Manicouagan to Commence Drilling at Kasagiminnis Lake-Part of Its Pickle Lake Gold Project
13 April 2011 - 11:00PM
Marketwired
Manicouagan Minerals Inc. (TSX VENTURE: MAM) announced today that
it will commence its initial 2011 drilling program, on the
Kasagiminnis Lake Property, located approximately 25 kilometres
southwest of the past producing Dona Lake Mine, south of Pickle
Lake, Ontario.
Drilling is scheduled to commence later this month, assuming
favourable weather conditions. This initial 1000 metre drilling
program will focus on testing the continuity and on the expansion,
of a portion of the gold bearing zone associated with a sulphide
bearing iron formation, previously outlined by Moss Resources and
Power Exploration Inc.
Between 1985 and 1988 Moss Resources and Power Exploration Inc.
drilled 25 holes on the zone. The property remained dormant until
Manicouagan optioned the property from Trillium North Minerals Ltd.
in 2009 as part of a larger land package which included the
Dorothy-Dobie Lake and Pickle Lake East Properties (see MAM Press
Release dated April 16, 2009).
In 2010, Manicouagan established a grid over the known gold
zones on the Kasagiminnis Lake Property to act as control for
ground geological, geophysical, and geochemical surveys. The grid
covered nearby magnetic anomalies which are also believed to be
caused by iron formations. Soil sampling was successful in
identifying the historic gold zone but also identified a new 400
metre long anomaly located approximately 700 metres to the
southwest (see MAM Press Release dated August 24, 2010). Subsequent
to the soil survey, a ground Horizontal Loop Electromagnetic Survey
("HLEM") was completed, outlining four conductive zones coincident
with, or on the flanks of, the magnetic anomalies. One of the
conductive zones (K4) is coincident with the new gold in soil
anomaly.
Joseph Baylis, Manicouagan's President and CEO, said, "This will
be the first drill program that we have undertaken on our
Kasagiminnis Lake Property since assembling our extensive land
package in Pickle Lake. It is a key part of our land package and a
core part of our strategy to develop the potential of our holdings.
The assay results from this program will guide the planning of the
next phases of our 2011 work programs."
Manicouagan holds directly, or under option, approximately 132
square kilometres within the Pickle Lake Greenstone Belt consisting
of 11 strategically located properties. 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.
Manicouagan has earned a 51 percent interest in the Kasagiminnis,
Dorothy-Dobie Lake and Pickle Lake East properties. Pursuant to an
agreement with Trillium North Minerals, Manicouagan can increase
its interest to 70 percent in these gold properties by incurring
the next $1.5 million of exploration expenditures on the properties
(see MAM Press Release dated April 15, 2010).
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.
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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy, accuracy
or contents of this news release.
Contacts: Manicouagan Minerals Inc. Joseph Baylis President and
Chief Executive Officer (416) 542-3980 Manicouagan Minerals Inc.
Andreas Curkovic Investor Relations (416) 577-9927
investorrelations@manicouaganminerals.com
www.manicouaganminerals.com
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