Manitou Gold Inc.

Manitou Gold Inc.

May 09, 2013 09:30 ET

Manitou Gold Inc. Releases Elora Property Diamond Drill Results

SUDBURY, ONTARIO--(Marketwired - May 9, 2013) - Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces the results of nine diamond drill holes from the 2013 winter drill program on the Elora Property. Mechanical trenching and geological mapping were completed in the fall of 2012, as well as a full review and reinterpretation of all previous exploration activities conducted on the property. Eight discrete shear structures were identified on the Elora property and the 2013 drill program was designed to test a number of these structures. To aid in the understanding of the geological descriptions contained in this news release, the reader is referred to the accompanying plan map. (Click here for map)

Diamond drill holes E-13-47 and E-13-48 were drilled approximately 340 metres northeast of the historical Jubilee Mine. The previous operator intersected a sericite-fuchsite schist in drill hole E-08-36 which included 1.34 g/t Au over a core length of 10.0 metres and in drill hole E-08-37 which included 1.40 g/t Au over 9.5 metres. Recently completed drill hole E-13-47 intersected a 10.4 metre interval which averaged 1.7 g/t Au. Drill hole E-13-48, drilled 50 metres behind E-13-47, intersected 1.2 g/t Au over a core length of 7.5 metres. The intersection of sericite-fuchsite alteration in these two drill holes, in conjunction with the historical drill holes E-08-36 and E-08-37, represents a new style of gold mineralization and alteration on the Elora Property that has only been tested for a strike length of 50 metres and to a vertical depth of 100 metres.

Drill holes E-13-45 and E-13-46 tested the southwestern extension of the historical Laurentian Mine trend, approximately 150 metres southwest of the Laurentian shaft. Drill hole E-13-45 intersected a chlorite-sericite shear zone containing a 1.5 metre wide quartz vein. This zone averaged 4.6 g/t Au over a core length of 3.6 metres (including 20.9 g/t Au over 0.75 metres), and provides positive indication of the continuation of the Laurentian shear structure towards the southwest.

Assay Highlights

Hole ID From (m) To (m) Length (m)* Au g/t
E-13-40 171.05 171.65 0.6 1.38
E-13-41 38 39.1 1.1 8.27
E-13-42 91.8 93.25 1.45 1.26
E-13-43 85.5 86 0.5 3.41
E-13-45 65.4 69 3.6 4.56
including 68.25 69 0.75 20.9
E-13-46 94.25 94.98 0.73 0.97
E-13-47 78.5 88.9 10.4 1.67
including 84 86 2 4.1
E-13-47 126.6 127.65 1.05 2.88
E-13-48 12.4 14.75 2.35 2.53
E-13-48 150.5 158 7.5 1.19
including 154.5 155 0.5 6.72
E-13-48 174.4 175.1 0.7 1.20
E-13-48 212.75 215 2.25 2.26
E-13-48 266.35 267.75 1.4 0.99
*Note: Intervals reported are core lengths; true widths of mineralization are not known.

Full table of assays can be found on the Company's website.

Todd Keast, President and CEO of Manitou commented "Exploration results to date continue to demonstrate the indications of a potentially large gold system with numerous discrete gold bearing shear structures contained within a structural corridor 850 metres wide. The diamond drill program will resume once the spring break-up is complete. In addition to diamond drilling, mechanical trenching, geophysical and geochemical surveys, as well as structural mapping are planned for the upcoming exploration season."

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.

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. Core samples were analyzed for gold by 50-gm fire assay with AA finish and by gravimetric methods. Samples with visible gold are assayed by screened total metallics.

Manitou is a Canadian exploration company with a 189 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.

For further details about the Company's projects please visit the Manitou website at

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
    705-222-8801 (FAX)