The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Manitou Gold Inc. Extends Gaffney Extension Mineralization 100 Metres Down Plunge

Thursday, November 01, 2012

Manitou Gold Inc. Extends Gaffney Extension Mineralization 100 Metres Down Plunge09:30 EDT Thursday, November 01, 2012SUDBURY, ONTARIO--(Marketwire - Nov. 1, 2012) -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 ProjectThe 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: DDH #FromToWidthAssay g/t AuAssay g/t AgG-12-32107.6150.442.91.9G-12-32107.6174.066.41.5G-12-33101.9107.05.11.6September 13/12G-12-34134.0143.59.54.02.7September 13/12G-12-35143.2146.53.30.51.2September 13/12G-12-36178.8179.20.469.410.3September 13/12186.0190.84.82.40.6September 13/12G-12-37184.5228.043.51.0September 13/12includes189.2195.05.82.3September 13/12includes206.0214.08.02.2September 13/12G-12-38No Significant AssaysG-12-39218.9224.05.10.7G-12-39252.3299.046.70.7G-12-39252.3281.028.71.0G-12-39260.0268.08.02.0G-12-39317.2322.04.81.3G-12-39332.0342.010.00.7G-12-40Not received from LabG-12-41201.8205.43.60.8G-12-41240.0252.912.91.1G-12-41261.0269.08.01.0G-12-41305.0305.50.5112.0G-12-42275.8281.05.32.4G-12-42302.0320.018.02.7G-12-42362.0366.34.31.3G-12-42391.0399.08.00.6Note: 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 UpdateMechanical 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: 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 CEO705-222-8800705-222-8801 (FAX)info@manitougold.comwww.manitougold.com