Manitou Gold Inc. Extends Gaffney Extension Mineralization 100 Metres Down Plunge
01 Novembre 2012 - 2:30PM
Marketwired Canada
Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces the
results of five holes from the recently completed 2012 Gaffney Extension drill
program. The 5,032 metre diamond drill program was designed to further establish
the distribution and extent of the gold system of the Gaffney Extension Project.
Gaffney Extension Project
The current diamond drill program is based on the results and interpretation
from the 2011 Manitou drill program (6,900 metres), as well as the partial
results of two phases of drilling (1984 and 1988) completed by a previous
operator. Gold mineralization is hosted within an altered diorite intrusion and
within Quartz Feldspar Porphyry (QFP) dykes.
G-12-32, the first hole of the 2012 program, intersected a 66.0 metre wide
interval which averaged 1.5 g/t Au and includes a higher grade 42.9 metre wide
interval averaging 1.9 g/t Au. The majority of this intersection is contained
within an exceptionally wide interval of QFP dyke. The hole was planned to test
a portion of the mineralized system at the relatively shallow vertical depth of
125 metres and is located approximately 100 metres above hole number G-11-27,
which had a 75.1 metre interval averaging 2.4 g/t Au (see news release Nov
2011).
G-12-42 was drilled to test the down plunge continuity of the mineralization
encountered in G-11-27. The hole contains multiple zones of gold mineralization
including an 18.0 metre wide interval averaging 2.7 g/t Au. This intersection is
positioned approximately 100 metres away from G-11-27 and demonstrates
significant potential for the continuity of the gold mineralization. Individual
assays in G-12-42 include grades as high as 22.9 g/t Au over 0.5 metres,
indicating areas of higher concentrations of gold in the system.
The results of the five holes are included in the following table. Drill results
were not received in the order submitted, so previously released holes (Sept 13,
2012) are also included for reference.
Assay Highlights:
----------------------------------------------------------------------------
Assay g/t Assay g/t
DDH # From To Width Au Ag
----------------------------------------------------------------------------
G-12-32 107.6 150.4 42.9 1.9
----------------------------------------------------------------------------
G-12-32 107.6 174.0 66.4 1.5
----------------------------------------------------------------------------
September
G-12-33 101.9 107.0 5.1 1.6 13/12
----------------------------------------------------------------------------
September
G-12-34 134.0 143.5 9.5 4.0 2.7 13/12
----------------------------------------------------------------------------
September
G-12-35 143.2 146.5 3.3 0.5 1.2 13/12
----------------------------------------------------------------------------
September
G-12-36 178.8 179.2 0.4 69.4 10.3 13/12
----------------------------------------------------------------------------
September
186.0 190.8 4.8 2.4 0.6 13/12
----------------------------------------------------------------------------
September
G-12-37 184.5 228.0 43.5 1.0 13/12
----------------------------------------------------------------------------
September
includes 189.2 195.0 5.8 2.3 13/12
----------------------------------------------------------------------------
September
includes 206.0 214.0 8.0 2.2 13/12
----------------------------------------------------------------------------
G-12-38 No Significant Assays
----------------------------------------------------------------------------
G-12-39 218.9 224.0 5.1 0.7
----------------------------------------------------------------------------
G-12-39 252.3 299.0 46.7 0.7
----------------------------------------------------------------------------
G-12-39 252.3 281.0 28.7 1.0
----------------------------------------------------------------------------
G-12-39 260.0 268.0 8.0 2.0
----------------------------------------------------------------------------
G-12-39 317.2 322.0 4.8 1.3
----------------------------------------------------------------------------
G-12-39 332.0 342.0 10.0 0.7
----------------------------------------------------------------------------
G-12-40 Not received from Lab
----------------------------------------------------------------------------
G-12-41 201.8 205.4 3.6 0.8
----------------------------------------------------------------------------
G-12-41 240.0 252.9 12.9 1.1
----------------------------------------------------------------------------
G-12-41 261.0 269.0 8.0 1.0
----------------------------------------------------------------------------
G-12-41 305.0 305.5 0.5 112.0
----------------------------------------------------------------------------
G-12-42 275.8 281.0 5.3 2.4
----------------------------------------------------------------------------
G-12-42 302.0 320.0 18.0 2.7
----------------------------------------------------------------------------
G-12-42 362.0 366.3 4.3 1.3
----------------------------------------------------------------------------
G-12-42 391.0 399.0 8.0 0.6
----------------------------------------------------------------------------
Note: Intervals reported are core lengths; true widths of mineralization are not
known.
Full assay tables are available on the company's website.
Todd Keast, President and CEO of Manitou noted "The significant intersection in
G-12-42 demonstrates the encouraging gold grades as well as the substantial
widths to the mineralization at relatively shallow depths. The fact that this
intersection is positioned 100 metre down-plunge from hole G-11-27 suggests
reasonable continuity to this impressive underexplored gold system. We currently
have seven additional holes from this season's program in the lab for analysis
and will be releasing them with an updated interpretation as they become
available".
Elora Project Update
Mechanical trenching on the Elora Project continues this month with fourteen
trenches mapped and sampled. Work was focused around the Laurentian Mine which
historically produced gold at a grade of 0.41 oz/t (14.1 g/t Au). Trenching has
exposed areas of high structural complexity, showing highly folded quartz veins
in oblique orientations to prominent shear structures. Information obtained from
this trenching and mapping program will be used to target areas for a future
diamond drill program. Approximately 120 grab samples have been collected from
the trenches and assays will be released as results are received, compiled and
interpreted.
The Company has implemented a quality control program to ensure best practice in
sampling and analysis. Samples are transported in security sealed bags to the
Actlabs facility in Dryden, Ontario for preparation. Actlabs transports the
samples to the Actlabs ISO 17025 registered laboratory facility in Thunder Bay
for analysis and internal QA/QC checks. Core samples are 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Manitou Gold Inc.
Todd Keast, P. Geo.
President and CEO
705-222-8800
705-222-8801 (FAX)
info@manitougold.com
www.manitougold.com
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