Manicouagan Minerals Inc. (TSX VENTURE: MAM) is pleased to provide
an update on its exploration programs:
Pickle Lake Gold Properties - Airborne Geophysical Survey
Manicouagan Minerals Inc. has contracted with Geo Data Solutions
Inc. to fly a 1,900 line-kilometre helicopter-borne aeromagnetic
survey over two of Manicouagan's three Pickle Lake gold properties
in Ontario. The survey is expected to be completed by the end of
June.
The airborne geophysical survey will cover the entire
Kasagiminnis and Pickle Lake East gold properties. The survey will
assist in the identification of mineralized structures that control
the known gold mineralization on the properties. Manicouagan's
Dorothy-Dobie Lake Property, also in Pickle Lake, was flown in 2007
by Trillium North Minerals Ltd.
Field programs are currently being developed to follow up on the
known gold occurrences located on all three properties including
the Dobie West and Tonsil Lake Zones drilled by Bond Gold (now
Barrick) in the late 1980's that are thought to represent the
strike extension of the past producing Golden Patricia Mine.
Manicouagan can earn up to a 70 percent interest in the
Kasagiminnis, Pickle Lake East and Dorothy-Dobie Lake properties
pursuant to an option agreement with Trillium North. (See MAM Press
Release dated April 16, 2009.)
The Pickle Lake gold properties consist of three non contiguous
claim groups known as the Pickle Lake East Property, the
Kasagiminnis Property, and the Dorothy-Dobie Lake Property.
Collectively the properties cover an area of approximately 77.41
square kilometres. The properties are located in the Pickle Lake
Greenstone Belt, which is part of the prolific Uchi Geological
Subprovince having historically produced over 30 million ounces of
gold. The Pickle Lake area includes four past producing mines:
Golden Patricia (0.45Moz at 19.9 gpt Au), Dona Lake (0.21Moz at
8.6gpt), Central Patricia (0.65Moz at 12.0gpt) and Pickle Crow
(1.45Moz at 16.1gpt). A sketch showing the location of the
properties is available at www.manicouaganminerals.com.
Winter House Gold Property - Reconnaissance Program
Commenced
Manicouagan has commenced a ground prospecting and mapping
program at its wholly owned Winter House Gold Property in Mid-North
Quebec. This program will follow up on anomalies identified by the
AeroTEM II airborne geophysical survey completed by Manicouagan in
the spring of 2008. The Winter House Gold Property is located some
435 kilometres north of Baie-Comeau in the province of Quebec.
HPM/Forgues Nickel Property - Ground Prospecting and Geological
Mapping Program
Manicouagan will also be conducting a brief ground prospecting
and mapping program to inspect "high priority" airborne EM
anomalies identified by the AeroTEM II airborne geophysical survey
completed by Manicouagan in the spring of 2008 that have not yet
been followed up on.
During 2008, 17 holes were drilled at HPM/Forgues for an
aggregate of 3,388 metres. Results included 43.18 meters of 1.74%
nickel, 0.90% copper and 904 ppm cobalt from hole HPM-08-03 and
9.54 meters in hole HPM-08-11 which assayed 1.12% nickel, 0.23%
copper and 518 ppm cobalt at the Barre de Fer Prospect. (See MAM
Press Releases dated November 6, September 11, and August 6,
2008).
Manicouagan has an option to earn up to a 70% interest in the
HPM/Forgues property from Pure Nickel Inc. (see MAM Press Release
dated November 6, 2007).
The HPM/Forgues property is located some 160 kilometres
east-southeast of the Mouchalagane Nickel/Copper/PGE property. It
is situated in NTS map sheets 22 O/11 and 22 O/12 and lies just
east of highway 389, which runs between Baie-Comeau and Fermont,
Quebec.
Given the current outlook for nickel, Manicouagan does not
expect to resume drilling at the HPM/Forgues Nickel Property this
summer and will instead focus its efforts on gold exploration.
Exploration programs in the Pickle Lake Area are being carried
out under the direct supervision Bruce W. Mackie, P.Geo., a
consulting geologist for Manicouagan Minerals. Bruce W. Mackie,
P.Geo., has reviewed and verified the technical content of this
press release on behalf of Manicouagan Minerals and is a "Qualified
Person" as defined in National Instrument 43-101.
Exploration programs on the Winter House Gold property and the
HPM/Forgues Nickel property are being carried out under the direct
supervision of Francois Bissonnette, P.Geo., Senior Project
Geologist for Manicouagan Minerals' projects in Quebec. Francois
Bissonnette, P.Geo., has reviewed and verified the technical
content of this press release on behalf of Manicouagan Minerals and
is a "Qualified Person" as defined in National Instrument
43-101.
Stock Options Granted
Manicouagan Minerals also announced today that its Board has
approved the issuance of 2,090,000 options under the Company's
Stock Option Plan. These options are being granted to directors,
officers, consultants and employees of the Company, and are
exercisable into common shares of the Company at a price of $0.10
per share. Subject to the rules of the TSXV and the Company's Stock
Option Plan, the options have a term of five years and will expire
on June 18, 2014.
About Manicouagan
Manicouagan Minerals Inc. is an exploration company focused on
Canadian mineral properties. Its properties include three recently
acquired Pickle Lake gold properties in Ontario, the Brabant Lake
Zinc deposit in Saskatchewan, and the HPM/Forgues Nickel and
Mouchalagane Nickel/Copper/PGE projects, both in Quebec.
Additional information about Manicouagan Minerals and its
exploration projects can be found at
www.manicouaganminerals.com.
Une traduction francaise de ce communique de presse est
disponible a www.manicouaganminerals.com.
All statements other than statements of historical fact,
included in this release, including, without limitation, statements
regarding potential mineralization and reserves, exploration
results, and future plans and objectives of the Company, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are exploration risks
detailed herein and from time to time in the filings made by the
Company with securities regulators.
The TSXV has not reviewed this news release and does not accept
responsibility for the adequacy or accuracy of this news release.
The TSXV has neither approved nor disapproved the contents of this
news release.
Contacts: Manicouagan Minerals Inc. Joseph Baylis President and
Chief Executive Officer (416) 542-3980
investorrelations@manicouaganminerals.com
www.manicouaganminerals.com