Manicouagan Minerals Provides Update on Pickle Lake Gold Projects and Reports Results of First Phase of Summer 2010 Gold Explora
August 24 2010 - 8:30AM
Marketwired Canada
Manicouagan Minerals Inc. (TSX VENTURE:MAM) provided today an exploration update
on its Pickle Lake Gold Properties in northwestern Ontario.
Pickle Lake East Property
The Pickle Lake East Property covers approximately 15 kilometres of the
projected northwestern strike extension of the Pickle Crow-Central Patricia Mine
trend. Manicouagan recently completed a six-hole (1,214 metre) diamond drilling
program on the Pickle Lake East Property. The drill holes were designed to test
selected I.P. Resistivity Anomalies identified from the geophysical survey
carried out in late 2009 and, at the same time, complete a fence of holes across
the Pickle Crow - Central Patricia Gold Mine trend where it crosses onto the
Pickle Lake East Property (see MAM Press Release dated March 9, 2010).
The drill program was successful in identifying what is interpreted to be the
gold-bearing structure(s) which host the Pickle Crow and Albany Mines, located
several kilometres to the south west. Diamond drill holes PLE-10-01 and 02
encountered broad zones of alteration including two 10 to 20 metre wide zones of
intense carbonate-sericite +/- green mica alteration containing anomalous
(greater than 100 ppb gold).
Joseph Baylis, Manicouagan's President and CEO, said, "With these first holes we
have achieved an initial objective of confirming that the Pickle Lake East
Property lies on the Pickle Crow-Central Patricia Mine trend and that the
property warrants further exploration. We believe that the property covers some
15 kilometres of the Pickle Crow-Central Patricia Mine trend. We are reviewing
these results along with the results from our other field activities to
determine where to focus our efforts in the funded second phase of our 2010
exploration program. Given our large land package, we plan to prioritize our
drill target selection to focus on the areas of highest potential."
A summary of the significant assay results from the drill program is given in
the table below.
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Pickle Lake East
Summary of Significant Intersections
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Hole From (m) To (m) Length (m) Au gpt
PLE-10-01 41.0 45.0 4.0 0.53
and 56.5 58.0 1.5 0.76
and 256.7 269.0 12.3 0.45
and 303.8 305.0 1.2 2.88
PLE-10-02 32.8 35.0 2.2 0.45
PLE-10-03 22.1 22.8 0.7 0.95
and 179.0 182.0 3.0 0.84
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Note: true widths are currently estimated at 70-80% of drilled
widths
Additional work is being considered for the Pickle Lake East Property along the
Pickle Crow - Central Patricia Gold Mine trend near Firstloon Lake where
historical drilling by UMEX (1988) and Major General (1991) encountered gold
values in their respective drill programs including the report of visible gold
in UMEX Hole FL-97-1.
Dorothy-Dobie Lake Property: Tonsil Zone
The Dorothy-Dobie Lake Property ties on to the western boundary of the
historical Golden Patricia Mine property (which produced 0.45 million ounces at
19.9 gpt gold) and includes three previously identified zones of gold
mineralization: the Dorothy Main Zone, the Dobie Zone and the Tonsil Zone.
In late 2009, Manicouagan drilled 16 holes (2,292 metres) on the Dorothy Main
Zone (7 holes DOR-09-01 to 07) and the Dobie Zone (9 holes DOB-09-08 to 16) (see
MAM Press Release dated January 19, 2010). Assay results included 31.5 metres
grading 1.39 gpt incl. 1.5 metres grading 6.48 gpt from hole DOB-09-11 at the
Dobie Zone and 1.8 metres grading 5.15 gpt from hole DOR-09-05 at the Dorothy
Main Zone.
In the third quarter of 2010, Manicouagan resampled some of the historic drill
core from the Tonsil Zone that was drilled by Bond Gold Canada Inc. in 1990.
Although the drill logs were filed for assessment, many of the assay results for
the Tonsil Zone, especially where visible gold was noted, were not included in
the drill logs that were filed.
