Manitou Gold Intersects 19.7 g/t Au in New Discovery at the Bald Eagle Gold Zone on its Goudreau Project, Wawa, Ontario
28 Octubre 2021 - 1:00AM
Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is
pleased to announce high grade assay results from two diamond drill
holes at the recently discovered Bald Eagle gold zone (“BEGZ”) at
its 100% owned Goudreau project in northern Ontario.
Highlights:
- All six drill holes at the BEGZ
intersected significant gold mineralization, including the most
recent two step-out holes drilled 100 m east-southeast of
previously announced drill holes.
- New intersections
include:
- 19.7 g/t Au over 1.0
m, 7.1 g/t Au over 1.0 m and 6.3 g/t Au over
1.0 m in hole MTU-21-44; and
- 10.9 g/t Au over 0.7
m in hole MTU-21-43
- Second drill to be mobilized to the
property in the coming days for follow-up drilling at the new BEGZ
discovery
The Company has now received additional results
for two step-out holes drilled 100 m east-southeast of previously
reported drill holes. Highlights of the two holes include
19.7 g/t Au over 1.0 m, 7.1 g/t Au over
1.0 m and 6.3 g/t Au over 1.0 m in hole MTU-21-44 and
10.9 g/t Au over 0.7 m in hole MTU-21-43.
On September 28, 2021, the Company announced
results of its first four drill holes at the BEGZ, located
approximately six kilometers northeast of the BDZ grid. As
previously reported, highlights of the first four drill holes at
the BEGZ included 3.3 g/t Au over 3.0 m, including
5.2 g/t Au over 1.5 m within wider gold
mineralized interval of 20.6 m grading 0.8 g/t Au in hole
MTU-21-41, and 1.4 g/t Au over 9.0 m and 2.8 g/t Au over
1.4 m within a wider gold mineralized interval of 22.8 m
at 0.9 g/t Au in hole MTU-21-39.
Following these highly encouraging drill
results, a second drill has been contracted and will be mobilized
to the property in the coming days for follow-up drilling at the
new BEGZ discovery while the original drill is continuing to test
high priority targets along a 10 km long section of the Baltimore
deformation zone (“BDZ”).
Table 1: Highlight Drill
Intersections
Hole ID |
|
From |
To |
Core Length1
(m) |
Au (g/t) |
Zone |
MTU-21-43 |
|
24.8 |
25.5 |
0.7 |
10.9 |
Bald Eagle Gold Zone |
|
61 |
62.3 |
1.3 |
1.9 |
Bald Eagle Gold Zone |
MTU-21-44 |
|
19 |
20 |
1.0 |
7.1 |
Bald Eagle Gold Zone |
|
23.5 |
26 |
2.5 |
8.2 |
Bald Eagle Gold Zone |
incl. |
25 |
26 |
1.0 |
19.7 |
Bald Eagle Gold Zone |
|
253.6 |
254.6 |
1.0 |
6.3 |
Bald
Eagle Gold Zone |
Previously Reported |
MTU-21-39 |
|
48.0 |
49.5 |
1.5 |
2.8 |
Bald Eagle Gold Zone |
|
181.9 |
183.0 |
1.1 |
1.6 |
Bald Eagle Gold Zone |
|
216.0 |
238.8 |
22.8 |
0.9 |
Bald Eagle Gold Zone |
incl. |
217.0 |
226.0 |
9.0 |
1.4 |
Bald Eagle Gold Zone |
incl. |
224.5 |
226.0 |
1.5 |
2.8 |
Bald Eagle Gold Zone |
MTU-21-40 |
|
75.5 |
77.0 |
1.5 |
1.1 |
Bald Eagle Gold Zone |
|
116.9 |
121.5 |
4.6 |
0.9 |
Bald Eagle Gold Zone |
incl. |
120.0 |
121.5 |
1.5 |
1.3 |
Bald Eagle Gold Zone |
|
177.0 |
179.0 |
2.0 |
1.7 |
Bald Eagle Gold Zone |
|
198.0 |
202.5 |
4.5 |
0.8 |
Bald Eagle Gold Zone |
|
208.5 |
227.0 |
18.5 |
0.5 |
Bald Eagle Gold Zone |
incl. |
210.0 |
211.5 |
1.5 |
1.3 |
Bald Eagle Gold Zone |
MTU-21-41 |
|
46.5 |
49.5 |
3.0 |
1.0 |
Bald Eagle Gold Zone |
incl. |
46.5 |
48.0 |
1.5 |
1.5 |
Bald Eagle Gold Zone |
|
122.0 |
123.0 |
1.0 |
2.5 |
Bald Eagle Gold Zone |
|
126.2 |
127.0 |
0.8 |
1.8 |
Bald Eagle Gold Zone |
|
197.5 |
218.1 |
20.6 |
0.8 |
Bald Eagle Gold Zone |
incl. |
209.5 |
212.5 |
3.0 |
3.3 |
Bald Eagle Gold Zone |
incl. |
209.5 |
211.0 |
1.5 |
5.1 |
Bald Eagle Gold Zone |
MTU-21-42 |
|
78.7 |
80.0 |
1.3 |
2.4 |
