Manitou Makes New Gold Discovery on Canamerica Property
September 8, 2010
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) today provided an exploration update regarding the Canamerica Property, including the discovery of a new gold showing, the staking of additional claims, and assay results from thirteen recently completed diamond drill holes. The Canamerica Property is located adjacent to the Company's Kenwest property, in northwestern Ontario.
The newly discovered Cube Zone is situated on the west shore of Upper Manitou Lake on the Canamerica Property. The showing consists of a stockwork of quartz veins, with coarse disseminated pyrite cubes, and varies in width between 1 and 5 metres. The vein system has been exposed for 125 metres on surface and remains open in both directions. A total of 82 grab and channel samples have been collected, returning gold values ranging from trace to 7.75 g/t Au. The new discovery is located along the axial trace of a prominent fold structure known as the Manitou Anticline. The Company has staked an additional 2,280 acres of mining claims northeast and southwest of this showing, along the strike extent. The newly staked claims include an area 3.2 km to the southwest of the Cube Zone, also along the fold axis, which was visited and sampled by the Resident Geologist of the Ontario Geological Survey, and returned values between 0.7 g/t Au and 3.8 g/t Au.
The recently completed diamond drill program on the Canamerica Property was designed to test a number of gold showings including the E-Zone, which holds historical resource estimates ranging from 143,685 tonnes grading 5.21g/t Au to 529,650 tonnes grading 3.20g/t Au (Fox, 1987) (considered to be historic estimates pursuant to National Instrument 43-101 - see additional disclosure below). Gold mineralization is hosted within a tabular felsic dike, which contains a high proportion of quartz veins. Diamond drilling successfully intersected gold mineralization along 200 metres of strike extent at both the 50 and 100 metre levels and demonstrates the continuity of this prospective gold target.
The relatively unexplored F Zone, situated parallel to the E Zone, was also drill tested. In the E Zone, hole CA-10-02 intersected 2.26 g/t Au over a core length of 4.5 m, indicating a second prospective target for delineating near surface gold mineralization. The E and F Zones targets are situated along and within Upper Manitou Lake and will require additional ground geophysics and diamond drilling from the ice to fully evaluate.
A longitudinal section illustrating the drill intersections and grades from the E Zone can be viewed on the Company’s website at:
In addition, a summary of drill results are detailed in the following table:
|Table 1: Summary of significant drill assay results|
|DDH||Location||From||To||Width (m)||Au g/t|
The Company has also recently completed 10 drill holes on the Sherridon property, located 20 km south of the Kenwest and Canamerica properties. The Company expects to receive assays for all 10 of the holes within the next two weeks and will release such assay results at that time.
About Manitou Gold Inc.
Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario. The Company's largest individual shareholder is Goldcorp Inc, who holds a 15% interest in the Company.
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The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., Vice President, Exploration of Manitou Gold Inc. Mr. Keast has verified all of the technical data contained in this release.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. A prepared sample is digested with aqua regia. The resulting solution is analyzed by inductively coupled plasma-atomic emission spectrometry.
The Company considers historical estimates to be relevant, as they provide an indication of historical mineralization having existed on the Company's property. However, the Company is not treating these historical estimates as current resources. This historical estimate should not be relied upon by any party as an indication of a current resource.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
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.