Manitou Gold Provides Exploration Update on its 100% Owned Goudreau Project
23 Febrero 2021 - 6:00AM
Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) today
provided an update on its ongoing 10,000 m drill program along the
southeastern segment of the Baltimore deformation zone (the “BDZ”).
Additionally, the Company has commenced a 300 line kilometer ground
geophysical survey covering an additional 10 kilometers of strike
length along the BDZ, which will be the focus of continued
drilling.
The BDZ is an emerging crustal scale
structural corridor that is the extension of the
prolific Goudreau-Localsh deformation zone (the “GLDZ”),
which hosts the majority of gold deposits in the northeastern
Michipicoten greenstone belt. The BDZ is centrally located in the
eastern half of the Company’s land package, which covers nearly 350
square kilometers.
Highlights:
- The BDZ
represents a crustal-scale fault system that is the key
target for orogenic gold mineralization and the
extension of the Goudreau-Localsh deformation
zone, which hosts two multi-million ounce gold
deposits.
- The GLDZ has been
tested with more than 1,000,000 m of diamond drilling for
gold, whereas the BDZ remains largely unexplored
with only 4,400 m of historic drilling for gold:
○ The cumulative
drilling along GLDZ resulted in the discovery of 6
orebodies to date;
○ Recent results
with intercepts of up to 15 m grading 1.5 g/t Au, including
5.3 m at 2.7 g/t Au in hole MTU-20-56 demonstrate that the
BDZ is a fertile corridor for orogenic gold
deposits;
○ The
BDZ on Manitou ground covers an equivalent length and area as the
GLDZ and provides abundant opportunity for
discovery of multiple gold deposits.
- The “Main Shear”,
which dominates the central corridor of the BDZ and hosts
the Stover zone, has been confirmed by drilling to be continuous
for over 2 km:
○ Two
step-out holes located approximately 600 m west and 1,200
m east along strike of hole MTU-20-49 (39.9 m at
0.5 g/t) display zones of deformation, alteration and
mineralization similar to that of the Stover zone (assay results
pending);
○ The
Stover zone remains open in all directions;
additional drilling to test for higher grade shoots is
ongoing. The target mineralized zone has been intersected
in three recent drill holes, for which assays are
pending;
○ A second
diamond drill is testing new targets along a 4 km portion
of the BDZ.
- Manitou has commenced a large 300
line-km ground geophysical survey to cover an additional 10 km of
strike length along the BDZ to advance regional-scale targets to a
drill ready state.
Figure 1: Goudreau Project
Map:
https://www.globenewswire.com/NewsRoom/AttachmentNg/045507b3-35ab-4aa5-a570-340f7821410e
“The recent confirmation of the BDZ as a
crustal-scale break and deformation zone with associated gold
mineralisation confirms all of our exploration rationale,” stated
Richard Murphy, President and CEO of Manitou Gold. “I look forward
to our ongoing drill program results, as well as the results from
the large scale IP and magnetic surveying of an additional 10 km
strike length along the BDZ. Our drill program has been doubled to
10,000 m based on recent success and we expect to have a continuous
flow of drilling news over the next few months, which we believe
will demonstrate the potential of our 18 kilometres along the
BDZ.”
See map of BDZ illustrating Stover grid and new,
Main grid.
About the Goudreau Project
The Goudreau project is located 50 kilometres
northeast of Wawa, Ontario and is underlain by Archean-aged rocks
of the Michipicoten Greenstone belt. The project area is traversed
by several broad-scale deformation corridors, which host the
majority of the important regional gold deposits and showings in
the region. The Goudreau project covers approximately 350 square
kilometres of this re-emerging gold camp which hosts Alamos Gold’s
Island Gold deposit and Argonaut Gold’s Magino deposit to the west
including past producing Renabie mine to the east.
Manitou’s key strategic shareholders include
Alamos Gold Inc. (TSX:AGI;
NYSE:AGI) and O3 Mining Inc. (TSX.V: OIII;
OTCQX: OIIIF).
Richard Murphy, P.Geo is the qualified person
responsible for the technical content contained in this release. He
has reviewed and approved the content contained herein.
For further information on Manitou Gold Inc. contact:
Richard Murphy, CEOTelephone: 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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