Manitou Discovers Multiple Gold Bearing Structures with Intersections up to 25.3 g/t Au
September 20, 2010
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) today reported on a number of high grade gold intersections as part of an exploration update on the Sherridon Property. The Company has recently completed ten diamond drill holes (1,308 m) as part of a first pass evaluation to test a number of surface gold showings and geophysical targets on the Sherridon Property, which is located 20 km south of the Company’s Kenwest and Canamerica properties, in northwestern Ontario.
High grade gold assays results, combined with numerous lower grade intervals, have been intersected in the majority of the limited ten hole drill program. Visible gold has been identified in four of the ten holes and is associated with sulphide bearing shear zones. The down dip and along strike continuity of the shear zones are unknown at this early stage of exploration. However, the close correlation of the induced polarization (“IP”) geophysical anomalies to gold mineralization suggests strike continuity in excess of 600 metres, with many of the geophysical anomalies extending beyond the limits of the existing grid.
A summary of drill results are detailed in the following table:
|Table: Summary of significant assays|
The diamond drill program tested seven of sixteen IP anomalies. Gold mineralization is associated with all but two of the tested anomalies. The high proportion of parallel mineralized shear zones suggests exceptional potential for identifying additional gold bearing structures beyond the limits of the current survey area. The Company is extending the survey and will shortly begin a drill program to follow up on the results and test the remaining geophysical responses.
The Company is highly encouraged by both the large number of IP chargeability anomalies on the Sherridon property, as well as the confirmation of high grade gold mineralization within a number of these anomalies. As such, it has recently added to the land package comprising the Sherridon Property by staking an additional contiguous 220 claim units (3,250 ha). This acquisition has increased the extent to which the Company’s holdings at Sherridon include the geological structure known as the Manitou Deformation Zone, which, based on exploration activities to date, has shown to host high grade gold mineralization coincident with IP anomalies.
The recently completed ten hole (1,308 m) diamond drill program was designed to evaluate both a number of IP anomalies, as well as a number of high grade gold showings identified in 2009 from grab sampling. These grab samples included numerous high grade gold assays were returned from six different areas along a 2 km long trend, with assay sample results ranged from trace to highs of 617.0 g/t Au, 184.5 g/t Au, 176.5 g/t Au. 123.0 g/t Au (see press release dated April 19, 2010 for full details).
With the first phase of drilling on each of the Kenwest, Canamerica, and Sherridon properties now complete, the Company’s immediate plans are to follow up on the positive results from Sherridon and Kenwest with further drilling at those properties. The Company has sufficient cash in treasury to fund planned exploration to the end of 2011 and anticipates steady news flow from such activities over the coming year .
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.
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.