Manitou Gold Provides Exploration Update
June 29 2021 - 7:00AM
Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is
pleased to provide an update of its exploration activities on its
350 square km Goudreau Project located north of Wawa, Ontario.
The Company is currently in the midst of a
comprehensive exploration program, including soil geochemical
sampling, induced polarization and ground magnetic surveys,
prospecting and geological mapping along the western 10 kilometers
of strike length of the Baltimore deformation zone (the “BDZ”). The
program is designed to enhance targeting and generate drill targets
for the next phase of drilling, which will consist of approximately
18,000 metres.
The eastern half of Manitou’s Goudreau Project
is centrally located over an 18 kilometre of strike length of the
BDZ. Geological and geophysical interpretation indicate that the
BDZ is the eastward fault offset continuation of the
Goudreau-Localsh Deformation Zone (the “GLDZ”), which hosts
Alamos Gold’s (TSX:AGI;
NYSE:AGI) Island gold deposit and Argonaut
Gold’s Magino deposit, in addition to a number of
smaller-scale past producing mines, including the past-producing
Cline and Edwards mines. As such, the Company considers to the BDZ
to have the potential to host similar gold deposits to the
GLDZ.
Ground magnetic data acquisition and soil sample
collection are expected to be completed within the coming days.
Preliminary results, received in the form of detailed magnetic
maps, reveal several prominent structural features that can play a
major role in localizing gold mineralization. Interim IP models and
partial soil geochemistry results received to date have defined
numerous anomalies that are coincident with structural targets and
considered priority drill targets for gold mineralization. Due to
revised timelines for the completion of the Alpha-IP survey and the
delays in turn-around times of the soil sample analysis, the
Company has revised the timelines for the commencement date of the
next phase of drilling to early August 2021.
“We are seeing the culmination of four years of
property acquisition, regional exploration and detailed targeting
along the highly attractive Baltimore deformation zone,” stated
Richard Murphy President and CEO of Manitou Gold Inc. “The 18,000
metres of drilling we will be commencing in early August is going
to be targeting elephant sizes gold targets in proven elephant gold
deposit country. Our exploration team is doing a fantastic job in
the field in order to refine individual drill targets.”
Figure 1: Project
maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/50b2b15f-4832-4d82-b3f0-b3ff2267e5a5
Figure 2: Showing targets along the Baltimore deformation
zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/046449bb-bc20-430e-a27e-73dddee4946e
Figure 3: Showing priority target areas along the western 10 km
of the Baltimore deformation zone (target areas shown by dashed
circles)https://www.globenewswire.com/NewsRoom/AttachmentNg/5ad8a93a-2f20-4787-9cdc-f19885991bbe
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 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 CEOTelephone: 1 (705) 698-1962
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.
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 Goudreau
Project. 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.
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