Manitou Gold Intersects 14.6 g/t Au over 2.8 m on Gaffney Extension Project
October 27, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) (“Manitou”) reports on assay results received from the Gaffney Extension diamond drill project, located within the Lower Manitou Lake area of Northwestern Ontario. Thirty-one diamond drill holes (6,968 metres) have been completed, with assay results received from the first twenty-six holes.
Highlights of Diamond Drill Results
Diamond drill hole G-11-24 intersected two significant widths of gold mineralization, consisting of12.2 m of 2.8 g/t Au (including 6.2 m of 4.1 g/t Au) and 26.7 m of 1.3 g/t Au (including 8.5 m of 2.0 g/t Au). Diamond Drill hole G-11-24 is positioned approximately 70 m down dip from Diamond Drill hole G-11-12, where Manitou Gold reported a wide intersection of 31.0 m of 1.8 g/t Au, including a higher grade section of 8.8 m of 5.0 g/t Au. (see press release August 23, 2011).
Diamond drill hole G-11-26, located on a section approximately 90 m to the northwest of G-11-24, also intersected a significant width of gold mineralization, which averaged 18.0 m of 2.6 g/t Au, including a higher grade section of 2.8 m of 14.6 g/t Au. Individual samples from this interval assayed as high as 31.5 g/t Au over 0.75 m. Hole G-11-26 is positioned approximately 60 m behind diamond drill hole G-11-14 which also intersected significant gold mineralization consisting of 6.9 m of 2.8 g/t Au, including a higher grade section of 2.1 m of 6.8 g/t Au.
Diamond drill holes G-11-24 and G-11-26 are part of a deeper set of holes testing the down-dip and along strike continuity of previously identified gold mineralization. These deeper holes, which tested the 175 m vertical level, provide confirmation of both the down-dip continuity and increasing size of the gold mineralization on this property. Similarly, the significantly wide intersections identified in holes G-11-24 and G-11-26, which are located approximately 90 m along strike from each other, provide confidence in continuity at increasing depth. A summary of significant assay results from the diamond drill program can be found in Table 1.
Other highlights from the diamond drill program include diamond drill hole G-11-19 which intersected 10.0 m of 1.1 g/t Au. G-11-19 intersected mineralization approximately 60 m below G-11-09, which intersected 7.0 m of 3.8 g/t (see press release August 23, 2011) and is approximately 300 m to the northeast of the gold mineralization identified in hole G-11-12, which intersected 8.8 m of 5.0 g/t Au (see press release August 23, 2011), and G-11-24. These promising results indicate both down-dip and along-strike continuity of the gold mineralization which remains open to the northeast, southwest, and at depth. The confirmation of the gold content and of the width of the system provides continued confidence in the program, as the company awaits assay results from the remaining five holes from the first phase diamond drill program on the Gaffney Extension project.
Table 1: Assay results from Gaffney Extension Holes 13 Through 26
|Hole||From||To||Width (m)||Au (g/t)|
- Hole G-11-15 returned no significant assays.
- Hole G-11-21 was not completed.
- 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 26.7 m of 1.3 g/t Au in G-11-24. A second style of gold mineralization has been identified and consists of quartz feldspar porphyry (“QFP”) dykes, which contain 1-3% disseminated pyrite. The QFP dikes have consistently contained appreciable gold mineralization. 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. 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.
Assay results for holes G-11-27 through G-11-31 are pending and will be released when available.
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.