Bald Eagle Gold Zone |
|
144.0 |
145.5 |
1.5 |
1.8 |
Bald Eagle Gold Zone |
|
155.5 |
156.5 |
1.0 |
1.4 |
Bald Eagle Gold Zone |
(1)Lengths are reported as core lengths. True
thickness of the newly announced intersections have yet to be
determined but are typically estimated at 85% of reported intervals
based on observed core angles.
Drilling is currently testing new priority
targets along the BDZ, including coincident multi-line gold +/-
copper soil geochemistry anomalies with strike lengths of up to 350
m and coincident IP anomalies in close proximity to prominent
structural intersections. The BDZ represents the interpreted fault
offset continuation of the Goudreau-Localsh Deformation Zone (the
“GLDZ”), which makes it a highly prospective regional exploration
area, given known economic mineral resources located within the
GLDZ. The GDLZ hosts Alamos Gold’s (TSX:AGI;
NYSE:AGI) Island gold deposit and Argonaut
Gold’s Magino deposit, in addition to a number of
smaller-scale past producing mines, including the past-producing
Cline and Edwards mines.Figure 1: Project
maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/0bf169ea-c096-4f5b-b32b-2fd783e3aa29
Figure 2: Showing structures along the Baltimore deformation
zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/0127c43b-ef7c-4b42-9b12-4c3fd66e2c76
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 (such as the BDZ and
GLDZ), which host the majority of the important regional gold
deposits and showings in the region.
The BDZ is interpreted as an eastward trending fault
offset extension of the GLDZ, the latter of which hosts two
multi-million ounce gold deposits (1,2)
and has seen over 1,000,000 metres of drilling for gold. As
such, the BDZ is extremely under-explored along its 18
kilometre-long trend, with only 4,400 metres of historic gold
drilling.
The Goudreau project covers approximately 350
square kilometres in this re-emerging gold camp that hosts several
multi-million ounce gold deposits (1,2).
Manitou’s key strategic shareholders
include Alamos Gold
Inc. (TSX:AGI; NYSE:AGI) at
19.9% and O3 Mining Inc. (TSX.V: OIII; OTCQX:
OIIIF) at 9.9%, each individually calculated on a partially diluted
basis.
(1) Azadbakht, Z. et al., 2021.
Report of Activities, 2020 Resident Geologist Program. Ontario
Geological Survey Open File Report 6374, 43
p.(2) Argonaut Gold Inc., (2021). Company website:
https://www.argonautgold.com/English/home/default.aspx, September
26, 2021
Sampling and 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 the 50 g
sub-sample. Over limit analysis is performed on all primary assay
results >3 g/t gold by fire assay with gravimetric finish using
a 50 g sub-sample. Actlabs is a certified and ISO 17025 accredited
laboratory. Standards and blanks were routinely inserted into the
stream of core and channel samples. At least 20 percent of the core
and channel samples submitted to the laboratory comprise samples
used for quality control. Actlabs routinely inserts their own
certified reference materials for at least 20 percent quality
control in each batch.
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, President and 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,
including regulatory risk related to the receipt of final approval
of the TSX Venture Exchange for the Offering. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond the control of Manitou, including with respect
to the prospective nature of the Stover and Renabie-Easy Lake
properties. 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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