The Tonsil Zone hosts a narrow, locally gold bearing quartz vein that was
interpreted by Bond Gold to possibly represent the strike extension of the
Golden Patricia Vein, which hosted the Golden Patricia Mine located about 10
kilometres to the southeast. The Tonsil Zone has been drill tested by 62 drill
holes over a strike length of 1,100 metres and to a depth of approximately 200
metres. Much of the drill core from the Tonsil Zone was not available for
sampling, however, 45 samples from twenty holes were taken for analysis.
Highlights from the sampling program, as well as some selected results from
previous drilling, are given in the table below.
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Tonsil Zone Dorothy-Dobie Lake Project
Highlights of Significant Intersections
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Manicouagan 2010 Sampling
Hole From (m) To (m) Length (m) Au gpt
MD-90132 81.87 82.27 0.405 10.25
MD-90-144 104.02 104.42 0.404 6.84
Previous Results
Trillium North 2007
07-DOR-05 111.40 111.84 0.400 153.30
Bond Gold 1990
MD-90-113 54.12 54.52 0.408 17.48
MD-90-119 60.34 60.66 0.320 26.40
MD-90-136 41.21 41.63 0.424 9.94
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note: true widths are currently estimated at 70-80% of drilled widths
Note: Historical Results are from Public Archives and have not been verified
by a qualified person on behalf of Manicouagan
Kasagiminnis Property
The Kasagiminnis Property hosts a gold-bearing zone associated with a
sulphide-bearing iron formation. Between 1985 and 1988 Moss Resources and Power
Exploration Inc. drilled 25 holes on the zone. No additional work is reported to
have been completed on the property since then.
This summer's exploration program was designed to advance the Kasagiminnis
Property to a drill stage. A grid was established over the known gold zones to
act as control for ground geological, geophysical, and geochemical surveys. Soil
sampling was successful in outlining the historic gold zone, and also outlined a
potential new 400 metre long zone located approximately 700 metres to the south
west that is coincident with an untested magnetic and conductive zone.
Currently, a ground Horizontal Loop Electromagnetic Survey is being completed on
the Kasagiminnis Property.
Manicouagan holds directly, or has under option, approximately 132 square
kilometres within the Pickle Lake Greenstone Belt. 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).
Manicouagan has earned a 51 percent interest in the Pickle Lake East Property.
Pursuant to an option agreement with Trillium North Minerals, Manicouagan can
increase its interest to 70 percent in this property and the Dorothy-Dobie Lake
and Kasagiminnis gold properties by incurring the next $1.5 million of
exploration expenditures on the properties. (See MAM Press Release dated April
15, 2010.)
A sketch showing the location of the properties is available at
www.manicouaganminerals.com.
Manicouagan continues to consult with the Cat Lake, Mishkeegogamang and Slate
Falls First Nations with respect to its activities in the Pickle Lake Area.
Sample Preparation, Analyses and Security
For the Pickle Lake East Property the assay and sample information as well as
geological descriptions are taken from drill logs as prepared by the project
geologists for the drill program. All drill cores are NQ in size and assays are
completed on split or sawed half-cores, with the second half of the core kept
for future reference. For the resampling of the Tonsil Zone core the remaining
split half of the core was taken. In both cases the samples are put into rice
bags which are sealed with security locks for shipping directly to Accurassay
Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The
samples are analysed using standard fire assay procedures with an AA/ICP finish.
Assay results greater than 1.00 gram per tonne are rerun using a gravimetric
finish. In addition to the standard quality control of the laboratory, a series
of blanks and standards are inserted in every shipment for quality control
purposes.
Qualified Person
Exploration programs on Manicouagan's Pickle Lake Gold Projects are carried out
under the supervision of Mr. Bruce W. Mackie, P. Geo., Mr. Mackie, a
professional geologist, has reviewed and verified the technical content of the
information contained in this release and qualifies under the definition of
"Qualified Person" set out 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, and the HPM/Forgues Nickel/Copper/Cobalt project in
Quebec.
Additional information about Manicouagan 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.
Forward Looking Statements
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.