Manitou Gold Provides Exploration Update

SUDBURY, Ontario, March 08, 2022 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce the completion of the first five drill holes at the Baltimore Deformation zone (the “BDZ”) grid within the Goudreau Project, northeastern Ontario. The objective of the winter drill program is to test several distinct targets located within a key geological/structural setting and supported by coincident geophysical and geochemical anomalies. This unique structural setting is located within the triple point junction of three large granitic intrusions along the western portion of the BDZ.

Highlights:

• Objective of winter drill program to test priority targets within key structural setting. All drill targets are supported by favorable geophysical and gold-in-soil anomalies;
• Program is progressing well with five drill holes completed to date; and
• Assay results anticipated in the coming weeks.
  

“This initial drilling program at the western perimeter of the BDZ represents the first holes ever drilled in this target area and we are anxious to receive the drill results in the coming weeks and months,” stated Richard Murphy, President and CEO of Manitou Gold. “The targets we are currently testing all lie within one of the best possible structural settings for forming a large orogenic gold deposit.”

The target area covers a six kilometre segment of the BDZ, extending east from the Meath Lake fault zone, where it is intersected by a low angle east-northeast striking fault system approximately 600 meters in width. This structural intersection is the key target for orogenic-style gold mineralization and recent drilling success at the Stover zone, some 10 kilometers to the east-southeast, with wide drill intersections of 49 m @ 0.7 g/t Au incl. 3 m @ 4.0 g/t Au (see Company press release dated March 9, 2021), confirms its gold potential.

The winter drilling program is progressing well with five drill holes completed in the southern portion of the target area. Core samples from three of the five holes have been delivered to the laboratory and assay results will be released as they are received and interpreted. The Company is now set to begin drilling in the northern central portion of the target area, where there are several promising coincident structural, geophysical and geochemical targets.

For further information on Manitou Gold Inc., contact:

Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Email: info@manitougold.com
Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this release. He has reviewed and approved the content contained 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 regulatory risk related to the receipt of final approval of the TSX Venture Exchange for the Offering. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including with respect to the prospective nature of the Stover and Renabie-Easy Lake properties. 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.