Manitou Gold Commences Field Exploration at its Goudreau Properties
SUDBURY, Ontario, May 09, 2018 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V:MTU) (the “Company” or “Manitou”) is pleased to announce receipt of final reports on the magnetic (“MAG”), induced polarization (“IP”) and soil gas hydrocarbon (“SGH”) surveys completed on its 100% owned “Goudreau Patents.” The Goudreau Patents property consists of four surface and mining rights patents, covering an area of approximately 160 acres and is located less than 2 kms east of the past producing Edwards and Cline mine properties, within the Goudreau-Lochalsh Deformation Zone (the “GLDZ”). The GLDZ is an approximately east-west oriented zone of deformation accompanied by quartz veining, alteration and associated gold mineralization. There are numerous active and past producing mines hosted within the “GLDZ, the most prominent being the Island Gold Mine operated by Alamos Gold.
Manitou is currently mobilizing a field crew to begin prospecting and mapping the Goudreau area properties, including the Goudreau Patents and the recently acquired “Rockstar” property (see news release dated March 21, 2018). First priority will be given to prospecting and sampling areas of the Goudreau Patents property that indicated very favorable target criteria following the winter surveys.
Results of the winter surveys are summarized as follows:
Magnetic Survey – The MAG survey outlined a feature crossing the property that is interpreted to indicate a gabbro sill observed on adjacent lands. Several structural features are apparent in the magnetic images as well.
IP Survey – The IP survey identified two discreet chargeability trends across the property. Both of these trends align with known gold occurrences on adjacent lands.
SGH Survey – The SGH survey identified several areas displaying the representative signatures of gold mineralization. One particular circular cluster of anomalies centered in the southwest quadrant of the property was recommended as a very high priority target. This area of strong gold-affiliated responses is coincident with discreet IP chargeability features. This area will be given first priority in the upcoming prospecting efforts.
The Goudreau area has a long history of exploration and mine development. In recent years, the area has begun to rise in prominence due to renewed gold exploration and development activity. At the west end of the GLDZ, Argonaut Gold recently completed a feasibility study on its Magino Gold property. Just east of Magino is the extensive Island Gold Mine property, which was acquired by Alamos Gold Inc. 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 and covers the same GLDZ and host rocks as the neighboring mines (see Company press release dated Oct 30, 2017). The Rockstar Property is located south and east of Manitou’s Goudreau patented property and covers another section of the GLDZ.
Maps of the IP, MAG and SGH results can be found on Manitou Gold’s website.
“The results of the winter technical program on the Goudreau Patents provide us with some very attractive targets”, stated Richard Murphy, CEO of Manitou Gold. “I am very excited to get on the ground and start prospecting the areas highlighted by the winter technical surveys and their apparent correlations which point to promising outcomes.”
Manitou Gold has engaged with local First Nations to begin the consultation process. The Company looks forward to continuing to build strong relationships with our First Nation partners.
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.
Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this document.
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.