Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is
pleased to announce initial results from its winter exploration
program being conducted in the eastern Michipicoten gold belt,
between the Island Gold mine and the past producing Renabie gold
mine, north of Wawa, Ontario. Ongoing work includes
approximately 1,600 meters of diamond drilling as well as airborne
and ground geophysics.
Highlights:
- Ongoing drilling intersects wide, mineralized shear zone in
first two holes drilled to date at the Company’s Patents property.
This 70 metre shear zone (estimated true width of 50 meters)
containing quartz veins displays broad similarities with ore
bearing veins at the Island Gold Mine (assays pending).
- Drill intercept of 2.6 g/t Au over 1.1 m in hole MTU-20-09 at
the Reed Vein;
- Ongoing ground IP survey over portions of the Baltimore
deformation zone along the faulted extension of the
Goudreau-Localsh deformation zone delineates new IP trends in close
proximity to historical drill intercepts of 0.7 g/t Au over 48.5 m,
with indications that best IP responses remain untested; and
- Additional ground acquisition through staking adds 45 square
kilometers and brings total land position of the project area in
the Michipicoten Gold Belt to 290 square kilometers of contiguous
mining lands.
Exploration Drilling
Manitou Gold has completed 810 m of drilling in
13 drill holes, testing three of its five intended target areas.
Initial assay results have been received from the Reed Vein and the
Stream showings, both of which are located in the eastern portion
of the project area. Initial results reported in this release
represent 590 m of the 810 m drilled to date. The first two holes
drilled on the Patents property, which totaled 220 m, are currently
being logged and sampled, with samples to be delivered to the lab
in the coming days.
The Patents property is located in the
Goudreau-Localsh deformation zone, immediately east of the Island
Gold mine property and the past producing Edwards and Cline
mines. Drilling at the Patents is aimed at testing a
coincident Soil Gas Hydrocarbon (SGH) and IP
resistivity/chargeability anomaly (see news release dated May 9,
2018). (Link to Figure 1). Both holes have intersected a 50 m wide
(true width) shear zone containing variable but significant sulfide
mineralization including pyrrhotite, pyrite and lesser chalcopyrite
over their entire lengths, in addition to strongly mineralized
quartz veins near the center of the shear zone. Vein
mineralization and textures observed in the core are broadly
similar to those at Island Gold and consist of laminated shear-type
quartz veins with local internal brecciated textures and
significant amounts of sulfide mineralization, generally exceeding
ten percent by volume. The drilling to date, in conjunction with
descriptions of veining and mineralization at the Island Gold mine,
points towards a potentially significant discovery at the Patents
property. The first two holes have been drilled from the same setup
at angles of -45 and -65 degrees, respectively. Drilling at the
Patents continues with a planned 550 m step out to the east, with
the objective of confirming continuity of the mineralized shear
zone across the southern half of the property. Assay results from
the first two holes are expected within the coming weeks.
Three holes totalling 152 m have been drilled at
the Reed vein located in the easternmost portion of the Goudreau
project area. Hole MTU-20-09 intersected 2.6 g/t gold over 1.1 m
and hole MTU-20-11 intersected 1.2 g/t gold over 1.0 m.
Both earlier and more recent surface exploration
in the area around the Reed Vein have demonstrated the presence of
significant gold mineralization, highlighted by historical blast
channel samples at intervals of approximately 8 meters along the
Reed Vein that returned a weighted average of 6.3 g/t gold over an
average width of 1.3 m for approximately 130 m along strike.
Current drilling was aimed at testing the down dip extension of the
Reed structure at shallow depths immediately below historical
trenches. The three holes have been drilled on two sections, with
lateral spacing of approximately 50 meters. All holes at the
Reed Vein were drilled approximately perpendicular to the projected
strike and dip of the mineralized zone. Drill intercepts are
interpreted to represent 105% to 110% of true thickness. Two of the
three holes drilled returned results that the Company considers
significant and requiring further follow-up.
Initial drilling at the Stream showing in the
south-central portion of the project area consisted of 400 m across
eight holes drilled on 25 m sections, with two holes per section
being drilled from the same setup. All drill holes intercepted
anomalous gold in the target structure, with hole MTU-20-05
returning an intercept grading 5.5 g/t gold over 0.5 m.
Drilling at the Stream showing focused on
testing the down-dip potential of the gold mineralization at
shallow depths below a blasted pit where historical channel samples
retuned a weighted average of 36.3 g/t gold over an average width
of 0.9 m for a length of 21 meters. Nine samples collected from the
pit face and muck piles returned an average grade of 14.2 g/t gold
(see news release dated January 23, 2020). Surface and drill core
observations indicate that gold mineralization is confined to
shallowly easterly plunging boudinaged and isoclinally folded
laminated quartz veins that are mineralized with significant
amounts of pyrrhotite and lesser amounts of chalcopyrite and
pyrite. These veins are hosted in discrete east-southeast trending
shear zones within the broader Missinaibi deformation zone.
While drilling has not yet encountered gold
grades comparable to those observed at surface, this target area
remains highly prospective. In orogenic deposits, gold often
displays an uneven distribution, with semi-linear or rod-shaped
shoots separated by lower-grade or even barren shear segments.
