Manicouagan Minerals Earns 51% Interest in Pickle Lake Gold Properties-Plans to Increase to 70%
April 15 2010 - 2:50PM
Marketwired
Manicouagan Minerals Inc. (TSX VENTURE: MAM) is pleased to announce
that it has earned a 51 percent interest in the three Pickle Lake
area gold properties that it has optioned from Trillium North
Minerals and has advised Trillium North that it has elected to
incur the next $1.5 million of exploration expenditures on the
properties to increase its interest to 70 percent.
The optioned 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 square kilometres. The
Pickle Lake East property covers the interpreted strike extension
of the gold bearing structure that hosts the past producing Central
Patricia and Pickle Crow Mines. The Pickle Crow Mine is currently
being explored by PC Gold Inc.
To earn its 51 percent interest in the three optioned properties
Manicouagan incurred $1 million of exploration expenditures on the
properties and made the underlying option payments totaling $90,000
to the Vendor of the Kasagiminnis and the Dorothy-Dobie Lake
properties. (For further details about the agreement with Trillium
North see MAM Press Release dated April 16, 2009.)
Manicouagan is currently developing plans for additional
exploration on these properties including drill testing targets
recently identified on the Pickle Lake East Property.
Joseph Baylis, Manicouagan's President and CEO, said, "The
Pickle Lake area is the focus of Manicouagan's exploration
programs. These properties are a significant portion of our large
and strategic land package in this increasingly active gold camp.
We intend to aggressively explore our properties to reveal their
potential."
Since April 2009, Manicouagan has developed a strategic land
position in the Pickle Lake Greenstone Belt of over 132 square
kilometres in this proven, but underexplored gold mining camp. The
Pickle Lake Greenstone Belt, is part of the prolific Uchi
Geological Sub-province which hosts the Pickle Lake, Red Lake and
Rice Lake gold camps. Production to date, from these camps has
amounted to over 25 million ounces of gold. The Pickle Lake
Greenstone Belt includes four past producing mines: Pickle Crow
(1,450,000 ounces grading 16.1 grams per tonne gold), Central
Patricia (650,000 ounces grading 12.0 grams per tonne gold), Golden
Patricia (450,000 ounces grading 19.9 grams per tonne gold) and
Dona Lake (200,000 ounces grading 8.6 grams per tonne gold).
A sketch showing the location of all of Manicouagan's Pickle
Lake gold properties is available at
www.manicouaganminerals.com.
Manicouagan's exploration programs in the Pickle Lake area are
being carried out under the direct supervision of 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.
About Manicouagan
Manicouagan Minerals Inc. is a Canadian based exploration
company focused on advancing its gold projects in the Pickle Lake
Gold Belt, Ontario. Manicouagan also has a pipeline of commodity
projects including the Brabant Lake Zinc deposit in Saskatchewan,
together with the Mouchalagane Nickel/Copper/PGE project and the
HPM/Forgues Nickel/Copper/Cobalt project, both in Quebec.
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.
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.
Contacts: Manicouagan Minerals Inc. Joseph Baylis President and
Chief Executive Officer (416) 542-3980 www.manicouaganminerals.com
Andreas Curkovic Investor Relations (416) 577-9927
investorrelations@manicouaganminerals.com