Manitou Locates Historical Kenwest Mine Records; Identifies New High-grade Target
December 17, 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 results are from the final three diamond drill holes of a nine hole (1,914 m) second phase drill program, designed to evaluate this newly identified area of multiple gold showings. The Company has also recently completed a phase of drilling of 9 holes at Canamerica, for which drill results are pending.
At the Sherridon Project, diamond drill hole SH-10-17 was drilled on the same section and 100m below previously released hole SH-10-16. SH-10-17 intersected multiple gold bearing veins, including 38.7 g/t Au over 0.5m, which occurred within a wider 2.75m intersection of 7.1 g/t Au. With the results of SH-10-17, the envelope of gold mineralization has been expanded and is now broadly defined with a thickness between 50m and 120m, an east/west strike direction of 150m, and a down dip dimension of 300m. The envelope of gold mineralization remains open to the east, west and down dip. In total, eighteen occurrences of visible gold were encountered in six of the nine holes.
The Company has initiated exploration on the extensions of this envelope of gold mineralization, with line cutting and ground geophysical surveys (induced polarization or "IP") 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.
Highlights of intersections that are the basis for the delineation of this broad envelope of gold mineralization consist of the following:
- • 3.6 g/t Au over 1.5 m in hole SH-10-17
- • 7.1 g/t Au over 2.75 m in hole SH-10-17
- • 38.7 g/t Au over 0.5 m in hole SH-10-17
- • 1.5 g/t Au over 2.0 m in hole SH-10-17
- • 3.0 g/t Au over 1.65m in hole SH-10-17
- • 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, and in hole SH-10-16*
- • 5.7 g/t Au over 1.0 m in hole SH-10-16*.
Holes denoted by an asterisk were reported in the Company's press release dated December 3, 2010.
In addition, prospecting from an area 1.2 km east of recent drilling and off the current grid has identified a new gold bearing structure, which has been traced for over 100m. Prospecting grab samples from this newly identified shear zone consisted of 40.6 g/t Au, 10.1, g/t Au, 3.9 g/t Au and 3.1 g/t Au. This shear zone is oriented parallel to the orientation of other defined structures investigated to date on the Sherridon property.
A summary of drill results from the three holes referred to above are detailed in the following table:
The gold showings associated with the Sherridon Project were discovered in 2009 and represent a new gold discovery. The property has not received any historic documented exploration.
|Table 1: Summary of Sherridon drill results|
At the Canamerica Project, the Company has very recently completed 9 holes, on the Little Master Area, and assay results with be released when they are received. Drilling at Canamerica will resume in the new year. 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 50m 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 600m long IP anomaly, which was partially tested as part of the most recent set of holes at Canamerica for which assays are pending.
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 Upper and Lower Manitou areas of the Kenora Mining District. The Company's largest individual shareholder is Goldcorp Inc, who holds a 15% interest in the Company.
In the Upper and Lower Manitou areas, where Sherridon, Kenwest and Canamerica projects are located, past exploration work filed with the Ministry of Northern Development, Mines, and Forestry includes only 310 diamond drill holes with an average depth of 8m . 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 has identified a number of characteristics of the Manitou Straits Deformation Zone that favorably compare with the major gold camps of the Abitibi subprovince. The Manitou Straights Deformation Zone a geological structure containing both strong geological alteration and extensive gold mineralization. The Company considers all of 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.
For further information please contact:
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