Manicouagan Completes Kasagiminnis Drill Program-Intersects 4.55 gpt Gold Over 5.0 Metres In First Hole
17 May 2011 - 10:30PM
Marketwired
Manicouagan Minerals Inc. (TSX VENTURE: MAM)announced today that it
completed its initial 2011 diamond drilling program on its
Kasagiminnis Lake Property, located approximately 25 kilometres
southwest of the past producing Dona Lake Mine, south of Pickle
Lake, Ontario.
Nine holes (KAS-11-01 to 09) totalling 964 metres, were drilled
to test a 250 metre portion of an 1100 metre long gold bearing zone
previously outlined by Moss Resources and Power Exploration Inc. in
the 1980's. Two holes KAS-11-02 and 03 were abandoned due to ground
conditions before reaching their targeted depth.
To date, assay results have been received only for hole,
KAS-11-01. Significant results are given in the table below. Assay
results from the remaining holes are expected by mid June.
----------------------------------------------------
Kasagiminnis Lake
Significant Results from KAS-11-01
----------------------------------------------------
Hole From (m) To (m) Length (m) Au gpt
KAS-11-01 116.7 127.8 11.1 2.82
incl. 120.7 125.7 5.0 4.55
----------------------------------------------------
note: true widths are currently estimated at 70-80% of drilled widths
The Kasagiminnis Lake Property hosts a gold bearing zone
associated with a sulphide bearing iron formation. Between 1985 and
1988, Moss Resources and Power Exploration Inc. drilled 25 holes on
this zone. The property remained dormant until Manicouagan optioned
it 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).
Joseph Baylis, Manicouagan's President and CEO, said, "The
results from the first hole of our initial 2011 drill program are
certainly encouraging and we look forward to receiving the
remaining assay results. These results will guide the planning of
the next phases of our 2011 work programs on our extensive Pickle
Lake properties."
Manicouagan holds directly, or under option, approximately 132
square kilometres within the Pickle Lake Greenstone Belt consisting
of 11 (eleven) 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 holds a 51 percent interest in the
Kasagiminnis, Dorothy-Dobie Lake and Pickle Lake East properties.
Pursuant to an option 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).
Sample Preparation, Analyses and Security
The assay and sample information as well as geological
descriptions are taken from drill logs as prepared by the project
geologists for the drill program. All drill cores are BTW in size
and assays are completed on sawed half-cores, with the second half
of the core kept for future reference. The samples are put into
rice bags which are sealed with security locks for shipping
directly to Accurassay Laboratories, an accredited assay
laboratory, in Thunder Bay, Ontario. The samples are analysed using
standard fire assay procedures with an AA/ICP finish. Assay results
greater than 1.00 gram per tonne will be rerun using a gravimetric
finish. In addition to the standard quality control of the
laboratory, a series of blanks and standards are inserted in every
shipment for quality control purposes.
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 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) 416-542-3980 Manicouagan Minerals
Inc. Andreas Curkovic Investor Relations (416) 577-9927
investorrelations@manicouaganminerals.com
www.manicouaganminerals.com
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