Drilling to date has only tested the down-dip potential of a short
section of the structure to a maximum vertical depth of
approximately 40 m. Drilling to date shows an increase in gold
mineralization to the east and suggests the possibility of a
shallowly easterly plunging shoot.
Additional drilling is also planned at the
Rockstar vein, located in the western portion of the project area,
where mechanized stripping and channel sampling in 2018 and 2019
successfully exposed the up-dip extension of the Rockstar vein.
Channel sampling, completed on 10 m intervals across the main vein,
returned an average grade of 3.0 g/t gold over 1.5 m over the
exposed strike length of approximately 100 m (see news release
dated July 31, 2019). Previous operators of the Rockstar property
drilled 12 exploration holes to maximum depths of 100 m below the
currently stripped portion of the Rockstar vein, but were
prohibited from drilling down plunge to the east due to a previous
property boundary. However, this attractive easterly down
plunge target is now within Manitou’s land package, as a result of
its land consolidation activities, and is a planned target for
future drilling activities by the Company.. The eastern extension
of the Rockstar vein system has not been drill tested to date (Link
to Figure 2).
The Company also plans on testing the Tracanelli
occurrence, where exploration work in 2018 confirmed the presence
of four separate, structurally controlled vein systems, referred to
as the Sunday vein, Balsam vein, 110 vein and 150 vein. These
individual veins have been observed at surface in separate areas
measuring up to 3 m in width and ranging from 15 m to 30 m long.
The broader vein systems are exposed over total strike lengths
ranging from approximately 40 m to 100 m and are open along strike
to the west and northwest. Twenty-three grab samples collected in
2018 from these vein systems returned an average value of 7.6 g/t
gold, with individual assays ranging from 0.03 to 137.5 g/t gold
(see news release dated September 24, 2018).
Update on Airborne and Ground
geophysical surveys
Manitou is currently completing a 1,400 line-km
airborne magnetic and electromagnetic survey over large portions of
the Goudreau Project that, in conjunction with previous surveys,
will provide continuous coverage of the entire project area. This
new data will be used to identify new target areas for ground
follow up and drilling.
The Company is also currently completing the
ground-based Induced Polarization (IP), magnetometer (MAG), and
VLF-EM surveys over the 100 line-kilometer winter grid covering
part of the Baltimore deformation zone, which is interpreted to
represent the faulted extension of the Goudreau Localsh deformation
zone. Preliminary interpretation of the IP survey identified two IP
trends in close proximity to the Stover occurrence, where
historical drill holes intersected wide zone of gold mineralization
with intercepts of up to 0.7 g/t Au over 48.5 m (see news release
dated September 23, 2019). The historical drill holes did not
intersect the strongest IP responses and the IP anomalies remain
untested. These new target areas will be the top priority for field
examination as soon as the field work commences, in preparation for
drilling later this season.
Additional moderate to strong chargeability and
resistivity anomalies were delineated in other areas of the grid.
These anomalies will be ranked and prioritized for investigation
starting in mid-May of this year. The magnetometer and VLF-EM
survey results, designed to confirm magnetic breaks and delineate
discrete shear zones within the Baltimore deformation zone, are
currently pending.
Additional Acquisitions
Manitou Gold has acquired additional 100%
interest in claims in the Michipicoten Gold Belt through staking.
The new claims lie to the south and east of the Midas and Dog Lake
properties and are contiguous to the existing claim holdings. With
the recent staking, the Company added 45 square kilometers (4,510
hectares) of exploration lands, which brings the total land
position to 290 square kilometers (29,000 hectares) (Link to Figure
3).
For the 11 drill holes reported in this release,
Manitou collected 271 samples representing a combined length of 167
meters for assay. Results ranged from below detection limit to 5.98
g/t gold.
Core sampling was completed on select intervals
using the half-core method. Sample intervals ranging from 0.1 to
1.0 metre were cut with a core saw equipped with a diamond blade
and the half-core samples were individually bagged, labeled and
placed in rice bags; the other half-core was placed back in the box
and retained on site for verification and reference purposes.
Standards and blanks were routinely inserted into the sample
stream. At least 20 percent of the samples submitted to the
laboratory comprise samples used for quality control.
Samples were delivered to Activation
Laboratories (Actlabs) in Thunder Bay, Ontario. At the
laboratory, samples were crushed up to 80% passing 2 mm, riffle
split (250 g) and then pulverized to 95% passing 105 microns. Gold
was analyzed by fire assay with an AA finish, using a 50 g
sub-sample. Over limit analysis was performed on all primary assay
results >3 g/t gold. All over limits were tested by fire assay
with gravimetric finish using a 50 g sub-sample. Actlabs is a
certified and ISO 17025 accredited laboratory. Actlabs routinely
inserts certified reference materials for at least 20 percent
quality control in each batch. Certain samples were check assayed
at AGAT laboratories using the same procedures.
Richard Murphy, P.Geo is the qualified person
responsible for the technical content contained in this release. He
has reviewed and approved the content herein.
For further information on Manitou Gold Inc.
contact:
Richard Murphy, CEO Telephone: 1 (705)
698-1962
Email: info@manitougold.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements – Certain information
set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and
uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the
control of Manitou, including, but not limited to the receipt of
applicable shareholder approvals. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
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