Manicouagan Reports New Assay Results for Its Kasagiminnis Lake Property-Intersects Gold Bearing Horizon in Each Hole Completed
01 June 2011 - 10:30PM
Marketwired
Manicouagan Minerals Inc. (TSX VENTURE: MAM) announced that it has
received the remaining assay results from the recently completed
diamond drill 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 interval along the 1,100 metre long gold
bearing zone previously outlined by Moss Resources and Power
Exploration Inc. in the mid to late 1980's. Two holes, KAS-11-02
and 03, were abandoned before they reached their targeted depth due
to ground conditions.
Significant results for the Kasagiminnis Lake drilling program
are given in the table below. Assay results greater than 1.00 gram
per tonne ("g/t") will be rerun using a gravimetric finish. Assay
results from hole KAS-11-01 were previously reported in a recent
news release (see MAM Press Release dated May 17, 2011).
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Kasagiminnis Lake
Assay Results from 2011 Diamond Drilling
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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
KAS-11-02 hole abandoned
KAS-11-03 hole abandoned
KAS-11-04 126.1 134.0 7.9 6.60
incl. 126.1 128.0 1.9 12.86
KAS-11-05 67.5 70.5 3.0 2.52
and 75.5 77.5 2.0 5.20
KAS-11-06 63.5 64.5 1.0 4.21
and 98.3 99.7 1.4 6.24
KAS-11-07 27.7 51.7 24.0 0.69
incl. 27.7 28.5 0.8 6.95
KAS-11-08 71.3 93.0 21.7 1.85
incl. 72.3 74.8 2.5 4.60
and 83.6 87.0 3.4 4.49
KAS-11-09 49.5 57.5 8.0 2.91
incl. 49.5 51.3 1.8 4.73
and 54.2 55.7 1.5 5.80
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note: true widths are currently estimated at 50-80% of drilled widths
Joseph Baylis, Manicouagan's President and CEO, said, "The
results from this program are extremely encouraging. They
demonstrate much broader potential that demands follow up. These
results will help us formulate a plan for the next phase of
drilling at Kasagiminnis Lake. We will announce the details of the
program once they are available."
Longitudinal sections of the Kasagiminnis Lake gold zone showing
the location of Manicouagan's recent drill holes are attached.
To view the figure associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/mam0601fig1.pdf.
The Kasagiminnis Lake Property hosts the Kasagiminnis Lake gold
zone that is associated with what was described as a sulphide
bearing iron formation. 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).
Each drill hole in the 2011 drill program that reached its
targeted depth intersected the gold bearing horizon which ranges
from 3 to more than 15 metres wide (true width) and is typically
characterized by silicification, sulphide (pyrite +/- pyrrhotite)
mineralization often accompanied by the development of garnet,
diopside, and grunerite alteration.
The 2011 drill program was successful in confirming the
continuity of this portion of the Kasagiminnis Main gold zone which
is virtually untested and remains open, below 150 metres depth.
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
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 the company 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 Manicouagan Minerals Inc.
Andreas Curkovic Investor Relations (416) 577-9927
investorrelations@manicouaganminerals.com
www.manicouaganminerals.com
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