SUDBURY, ONTARIO--(Marketwire - Sept. 13, 2012) - Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces the receipt of assay results from five holes of the ongoing Gaffney Extension drill program. The company has completed approximately 3,820 metres of a 5,000 metre program and drilling will continue through the month of September. Multi element analysis in conjunction with fire assay analysis of the core has resulted in slightly longer times in receiving and releasing exploration results.
The 2012 Gaffney Extension diamond drill program is based on the results and interpretation from the 2011 6,900 metre Manitou drill program and the partial results of two phases of drilling (1984 and 1988) by a previous operator1. The initial drill holes of the 2012 drill program were designed to fill gaps in the shallow portion of the mineralized zone, and attempt to twin several holes completed by the previous project operator. It is important to note that gold mineralization is hosted both within an altered diorite intrusion, and within Quartz Feldspar Porphyry (QFP) dykes. Work is currently underway to determine if, or how the two styles of gold mineralization are related.
Drill holes G-12-33, G-12-34 and G-12-37 were planned to test gaps between holes from the previous years' drill program. G-12-34 intersected a 9.5 metre wide interval of 4.0 g/t Au and 2.7 g/t Ag and G-12-37 intersected a 43.5 metre wide interval of 1 g/t Au, thus providing confidence in the continuity between holes of the wide sections of mineralization.
G-12-35 was planned to twin a shallow hole from the previous property operator with reported assays of 25.9 metres of 1.7 g/t Au including a higher grade interval of 6.2 metres of 3.5 g/t Au. G-12-36 was planned to twin a shallow hole from the previous property operator with reported assays of 14.7 metres of 3.4 g/t Au including a higher grade interval of 7.6 metres of 5.4 g/t Au. Both G-12-35 and G-12-36 were not able to duplicate the historical drill intersections. G-12-36 intersected a 4.8 metre section of 2.4 g/t Au and a separate interval of coarse visible gold which assayed 69.4 g/t Au and 10.3 g/t Ag over 0.38 metre. The lack of reliable drill locations for the historical drilling (all holes drilled on lake) is believed to be the cause of the inconsistency between the historical holes and the Company's holes. The company is currently re-evaluating the location of the historical holes.
||Assay g/t Au
||Assay g/t Ag
||Complete results not received
Note: 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 Gaffney Extension is an intriguing exploration project which has returned impressive gold results to date. The structurally complex geology with overlapping alteration events and multiple styles of gold mineralization are recognized by our experienced exploration team as a complexity that has been documented in many Archean gold deposits. We are currently working to better understand the geological complexities and will adjust the drill program accordingly. "
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.
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.
1 The Company has not verified the historical exploration results reported herein and has neither confirmed the grades or widths described. Detailed descriptions of these historic exploration programs and results were included in assessment work reports filed with the Ontario Ministry of Northern Development and Mines. OMEP Report OMR-83-3-P-157 April 30, 1984; Work Report #W9110.5021 Filed January, 1992
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.
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.