Manicouagan Minerals Inc. (TSX VENTURE: MAM) is pleased to announce
that a NI 43-101 Technical Report in respect of the Dorothy-Dobie
Lake, Kasagiminnis and Pickle Lake East properties located near
Pickle Lake, Ontario has been received and filed with the Company's
regulatory filings on SEDAR (www.sedar.com). The report was
completed by G.A. Harron & Associates Inc., with an effective
date of August 31, 2009. A copy of the report can be viewed or
downloaded from the company's website at
www.manicouaganminerals.com.
The Technical Report notes that on the Dorothy-Dobie Lake
property exploration activities during the 1970s and 1980s resulted
in the discovery of six significant gold occurrences and deposits
that are located along strike from the past-producing Golden
Patricia Mine. The historic work also resulted in the outlining of
one gold deposit on the Kasagiminnis property.
Summary details of the more significant gold deposits are listed
in the following table.
----------------------------------------------------------------------------
Grade Au
Deposit / Zone(i) Tonnes (g/t) Year Reference
----------------------------------------------------------------------------
Dorothy Main 236,000 6.17 1990 Seim, 1993
----------------------------------------------------------------------------
Dobie Lake 301,000 5.5 1987 Seim, 1993
----------------------------------------------------------------------------
Kasagiminnis Lake 2,600,000 4.79 1988 Blackburn et. al. 1989
----------------------------------------------------------------------------
((i)The mineral resources reported above predate NI 43-101 and are not NI
43-101 compliant. Manicouagan has not undertaken any independent
investigations of the dimensions, quantity or grade of this gold
mineralization and, therefore this historical data should not be relied
upon.)
The report indicates that "the historical exploration results
suggest an excellent potential to discover additional gold
mineralization and justify additional exploration
expenditures."
A phase 1 exploration program of $800,000 is proposed in the
report. As previously announced, Manicouagan will drill test
portions of the Dorothy-Dobie Lake property early in the fourth
quarter of 2009. (See MAM Press Release dated September 24, 2009.)
Personnel and equipment are currently mobilizing and it is expected
that drilling will commence early next week.
The helicopter supported drill program will cost approximately
$800,000 and will consist of a minimum of 8 to 10 diamond drill
holes designed to test selected targets along the Golden Patricia
Mine trend including the Dorothy Main and Dobie Lake Zones.
Contingent upon favourable results being obtained in the phase 1
program, a more comprehensive phase 2 program with a budget of
$3,000,000 is proposed. In phase 2, the objective of the diamond
drilling portion of the proposed work program would be to further
define the known zones of gold mineralization located on the
properties with a view towards identifying potential indicated and
measured resources. The geological mapping and geochemical
surveying portions of the budget would focus on the discovery of
new gold occurrences.
In addition to the drill program at Dorothy-Dobie Lake,
Manicouagan is planning to carry out ground geophysical surveys on
its Pickle Lake East property along the extension of the gold
bearing trend currently being explored by PC Gold Inc. (see PC Gold
Press Releases dated October 6th, and September 28th, 2009).
Updated Corporate Presentation Available
A new corporate presentation focusing on Manicouagan's Pickle
Lake gold properties can be viewed or downloaded from the company's
website at www.manicouaganminerals.com.
Manicouagan currently holds directly or has under option
approximately 112 square kilometres within the Pickle Lake
Greenstone Belt. The Pickle Lake Greenstone Belt, is part of the
prolific Uchi Geological Sub-province which hosts the Pickle Lake,
Red Lake and Rice Lake gold camps. Production to date, from these
camps has amounted to over 25 million ounces of gold. The Pickle
Lake Greenstone Belt includes four past producing mines: Pickle
Crow (1,450,000 ounces grading 16.1 grams per tonne gold), Central
Patricia (650,000 ounces grading 12.0 grams per tonne gold), Golden
Patricia (450,000 ounces grading 19.9 grams per tonne gold) and
Dona Lake (200,000 ounces grading 8.6 grams per tonne gold).
Manicouagan can earn up to a 70 percent interest in the
Dorothy-Dobie Lake, Kasagiminnis and Pickle Lake East properties
pursuant to an option agreement with Trillium North. (See MAM Press
Release dated April 16, 2009.)
A sketch showing the location of the properties is available at
www.manicouaganminerals.com.
Manicouagan continues to consult with the Cat Lake,
Mishkeegogamang and Slate Falls First Nations with respect to its
activities in the Pickle Lake Area.
Manicouagan's exploration programs in the Pickle Lake area are
being carried out under the direct supervision Bruce W. Mackie,
P.Geo., a consulting geologist for Manicouagan Minerals. Bruce W.
Mackie, P.Geo., has reviewed and verified the technical content of
this press release on behalf of Manicouagan Minerals as has the
author of the NI 43-101 Technical Report, G. A. Harron P.Eng. Both
are "Qualified Persons" as defined in National Instrument
43-101.
About Manicouagan
Manicouagan Minerals Inc. is a Canadian based exploration
company focused on advancing its gold projects in the Pickle Lake
Gold Belt, Ontario. Manicouagan also has a pipeline of commodity
projects including the Brabant Lake Zinc deposit in Saskatchewan,
and the HPM/Forgues Nickel/Copper/Cobalt project in Quebec.
Additional information about Manicouagan Minerals and its
exploration projects can be found at
www.manicouaganminerals.com.
Une traduction francaise de ce communique de presse est
disponible a www.manicouaganminerals.com.
All statements other than statements of historical fact,
included in this release, including, without limitation, statements
regarding potential mineralization and reserves, exploration
results, and future plans and objectives of the Company, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are exploration risks
detailed herein and from time to time in the filings made by the
Company with securities regulators.
The TSXV has not reviewed this news release and does not accept
responsibility for the adequacy or accuracy of this news release.
The TSXV has neither approved nor disapproved the contents of this
news release.
Contacts: Manicouagan Minerals Inc. Joseph Baylis President and
Chief Executive Officer (416) 542-3980
investorrelations@manicouaganminerals.com
www.manicouaganminerals.com
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