Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is
pleased to announce additional assay results from its ongoing
10,000 metre drill program along the eastern portion of the
Baltimore deformation zone (the “BDZ”) on its 100% owned Goudreau
Project in Northeastern Ontario.
Highlights of drill results are from the
Stover zone and newly identified extension zones,
where the Company is reporting assay results from an
additional eight drill holes completed in February of this
year. Drilling is ongoing, with two diamond drill rigs
currently testing the Stover zone and 28 other high priority
targets on the eastern 4 kms of the 18 km length of the BDZ on
Manitou property.
Highlights:
- Drilling
at Stover continues to intersect broad zones of gold
mineralization down plunge of previously announced,
shallow drill hole intersections, with highlights including:
- 3.0 m
grading 4.0 g/t Au within a broader intersection of 49 m grading
0.7 g/t Au (starting at 291 m down hole) in hole
MTU-21-10, located approximately 200 metres down-plunge of hole
MTU-20-56, which intersected 15 m grading 1.5 g/t Au,
including 5.3 m at 2.7 g/t Au; and
- 36.5 m
grading 0.5 g/t Au (starting at 186.9 m down
hole), including 4.4 m at 1.8 g/t Au in hole
MTU-21-07, located 150 m up plunge of MTU-21-10.
- Identified
significant gold mineralization over widths of up to 12 m
in step-out holes located 1.2 kms east and 600 m west of the Stover
zone along the “Main shear”;
- The
Main shear has now been drill confirmed along
2 km of strike length.
- All gold zones encountered along the BDZ to date remain
open in all directions; additional drilling to
test for higher grade shoots is ongoing. A second diamond
drill is completing follow-up hole in the vicinity of the step-out
drilling to determine the extent of gold mineralization in
these new areas.
- Aggressive step-down drill-hole underway with
hole MTU-21-12, which targets the Stover zone 200 m
down-plunge from the deepest intercept to date. Hole
MTU-21-12 is an aggressive step-down drill hole which
targets the mineralized zone at a vertical depth of approximately
450 metres.
“Our exploration thesis for the BDZ is that the
orogenic gold environment proven up by our neighbours to the west
is intact, with the main gold bearing sections beginning at depths
of several hundred metres below surface. The deeper we have drilled
on the Stover zone, the more confirmation we are getting in this
regard. I am very optimistic about the ongoing hole MTU-21-12,
which is testing 200 metres below our most recent, highest grade
intersection to date,” stated Richard Murphy, President and CEO of
Manitou Gold. “I am also looking forward to the results of our
ongoing geophysical surveys, which are covering the western ten
kilometres of the BDZ on Manitou Property. I expect that we will be
ramping up our exploration drilling to test new targets in this
area.”
Figure 1 : Project MapFigure 2 : Targets along the Baltimore
Deformation ZoneFigure 3: Stover Drill Plan MapFigure 4: Stover
Zone Longitudinal Section
Figure 4: Inclined longitudinal section of the
Stover Zone (looking
north)https://www.globenewswire.com/NewsRoom/AttachmentNg/93a8b9ae-bff9-4b95-b6d2-fbdc42248a73
Stover Zone
Today’s results from the Stover zone includes
two drill holes collared 50 m and 200 m down-plunge of previously
released drill holes, (see news release dated December 16, 2020
& news release January dated January 12, 2021) which
intersected up to 39.9 m at 0.5 g/t in hole MTU-20-49, 0.8 g/t Au
over 18.0 m, including 3.3 g/t Au over 2.1 m in hole MTU-20-52 and
15 m grading 1.5 g/t Au, including 5.3 m at 2.7 g/t Au in hole
MTU-20-56.
Hole MTU-21-07 returned 36.5 m at 0.5 g/t Au
(starting at 186.9 m down hole), including 4.4 m at 1.8 and Hole
MTU-21-10 intersected 49 m at 0.7 g/t Au (starting at 291 m down
hole), including 3.0 m at 4.0 g/t Au.
The new results demonstrate the down-plunge
continuity of mineralization and validate the interpretation of
steeply westerly plunging shoots. Drill results to date demonstrate
the continuity of mineralization over a distance of 200 metres
along strike and 350 metres down plunge.
The company is now completing an
aggressive step-down drill hole which targets the mineralized zone
at a vertical depth of approximately 450 metres and 200 metres down
plunge of the deepest intercept to date.
Significant drill results for additional diamond
drill holes completed on the Stover grid since February 9th are
summarized in Table 1 below.
Step-out Drilling
The step out drilling 1200 metres east and 600
metres west of the Stover zone intersected the Main shear in broad
intervals of alteration and veining with a diverse suite of
sulfides consisting of arsenopyrite, pyrite and pyrrhotite. The
Main shear is centered on a favorable lithological contact between
felsic volcaniclastic and sedimentary rocks. Mineralized intervals
reach widths of up to 12 metres and occur proximal to the same
geological contact and structure that hosts the mineralization at
the Stover zone.
Hole MTU-21-24, collared approximately 1,200
metres east of the Stover zone intersected 12.3 m at 0.4 g/t Au,
including 6 metres at 0.6 g/t Au starting at 53.5 m down hole. Hole
MTU-21-21 located 600 m west of the Stover zone encountered 2
metres of 0.6 g/t Au starting at 109 metres down hole and a
separate intersection of 8 metres at 0.3 g/t Au starting at 185 m
down hole.
