TORONTO, ONTARIO–(Marketwired – Nov. 28, 2017) –
Editors Note: There are two photos associated with this press release.
Manitou Gold Inc. (TSX VENTURE:MTU) (the “Company” or “Manitou“) today announced that it has encountered several remarkable visible gold containing specimens from blasted rock samples collected at its Kenwest property, located approximately 50 km south of Dryden Ontario.
The samples were pulled from a recently completed surface bulk sampling program at the Kenwest property. While the permitting process for a larger underground bulk sample is ongoing, the Company elected to proceed with the collection of an initial 10 tonne bulk sample taken from surface in the vicinity of the very high-grade gold intersections that the Company drilled in 2011. At that time, the Company drilled a section of core that returned an assay of 53,700 g/t Au over 0.55m (see Company press release dated Feb 28, 2011). This intersection occurred at a depth of approximately 25m below surface.
Gold mineralization at the Kenwest property is orogenic in nature and is largely confined to distinct northeast to southwest trending shear zones that have been filled with quartz veining and related alteration. Historic mining dating back to the early 1900s on the property has focused on the #1 and #2 shear zones. All of the Company’s recent activity has targeted the #2 shear zone. The recent blasting was done along strike of the vein over a length of approximately 30 meters, beginning directly above the intersection in KW-11-26 and extending towards the northeast at depths of between 8-12 feet and 1.5 meters in width creating a small trench.
A total of approximately 235 tons were blasted. During excavation of the blasted rock, the Company’s contractors filled 40 steel drums (having capacity of 45 gallons each) with material from the vein and shear zone, resulting in the collection of approximately 10 tonnes of material sent for laboratory analysis.
The Company’s contractors observed conspicuous amounts of visible gold from near surface in a part of the vein located approximately 20 meters northeast of the section where drill hole KW 11-26 had encountered the above-mentioned high-grade intersection. Geological mapping, sampling and structural measurements undertaken during the sampling process will be incorporated into the existing geologic model for the zone in order to add to the Company’s understanding on the controls of the high-grade gold zones, and to understand the relationship amongst the multiple areas of concentrated visible gold and cohosted minerals. Photographs of the bulk sample work and some of the visible gold specimens can be found on the Company’s website at Kenwest bulk sample photos.
The blasted rock was not washed or sorted and was simply directly deposited into barrels as excavation progressed. The total representative sample of approximately 10 tonnes has been transported to SGS Laboratories in Sudbury and will be processed both there and at SGS Lakefield location, in order to provide a more definitive estimate of the vein system grade, as well as facilitate initial assessment of best procedures for mineral extraction. The remaining material has been stockpiled on site to allow for expedient access and further metallurgical testing.
“This initial surface bulk sample is a big step towards establishing expected grade of the future underground bulk sample,” stated Richard Murphy, CEO of Manitou Gold. “I am very optimistic about the pending results. The original high-grade discovery in hole KW-11-26 confirms that this area can host some spectacular grade gold material and I am anxious to see if this first bulk sample supports this potential on a larger scale. The results of this test work, once available, will provide inputs into how we proceed with work on site in advance of the planned underground bulk sample. Possibilities for the next stages of exploration at Kenwest include expanding on the surface drilling and blasting in order to produce a larger tonnage sample to test at a commercial mill, as well as diamond drilling to test our new understanding about the controls of the higher grade gold zones.” The Company anticipates being able to release the assay results of this initial surface bulk sample in January.
The Kenwest Property is comprised of patented property owned 100% by Manitou. The Property covers 5 km of strike length of the deformation zone that controls the gold mineralization. There are no royalties payable on the property, with the exception of a onetime payment of $2,000,000 in favour of Goldcorp Inc. upon commencement of commercial production. Manitou’s 100% owned Canamerica property covers an additional 2.5 km of the deformation zone adjacent to the Kenwest patented property. Manitou filed a draft closure plan with the Ontario Ministry of Northern Development and Mines on October 2nd, 2017 as part of the bulk sampling permitting process.
Richard Murphy, P.Geo., CEO of the Company is the Qualified Person who prepared the scientific and technical disclosure herein. 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.
To view the photos associated with this press release, please visit the following links:
1 (705) 698-1962
Manitou Gold Inc.
1 (705) 626-0666