Manicouagan Minerals Inc. (TSX VENTURE: MAM) is pleased to announce
that it has completed the previously announced diamond drilling
program on its Dorothy-Dobie Lake Property located in the Pickle
Lake area of northwest Ontario (see MAM Press Release dated October
21, 2009). Sixteen holes were completed totalling 2,292 metres.
Seven holes (DOR-09-01 to 07) were drilled on the Dorothy Main Zone
while nine holes (DOB-09-08 to 16) tested the Dobie Zone.
The Dorothy-Dobie Lake Property consists of a contiguous block
of 19 staked claims totalling 3,172 hectares. The property ties
onto the western end of the historical Golden Patricia Mine
property (which produced 0.45 million ounces at 19.9 grams per
tonne gold) and extends for approximately 12 kilometres to the
northwest covering the projected strike extension of the favourable
gold bearing structure - the Golden Patricia Mine Trend. The
Dorothy-Dobie Lake Property hosts six historical gold occurrences
and deposits that are named from northwest to southeast: Cooper (or
West) Zone, Dorothy Main Zone, Tonsil Lake, Spike Zone, North Dobie
Zone and Dobie Zone. Previous operators have reported mineral
resources, which predate NI 43-101 and should not be considered NI
43-101 compliant, for the Dobie Zone (301,000 tonnes @ 5.5 grams
per tonne gold) and the West Zone (230,000 tonnes @ 6.2 grams per
tonne gold). Except for the drilling Manicouagan has just
completed, the Company 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.
On the Dorothy Main Zone assessment records indicate that gold
mineralization occurs within a zone of quartz-tourmaline veining
within an altered and deformed diorite that has been traced by
previous operators over a length of 700 metres and remains open at
depth and along strike. All seven of the diamond drill holes
(DOR-09-01 to 07) completed during the recent drilling program
intersected zones of quartz tourmaline veining within the altered
diorite.
At the Dobie Zone gold mineralization is reported to be
associated with sulphide (pyrite) mineralization within an
approximately 10 to 25 metre wide zone of silicification hosted
within mafic volcanics. Unfortunately most of the historic drilling
done on the Dobie Zone was not filed for assessment and is not
publically available. All eight holes drilled by Manicouagan
(DOB-09-08 to 16) encountered the favourable zone over a strike
length of approximately 380 metres and to a depth of 150
metres.
The results from the drilling program are still being compiled.
Final assay results are expected in early December.
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.)
Pickle Lake General - Additional Claims Staked
Manicouagan has acquired by staking an additional seven non
contiguous claim groups totalling 2,670 hectares in the Pickle Lake
area. These claims were acquired as a result of the targeting
studies completed on behalf of Manicouagan Minerals. A sketch
showing the location of these claims is attached and is available
at www.manicouaganminerals.com.
A sketch showing the location of these claims can be viewed by
clicking this link:
http://media3.marketwire.com/docs/Manicouagan.pdf.
As previously announced (see MAM Press Release dated September
24, 2009), SRK Consulting (Canada) Inc. was retained to carry out a
structural interpretation of the Pickle Lake Greenstone Belt.
Geofine Exploration Consultants Ltd. was retained to provide
geological input. The purpose of this work was to assist in the
identification of new exploration targets.
Final reports were received early in the third quarter of 2009.
SRK Consulting concluded that "the Pickle Lake Belt displays many
geological characteristics similar to the Red Lake belt" and that
"potential exists (within the Pickle Lake Belt) for shear zone
hosted gold deposits including those in similar structural settings
to the Red Lake camp". SRK Consulting and Geofine Exploration
Consultants collectively recommended 30 targets within the study
area based on 1) proximity to major deformation zones, 2) areas of
structural complexity and 3) stratigraphic age (Balmer Group
equivalents).
Five of the targets recommended were on ground held by
Manicouagan. The seven additional claims groups staked by
Manicouagan cover eight of these additional targets. Manicouagan
holds a 100 percent interest in these eight additional targets.
Other prospective targets are being considered for staking.
Consultations continue with the First Nations in the Pickle Lake
Area (Mishkeekokamang, Slate Falls and Cat Lake) regarding
Manicouagan's planned exploration activities.
Exploration programs at the Company's Pickle Lake Gold projects
are being carried out under the supervision of Mr. Bruce W. Mackie
P. Geo. Mr. Mackie, a professional geologist, has reviewed and
verified the technical content of the information relating to
Manicouagan's Pickle Lake Gold projects and qualifies under the
definition of "Qualified Person" set out in National Instrument
43-101.
HPM/Forgues Nickel Property, Quebec - Option Payment Made
Manicouagan has made the final $25,000 option payment due to
Pure Nickel Inc. required to earn a fifty percent interest in the
claims optioned pursuant to the agreement entered into with Pure
Nickel in 2007 (see MAM Press Release dated November 6, 2007).
During 2008, Manicouagan drilled 17 holes at HPM/Forgues for an
aggregate of 3,388 metres. Results included 43.18 meters of 1.74%
nickel, 0.90% copper and 904 ppm cobalt from hole HPM-08-03 and
9.54 meters in hole HPM-08-11 which assayed 1.12% nickel, 0.23%
copper and 518 ppm cobalt at the Barre de Fer Prospect. (See MAM
Press Releases dated November 6, September 11, and August 6,
2008).
The HPM/Forgues property is located some 160 kilometres
east-southeast of the Mouchalagane Nickel/Copper/PGE property. It
is situated in NTS map sheets 22 O/11 and 22 O/12 and lies just
east of highway 389, which runs between Baie-Comeau and Fermont,
Quebec.
Exploration programs on the HPM/Forgues property are being
carried out under the direct supervision of Francois Bissonnette,
P.Geo., Senior Project Geologist for Manicouagan Minerals' projects
in Quebec. Francois Bissonnette, P.Geo., has reviewed and verified
the technical content of this section on behalf of Manicouagan
Minerals and is a "Qualified Person" 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 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Manicouagan Minerals Inc. Joseph Baylis President and
Chief Executive Officer (416) 542-3980
investorrelations@manicouaganminerals.com
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