Manicouagan Minerals Inc. (TSX VENTURE: MAM) is pleased to provide
this exploration update.
Pickle Lake Gold Properties, Ontario - Pickle Lake East
Property
In December 2009, Manicouagan completed an I.P. Resistivity
Survey over the western portion of its Pickle Lake East Property
where the Pickle Crow - Central Patricia Gold Mine trend crosses
onto the claims optioned by Manicouagan. The final report has now
been received.
The survey was successful in identifying nine significant
anomaly trends. In addition, several isolated moderate to strong
I.P. anomalies were also mapped. The depths of the identified I.P.
anomalies are interpreted to be less than 15 metres from
surface.
Based on a review of public documents available in the
provincial assessment files, none of these priority anomalies have
been drill tested in the past.
The Pickle Lake East Property adjoins the past producing Pickle
Crow Mine Property that is currently being evaluated by PC Gold
Inc. The claims cover what is believed to be an area hosting the
possible extension of the gold bearing trend that includes the
Central Patricia and Pickle Crow Mines.
A sketch showing the I.P. anomalies is attached and are also
available for review at www.manicouaganminerals.com.
To view figure 1 of the Pickle East Property, please visit the
following link:
http://media3.marketwire.com/docs/PickleEastProperty.pdf.
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.) Since April 2009, Manicouagan has
developed a significant land position in the Pickle Lake area of
over 132 square kilometres in this proven, but underexplored gold
mining camp.
Consultations are ongoing with the First Nations in the Pickle
Lake Area (Mishkeegogamang, Slate Falls and Cat Lake) regarding
Manicouagan's planned exploration activities on its Pickle Lake
Gold Properties.
Brabant Lake Zinc Project, Saskatchewan
Manicouagan has acquired by staking mining claims to the north
and south of the Mining Lease that hosts the Brabant Lake Zinc
deposit. The land position now covers approximately 15 kilometres
of the favourable horizon which hosts the Brabant Lake Deposit.
Approximately 24.5 square kilometres were staked bringing the total
land package now held by the Company in the Brabant Lake Area to
about 28.5 square kilometres. Manicouagan holds a 100 percent
interest in the Brabant Lake mining lease and the newly staked
claims (three issued and one pending).
The new ground that has been acquired came open for staking when
the crown reserve established in 1994 that surrounded the Brabant
Lake Zinc deposit, which was created pursuant to Saskatchewan's
Treaty Land Entitlement Program, was withdrawn.
Joseph Baylis, President and CEO, stated, "These additional
claims provide for increased exploration potential for the Brabant
Lake Zinc Deposit."
A sketch showing the current land position is attached and is
also available for review at www.manicouaganminerals.com.
To view figure 2 of the Brabant Lake Property, please visit the
following link:
http://media3.marketwire.com/docs/BrabantLakeProperty.pdf.
The NI 43-101 resource estimate for the Brabant Lake Zinc
deposit with an effective date of July 27, 2008 is set out
below:
---------------------------------------------------------------------------
2008 MPH/P&E Resource Estimate 1,2,3,4
---------------------------------------------------------------------------
Zn lbs
Tonnes Zn% Cu% Pb% Ag g/t Au g/t millions
---------------------------------------------------------------------------
Indicated 1,475,000 9.18 0.79 0.23 32.6 0.15 298.5
---------------------------------------------------------------------------
Inferred 2,975,000 5.55 0.55 0.13 13.9 0.10 364.0
---------------------------------------------------------------------------
------------------------------------------------------
2008 MPH/P&E Resource Estimate 1,2,3,4
------------------------------------------------------
Cu lbs Pb lbs Ag oz
millions millions millions Au oz
------------------------------------------------------
Indicated 25.7 7.5 1.55 7,100
------------------------------------------------------
Inferred 36.1 8.5 1.33 9,600
------------------------------------------------------
1) The resource for the Brabant Lake Zinc deposit was estimated on the
basis of June 30, 2008 approximate $US three year trailing average metal
prices of $1.27/lb zinc, $3.02/lb copper, $0.86/lb lead, $12.49/oz
silver and $663/oz/gold, and a $US exchange rate of $0.912. An NSR cut-
off of $75/tonne for underground mining and milling was utilized to
report the resource.
2) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
3) The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource and it is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
4) Contained metals, expressed in pounds (lbs) and troy ounces (oz),
presented in the table above are the product of resource tonnes
multiplied by metal grades and are provided for information purposes
only and not meant to imply recoverable product as mineral resources
which are not mineral reserves do not have demonstrated economic
viability.
Qualified Person
Exploration programs on Manicouagan's Pickle Lake Gold Projects
are 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 contained in this
release and qualifies under the definition of "Qualified Person"
set out in National Instrument 43-101.
The mineral resources in this press release were estimated using
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council December 11, 2005.
Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo. of P&E
Mining Consultants Inc., and Gerald Harron, P.Eng. of MPH
Consulting Limited are the authors of the Resource Estimate
Technical Report on the Brabant Lake Zinc deposit. They are
independent Qualified Persons in accordance with NI 43-101
Standards of Disclosure for Mineral Projects, and have reviewed and
are responsible for the information presented in this news
release.
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,
together with the Mouchalagane Nickel/Copper/PGE project and the
HPM/Forgues Nickel/Copper/Cobalt project, both 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.
Forward Looking Statements
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
www.manicouaganminerals.com
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