Manitou Gold Intersects Wide Zones of Gold Mineralization on Gaffney Extension Project
August 23, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) ("Manitou Gold") reports on assay results received from the ongoing Gaffney Extension diamond drill project, located within the Lower Manitou Lake area of Northwestern Ontario. Twenty two diamond drill holes have been completed to date, with assay results received from the first twelve holes. All holes that reached the mineralized zone (G-11-08 abandoned) intersected significant sections of gold mineralization. The barge supported diamond drill program has been ongoing since June, 2011 and is planned to extend into the fall. Due to the variability in water depths, drilling is completed in rows of holes along the strike direction of the mineralized horizon. The first row of drilling tests the shallower portions of the zone, with subsequent rows testing the deeper down dip continuation of the zone. Drill holes in this release belong to the entire first row of holes, as well as the start of the second row of holes.
Highlights of Diamond Drill Results
Diamond drill hole G-11-12 (second row) intersected a significant width of gold mineralization, which averaged 1.8 g/t Au over 31.0 m, including a higher grade section of 5.0 g/t Au over 8.8 m. Individual samples from this interval assayed as high as 9.7 g/t Au over 1 m. Diamond Drill hole G-11-02 (first row), positioned 50 m in front of G-11-12 intersected, 1.2 g/t Au over 13.5 m, including a higher grade interval of 2.0 g/t Au over 5.0 m. G-11-02 and G-11-12 are located along the approximate position of a section of drill holes of a previous operator that intersected considerable gold mineralization extending to depth. Manitou Gold’s G-11-12 intersection of 5.0 g/t Au over 8.8 m (at a level of approximately 105 m vertical depth) compares to the gold intersection of historical hole TN-12, which averaged 1.8 g/t Au over 7.4 m (approximately 112 m level). The confirmation of the gold content and of the width of the system provides early confidence in the program, as drilling progresses to test the mineralization at greater depths. It is significant that the first row of shallow holes drilled along a 400 m long trend all returned sections of gold mineralization (see Table 1 below).
Other highlights from the assay results included diamond drill hole G-11-09 (first row) which intersected 3.8 g/t Au over 7.0 m (100 m level). The intersection is located 300 m to the northeast of hole G-11-12 (above), and indicates the exceptional continuity of the mineralization and the potential for the discovery of a large continuous gold system. Historical drill hole TN-18 (70 m level), which was drilled within the vicinity of Manitou Gold’s drill hole G-11-09, intersected1.8 g/t Au over 7.7 m and provides additional confirmation of the gold system. A second deeper zone of gold mineralization was identified in hole G-11-09 which averaged 1.1 g/t Au over 9.0 m (118 m level). Assay results received to date along the first row of holes are generally consistent with the historical results received by the previous operator.
A plan map illustrating the location of the current drill holes can be found on the Manitou Gold website at www.manitougold.com.
|Table 1: Summary of Gaffney assay results|
|Hole ID||From||To||Length (m)||Au (g/t)|
1. Hole G-11-08 was lost due to poor weather conditions
2. Intervals reported are core lengths; true widths of mineralization are not known.
Gold mineralization at the Gaffney Extension is hosted within a highly altered quartz eye intrusion which contains narrow quartz veins and stringers with disseminated pyrite and pervasive ankerite alteration. The alteration zone shows considerable widths of gold mineralization exemplified by the intersection of 1.8 g/t Au over 31 m in diamond drill hole G-11-12. A second style of gold mineralization has been identified and consists of quartz feldspar porphyry (“QFP”) dikes, which contain 1-3% disseminated pyrite. The QFP dikes have consistently contained appreciable gold mineralization. A QFP dike in hole
G-11-02 returned values averaging 4.6 g/t Au over 3.6 m. The widespread distribution of the dikes along the mineralized trend and the tenor of gold in the dikes are identified as important indicators of a prolific gold bearing system. The distribution of the gold tenor in the QFP dikes is included in Table 2. Gold mineralization in both the altered quartz eye intrusion and the quartz porphyry dykes is open along strike, to the northeast and southwest, as well as at depth.
|Table 2: Gold in QFP dikes|
|DDH||From (m)||To||length (m)||Au (g/t)|
A section illustrating the interpreted QFP dikes and associated gold mineralization can be found on the Manitou Gold website at www.manitougold.com.
Gaffney Exploration History
The project hosts a prominent gold bearing shear zone, which was traced along a strike length of 440 m to a vertical depth of 243 m. Diamond drilling by previous operators (1984, 1988) intersected multiple zones 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). The zone remains open along strike to the northeast and the southwest and is open at depth.
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.