Highlights:
- The Company has been issued a water crossing permit, which allows new access to its key target area in the BDZ.
- Bridge construction is nearly complete, the drill rig is on site, and the company is expecting to begin drilling next week.
- Significant gold mineralization was intersected at the BEGZ in hole MTU-21-59, which returned 3.4 g/t Au over 2.5 m within a wider interval of 27.9 m at 0.6 g/t Au, approximately 250 m down plunge of hole MTU-21-39 which returned 9.0 m at 1.4 g/t, including 2.8 g/t Au over 1.5 m within a wider interval of 22.8 m at 0.9 g/t Au.
“Our winter drill program, which is set to commence in the coming week, will test the most attractive gold targets recognized at the Goudreau project to date,” stated
The Company has recently been issued a permit to construct a bridge which will create access to several key targets on the BDZ identified through the 2021 targeting work. The recently granted permit allows the Company to access its key target areas between the triple junction of the
The target area covers a six-kilometre segment of BDZ, extending east-northeast from the
Bridge construction is nearly complete, and the drill rig has been moved into the target area. The Company is expecting to begin drilling next week.
Gold mineralization at the BEGZ was initially identified during a surface program in late Summer of 2021, which returned up to 74.7 g/t Au from outcrops of highly strained and altered quartz-sericite schist proximal to a major structural intersection in the northeastern portion of the Goudreau project area. The surface program was followed up with a 33 line-kilometre induced polarization (“IP”) survey, which resulted in 1,804 m of drilling in six holes in the fall of 2021. The most significant results returned 3.3 g/t Au over 3.0 m, including 5.2 g/t Au over 1.5 m within wider gold mineralized interval of 20.6 m at 0.8 g/t Au in hole MTU-21-41 (see news release dated
An additional 11 holes totaling 1,863 m were completed in the winter of 2021 to test the strike and down-plunge extensions of mineralization encountered in the fall of 2021. The most significant intersections are from holes MTU-21-56, which intersected the BEGZ approximately 50 m down-plunge of hole MTU-21-39 and returned 90.5 m at 0.3 g/t Au, including 3.0 g/t over 0.9 m, and hole MTU-21-59, which tested the BEGZ 250 m down-plunge of MTU-21-39 and intersected three broad zones of gold mineralization, between 299 m and 419 m down hole, with the best intersection returning 3.4 g/t Au over 2.5 m within a wider interval of 27.9 m at 0.6 g/t Au.
Table 1: Highlight Drill Intersections from the
Hole ID | From | To | Core Length1 (m) | Au (g/t) | Zone | ||
MTU-21-48 | 164.5 | 167.5 | 3.0 | 1.0 | |||
211 | 227.5 | 16.5 | 0.3 | ||||
incl. | 218.5 | 223 | 4.5 | 0.6 | |||
269 | 274 | 5.0 | 0.5 | ||||
incl. | 272.5 | 274 | 1.5 | 1.1 | |||
MTU-21-49 | 19.7 | 21 | 1.3 | 1.1 | |||
MTU-21-51 | 20.5 | 22 | 1.5 | 1.1 | |||
MTU-21-56 | 23.6 | 25 | 1.4 | 1.2 | |||
124 | 125.5 | 1.5 | 1.1 | ||||
175 | 265.5 | 90.5 | 0.3 | ||||
Incl. | 178 | 179 | 1.0 | 1.0 | |||
& incl. | 254.1 | 255 | 0.9 | 3.0 | |||
MTU-21-59 | 299.3 | 313 | 13.7 | 0.4 | |||
incl. | 308.5 | 310 | 1.5 | 1.5 | |||
358 | 385.9 | 27.9 | 0.6 | ||||
incl. | 358 | 360.5 | 2.5 | 3.4 | |||
414.4 | 447 | 32.6 | 0.4 | ||||
incl. | 416 | 419 | 3.0 | 1.6 | |||
Released | |||||||
MTU-21-43 | 24.8 | 25.5 | 0.7 | 10.9 | |||
61 | 62.3 | 1.3 | 1.9 | ||||
MTU-21-44 | 19 | 20 | 1 | 7.1 | |||
23.5 | 26 | 2.5 | 8.2 | ||||
incl. | 25 | 26 | 1 | 19.7 | |||
253.6 | 254.6 | 1 | 6.3 | ||||
Released | |||||||
MTU-21-39 | 48.0 | 49.5 | 1.5 | 2.8 | |||
181.9 | 183.0 | 1.1 | 1.6 | ||||
216.0 | 238.8 | 22.8 | 0.9 | ||||
incl. | 217.0 | 226.0 | 9.0 | 1.4 | |||
incl. | 224.5 | 226.0 | 1.5 | 2.8 | |||
MTU-21-40 | 75.5 | 77.0 | 1.5 | 1.1 | |||
116.9 | 121.5 | 4.6 | 0.9 | ||||
incl. | 120.0 | 121.5 | 1.5 | 1.3 | |||
177.0 | 179.0 | 2.0 | 1.7 | ||||
198.0 | 202.5 | 4.5 | 0.8 | ||||
208.5 | 227.0 | 18.5 | 0.5 | ||||
incl. | 210.0 | 211.5 | 1.5 | 1.3 | |||
MTU-21-41 | 46.5 | 49.5 | 3.0 | 1.0 | |||
incl. | 46.5 | 48.0 | 1.5 | 1.5 | |||
122.0 | 123.0 | 1.0 | 2.5 | ||||
126.2 | 127.0 | 0.8 | 1.8 | ||||
197.5 | 218.1 | 20.6 | 0.8 | ||||
incl. | 209.5 | 212.5 | 3.0 | 3.3 | |||
incl. | 209.5 | 211.0 | 1.5 | 5.1 | |||
MTU-21-42 | 78.7 | 80.0 | 1.3 | 2.4 | |||
144.0 | 145.5 | 1.5 | 1.8 | ||||
155.5 | 156.5 | 1.0 | 1.4 |
(1)Lengths are reported as core lengths. True thickness of the newly announced intersections have yet to be determined but are typically estimated at 85% of reported intervals based on observed core angles.
All 17 holes completed at the BEGZ to date intersected significant gold mineralization and ongoing detailed ground magnetic data and pending results from detailed soil geochemistry survey will be integrated with the existing ground geophysical data and drill results to guide future drilling in the area.
About the
The Goudreau project is located 50 kilometres northeast of
The BDZ is an eastward trending fault offset extension of the GLDZ, the latter of which hosts two multi-million ounce gold deposits (1,2) and has seen over 1,000,000 metres of drilling for gold. As such, the BDZ is extremely under-explored along its 18 kilometre-long trend, with only 4,400 metres of historic gold drilling.
The Goudreau project covers approximately 350 square kilometres in this re-emerging gold camp that hosts several multi-million ounce gold deposits (1,2).
Manitou’s key strategic shareholders include
(1) Azadbakht, Z. et al., 2021. Report of Activities, 2020 Resident Geologist Program. Ontario Geological Survey Open File Report 6374, 43 p.
(2) Argonaut Gold Inc., (2021). Company website: https://www.argonautgold.com/English/home/default.aspx,
Sampling and Quality Control
Samples were delivered to
For further information on
Telephone: 1 (705) 698-1962
Email: info@manitougold.com
Neither
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
Source:
2022 GlobeNewswire, Inc., source