Manitou Gold Intersects 12.6 g/t Au over 4.0 m at Canamerica Project; Announces Board Appointment
April 20, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) (“Manitou”) today reported assay results from the recently completed diamond drill program on the 502 block of the Canamerica Property, located within the Upper Manitou Lake Area of the Kenora Mining Division. The results are from a fourteen hole diamond drill program designed to provide a preliminary evaluation of several shafts and historical gold occurrences
The 502 Block of the Canamerica Property is situated on the northeastern projection of the Manitou Straits Deformation Zone approximately 2.8 km along strike with the Kenwest Property where the company recently reported the intersection of 53.7 Kg/t Au over 0.55 m (see press release dated February 28, 2011). The claims cover a number of historical pits, shafts and gold occurrences which have received no systematic exploration in the past. As such, the details of historical operations on several of the gold occurrences are relatively unknown as records were not preserved by previous operators.
The 2010 summer prospecting program located a shaft sunk on a quartz vein system, believed to be the Volcanic Reef prospect. Prospecting grab samples from this quartz vein returned values ranging from 2.6 g/t Au up to 168.5 g/t Au. This gold bearing zone is located along the flanks of a 600 m long IP anomaly. Diamond drill holes 502-10-03, 502-10-04; 502-10-05; 502-10-07; 502-10-08; and 502-10-09 were designed to test the continuity of this quartz vein system along strike to the northeast and southwest, and at depth.
Assay results from this diamond drill program returned values of up to 50.6 g/t Au over a core length of 1.0 m in DDH 502-10-03. This intersection occurred in a wider 4.0 m intersection of 12.69 g/t Au. Other significant results include 1.5 g/t Au over 1.0 m in 502-10-04; 4.23 g/t Au over 2.0 m; 4.12 g/t Au over 1.5 m; 1.19 g/t Au over 1.75 m and 1.88 g/t over 2.5 m in hole 502-10-05; 2.59 g/t Au over 0.9 m in hole 502-10-06; 10.2 g/t over 1.0 m in hole 502-10-07 and 6.34 g/t Au over 2.7 m in hole 502-10-09.
A summary of drill results from the Canamerica drilling are tabulated below.
|Hole #||From (m)||To (m)||Width (m)||Au (gpt)|
1. Holes 502-10-01, 502-10-02 and 501-11-14 did not return significant gold values
2. Intervals reported are core lengths; true widths of mineralization are not known.
Diamond drill holes 502-10-01, 502-10-02 and 502-11-12 tested geophysical IP anomalies and returned nil to locally anomalous gold values. Holes 502-10-10 and 502-10-11 tested a newly identified gold bearing zone referred to as the Purple Trend, which also returned encouraging grab sample results from the initial 2010 prospecting program (see press release dated April 13, 2010). Diamond drill results included values up to 1.77 g/t Au in hole 502-10-11. Hole 502-11-13 tested the historical Little Master Shaft area, and 502-11-14 tested the historical Last Chance occurrence.
The Company is also pleased to announce that, at the Annual and Special Meeting held today, the shareholders of the Company elected a slate of directors consisting of Messrs. Richard Murphy, Wayne Whymark, Ron Arnold, Guy Mahaffy and Garett Macdonald. Messrs. Murphy, Whymark, Arnold and Mahaffy were incumbent directors of the Company, while Mr. Macdonald is a new appointment to the board.
Mr. Macdonald is a mining engineer with 15 years experience. He holds a B.Eng. from Laurentian University, an MBA from the Richard Ivey School of Business and is a Professional Engineer registered in the province of Ontario. Mr. Macdonald's experience has included large open pit & underground mining operations, civil construction and project evaluations for firms such as Suncor Energy, Placer Dome and Fortune Minerals. He is currently Vice President of Operations with Rainy River Resources Ltd.
The Company also announces that it has granted 1,990,000 options to purchase shares of the Company, at a price of $0.56 per share for a period of 3 years, to certain directors, officers, and employees of the Company.
For further information on Manitou Gold Inc. contact:
Manitou Gold Inc.
Director, Corporate Communications
Manitou Gold Inc.
The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., President 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. Core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods. Samples with visible gold are assayed by screened total metallics 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.