SUDBURY, ONTARIO--(Marketwire - July 12, 2012) - Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces the commencement of drilling on the Gaffney Extension Project, a sampling update on the Elora Project and the receipt of assay results from the Mosher Bay drill program.
Diamond drilling on the Gaffney Extension commenced this week. The Company expects to complete approximately 5,000 metres of drilling on the project to follow up on very positive drill results from last year's exploration program, including the widest gold intersection to date in hole G-11-27 of 75.1 m averaging 2.4 g/t Au (see news release November 2, 2011). "The indications of a large scale gold system are suggested by both the historical drill results from the previous operator as well as the significant intersections from Manitou's 2011 drill program," commented Todd Keast, President and CEO of Manitou. Diamond drill assay intervals from the 2011 program, as well as drill results from the previous operators of the property are included on the Company's website.
A number of holes planned for the 2012 drill program will target untested areas in the mineralized system and evaluate the continuity at depth. A three dimensional model of the drilling and the geological interpretation is available on the Company's website. The model illustrates the gold mineralization and delineates the down plunge continuity of the zone.
The Company has initiated an exploration program on the recently acquired Elora Property which hosts two past producing gold mines, and sits adjacent to Manitou's Kenwest Property. Twenty-six diamond drill holes from the previous operators (2004, 2006 and 2008) have been re-logged and re-sampled, with 600 samples split for assay. Re-sampling results are consistent with the historical values as noted in the table below.
||Seafield Original Sampling
||Manitou Gold - 2012
|Note: Core from the recent sampling was quartered, providing a smaller sample size than the original half core samples.
Assay results from the re-sampling indicate the zones of gold mineralization also contain silver. This is demonstrated in hole E-04-17 which returned 5.48 g/t Au and 8.66 g/t Ag over a 6.8 metre core length. Core from all of the gold zones are currently being assayed for silver.
Eleven drill holes from the 1998 drill program will be re-logged and re-sampled over the next month. Mechanical trenching and diamond drilling is expected to commence later in the season.
Mosher Bay Drill Program
The company completed seven holes totaling 1,447 metres of diamond drilling to evaluate the potential gold mineralization associated with large scale porphyry intrusions. All of the holes intersected porphyry intrusions and/or sections of altered volcanics and sediments containing sulphide mineralization. The first hole of the program, MB-12-01, intersected 1.1 g/t Au over 11.0 m, which included a higher grade interval of 3.6 g/t Au over 3.0 m. This intersection is hosted within sheared and altered volcanic and sedimentary rocks. The other six holes of the program did not identify significant gold mineralization. Todd Keast commented, "although several large scale porphyry intrusions were intersected with this drill program, significant gold mineralization was not found to be associated with them. No further work is planned for the Mosher Bay Project at this time."
Manitou has an experienced gold exploration team focused on advancing the exceptional exploration potential of their Gaffney Extension, Elora and Kenwest Projects. The company maintains an extensive land package within the Manitou Lakes area and remains focused on advancing the most promising projects.
Todd Keast, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
For further details about the Company's projects please visit the Manitou website at www.manitougold.com.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.