Manitou Locates Historical Kenwest Mine Records; Identifies New High-grade Target
January 12, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) reports that is has received previously unknown historical mine records pertaining to the Kenwest property from Goldcorp Inc. The mine records include maps, sections, mine manager reports, and assay plans from both surface drilling and underground drilling from the mid 1940s when the project was last explored.
“This is a very important development,” stated Manitou Gold CEO Richard Murphy, “as these historic records identify a large area of relatively high grade gold mineralization, which we can immediately target with diamond drilling. Based on this new information, and the results of our drilling this past year, we have identified a prime target area that is at least 380 m long, consisting of the 100 m long mineralized zone identified in historic records and a further 280 m distance to hole KW-10-13, which Manitou Gold drilled in 2010 and intersected 15.4 g/t Au over 6.1 m.
We will be mobilizing a drill to the Kenwest property shortly, with the objective of confirming the continuity of mineralization through this target zone and testing for extensions beyond what has been identified to date.”
This previously unknown area of gold mineralization was identified in a report from 1947, in which Mine Manger G.L Holbrooke reported: “The results of the completed drill programme are of prime importance. Here seven holes, drilled west from the sixth level north drift, have been successful in locating what is undoubtedly the long sought north section No.3 orebody. These holes indicate the longest continuous orebody found on the property to date, namely 337’ of ore open to the north and showing un-cut average of $14.35 across 3.95 ft.”
At the time of this report, gold was valued at $35/oz. Accordingly, this quoted intersection is equivalent to 8.1 g/t over 1.2m. All seven historic holes were drilled from the sixth level, which is at a depth of 183 metres, on the north drift, as indicated on both a plan section and long section that can be found on the Company’s website at www.manitougold.com/.
Highlights of assay results from the seven historical holes above are included in the following Table:
|Table 1: Highlights of historic holes|
|Notes: Grades expressed in grams per metric tonne were converted from gold value per short ton at a price of $35/oz.|
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.
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.
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