Manitou Gold Exploration Update
July 26, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) ("Manitou Gold" or the "Company") today provided an exploration update regarding projects located in northwestern Ontario, while currently awaiting assay results from ongoing diamond drill operations. Manitou currently has diamond drill rigs operating on two projects, with prospecting crews and a geophysical survey crew operating on several other properties. The Company is focused on evaluating a large portfolio of properties within the highly prospective Manitou Straits Deformation Zone, where the Company holds a dominant land position.
Manitou has been operating a diamond drilling program on the Gaffney Extension Project for approximately five weeks. Fifteen holes have been completed for a total of 2,351 m of drilling. Holes have averaged 150 m in length and are spaced approximately 50 m apart along a northeast trend. The prospective zone of gold bearing mineralization was evaluated by previous operators (1984, 1988) with reported sections of gold mineralization including 5.0 g/t Au over 21.9 m (TN-10), 5.3 g/t Au over 21.8 m (TN-29), and 6.0 g/t Au over 7.1 m (TN-23). Sulphide mineralization has been intersected in all of the Manitou drill holes completed to date, with 1,335 split core samples in the process of being assayed.
The majority of the sulphide mineralization is hosted within a highly altered, quartz eye intrusion containing widespread disseminated pyrite and magnetite mineralization. The intrusion has been intersected in all but one hole and ranges from 4 m to 47 m in width, with variably altered mineralized sections. The zone remains open along strike to the northeast and southwest and is open at depth. A second row of holes is currently being completed, to test the down dip continuity of the mineralization to the 150 m vertical level. The Company has not yet received assay results. However, a map displaying the drill locations and photographs of the mineralized drill core can be viewed in the Gaffney Extension page of the Properties section of the Company’s website (www.manitougold.com). The drilling operations will continue throughout the summer season in order to fully evaluate this promising gold zone.
Diamond drilling also continues on the Kenwest Property. Manitou is currently drilling a series of holes proximal to the 53.7 kg/t Au over 0.55 m intersected in KW-11-26 (see Press Release Feb 28 2011). The high grade gold intersection of KW-11-26 is hosted within an 8.45 m wide (core length) section of quartz carbonate veins and sericite schist. The recently completed detailed induced polarization (“IP”) survey indicates the potential for continuity of the high grade “shoot” (see Press Release dated June 23, 2011).
The high grade gold intersected in KW-11-26 is positioned only 32 m below surface. This relatively shallow intersection is being followed up with a series of short drill holes. Diamond drilling in conjunction with trenching has delineated the quartz vein system from surface to a vertical depth of
65 m. Nine diamond drill holes averaging 75 m in length have been completed to date, with split core samples from all of these holes in the process of being assayed. Mechanical trenching has exposed the gold bearing quartz vein system along 215 m of strike length. A total of 110 channel samples were collected along the extent of the showing. Manitou Gold is also currently awaiting assay results from these surface samples.
Ground geophysical surveys have been initiated on the Sherridon Project as part of an overall expansion of the exploration area. Visible gold intersections in multiple drill holes drilled by the Company in 2010 suggest the potential of a larger gold bearing system proximal to the current area of drill testing. The extension of the ground geophysical surveys will produce additional targets for future exploration and diamond drilling.
Harper Lake Project
Prospecting samples completed on a portion of the project have returned encouraging assay results ranging from nil to 10.9 g/t Au. The majority of samples returned anomalous gold, with the assay results of all 103 samples averaging 0.36 g/t Au.
Current prospecting programs have identified several new target areas situated on a cluster of islands within upper Manitou Lake. Grab sample assay results range from nil to 9.86 g/t gold.
Assay results from the Higbee diamond drill program have been received. A total of 7 holes (798 m) were completed to test two separate gold showings. Diamond drill assay results from the shear zones did not intersect significant gold mineralization in any of the holes. Manitou conducted surface channel sampling and grab sampling of the historical surface gold showings. Assay results returned from this sampling effort ranged from trace to 233 g/t Au. However, the shear zones appear to have limited down dip and along strike continuity.
Upcoming work at Harper Lake and Canamerica will include mapping and trenching to define drill targets.
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 50-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.