Manitou Gold Commences next phase of 18,000 m Drill Program at Goudreau Project in Wawa, Ontario
SUDBURY, Ontario, Aug. 10, 2021 (GLOBE NEWSWIRE) — Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce the commencement of the next phase of the 18,000 metre drilling program designed to test new high priority targets on the Goudreau project.
The new targets are located along the Baltimore deformation zone (the “BDZ”), which represents the fault offset continuation of the Goudreau-Lochalsh Deformation Zone (the “GLDZ”). The GDLZ hosts Alamos Gold’s (TSX:AGI; NYSE:AGI) Island Gold Mine and Argonaut Gold’s Magino deposit, which is currently in development, in addition to a number of smaller-scale past producing mines, including the Cline and Edwards mines.
The Company will initially test several high priority targets on the west side of the BDZ. These targets are very high quality and were derived from a combination of induced polarization and detailed magnetic geophysical surveys, soil geochemistry and geological/structural observations and interpretations. The key targets for the start of this phase of drilling consist of a series of multi-line gold and gold/copper anomalies having surface strike lengths of up to 350 meters and coincident geophysical anomalies in close proximity to prominent structural intersections.
“This drilling campaign follows a highly successful field program that kept moving ahead amidst the challenges presented by Covid-19. We are extremely pleased to finally recommence our drilling program on the very attractive Baltimore deformation zone,” stated Richard Murphy, President and CEO of Manitou Gold. “This round of drilling represents the culmination of years of work assembling the 100% owned land package and ‘boots on the ground’ work required to establish highly prospective drill targets.”
Figure 2: Showing targets along the Baltimore deformation zone
About the Goudreau Project
The Goudreau Project is located 50 kilometres northeast of Wawa, Ontario and is underlain by Archean-aged rocks of the Michipicoten Greenstone belt. The project area is traversed by several broad-scale deformation corridors (such as the BDZ and GLDZ), which host the majority of the important regional gold deposits and showings in the region.
As an eastward trending fault offset extension of the GLDZ, which hosts two multi-million ounce gold deposits and has seen over 1,000,000 metres of drilling for gold, the BDZ has been 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 of 100% owned lands in this re-emerging gold camp that hosts several multi-million ounce gold deposits.
Manitou’s key strategic shareholders include Alamos Gold Inc. (TSX:AGI; NYSE:AGI) at 19.9% and O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) at 9.9%, each individually calculated on a partially diluted basis.
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.
For further information on Manitou Gold Inc. contact:
Richard Murphy, President and CEO
Telephone: 1 (705) 698-1962
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.