Manicouagan Provides an Exploration Update on Its Pickle Lake Gold Properties
13 September 2011 - 10:00PM
Marketwired
Manicouagan Minerals Inc. (TSX VENTURE: MAM) is pleased to provide
this exploration update.
Pickle Lake Gold Properties, Ontario - Kasagiminnis Lake Gold
Property
The Company has received all of the assay results from the
recently completed diamond drill program on its Kasagiminnis Lake
Gold Property, located approximately 25 kilometres southwest of the
past producing Dona Lake Mine, south of Pickle Lake, Ontario.
The Phase 2 drill program was designed to test for the down-dip
extension of the encouraging results from the Phase 1 drill program
carried out earlier this year (see MAM Press Release dated June 1,
2011 ). In the latest program, four holes totalling 1,019 metres
were completed to their planned depth.
The results confirm that the down dip extension of the
mineralized zone intersected near surface continues to
approximately 225 metres and remains open at depth.
Manicouagan's 2011 Phase 1 and Phase 2 drilling programs
concluded with 11 holes totalling 1,952 metres reaching their
targeted depth to test a 250 metre interval along the 1,300 metre
long gold bearing zone previously outlined by Moss Resources and
Power Exploration Inc. in the mid to late 1980's. Three holes were
abandoned due to ground conditions.
Assay results greater than 2.50 grams per tonne ("g/t") from the
Phase 1 drilling program have been rerun using a gravimetric
finish. All results from the two phase drilling program, both fire
assay "AA" and Gravimetric "Grav", are presented in the tables
below.
----------------------------------------------------------------------------
Kasagiminnis Lake Phase One Drill Results
----------------------------------------------------------------------------
Hole From (m) To (m) Length (m) Au gpt AA Au gpt Grav.
KAS-11-01 116.7 127.8 11.1 2.82 2.76
incl. 120.7 125.7 5.0 4.55 4.45
KAS-11-02 hole abandoned
KAS-11-03 hole abandoned
KAS-11-04 126.1 134.0 7.9 6.60 7.24
incl. 126.1 128.0 1.9 12.86 12.70
KAS-11-05 67.5 70.5 3.0 2.52 2.21
and 75.5 77.5 2.0 5.20 6.02
KAS-11-06 63.5 64.5 1.0 4.21 3.79
and 98.3 99.7 1.4 6.24 7.05
KAS-11-07 27.7 51.7 24.0 0.69 0.83
incl. 27.7 28.5 0.8 6.95 8.94
KAS-11-08 71.3 93.0 21.7 1.85 1.91
incl. 72.3 74.8 2.5 4.60 5.70
and 83.6 87.0 3.4 4.49 4.78
KAS-11-09 49.5 57.5 8.0 2.91 2.79
incl. 49.5 51.3 1.8 4.73 5.22
and 54.2 55.7 1.5 5.80 5.62
----------------------------------------------------------------------------
note: true widths are currently estimated at 50-80% of drilled widths
----------------------------------------------------------------------------
Kasagiminnis Lake Phase 2 Drill Results
----------------------------------------------------------------------------
Hole From (m) To (m) Length (m) Au gpt AA Au gpt Grav.
KAS-11-10 hole abandoned
KAS-11-11 229.7 230.7 1.0 5.64 4.88
KAS-11-12 231.0 232.0 1.0 2.64 2.12
KAS-11-13 204.3 205.3 1.0 2.07 NA
KAS-11-14 233.8 234.8 1.0 5.85 3.62
and 240.0 241.0 1.0 6.21 6.80
----------------------------------------------------------------------------
note: true widths are currently estimated at 50-65% of drilled widths
A longitudinal section of the Kasagiminnis Lake gold zone
showing the location of Manicouagan's drill holes is attached.
To view the figure associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/mani.pdf.
Pickle Lake Gold Properties, Ontario - 100% Owned Dona Lake
Property
The Company has contracted Fugro Airborne Surveys Corp. to fly a
helicopter borne HELITEM Time Domain electromagnetic and magnetic
survey with a 125 metre flight line spacing over its 100% owned
Dona Lake Property, located 10 kilometres southeast of the town of
Pickle Lake. The Dona Lake Property adjoins Goldcorp's Dona Lake
Mine, which between 1989 and 1994 was operated by Placer Dome and
produced approximately 250,000 ounces from 0.94 million Manicouagan
Minerals Press Release September 13, 2011 tonnes of ore. The survey
is expected to commence in mid September.
The results from the drilling program at Kasagiminnis Lake are
being reviewed and together with the results of the airborne survey
at Dona Lake will be used to develop Manicouagan's winter
exploration program for its Pickle Lake Gold properties.
Manicouagan holds directly, or under option, approximately 132
square kilometres within the Pickle Lake Greenstone Belt consisting
of 11 strategically located properties. Manicouagan has earned a 51
percent interest in the Kasagiminnis, Dorothy-Dobie Lake and Pickle
Lake East gold properties and is increasing its interest to 70
percent in these gold properties by incurring the next $1.5 million
of exploration expenditures (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.
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 2.50 grams per tonne were 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.
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 Mouchalagane Nickel/Copper/PGE and HPM/Forgues
Nickel/Copper/Cobalt projects 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. W. Brian Carter Interim
Chief Executive Officer (416) 542-3980
briancarter@manicouaganminerals.com Manicouagan Minerals Inc.
investorrelations@manicouaganminerals.com
www.manicouaganminerals.com
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