Manitou Intersects up to 46.0 g/t Gold at Sherridon
December 3, 2010
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) today reported diamond drill assay results from the Sherridon Property, located within the Upper Manitou Lake Area of the Kenora Mining Division.
The Company has received assay results for six diamond drill holes as part of a nine hole (1,914 m) second phase drill program, designed to evaluate this newly identified area of multiple gold showings. Assays are pending for the remaining three holes.
Gold bearing quartz veins have been identified within a broad envelope of gold mineralization, which varies in thickness between 50 m and 120 m and measures 150 m along an east/west strike direction and 200 m in a down dip direction. The envelope of gold mineralization remains open to the east, west and down dip. Sixteen occurrences of visible gold were encountered in five of the six holes.
Highlights of intersections that were the basis for the initial delineation of this broad envelope of gold mineralization consist of the following (full details of assays are provided in a table below):
- 46.0 g/t Au over 0.5 m in hole SH-10-12;
- 14.3 g/t Au over 0.5 m, in hole SH-10-12;
- 2.9 g/t Au over 2.5 m in hole SH-10-12;
- 8.0 g/t Au over 0.8 m in hole SH-10-12;
- 4.6 g/t Au over 2.5 m in hole SH-10-15;
- 23.0 g/t Au over 0.5 m in hole SH-10-15;
- 2.6 g/t Au over 4.8 m in hole SH-10-15;
- 11.5 g/t Au over 0.7 m in hole SH-10-15;
- 5.0 g/t Au over 1.0 m in hole SH-10-15;
- 10.3 g/t Au over 0.5 m in hole SH-10-16;
- 1.9 g/t Au over 1.0 m in hole SH-10-16; and
- 5.7 g/t Au over 1.0 m in hole SH-10-16.
Hole SH-10-12 is located 100 m east of SH-10-5 (see press release dated Sept 20, 2010), which intersected 19.7 g/t Au over 0.8 m, 7.6 g/t Au over 0.5 m, 5.7 g/t Au over 2.4 m and 25.3 g/t 0.5 m.
Encouraged by the results of this second phase of drilling at Sherridon, the Company has initiated exploration on the extensions of this envelope of gold mineralization. Ground geophysical surveys (induced polarization or “IP”) are planned for early 2011, with further drilling to follow. IP surveys have shown to be an effective exploration tool on the Sherridon Project for identifying and tracing the sulphide bearing shear zones hosting the gold mineralization.
The Company is currently drilling at the Canamerica Project on the Little Master Area. The Little Master Shaft is located 3.2 km northeast of the Big Master Mine, within the Manitou Straits Deformation Zone. The history and details of the Little Master operation is unknown as records were not preserved by previous operators. The shaft was sunk on a quartz vein system that has been traced on surface for 50 metres until it extends below overburden. Assay values from previous grab samples ranged from 2.6 g/t to 169.0 g/t Au with a number of highly anomalous samples. The Little Master gold bearing vein is located along the flanks of a 600 metre long IP anomaly. Assay results on this drilling at Canamerica, as well as the balance of the Sherridon second phase drilling, will be released once received.
A summary of drill results from the six holes referred to above are detailed in the following table:
|Table: Summary of Sherridon drill results|
|Hole #||From (m)||
|Width (m)||Au (gpt)||Hole #||From (m)||
|Hole SH-10-11||Hole SH-10-15|
Intersections above represent approximations of true widths of gold mineralization. Hole SH-10-13 did not contain any significant gold assays.
The gold showings associated with the Sherridon Project were discovered in 2009 and represent a new gold discovery. The property has not received any past documented exploration activities and the region is largely underexplored. Past exploration activities in the Upper and Lower Manitou areas filed with the Ministry of Northern Development, Mines, and Forestry includes only 310 diamond drill holes with an average depth of 80 metres. The relatively low drill density for this area approximates one drill hole per 5 square kilometers, which emphasizes the underexplored nature of this area.
The Company recognized a number of characteristics of the Manitou Straits Deformation Zone, which favorably compare with the major gold camps of the Abitibi subprovince. The Company considers these characteristics to be positive in that they confirm that the Company is exploring in a relatively underexplored setting that has the potential of hosting an economic gold deposit.
About Manitou Gold
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.