MAM

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.

(TSXV:MAM)
Historical Stock Chart
From Jun 2024 to Jul 2024

(TSXV:MAM)
Historical Stock Chart
From Jul 2023 to Jul 2024