW-11-57 62.8 70.3 7.5 1.3
----------------------------------------------------------------------------
KW-11-59 80.0 85.5 5.5 1.7
----------------------------------------------------------------------------
KW-11-60 69.7 77.0 7.3 3.4
----------------------------------------------------------------------------
including 70.6 71.5 1.0 13.0
----------------------------------------------------------------------------
KW-11-61 53.0 61.0 8.0 2.0
----------------------------------------------------------------------------
KW-11-62 58.5 66.8 8.3 2.6
----------------------------------------------------------------------------
KW-11-63 58.5 64.9 6.4 1.4
----------------------------------------------------------------------------
Todd Keast, President and CEO of Manitou commented, "The upcoming drill program
will test a number of quality, shallow targets that we have developed over the
past few months. Manitou is focused on identifying near-surface, high grade gold
mineralization. With approximately $1.4 million of cash on hand and an excellent
portfolio of past-producing gold projects, the Company is uniquely positioned to
add shareholder value".
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.
Manitou is a Canadian exploration company with a 150 square kilometre land
package of highly prospective gold properties located in the historical Gold
Rock District, in Northwestern Ontario. This under-explored area has a very
attractive geological setting hosting 61 known gold occurrences including three
past producing mines (Big Master, Laurentian and Elora). Until recently, the
area has remained relatively untouched by modern-day exploration, pointing to
excellent discovery potential over this large land package.
For further details about the Company's projects please visit the Manitou
website at www.manitougold.com.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Manitou Gold Inc.
Todd Keast, P. Geo.
President and CEO
705-222-8800
705-222-8801 (FAX)
info@manitougold.com
www.manitougold.com
Manitou Gold (TSXV:MTU)
Historical Stock Chart
From Apr 2024 to May 2024
Manitou Gold (TSXV:MTU)
Historical Stock Chart
From May 2023 to May 2024
