Manitou Gold Intersects 75.1 m of 2.4 g/t Au on Gaffney Extension Project
November 2, 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-seven holes.
Diamond drill hole G-11-27 returned a wide section of gold mineralization, with a continuous75.1 m interval averaging 2.4 g/t Au. A cross section illustrating drilling to date at the Gaffney Extension can be found on the Company’s website at www.manitougold.com. Hole G-11-27 is the deepest hole completed to date on the project, with the intersection located at a vertical depth of 225 m. This impressive section of gold mineralization contains two higher grade intervals averaging 5.5 g/t Au over 8.5 m and 5.2 g/t Au over 10.0 m. The two zones are contained within the entire 75.1 m interval in G-11-27 and are separated by material averaging 2.6 g/t Au over 17.2 m. A table of individual samples across the entire interval can be found on the company’s website at www.manitougold.com. A summary of these intervals can be found in Table 1 below.
G-11-27 is located 50m below hole G-11-24, which contained two significant intervals of gold mineralization that averaged 2.8 g/t Au over 12.15 m (including 4.1 g/t Au over 6.2 m) and1.3 g/t Au over 26.7 m (including 2.0 g/t Au over 8.5 m) ( see press release Oct 27, 2011). The G-11-27 intersection may represent the convergence of the two zones in G-11-24. The gold mineralization displays exceptional width and continuity with increasing depth. The mineralization remains open both along strike and down dip.
Todd Keast, President of Manitou Gold Inc. added, “This impressive 75.1 m intersection of gold mineralization, combined with our previous intersections, suggests the presence of a large gold system, in respect of which we are only beginning to recognize the size and extent. It is notable that individual 1.0 m wide samples within the 75.1 m interval included assays of 10.0 g/t Au, 9.6 g/t Au and 9.9 g/t Au, which clearly indicates richer zones of gold mineralization within the system. We are very encouraged by the relatively consistent grades across the full 75.1 m of the mineralized zone”
Table 1: Assay results from Gaffney Extension Hole G-11-27
|Hole||From (m)||To (m)||Width (m)||Au (g/t)|
1. Intervals reported are core lengths; true widths of mineralization are not known
2. No upper or lower cut off was used with respect to the above intervals
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. A second style of gold mineralization consists of quartz feldspar porphyry (“QFP”) dykes which contain 1-3% disseminated pyrite.
Manitou Gold has completed an additional 4 holes at Gaffney Extension. Assay results for holes G-11-28 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.
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