Manitou Gold Triples Size of 2021 Drilling Program on Baltimore Deformation Zone to 30,000 M
Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is
pleased to announce that it is increasing its drill program along
the mine-hosting Baltimore Deformation Zone (the “BDZ”) to a total
of 30,000 metres. Following the successful closing of the Company’s
$5 million financing, the Company is now accelerating its
aggressive exploration on its 100% owned Goudreau Project, which is
located along the BDZ, in Northeastern Ontario. The drill program
is anticipated to provide for continuous drill results through the
first quarter of 2022.
Highlights of the 2021 exploration to
- Based on
positive results from the winter drill campaign and following the
completion of the recent $5MM financing, the drill program
on the BDZ will be increased to 30,000 metres from 10,000
metres. The newly announced additional drilling will be
largely focused on testing new targets along the additional 10
kilometres of strike on the western part of the BDZ.
- The new 300
line km deep-penetrating, high resolution wireless Alpha Induced
Polarization (“IP”) / resistivity survey is progressing
systematically. From 3D models generated to date, the Alpha IP data
is delivering high-resolution results, with data providing discreet
targets at depths from near surface to up to 800 m.
- Promising new
targets are emerging proximal to the contact of an ultramafic unit
with an interpreted strike length of over six kilometres.
Finalization and planning of specific drill targets along
the 10 km of strike on the western part of the BDZ is scheduled to
be completed by early June 2021, with the drilling of such targets
expected to begin in mid-June 2021.
operations are resuming after a planned temporary suspension of
operations due to spring breakup. In the near term, the drill
program will be directed at testing a newly identified geophysical
anomaly east of previous drilling at the Stover Zone, which is
within the Company’s Goudreau Project, as well as new targets along
strike to the west of the Stover Zone.
“I am pleased to announce another significant
increase in our exploration program to test the crustal-scale
Baltimore deformation zone. The BDZ, represents the fault-offset
extension of the Goudreau-Localsh deformation zone that hosts two
multi-million ounce gold deposits, being Alamos Gold’s Island Gold
Mine and Argonaut’s Magino project,” stated Richard Murphy,
President and CEO of Manitou Gold. “The expansion to the ongoing
drill program will allow us to continue to unlock the exploration
potential along the western 10 kilometres of the BDZ.”
New Geophysical Surveys Covering Western 10 km of the
BDZGround geophysical surveys, including an Alpha IP
survey covering an additional 10 kilometres of strike length along
the BDZ, are well underway.
High priority regional targets along major structural
intersections and flexures along the BDZ are also currently being
prioritized, with initial results expected during the second half
of May. Initial drill targets are expected to be ready for testing
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 (such as the BDZ),
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 BDZ, 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 (the “GLDZ”), which hosts
Alamos Gold’s (TSX:AGI;
NYSE:AGI) Island gold deposit and Argonaut Gold’s
(TSX: AR) Magino deposit, in addition to a number of
smaller-scale past producing mines, including the past-producing
Cline and Edwards mines.
As a fault offset extension of the GLDZ, 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 hosts several
multi-million ounce gold deposits.
Manitou’s key strategic shareholders
include Alamos Gold
Inc. (TSX:AGI; NYSE:AGI) at
19.9% and O3 Mining Inc. (TSX.V: OIII; OTCQX:
OIIIF) at 9.9%, each individually calculated on a
partially diluted basis.
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, CEOTelephone: 1 (705) 698-1962 Email:
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
A photo accompanying this announcement is available at
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