Manitou Gold Inc.

TSX VENTURE : MTU


Manitou Gold Inc.

April 25, 2014 09:30 ET

Manitou Gold Inc. Releases Elora Diamond Drill Results

SUDBURY, ONTARIO--(Marketwired - April 25, 2014) - Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces the receipt of assay results from the recently completed winter diamond drill program on the Elora Project, located in Northwestern Ontario. The purpose of the program was to test the Jubilee gold zone along a 100 metre long portion down to a vertical depth of approximately 75 metres. A total of 18 diamond drill holes (average length of 64 metres) were completed on this zone

The Jubilee gold zone is a continuous shear structure comprised of sericite carbonate schist, quartz veins, and sheared sulphidic metasediments. Highlights of the program include diamond drill hole E-14-64 which intersected 5.6 g/t Au over a core length of 8.0 metres at a vertical depth of 75 metres. The relatively shallow depth of this particular intersection is supported by a number of surrounding holes completed by the previous property operator, including E-98-07 which intersected 6.4 g/t Au over 11.3 metres (vertical depth of 87 metres), and hole E-98-06 of 3.95 g/t Au over 5.85 metres at a vertical depth of 62 metres. Recently completed diamond drill hole E-14-63 also returned significant gold mineralization at the 65 metre vertical level with assays grading 4.5 g/t Au over a core length of 6.0 metres. This intersection is approximately 15 metres below the previous operator's hole E-98-09 which graded 4.2 g/t Au over 8.8 metres. Assay highlights from the current drilling program are noted in Table 1 below and a long section of the Jubilee Zone can be found on the Company's website.

Table 1
DDH From To Width Au g/t Vertical
Depth
Comment
E-14-49 239.4 240.5 1.1 1.2 Anomaly
E-14-49 279.5 282.2 2.6 0.9 Anomaly
E-14-50 12.5 16.0 3.5 1.5 12.0
E-14-51 35.2 43.7 8.5 2.8 35.0 Visible gold
E-14-52 20.3 24.5 4.3 2.4 14.0
E-14-53 34.0 41.0 7.0 4.2 30.0
E-14-54 20.6 27.2 6.6 1.4 14.0
E-14-55 27.5 35.5 8.0 2.2 18.0
E-14-56 45.1 52.2 7.1 1.7 45.0 Visible gold
E-14-57 27.0 31.3 4.3 1.5 12.0 Visible gold
E-14-58 29.2 37.8 8.6 1.4 23.0
E-14-59 11.9 15.5 3.6 1.0 8.0
E-14-60 36.2 45.8 9.6 2.3 30.0
E-14-61 17.0 22.0 5.0 3.4 16.0 Visible gold
E-14-62 71.2 78.8 7.6 1.7 50.0
E-14-63 81.3 87.3 6.0 4.5 65.0 Visible gold
E-14-64 90.0 98.0 8.0 5.6 75.0 Visible gold
E-14-65 57.3 62.0 4.8 3.0 42.0
E-14-66 72.6 78.0 5.4 0.8 62.0
E-14-67 55.0 59.0 4.0 2.1 38.0

Complete table of assays can be found on the Company's website (http://manitougold.com/projects/elora/results/)

Historical mining and development on the Jubilee zone include an open cut and a shaft sunk to a depth of 53.3 metres with exploration and development (including one stope) on the 50 metre level (Blackburn, 1981). The reported grade of the mined material was 3.4 g/t Au. Detailed core logging and sampling by the Company has demonstrated that gold mineralization is present not only in the quartz veins, but also within the sheared and altered mafic volcanics and metasediments surrounding the quartz veins. (Click here for cross section: http://manitougold.com/_resources/news/20140424/cross_section.jpg). The sulphide rich metasediments may respond to geophysical surveys, which would greatly assist in exploration of the Jubilee shear structure both along strike and at depth.

Results obtained from the diamond drill program on the very shallow portion of the Jubilee zone indicate continuity of gold mineralization within the vicinity of historical workings from the 75 metre vertical level up to surface for an approximate strike length of 100 metres. Gold grades are consistent with previous property operator's results, and prove the Jubilee zone to be a very prospective shallow gold target. (Click here for long section: http://manitougold.com/_resources/news/20140424/long_section.jpg).

Todd Keast, President & CEO of the Company commented "We are currently evaluating a number of these shallow gold targets on the Elora Property as well as the adjacent Kenwest property, and there is an exceptional opportunity for the company to define a number of areas with near surface material which may be feasible for low cost low volume extraction."

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.

Manitou is a Canadian exploration company with a 150 square kilometre land package of highly prospective gold properties located in the historical Gold Rock District, in Northwestern Ontario. This under-explored area has a very attractive geological setting hosting 61 known gold occurrences including three past producing mines (Big Master, Laurentian and Elora). Until recently, the area has remained relatively untouched by modern-day exploration, pointing to excellent discovery potential over this large land package.

The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods. Samples with visible gold are assayed by screened total metallics.

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.

Contact Information

  • Manitou Gold Inc.
    Todd Keast, P. Geo.
    President and CEO
    705-222-8800
    705-222-8801 (FAX)
    info@manitougold.com