The company is now completing follow-up drilling
in the new areas to determine the strike extent of gold
mineralization.
Ongoing drilling will also continue to test other targets
located along the BDZ, including possible zones parallel to the
Main shear.
Table 1: Stover Grid Drill Hole
Intersections
Hole ID |
From |
To |
Core length(1)
(m) |
Au (g/t) |
Zone |
MTU-21-06 |
210.0 |
212.8 |
2.8 |
0.5 |
Stover Main Zone |
MTU-21-07 |
186.9 |
223.4 |
36.5 |
0.5 |
Stover Main Zone |
incl. |
198.5 |
202.9 |
4.4 |
1.8 |
Stover Main Zone |
MTU-21-08 |
216.7 |
243.5 |
26.8 |
0.3 |
Stover Main Zone |
MTU-21-08 |
258.8 |
271.4 |
12.6 |
0.3 |
Stover Main Zone |
MTU-21-09 |
257.0 |
266.9 |
9.9 |
0.6 |
Stover Main Zone |
incl. |
264.0 |
266.9 |
2.9 |
1.2 |
Stover Main Zone |
MTU-21-10 |
291.0 |
340.0 |
49 |
0.7 |
Stover Main Zone |
incl. |
291.0 |
293.0 |
2 |
1.4 |
Stover Main Zone |
& incl. |
304.0 |
306.0 |
2 |
2.4 |
Stover Main Zone |
& incl. |
318.1 |
328.0 |
9.9 |
1.8 |
Stover Main Zone |
incl. |
318.1 |
325.1 |
7 |
2.3 |
Stover Main Zone |
incl. |
322.1 |
325.1 |
3 |
4.0 |
Stover Main Zone |
& incl. |
336.0 |
339.0 |
3 |
1.1 |
Stover Main Zone |
MTU-21-21 |
109.0 |
111.0 |
2 |
0.6 |
Stover West Extension |
MTU-21-21 |
185.0 |
193.0 |
8 |
0.3 |
Stover West Extension |
MTU-21-24 |
53.5 |
65.8 |
12.3 |
0.4 |
Stover East Extension |
incl. |
59.0 |
65.0 |
6 |
0.6 |
Stover East Extension |
MTU-21-25 |
74.0 |
79.0 |
5 |
0.3 |
Stover East Extension |
incl. |
74.0 |
75.0 |
1 |
0.9 |
Stover East Extension |
MTU-21-25 |
83.2 |
88.2 |
5 |
0.6 |
Stover East Extension |
(1)Lengths are reported as core lengths. True
thickness is estimated at 70% to 80% of reported intervals based on
observed core angles.
About the Goudreau Project
The Goudreau project is located 50 kilometres
northeast of Wawa, Ontario and is underlain by Archean-aged rocks
of the Michipicoten Greenstone belt. The project area is traversed
by several broad-scale deformation corridors, which host the
majority of the important regional gold deposits and showings in
the region.
The eastern half of Manitou’s Goudreau project
is centrally located over the Baltimore deformation zone,
encompassing an 18 kilometre of strike length of the BDZ.
Geological and geophysical interpretation indicate that the BDZ is
the fault offset continuation of the Goudreau Localsh deformation
zone which hosts Alamos Gold’s (TSX:AGI;
NYSE:AGI) Island gold deposit and Argonaut
Gold’s Magino deposit, in addition to a number of
smaller-scale past producing mines including the Cline and Edwards
mines.
As a fault offset extension of the
Goudreau-Localsh deformation zone which hosts two multi-million
ounce gold deposits, and has seen over 1,000,000 metres of drilling
for gold, the BDZ has been extremely under-explored along its 17
kilometre long trend, with only 4400 metres of historic gold
drilling.
The Goudreau project covers approximately 350
square kilometres in this re-emerging gold camp that several
multi-million ounce gold deposits.
Manitou’s key strategic shareholders
include Alamos Gold
Inc. (TSX:AGI; NYSE:AGI)
and O3 Mining Inc. (TSX.V: OIII; OTCQX:
OIIIF).
Sampling and Quality
Control
Samples were delivered to Activation
Laboratories (“Actlabs") in Thunder Bay, Ontario. At the
laboratory, samples were crushed up to 80% passing 2 mm, riffle
split (250 g) and then pulverized to 95% passing 105 microns. Gold
was analyzed by fire assay with an AA finish, using the 50 g
sub-sample. Over limit analysis was performed on all primary assay
results >3 g/t gold. All over limits were tested by fire assay
with gravimetric finish using a 50 g sub-sample. Actlabs is a
certified and ISO 17025 accredited laboratory. Standards and blanks
were routinely inserted into the stream of core and channel
samples. At least 20 percent of the core and channel samples
submitted to the laboratory comprise samples used for quality
control. Actlabs routinely inserts their own certified reference
materials for at least 20 percent quality control in each
batch.
Richard Murphy, P.Geo is the qualified person
responsible for the technical content contained in this release. He
has reviewed and approved the content contained herein.
For further information on Manitou Gold Inc. contact:
Richard Murphy, CEO |
Telephone: |
1 (705)
698-1962 |
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.
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. 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 shareholder approvals. 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.
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