SUDBURY, Ontario, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to provide an update on exploration and related activities at its Rockstar property located in the Goudreau area and, more specifically, within the Goudreau-Localsh deformation zone (the “GLDZ”).
For the past two months, the Company has been prospecting and mapping the 7,000+ acre Rockstar Property. As part of its recent exploration activities, the previously identified Tracanelli Occurrence has been investigated in detail and sampled over an expanded area of 275 metres east-west by 325 metres north-south.
Preliminary results of prospecting work within the immediate proximity of this gold occurrence confirm the presence of four separate, structurally controlled vein systems, referred to as the Sunday vein, Balsam vein, the 110 vein and the 150 vein. Individual veins have been observed at surface in separate areas measuring up to three metres in width and ranging from 15 to 30 metres long. The broader vein systems are exposed over total strike lengths ranging from approximately 40 to 100 metres and are open along strike to the west and northwest. Twenty-three grab samples from these vein systems returned an average value of 7.6 g/t gold, with individual assays ranging from 0.03 to 137.5 g/t gold.
Most recently, Company geologists have identified a previously unknown shear zone in the eastern part of the Rockstar property, which has been named the Bankfield Shear Zone. Part of this broad shear zone is believed to correspond with the previously discovered Bankfield gold occurrence. The Bankfield Shear, pinches and swells along strike and has been observed to be up to at least 60 metres wide in some places. The shear zone hosts at least two discreet sets of quartz veins and has been defined over at least 550 metres along strike. There are indications that the Bankfield Shear Zone extends for 1,750 metres strike length.
Seventeen samples taken in the vicinity of the Bankfield Shear assayed from below lab detection limits to up to 48 g/t gold. More work is required in the area of the Bankfield Shear to determine the size and grade potential of this zone.
Based on the newly identified prospectivity of the eastern portion of the Rockstar Property, Manitou has staked an additional 350 acres covering the eastern end of property.
Manitou Gold will continue its program of prospecting and mapping, in addition to implementing mechanical stripping and channel sampling of the most prospective areas identified through the end of the field season.
In recent years, the GLDZ has seen significant new investment in gold exploration and development activity. The western half of the GLDZ is dominated by Argonaut Gold’s (Prodigy) Magino advanced development project and Alamos Gold Inc.’s Island Gold Mine property, where Alamos continues to extend their High Grade Mineralization. The Island Gold Mine was acquired by Alamos last November through its takeover of Richmont Mines. Immediately to the east of the Alamos property are the past producing Edwards and Cline Mines, respectively. Manitou Gold’s Goudreau Patents property is located just to the east of the Edwards and Cline Mines (see Company press release dated October 30, 2017. The Company’s Midas Property see press release dated September 20, 2018 and Rockstar Property are located southeast of Manitou’s Goudreau Patents property and cover a large section of the eastern half of the GLDZ.
Grab samples can be selective in nature and therefore should not be relied upon to represent indicative grades.
A plan map showing the Company’s properties along the GLDZ can be found on the Manitou Gold Website.
Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this document. He has approved the technical content contained herein.
Rock samples reported herein were transported in sealed bags to ALS Laboratories assay lab in Thunder Bay, Ontario. Samples were then crushed to 70% passing 2mm, split, then pulverized to 85% passing 75 microns. Using a riffle splitter, a 50g sub-sample was created. Then, 50g fire assays were performed with an AA finish. Over limit analysis was performed on all primary assay results >10 g/t Au. All over limits were tested by fire assay with gravimetric finish.
Manitou Gold has a quality assurance and quality control program in place. For grab samples, Manitou relies on ALS laboratories insertion of standards, blanks and duplicates. Results are validated against know values.
For further information on Manitou Gold Inc., contact:
Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, President
Telephone: 1 (705) 626-0666
Email: info@manitougold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including without limitation, statements with respect to the prospective nature of any of Manitou’s property interests. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the timing and amount of future exploration, the availability of necessary financing, the progress of exploration activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including, but not limited to the receipt of applicable regulatory approvals, risks inherent in exploration and development activities, changes in project parameters as plans continue to be redefined, mineral prices, competition, access and supply risks, reliance on key personnel, operational risks, capitalization and financing risks, risks related to disputes concerning property titles and interest, and environmental risks. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8496d24f-8316-4035-a7ea-ee5be9d2ef43